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On March 29, 2024, with a trading price of $70,075, and oscillating within a 24-hour range of $68,362 to $71,754, bitcoin’s current market behavior reveals significant consolidation and neutrality. Bitcoin Bitcoin’s 1-hour chart reveals recent volatility, with a significant bounce from a low of approximately $68,362, suggesting a strong support level. Conversely, the resistance near […]
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Tag: BTC
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Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead
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CFTC Takes Legal Action Against Kucoin, Highlights BTC, ETH, and LTC as Commodities
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The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kucoin, emphasizing the classification of bitcoin, ethereum, and litecoin as commodities. The enforcement action, launched in the U.S. District Court for the Southern District of New York, accuses Kucoin of multiple regulatory breaches involving these digital assets. Kucoin’s Legal Battles Shine a Bright […]
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From Peak to Present: GBTC’s Bitcoin Holdings Decrease by 266,827 BTC in 71 Days
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As of March 22, the bitcoin holdings of Grayscale’s Bitcoin Trust (GBTC) have diminished by 27,917.37 compared to its status three days prior, now amounting to 350,252 bitcoin valued at approximately $22.2 billion. Since evolving into an exchange-traded fund (ETF) listed on public exchanges, GBTC has shed billions in bitcoin over the preceding 71 days. […]
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Yuga Labs fetches $450M in funding, Charles Hoskinson’s prediction falls short and spot BTC ETFs incoming?: Hodler’s Digest, Mar.20-26
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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Crypto industry fires back after EU vote to block ‘unhosted’ wallets
The cryptocurrency industry has fired back at the European Parliament, the legislative arm of the European Union, voting in favor of stringent crypto regulations relating to ”unhosted” private wallets.
The guidelines would require crypto service providers to verify the identity of every individual using an unhosted wallet that interacts with them, while any transaction greater than 1,000 euros would need to be reported to authorities.
“Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros,” Coinbase CEO Brian Armstrong wrote on Twitter. “Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds.”
Axie Infinity’s Ronin bridge hacked for over $600M
Axie Infinity’s Ronin Bridge was the victim of a hefty hack worth around $612 million earlier this week, with 173,600 Ether and 25.5 million USD Coin being stolen from the platform.
Ronin developers stated that the attacker used hacked private keys to forge fake withdrawals, draining the funds from the Ronin Bridge in just two transactions.
In a statement on Wednesday, the developers stated that they were “working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.”
Terra smash-buys $139M Bitcoin, wallet reaches 31,000 BTC
As part of the Bitcoin buying spree led by Terraform Labs founder Do Kwon, the Terra wallet belonging to Luna Foundation Guard approached $1.5 billion in BTC following another huge $139 million purchase this week.
Terra has been snapping up BTC aggressively since late January to build reserves to back its TerraUSD (UST) stablecoin, with Kwon also outlining earlier this month that Terra plans to accumulate a whopping $10 billion worth of BTC.
Terraform Labs is on track to overtake Tesla as the second-largest holder of Bitcoin soon, with MicroStrategy also in its sights, according to data from Bitcoin Treasuries.
OpenSea set to integrate Solana in April, further expanding the NFT ecosystem
Top NFT marketplace OpenSea announced a long-awaited integration with the Solana blockchain on Wednesday. The expanded support, expected to go live in April, adds to OpenSea’s existing support of Ethereum, layer-2 Polygon and Klaytn.
It appears the move has been well received, with OpenSea’s 16-second teaser video on Twitter pulling 615,500 views, 8,964 retweets and 21,700 likes within 18 hours of posting.
Alluding to the vast number of tweets and media publications commenting on the potential for a Solana launch, OpenSea cheerfully referred to the announcement as the “best-kept secret in Web3.”
MetaMask rolls out Apple Pay integration and other iOS updates
ConsenSys-owned MetaMask revealed important updates for iPhone and Apple Pay users on Tuesday that enable them to purchase cryptocurrency directly through the app via debit or credit cards, removing the hassle of sending Ether from an outside source to add funds.
Notably, the move is said to lower gas fees, and MetaMask is utilizing two payment gateways, Wyre and Transak, to support debit card and credit card purchases. Users are now able to deposit a maximum of $400 daily into their wallets via the new service.
“We wanted to expand the way in which users can convert crypto within the app itself and not have to leave it,” James Beck, director of communications and content at ConsenSys, told Cointelegraph.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $45,119, Ether (ETH) at $3,275 and XRP at $0.81 The total market cap is at $2.07 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are STEPN (GMT) at 325.60%, Zilliqa (ZIL) at 303.89% and SKALE Network (SKL) at 82.33% The top three altcoin losers of the week are Axie Infinity (AXS) at -13.23%, Zcash (ZEC) at -8.16% and Helium (HNT) at -7.54%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“I’m sort of betting that the long-term scenario of Bitcoin going up and the reserves being strong enough to withstand UST demand drops is the more likely scenario.”
Do Kwon, founder and CEO of Terraform Labs
“New York can issue $2 billion of debt and buy $2 billion worth of Bitcoin — the Bitcoin is yielding 50% or more, the debt costs 2% or less.”
Michael Saylor, CEO of MicroStrategy
“Dictators aren’t really going to like Bitcoin because they can’t control it.”
Alex Gladstein, chief strategy officer at the Human Rights Foundation
“Ethereum is like New York City: it is vast, expensive and congested in certain areas. However, it also features the richest application ecosystem, with over 500 apps that command a total value of over $100 billion — more than 10x larger than any other competing network.”
Grayscale, digital asset manager
“Nothing is growing as fast as cryptocurrency.”
Karim Khanjeza, member of parliament of Kyrgyzstan
“Web3 takes the concept of democratization to a whole new level, whereby data/information cannot only be made openly shareable but can be made openly unfalsifiable.”
Shubham Gupta, Indian Administrative Service officer
“I’d put the chance of Bitcoin ever moving to PoS at exactly 0%. There is no appetite among Bitcoiners to destroy the security of the protocol by making such a move.”
Chris Bendiksen, Bitcoin researcher at CoinShares
“People should have the freedom to choose other money. If the government is going to abuse our cash, we should have the freedom to use other, higher quality cash.”
Pierre Poilievre, Canadian Conservative Party candidate for prime minister
Prediction of the Week
VanEck says Bitcoin could hit $4.8M if it became the global reserve asset
U.S. investment giant VanEck has come up with a lofty prediction concerning Bitcoin — and one that has very little chance of coming to fruition in the foreseeable future. The firm suggested this week that 1 BTC could be worth $4.8 million if it becomes the world’s reserve currency.
The extremely optimistic estimation was part of a report by VanEck’s head of active EM debt management, Eric Fine, and chief economist Natalia Gurushina, who outlined a thought experiment comparing the price implications for gold and Bitcoin after being adopted as reserve currencies.
VanEck’s analysis found that the implied price for BTC ranged from $1.3 million to $4.8 million. But they ultimately concluded that the Chinese yuan is the most likely currency to become a global reserve asset if the U.S. dollar crumbles moving forward.
FUD of the Week
Crypto-skeptic gamers review bomb Storybook Brawl after FTX buys it
A bunch of angry gamers review-bombed Storybook Brawl on Steam over fears of potential NFT and blockchain integrations, following crypto exchange FTX US acquiring its developer, Good Luck Games.
FTX US announced the acquisition on Friday and, at the time of reporting, 600 out of 761 reviews were negative, with most of them commenting about how good the game was until it sold out to a crypto firm.
“Good Luck Games was acquired by FTX, a cryptocurrency company, as a way to ‘help crypto make inroads with gamers.’ I want no part of that and I don‘t want crypto ‘making inroads’ in things I‘m interested in. Uninstalled,” wrote Steam user “King Bear,” who has clocked more than 60 hours in the game.
With inflation going through the roof, Sudan’s central bank cautions citizens against using crypto
The Central Bank of Sudan (CBOS) has warned local citizens about dealing with cryptocurrencies over risks such as “financial crimes, electronic piracy and the risk of losing their value.”
The warning came amid reports that crypto is gaining traction in Sudan at a time when the African nation is dealing with three-digit inflation following a 2021 military coup.
The CBOS also cited legal risks, as cryptocurrencies are not classified as money “or even private money and property” under Sudanese law. The central bank admitted that it has been noticing an uptick in crypto promotions on social media recently.
Greenpeace, Ripple co-founder campaigning to change Bitcoin code
Greenpeace has teamed up with Ripple co-founder and executive chairman Chris Larsen to launch a new campaign aimed at changing Bitcoin’s mining practices to an environmentally sustainable model.
The campaign is called “Change the Code, Not the Climate,” and Greenpeace in particular cited concerns that the energy required to mine Bitcoin comes mostly from fossil fuels.
“If only 30 people — the key miners, exchanges and core developers who build and contribute to Bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet,” the campaign notes.
Bitcoin enthusiasts were less than pleased with the new campaign, with several prominent industry leaders arguing that the Bitcoin network would never abandon proof-of-work.
Best Cointelegraph Features
Crypto critics: Can FUD ever be useful?
“Anyone who says that David Gerard personally stopped their crypto getting into Wikipedia is a fuckwit,” says editor, Wikimedia spokesman and professional crypto hater David Gerard in his typically no-nonsense fashion.
The Bitcoin shitcoin machine: Mining BTC with biogas
A Bitcoin mining facility in Slovakia converts human and animal waste into Bitcoin hash rate, securing the network while mining Bitcoin.
Planet of the Bored Apes: BAYC’s success morphs into ecosystem
The success of the “Bored Ape Yacht Club” collection sparked the creation of an NFT universe powered by its proprietary ApeCoin token.
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Old BTC Supply Approaches New Highs
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Bitcoin (BTC) has seen a boom in demand during the past 48 hours as its price spiked above $48,000 for the first time since 1 January 2022. In tandem with the recent price recovery, BTC’s network activity has jumped in the last few days.
The old BTC supply percentage, an indicator that shows the trend of long-term holders and Bitcoin whales, has increased substantially since August 2021.
According to Glassnode, an on-chain analytics firm, the overall percentage of Bitcoin supply last active at least 12 months ago has reached 63%, near the all-time high level of 63.4%.
“As we approach the end of Q1-2022, we can see an extraordinary increase in the proportion of coins aged 1yr+, which has risen by 9.4% of circulating supply over the last 8-months. These coins largely reflect BTC volumes accumulated in the Q1-2021 phase of the bull market and the owners have thus held through two 50%+ drawdowns and three all-time highs. This recovery is quite similar in scale and duration to the 2018-19 recovery,” Glassnode highlighted in its recent weekly report.
BTC Network
Bitcoin network activity has picked up pace recently amid a rise in price and institutional inflows. In addition, BTC exchange outflows are rising. According to the data published by Whale Alert, a blockchain tracking platform, a leading BTC wallet moved 2,163 coins worth more than $100 million from digital exchange Coinbase to an unknown wallet on 28 March.
“The Bitcoin market has seen a stronger week, rallying off the lows of $40,710, and breaking out of the consolidation range to a new local high of $47,649. This is the first sustained rally after many months of sideways choppy price action. Bitcoin bear markets can be long, painful and drawn out, however, they have the ultimate result of reshuffling supply ownership away from weaker and towards stronger hands,” the report added.
Bitcoin (BTC) has seen a boom in demand during the past 48 hours as its price spiked above $48,000 for the first time since 1 January 2022. In tandem with the recent price recovery, BTC’s network activity has jumped in the last few days.
The old BTC supply percentage, an indicator that shows the trend of long-term holders and Bitcoin whales, has increased substantially since August 2021.
According to Glassnode, an on-chain analytics firm, the overall percentage of Bitcoin supply last active at least 12 months ago has reached 63%, near the all-time high level of 63.4%.
“As we approach the end of Q1-2022, we can see an extraordinary increase in the proportion of coins aged 1yr+, which has risen by 9.4% of circulating supply over the last 8-months. These coins largely reflect BTC volumes accumulated in the Q1-2021 phase of the bull market and the owners have thus held through two 50%+ drawdowns and three all-time highs. This recovery is quite similar in scale and duration to the 2018-19 recovery,” Glassnode highlighted in its recent weekly report.
BTC Network
Bitcoin network activity has picked up pace recently amid a rise in price and institutional inflows. In addition, BTC exchange outflows are rising. According to the data published by Whale Alert, a blockchain tracking platform, a leading BTC wallet moved 2,163 coins worth more than $100 million from digital exchange Coinbase to an unknown wallet on 28 March.
“The Bitcoin market has seen a stronger week, rallying off the lows of $40,710, and breaking out of the consolidation range to a new local high of $47,649. This is the first sustained rally after many months of sideways choppy price action. Bitcoin bear markets can be long, painful and drawn out, however, they have the ultimate result of reshuffling supply ownership away from weaker and towards stronger hands,” the report added.
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New $45K BTC sell wall appears amid worries Bitcoin could retrace
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Bitcoin (BTC) was up nearly 5% in 24 hours at the Wall Street open on March 25, but a new warning sign was giving traders cold feet.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitfinex whale flips to sell mode
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting multi-week highs of $45,137 Friday as Wall Street got underway.
As $45,000 reappeared for the first time since the start of the month, however, so did all-too-familiar behavior among some of Bitcoin’s biggest investors.
Attention turned to exchange Bitfinex on the day, a platform famous for large-volume traders, or whales, guiding short-term price action with their trades.
As noted by popular trader Pentoshi, the entity which had purchased BTC at the last low near $34,000 had now put in a significant ask position beginning at $45,000.
The finex whale who made the bottom (same signature) just showed up with a lot of asks presumably to close out those 34k longs. Something to watch in the coming days $BTC pic.twitter.com/gDR8qvBVEl
— Pentoshi (@Pentosh1) March 25, 2022
Blockware lead insights analyst William Clemente agreed, telling Twitter users that it was now “popcorn time” for the market.
For Cointelegraph contributor Michaël van de Poppe meanwhile flagged “a dozen” possible lower price targets should BTC/USD sweep liquidity at previous rejection points from March, these also lying just above $45,000.
“I’m not saying I’m bearish at this stage, but while we’re making this build-up, I’m not really interested into longs at this point,” he said in his latest YouTube update.
Only a rechallenge of $50,000, he added, would form the impetus to consider long positions.
“No longs” on Ethereum, says trade
Van de Poppe added that altcoins were also on the radar and that it would be interesting to see how Ether (ETH) in particular deals with upcoming resistance.
Related: What are the BTC price levels to watch as Bitcoin nears March peak?
The top ten cryptocurrencies by market cap showed clear copycat strength on daily timeframes, led by ETH/USD which matched Bitcoin’s 5% gains.
Overall still watching how #Bitcoin is going to react at resistance, and especially how $ETH will handle it there.
Not a long area for me. pic.twitter.com/NalEyg6Jiu
— Michaël van de Poppe (@CryptoMichNL) March 25, 2022
Cardano (ADA), while dropping several percentage points on the day, was still up 35% compared to the same time last week, making it the top-ten’s best performer.
ADA/USD 1-day candle chart (Coinbase). Source: TradingView
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BTC, XRP, NEAR, XMR, WAVES
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Bitcoin (BTC) plunged below $40,000 on March 4 and has been trading below the level throughout the weekend.
Although the crypto price action has been volatile in the past few days, Glassnode data shows that institutional investors have been gradually accumulating Bitcoin through the Grayscale Bitcoin Trust (GBTC) shares since December 2021.
Another positive sign has been that fund managers have not panicked and dumped their holdings in GBTC. This suggests that managers possibly are bullish in the long term, hence they are riding out the short term pain.
Crypto market data daily view. Source: Coin360 Bloomberg Intelligence said in their crypto market outlook report on March 4 that Bitcoin may remain under pressure if the U.S. stock markets keep falling, but eventually, they expect crypto to come out ahead. On the other hand, if the stock market recovers, then Bitcoin could “rise at a greater velocity” if past patterns repeat.
Although crypto markets are facing strong headwinds, select altcoins are showing signs of life. Let’s study the charts of the top-5 cryptocurrencies that could benefit from a rebound in Bitcoin.
BTC/USDT
Bitcoin broke below the moving averages on March 4, suggesting that bears are attempting to gain the upper hand. The bulls tried to trap the aggressive bears by pushing the price back above the moving averages on March 5 and March 6 but they failed.
BTC/USDT daily chart. Source: TradingView If the price sustains below the moving averages, the bears will try to pull the BTC/USDT pair to the support line of the ascending channel. The bulls are likely to defend this level aggressively. A strong rebound off this support will suggest that the pair could extend its stay inside the channel for a few more days.
This short-term bearish view will invalidate if the price turns up from the current level and breaks above the 20-day exponential moving average ($40,474). That will indicate strong buying at lower levels. The bulls will then attempt to push the price toward the resistance line of the channel. The next trending move is likely to begin after the pair breaks above or below the channel.
BTC/USDT 4-hour chart. Source: TradingView The 20-EMA on the 4-hour chart has turned down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. If the price breaks below $38,000, the pair could drop to $37,000 and then to $35,500.
Contrary to this assumption, if the price turns up from the current level and rises above the 20-EMA, it will suggest strong buying at lower levels. The bullish momentum could pick up after the pair breaks and closes above the 50-simple moving average. That could open the doors for a possible rally to $45,000.
XRP/USDT
Ripple (XRP) has been attempting to rise above the downtrend line for the past few days but the bears have held their ground. A minor positive is that the bulls have not given up and are trying to defend the 50-day SMA ($0.72).
XRP/USDT daily chart. Source: TradingView The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If bulls push and sustain the price above the downtrend line, the momentum is likely to pick up and the XRP/USDT pair could rally to $0.91.
A break and close above this level could clear the path for a possible retest of the psychological resistance at $1. Conversely, if the price slips and sustains below $0.69, it will suggest that bears are back in control. The pair could then drop to $0.62.
XRP/USDT 4-hour chart. Source: TradingView The 4-hour chart shows that the pair is currently range-bound between $0.80 and $0.70. If buyers push the price above the downtrend line, the pair could challenge the overhead resistance at $0.80. A break and close above this level could signal that bulls have the upper hand. The pair could first climb to $0.85 and then to $0.91.
Contrary to this assumption, if the price turns down from the moving averages, it will suggest that bears are selling on rallies. The pair could then drop to $0.70. If this level cracks, the selling could accelerate and the pair could drop to $0.62.
NEAR/USDT
NEAR Protocol (NEAR) is sandwiched between the moving averages for the past few days. This shows that bears are selling on rallies to the 50-day SMA ($11) while bulls are buying on dips to the 20-day EMA ($10).
NEAR/USDT daily chart. Source: TradingView The RSI is near the midpoint and the 20-day EMA has flattened out, indicating a status of equilibrium between the bulls and the bears. If the price rebounds off the current level and breaks above $12, it will suggest that bulls are on a comeback. The NEAR/USDT pair could then rally to $14 where it may again encounter strong resistance from the bears.
Contrary to this assumption, if the price breaks and sustains below the 20-day EMA, it will suggest that the bears have the upper hand. The pair could then drop to the strong support at $8.
NEAR/USDT 4-hour chart. Source: TradingView The pair picked up bullish momentum after breaking above the downtrend line but the relief rally is facing strong resistance at $12. The bears pulled the price below the 20-EMA but the bulls have managed to defend the 50-SMA.
If buyers push and sustain the price above the 20-EMA, the bulls will again try to clear the overhead hurdle at $12. Alternatively, if the price breaks below the 50-SMA, the selling could intensify and the pair could slide to $9.50.
Related: Bitcoin heading to 36K, analysis says amid warning global stocks ‘look expensive’
XMR/USDT
Monero (XMR) has been correcting inside a descending channel for the past several weeks. The bulls are buying the dips to $134 and attempting to form a basing pattern.
XMR/USDT daily chart. Source: TradingView This has resulted in a consolidation between $134 and $188 for the past few days. The 20-day EMA ($164) has flattened out and the RSI is close to the midpoint, indicating a balance between supply and demand.
This equilibrium will shift in favor of the buyers if they push and sustain the price above $188. That will complete a double bottom pattern, which has a target objective at $242. However, the rally is unlikely to be easy as the bears are expected to mount a strong defense at the resistance line of the channel.
Contrary to this assumption, if the price turns down and slips below $155, the bears will attempt to pull the XMR/USDT pair to $134.
XMR/USDT 4-hour chart. Source: TradingView The 4-hour chart shows that the bulls pushed the price above the downtrend line, but could not sustain the higher levels. This indicates that the bears are aggressively defending this level. The moving averages are flattening out and the RSI is just below the midpoint, indicating a balance between supply and demand.
If the price turns down and slips below $155, the short-term trend could turn in favor of the bears. Conversely, a close above the downtrend line could improve the prospects of a possible rise to the overhead resistance at $188.
WAVES/USDT
Waves (WAVES) formed a double bottom pattern at $8 and rallied sharply to $21. The moving averages have completed a bullish crossover and the RSI is in the overbought zone, indicating that bulls have the upper hand.
WAVES/USDT daily chart. Source: TradingView The bears are posing a stiff challenge near $20 but a positive point is that bulls have not given up much ground. If the price turns up from the current level, it will suggest that bulls are buying on dips. That will increase the possibility of a retest at $21.
If bulls push and sustain the price above $21, the WAVES/USDT pair could pick up momentum and rally toward $24 and then $27. This positive view will invalidate in the short term if bears pull and sustain the pair below $16.
WAVES/USDT 4-hour chart. Source: TradingView The 4-hour chart shows that the correction from $21 pulled the RSI from deeply overbought levels to just below the midpoint. The bulls purchased the dip to the 38.2% Fibonacci retracement level at $16 and have pushed the price back above the 20-EMA.
If the price sustains above the 20-EMA, the bulls will attempt to drive the pair above the overhead resistance at $21.
Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that the short-term traders may be rushing to the exit. That could pull the pair to $14 and then $13.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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2,262 Bitcoin Addresses Hold at Least 1,000 BTC
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The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.
According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.
Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.
According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.
BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.
Bitcoin Adoption
The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.
“Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.
The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.
According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.
Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.
According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.
BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.
Bitcoin Adoption
The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.
“Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.
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Riot Blockchain Reports 189% Increase in BTC Production for February 2022
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The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.
During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.
The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.
“Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.
“We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.
As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.
Hash Rate
While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.
“Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.
The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.
During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.
The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.
“Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.
“We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.
As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.
Hash Rate
While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.
“Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.
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Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ATOM, FTM
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Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed with rallies from LUNA, AVAX, ATOM and FTM.
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