Juan Tacuri, a major promoter of the cryptocurrency Ponzi scheme Forcount, later renamed Weltsys, has pleaded guilty to conspiracy to commit wire fraud in the Southern District of New York. The scheme primarily targeted Spanish-speaking communities in the U.S., and Tacuri benefited significantly, amassing millions from his fraudulent activities. Scheduled for sentencing on Sept. 24, […]
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Russian State Duma Official: International CBDC Settlements to Become ‘Common Practice’ in 5 Years
Anatoly Aksakov, Chairman of the Russian State Duma Financial Markets Committee, has predicted that international trade will migrate to CBDC for settlements during the next five years. Aksakov stressed that not many countries have made progress using these digital currencies, but he believes this will be addressed soon. Russian State Duma Official Bets on National […]
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Bitcoin ‘Zombies’ Awaken: Dormant Coins Move For First Time In Years, What’s Going On?
According to recent data from on-chain analytics platform CryptoQuant, in recent weeks, the Bitcoin market has witnessed a fascinating phenomenon: long-dormant BTC, untouched in wallets for up to a decade, are suddenly springing into action.
This movement coincides with Bitcoin’s price once again reclaiming the ,000 mark, a dynamic that has not only captured the attention of investors but also sparked analysis from on-chain analytics experts.
Revival Of The Sleeping Giants
The data revealed by CryptoQuant illuminates a surprising trend: on June 2 alone, roughly 2,800 BTC that had been idle for two to three years were transferred. The following day, a movement of 4,500 BTC, dormant for four to five years, outstripped this.
The activity didn’t stop there; even BTC that had not moved for over a decade—210 BTC, to be precise—changed hands. This phenomenon, referred to as “old coins moving” by a CryptoQuant author, Maartunn, suggests an “allocation” phase, where long-term holders begin to release their coins back into circulation.
Particularly, according to Maartunn, old coins moving indicates a potential shift from holding to “distribution,” a sign often seen in mature bull markets. This resurgence of old BTC is notable, as it aligns with historical price peaks, including BTC’s previous rally to a new peak in March.
And another 2,123 $BTC with the same age.
Old coins moving, after old coins moving, after old coins moving.
In other words, distribution.
https://t.co/BBg4e9pNoz https://t.co/zXtjrZ78Y6 pic.twitter.com/bKJgDzAIF0
— Maartunn (@JA_Maartun) June 3, 2024
A Signal Of Bullish Trends
The movement of these long-dormant coins is more than a mere statistic; it reflects a broader sentiment among Bitcoin holders.
According to another CryptoQuant contributor, Onchained, during bullish market phases, it is common for long-term holders to offload parts of their holdings as prices rise. This pattern is currently evident as Bitcoin continues to test major resistance levels.
Moreover, Onchained further revealed that despite recent market fluctuations, the consistent increase in Bitcoin held in unspent transaction outputs (UTXOs) for over three years suggests a strong bullish sentiment persists among veteran investors.
The analyst further noted:
The 1-year+ and 2-year+ cohorts have ceased selling, transitioning from a distribution phase to a holding phase. This change indicates a renewed confidence in Bitcoin’s future price potential, as these cohorts choose to retain their holdings rather than liquidate them at current prices.
Adding to the complexity of Bitcoin’s market dynamics is the recent decline in miner reserves, hitting a 14-year low, reminiscent of the early days of Bitcoin when Satoshi Nakamoto was still active. This decrease in miner holdings could presage a tightening of Bitcoin supply, potentially accelerating a supply crunch.
Featured image created with DALL-E, Chart from TradingView
Sleeping Bitcoins Worth $13.87M Move After 11 Years, Transfer Exposes 2013 Whale
According to data from June 3, an entity with eight wallets created in 2013 moved 200 BTC valued at .87 million after the funds remained untouched for over 11 years. If sold today, the value of these bitcoins has increased by 197,785% since their acquisition. Spending 200 Bitcoin Unveils Previous Transactions From 2013 On Monday, […]
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Lawyer Pleads Guilty in $9.5M Crypto Ponzi Scheme — Faces 5 Years in Prison
David Kagel, a disbarred California attorney, pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of over .5 million. Kagel, 85, promised high returns through artificial intelligence trading bots and falsely claimed to hold million in bitcoin to secure investments. He used his attorney position to instill trust, providing fake letters on […]
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Bullish Outlook: Target Price Of $90,000 For Bitcoin By Year’s End, According To Bernstein
Bitcoin (BTC), the largest cryptocurrency in the market, has experienced price volatility amid its struggle to consolidate above the crucial ,000 resistance line. Recent reports of the collapsed Mt.Gox exchange processing payouts to its creditors have added to the cautious sentiment.
However, wealth management firm Bernstein remains bullish, predicting significant growth in the Bitcoin ETF market and projecting higher price targets for BTC.
In addition, The Birb Nest’s technical analysis reinforces market optimism, highlighting key support levels and indicating positive sentiment.
Long-Term Bullish Outlook For Bitcoin
Despite its recent inability to breach the ,000 resistance level, Bitcoin remains well-positioned to surpass its all-time high of ,700 reached on March 14. Wealth management firm Bernstein predicts substantial growth in the Bitcoin ETF market, estimating it to reach a remarkable 0 billion.
The report also suggests that over 0 billion will flow into crypto ETFs within two years. Notably, these inflows into the ETF market are expected to be a significant price catalyst for BTC. The firm predicts a target price of ,000 for Bitcoin by the end of this year and a projected cycle high of 0,000 in 2025.
On the other hand, The Birb Nest, a trading firm, conducted a comprehensive technical analysis of the Bitcoin market and highlighted its share of bullish indicators for the Bitcoin price in the long run.
Bullish Indicators Reinforce Market Optimism
The analysis conducted by The Birb Nest shows that the 50-week and 200-week simple moving averages (SMAs) are at ,950 and ,358, respectively, reinforcing optimism in the market. In addition, the 7-week SPX correlation coefficient is currently at 0.36, which is a bullish sign for BTC.
The 200-day Bitcoin Production Cost (BPRO) trend support is ,580, while the 200-day SMA support is ,516. The Relative Strength Index (RSI) is at 59, indicating increased buying interest, although the 50-day Momentum is stalled at 49.
The Fear & Greed Index stands at 74, indicating “greed” and strong market optimism. However, according to the firm, caution is advised to avoid potential overextensions.
However, The Birb Nest notes that the Net Unrealized Profit and Loss (NUPL) indicator stands at 0.57, suggesting that a significant portion of the market is currently profitable, which could lead to increased selling pressure as investors capitalize on profits.
Currently, BTC is trading at ,900, down 3% from Monday’s price and over 3% in the past seven days, showing the cryptocurrency’s struggle to break above higher resistance levels, which are located at ,500 and ,000 on the BTC/USD daily chart.
Conversely, bulls must hold the next support levels for BTC at ,000, ,500, and ,800 to avoid a potential loss of the cryptocurrency’s key ,000 milestone.
Featured image from Shutterstock, chart from TradingView.com
Former FTX Executive Ryan Salame Sentenced to 7.5 Years for Criminal Charges
Former FTX executive Ryan Salame was sentenced to seven and a half years in prison by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York after pleading guilty to criminal charges, including engaging in an unlawful political influence campaign and operating an unlicensed money transmitting business. Salame, who once […]
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$2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed?
Mt. Gox, a bankrupt Bitcoin exchange based in Shibuya, Tokyo, Japan, has executed a large-scale Bitcoin transfer to several unknown wallets. This move has effectively spooked the broader cryptocurrency market, sparking concerns about potential selling pressures.
Mt Gox Transfers Over .9 Billion Worth Of Bitcoin
On May 27, Blockchain analytics platform, Arkham Intelligence unveiled a massive Bitcoin transaction initiated by Mt. Gox. The bankrupt Bitcoin exchange transferred a whopping 42,830 BTC valued at .9 billion, into several unknown wallets, marking the first transfer in five years.
The reason for this transfer remains unclear, however, the transaction comes after Mt. Gox’s recent announcement of reorganization plans to compensate its creditors and customers who were victims of its hack attack and bankruptcy in February 2014.
Furthermore, these large-scale transactions have unsettled the crypto market, with many speculating about the potential impact on Bitcoin’s value. One crypto member disclosed that it might be time to dump BTC, suggesting that a potential sell-off could significantly impact the market.
With Bitcoin already falling by 4.41% over the week, and trading below ,000 at ,834, a sell-off could trigger more price decreases for the cryptocurrency.
Mt. Gox Goes On BTC Transfer Spree
Following its 42,830 Bitcoin transfer, Blockchain tracker and analytics platform, Whale Alert revealed that Mt. Gox had executed a series of transactions on the same day. With just a few hours between each transaction, Mt. Gox initiated over five large-scale Bitcoin transfers.
The first two transfers discovered by Whale Alert involved 3,999 BTC and 8,239 BTC worth approximately 7.6 million and 5 million respectively. The subsequent transactions saw Mt. Gox transferring 14,057 BTC and 16,589 BTC, valued at about 6.3 million and .1 billion, respectively.
Mt. Gox’s largest transaction was a staggering 34,138 BTC valued at .3 billion, sent to an unknown wallet. The Bitcoin exchange also transferred another massive 32,137 BTC and 32,499 BTC, valued at approximately .1 billion and .2 billion respectively.
In total, Mt. Gox moved over 141,659 BTC worth more than .6 billion in a single day to several unidentified wallet addresses.
Mike Deutscher, a crypto analyst and avid Decentralized Finance (DeFi) supporter, has noted that such a significant Bitcoin transaction was likely to induce selling pressures in the Bitcoin market. He emphasized that any Fear, Uncertainty and Doubt (FUD) related to Mt. Gox’s transfers should be viewed as a prime opportunity to accumulate more Bitcoin.
Additionally, Deutscher reassured community members, stating that he was not concerned about the possible impacts of Mt. Gox’s large-scale transactions on the market. He pointed to the Bitcoin exchange’s disclosure of its 200,000 Bitcoin reimbursement plans to creditors since January 2024 as grounds for his confidence.
Another crypto member, Mark Karpeles, also alleviated the community’s fears about Mt. Gox’s Bitcoin transfers. “As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year; there is no imminent sale of bitcoins happening,” Karpeles stated.
Indian Citizen Faces 20 Years in US Prison for Stealing Crypto in $37M Coinbase Spoofing Scam
An Indian national has pleaded guilty in the U.S. to wire fraud conspiracy for stealing over million by spoofing crypto exchange Coinbase’s website. He and his co-conspirators created a fake Coinbase Pro site to steal login credentials and two-factor authentication codes, transferring victims’ cryptocurrency to their own wallets. Guilty Plea in M Coinbase Crypto […]
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Dormant Bitcoin Wallet Transfers 114 BTC Worth $7.6M After 11 Years
With bitcoin’s price up 6.8% from last week, a dormant bitcoin address from 2013 became active for the first time in over 11 years, transferring 114.42 bitcoins valued at .67 million. Sleeping Bitcoin Wallet Awakens After 11 Years, Moves 114 Bitcoins April and May have seen fewer awakenings of long-dormant bitcoin addresses, but some noteworthy […]
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