Bitcoin
Bitcoin Approaching Post-Halving Parabolic Advance Phase, According to Real Vision Analyst
Published
3 weeks agoon
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Real Vision macro expert Julien Bittel believes that Bitcoin (BTC) is on the verge of going parabolic based on historical precedence.
Bittel tells his 69,400 followers on the social media platform X that Bitcoin is in a historical “boring” phase ahead of an expected “banana” rally that has come after the halving events when miners’ rewards are cut in half.
“What we’re currently witnessing in terms of Bitcoin price action is fairly typical around the actual halving: a big pump leading into the halving, followed by a brief but sharp correction, a period of sideways chop, a final dump to nuke any remaining bullish sentiment, another phase of boring sideways trading, and eventually, prices beginning to rise again. Basically, it’s the boring zone before the banana zone. Patience, friends.”
Looking at his chart, the analyst suggests Bitcoin could hit $240,000 by May 2025.
Bitcoin is trading for $64,876 at time of writing, up slightly in the last 24 hours.
Next up, Real Vision chief executive Raoul Pal tells his 1 million followers on the social media platform X that Ethereum (ETH) competitor Solana (SOL) may have formed a market bottom.
Says the former Goldman Sachs executive,
“If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone. Let’s see! The bananas are slowly ripening, but should be magnificent in the autumn.”
Looking at his yearly chart, Pal suggests that SOL is forming a bullish converging trendline pattern.
Solana is trading for $136 at time of writing, up more than 2% in the last 24 hours.
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Bitcoin
Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
Published
1 hour agoon
July 8, 2024By
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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
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Bitcoin
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
Published
3 hours agoon
July 8, 2024By
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Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.
Bitcoin Mining Difficulty Drops To 79.5 T
Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.
Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.
This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income.
Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range.
Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.
What This Means For Bitcoin’s Price
The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.
Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.
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Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound
Published
4 hours agoon
July 8, 2024By
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The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.
BTC Trading Volume Records 94% Surge
At the time of this writing, Bitcoin was trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.
Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.
On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.
For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”
Bitcoin Liquidation Continues With Mt.Gox And the German Government
More Bitcoin are still leaving the German government wallet, triggering more selling pressure. In the early hours of Monday, the German government dumped BTC to crypto market maker Cumberland DRW and Flow Traders, including crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This time around, almost 5,000 BTC were sent out by the German government.
The transfer to Cumberland DRW was made in two transactions. Markedly, the first one was a transfer of 0.001, likely a test transfer to follow with large transfers in the future. The total Bitcoin transfer to the crypto market maker summed up to 133.723 BTC worth nearly $7.63 million.
Just before publishing this story, the government moved another 2,300 BTC in its ongoing liquidations. It is believed that the German government still has as much as 32,488 BTC with an estimated worth of $1.855 billion
Similarly, Bitstamp is working on hastening the Mt.Gox repayment process. The exchange has a 60-day window to distribute tokens but aims to compensate investors much sooner. When this Bitcoin hit the market, the trajectory of Bitcoin is bound to change but the direction remains uncertain.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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