Opinion
Signs of Change as US Lawmakers Create Subcommittee for Crypto – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
By
adminBy Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK)
Bitcoin exploded last week with an incredible 24% move, as Bitcoin mining difficulty rallied too. Bitcoin mining difficulty is a measure of how difficult it is to create the next block of transactions. This metric resets every two weeks and climbed by over 10% last week according to data from BTC.com – the largest rise since October.
Bitcoin mining difficulty fell 3.6% before the last update, after a winter storm led some miners to shut down. However, now miners appear to have come back online, with new and more efficient machines.
What does this tell us?
It shows how several Bitcoin mining companies have not lost conviction in the long-term outlook for Bitcoin, despite the bear market. In fact, Bitcoin miners like Marathon and Hive Blockchain have continuously deployed efficient machines. Marathon is one of the biggest Bitcoin mining companies, based in the US, who will be delighted to see progression of crypto presence at the government level.
The US has now created the first ever subcommittee on digital assets, which will be part of the House Financial Services Committee. Congressman French Hill, the digital asset subcommittee lead, said, “we want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors.” Despite a lack of constructive action so far from the US in response to crypto’s meteoric rise, this is a step in the right direction.
Source link
You may like
Insight Into The Timing And Factors
Bitcoin About To ‘Blow Higher’ Despite This Week’s Pullback, According to Glassnode Co-Founders – Here’s Why
Azuro and Chiliz Working Together to Boost Adoption of Onchain Sport Prediction Markets – Blockchain News, Opinion, TV and Jobs
Robinhood Bleeds 164 Million Dogecoin
AIGOLD Goes Live, Introducing the First Gold Backed Crypto Project – Blockchain News, Opinion, TV and Jobs
Analyst Benjamin Cowen Warns Ethereum ‘Still Facing Headwinds,’ Says ETH Will Only Go Up if Bitcoin Does This
Btc Halving
Bullish March Marks Record for Bitcoin – Blockchain News, Opinion, TV and Jobs
Published
3 weeks agoon
April 25, 2024By
adminBy Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International
Bitcoin (BTC) concluded the month of March at approximately $71,300, marking a 16.6% increase from the previous month’s closing value of around $61,150. This monthly surge represents a historic milestone for BTC price action. March witnessed the seventh consecutive month of price growth for BTC, a first since its inception.
The sustained price appreciation began in Q4 2023, as market participants anticipated a high probability of BTC Spot ETFs approval in January. This anticipation was followed by the actual approval of BTC Spot ETFs in early January 2024. Throughout Q1, BTC surged from $42,300 at the beginning of the year to approximately $71,300, reflecting a 64.7% increase in price. However, in the first few days of April, BTC witnessed a decline, with the price hovering around $66,500 at the time of this writing.
The recent price growth is primarily fuelled by demand for BTC Spot ETFs, which have accumulated over $12 billion in net inflows since their inception. Last week, BTC Spot ETFs saw approximately $850 million in net inflows, followed by $85 million in outflows on April 1st and $40 million in inflows on April 2nd.
While there is still strong overall net inflow in BTC Spot ETFs, there is also evidence of reduced sustained demand and some profit-taking, leading to a slower pace of cumulative inflows compared to previous months. This is to be expected, considering that the majority of BTC Spot ETF investors are already in profit, given that BTC was priced between $40,000 and $45,000 at the time of their launch.
The upcoming BTC halving event, currently expected for April 20th, just seventeen days away, will halve block rewards for miners from 6.25 to 3.125 BTC, potentially impacting mining companies. With BTC block rewards decreasing and the BTC hashrate consistently rising over the past few years, the profitability of mining farms has steadily declined, necessitating greater capital efficiency to remain viable.
This dynamic compels mining companies to optimize capital efficiency and seek cheaper electricity sources, leading to an increasing use of renewable energy in BTC mining. The BTC mining rewards mechanism inherently drives greater efficiency with each step, enhancing network security, reducing carbon emissions, and promoting research into sustainable block confirmation methods.
Historically, BTC halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks. However, for the first time, BTC reached its all-time high in anticipation of the halving, indicating a departure from previous cycles. If historical patterns repeat, we may witness an uptrend for the remaining nine months of 2024, leading to a cycle peak expected between Q4 2024 and Q2 2025.
Source link
BTC market
Bitcoin Volatility Soars Amidst Geopolitical Tensions as Halving Approaches – Blockchain News, Opinion, TV and Jobs
Published
4 weeks agoon
April 25, 2024By
adminBy Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International
Bitcoin (BTC) wrapped up the week at approximately $65,650, registering a 5.3% decline from the previous week’s closing value of around $69,350. The week unfolded with notable volatility, particularly over the weekend, following a period of stability from Monday to Thursday. On Friday, BTC experienced a downturn, dropping to as low as $65,100, with the negative trend persisting into Saturday when it hit a weekly low of about $60,650 before rebounding and concluding the week around $65,650.
The weekend’s price drop was attributed to geopolitical tensions in the Middle East, with market sentiment improving after an announcement regarding a temporary halt in hostilities among the involved nations. Additionally, attention is focused on the upcoming halving, scheduled for the night between April 19th and 20th. While previous halving events have historically been followed by 9-12 months of uptrend, they have often triggered short-term “sell the news” reactions before and after the event.
The confluence of these factors likely contributed to the observed negative price action over the weekend. This short-term bearish sentiment is also reflected in the net outflow of $85 million from Bitcoin Spot ETFs during the week, signalling increased profit-taking and investor caution following the strong uptrend in both Q4 2023 and Q1 2024.
Despite the downturn, trading volumes remained robust, with BTC Spot ETFs recording a weekly trading volume of approximately $16.2 billion, averaging $3.2 billion per day. The cumulative trading volume since inception now stands at around $212 billion, with an average daily trading volume of approximately $3.3 billion.
BTC continues to demonstrate resilience compared to the broader digital assets market, with its dominance metric, that gauges the BTC market capitalisation in comparison to the whole digital assets market capitalisation, currently at 55.3%, the highest level since April 2021.
On the macroeconomic front, recent US inflation data surpassed expectations, leading to a shift in market participants’ rate cut projections for 2024. Initially, expectations were for a reduction of at least 75 basis points (equivalent to three 25-basis-point cuts) in interest rates. However, following the latest data, projections now anticipate 25/50 basis points cuts during the year, with the first cut expected in Q3 and a potential second cut towards year-end.
The continued presence of inflation levels surpassing central banks’ targets might result in a prolonged period of tighter monetary policy. This could further contribute to the short-term challenges faced by risk-on assets, as investors realign their portfolios in response to revised mid-term expectations influenced by the latest financial indicators.
Source link
Btc Halving
Bullish March Marks Record for Bitcoin – Blockchain News, Opinion, TV and Jobs
Published
4 weeks agoon
April 20, 2024By
adminBy Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International
Bitcoin (BTC) concluded the month of March at approximately $71,300, marking a 16.6% increase from the previous month’s closing value of around $61,150. This monthly surge represents a historic milestone for BTC price action. March witnessed the seventh consecutive month of price growth for BTC, a first since its inception.
The sustained price appreciation began in Q4 2023, as market participants anticipated a high probability of BTC Spot ETFs approval in January. This anticipation was followed by the actual approval of BTC Spot ETFs in early January 2024. Throughout Q1, BTC surged from $42,300 at the beginning of the year to approximately $71,300, reflecting a 64.7% increase in price. However, in the first few days of April, BTC witnessed a decline, with the price hovering around $66,500 at the time of this writing.
The recent price growth is primarily fuelled by demand for BTC Spot ETFs, which have accumulated over $12 billion in net inflows since their inception. Last week, BTC Spot ETFs saw approximately $850 million in net inflows, followed by $85 million in outflows on April 1st and $40 million in inflows on April 2nd.
While there is still strong overall net inflow in BTC Spot ETFs, there is also evidence of reduced sustained demand and some profit-taking, leading to a slower pace of cumulative inflows compared to previous months. This is to be expected, considering that the majority of BTC Spot ETF investors are already in profit, given that BTC was priced between $40,000 and $45,000 at the time of their launch.
The upcoming BTC halving event, currently expected for April 20th, just seventeen days away, will halve block rewards for miners from 6.25 to 3.125 BTC, potentially impacting mining companies. With BTC block rewards decreasing and the BTC hashrate consistently rising over the past few years, the profitability of mining farms has steadily declined, necessitating greater capital efficiency to remain viable.
This dynamic compels mining companies to optimize capital efficiency and seek cheaper electricity sources, leading to an increasing use of renewable energy in BTC mining. The BTC mining rewards mechanism inherently drives greater efficiency with each step, enhancing network security, reducing carbon emissions, and promoting research into sustainable block confirmation methods.
Historically, BTC halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks. However, for the first time, BTC reached its all-time high in anticipation of the halving, indicating a departure from previous cycles. If historical patterns repeat, we may witness an uptrend for the remaining nine months of 2024, leading to a cycle peak expected between Q4 2024 and Q2 2025.
Source link
Insight Into The Timing And Factors
Bitcoin About To ‘Blow Higher’ Despite This Week’s Pullback, According to Glassnode Co-Founders – Here’s Why
Azuro and Chiliz Working Together to Boost Adoption of Onchain Sport Prediction Markets – Blockchain News, Opinion, TV and Jobs
Robinhood Bleeds 164 Million Dogecoin
AIGOLD Goes Live, Introducing the First Gold Backed Crypto Project – Blockchain News, Opinion, TV and Jobs
Analyst Benjamin Cowen Warns Ethereum ‘Still Facing Headwinds,’ Says ETH Will Only Go Up if Bitcoin Does This
Tron Price Prediction: TRX Outperforms Bitcoin, Can It Hit $0.132?
Ethereum-Based Altcoin Leads Real-World Assets Sector in Development Activity, According to Santiment
Here’s Why This Analyst Is Predicting A Rise To $360
Hackers With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash
Cardano Faces Make-Or-Break Price Level For Bullish Revival
A Premier Crypto Exchange Tailored for Seasoned Traders – Blockchain News, Opinion, TV and Jobs
Crypto Whale Withdraws $75.8 Million in USDC From Coinbase To Invest In Ethereum’s Biggest Presale – Blockchain News, Opinion, TV and Jobs
CFTC Chair Says ‘Another Cycle of Enforcement Actions’ Coming As Crypto Enters New Phase of Asset Appreciation
Spectral Labs Joins Hugging Face’s ESP Program to advance the Onchain x Open-Source AI Community – Blockchain News, Opinion, TV and Jobs
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
BNM DAO Token Airdrop
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
New Minting Services
Block News Media Live Stream
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs
Friends or Enemies? – Blockchain News, Opinion, TV and Jobs
Enjoy frictionless crypto purchases with Apple Pay and Google Pay | by Jim | @blockchain | Jun, 2022
Block News Media Live Stream
How Web3 can prevent Hollywood strikes
Block News Media Live Stream
XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board
Block News Media Live Stream
Trending
- Altcoins2 years ago
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
- Binance2 years ago
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
- Uncategorized2 years ago
BNM DAO Token Airdrop
- BTC1 year ago
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
- Uncategorized3 years ago
New Minting Services
- Video2 years ago
Block News Media Live Stream
- Bitcoin miners2 years ago
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
- Bitcoin1 year ago
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs