Bitcoin – My Blog

23Sep By edrad80No Comments

Bitcoin

Bears aim to pin Bitcoin price below $46K leading into Friday’s $3B BTC options expiry

This week's combination of bearish factors was enough to bring Bitcoin's (BTC) price down to its lowest levels in 46 days, and this nearly obliterated 86% of the $2 billion September call (buy) options that expire on Sept. 24.There's still room for some surprises, especially considering the deadline is 8:00 UTC on Sept. 24. However, the incentives for the bears seem small because the sub-$40,000 test on Sept. 21 caused less than $250 million in futures contracts liquidations.On Sept. 22, Evergrande Group eased some default fears after it confirmed that it would make an interest payment on an onshore bond. Despite this, investors still expect the company to miss the dollar-denominated bonds held mainly by international investors.Bitcoin price at Coinbase in USD. Source: TradingViewThe recen...

Ethereum balance on crypto exchanges hits new lows as ETH price retakes $3K

23Sep By edrad80No Comments

Bitcoin, Etherium

Ethereum balance on crypto exchanges hits new lows as ETH price retakes $3K

The total amount of Ether (ETH) held by all the crypto exchanges fell to its lowest levels, just as its price rose back above $3,000 per token on Sept. 23.Data collected by CryptoQuant, a blockchain analytics platform, showed that exchanges' net Ethereum token reserves dropped to 18.533 million ETH, compared to 23.92 million ETH a year ago. Meanwhile, the cost to purchase one Ether rose from almost $349 to as high as $3,078, showcasing an inverse correlation between ETH reserves on exchanges and prices. Ethereum all exchange reserves versus ETH/USD price performance. Source: CryptoQuantSupply-demand factorLower exchange reserves point to traders' likelihood of holding the underlying cryptocurrency than trading it for other digital/fiat assets. Hence, if the demand for the token t...

23Sep By edrad80No Comments

Bitcoin

Bitcoin hodlers are about to spark a run to new BTC price highs, data suggests

Seasoned Bitcoin (BTC) hodlers are about to spark a new price run-up by hoarding BTC, data reveals this week.According to on-chain monitoring resource Glassnode, the Bitcoin supply is due to put in a fresh aging process.1-year-old supply bottoms outHighlighting its active supply metric, Glassnode researchers noted that the percentage of the Bitcoin supply, which last moved a year ago or more, is forming a local bottom.Under such circumstances in the past, holders or “hodlers,” fresh from selling those older coins, began accumulating, making the overall dormant supply age increase. This, in turn, created a “supply squeeze” where demand increased relative to the BTC available, and the price benefited as a result. Selling recommenced into the local price top, whereupon the process began again...

Axie Infinity (AXS) gains over 45%, but ‘death cross’ fears persist

23Sep By edrad80No Comments

Altcoins, Bitcoin

Axie Infinity (AXS) gains over 45%, but ‘death cross’ fears persist

Axie Infinity’s native cryptocurrency, Axie Infinity Shards (AXS), bounced higher on Sept. 23 as the market’s focus shifted to its listing on two major crypto trading platforms, Bitfinex and Bitstamp.The AXS/USD exchange rate surged 15.52% to $69.86, negating all the losses that it incurred at the beginning of the week. The intraday rally came as a part of an overall bullish retracement that began on Sept. 21 when AXS was changing hands for $48.05. Crypto assets recoverOn Sept. 20, markets were on edge due to looming economic trouble in the Chinese property market surrounding Evergrande, which is massively indebted yet the largest builder of homes. Fearing a 2008-like housing bubble scenario, investors precautiously shifted their capital out of the stock market and sought haven in the...

Too ‘grande’ to fail — Bitcoin price stumbles at $44K as China plans for Evergrande’s implosion

23Sep By edrad80No Comments

Altcoins, Bitcoin

Too ‘grande’ to fail — Bitcoin price stumbles at $44K as China plans for Evergrande’s implosion

Bitcoin (BTC) faced stiff resistance above $44,000 on Thursday, Sept. 23, as China told governments to prepare for property giant Evergrande to collapse.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuyers line up to snag sub-$40,000 BTCData from Cointelegraph Markets Pro and TradingView showed volatility continuing for BTC/USD Thursday.The pair had seen a solid recovery overnight, this fading at what was previous support just above $44,000.At the time of writing, the pair traded at around $43,700, dipping as news hit that China was briefing governmental structures on Evergrande’s financial fallout.Signals remain mixed over the troubled firm, shares of which jumped amid signs of an exit from what chairman Hui Ka Yuan called its “darkest moment.”For Bitcoin traders, however, it...

UAE regulators approve crypto trading in Dubai free zone

23Sep By edrad80No Comments

Bitcoin

UAE regulators approve crypto trading in Dubai free zone

Financial regulators in the United Arab Emirates have reached an arrangement to officially allow and support cryptocurrency trading in an economicfree zone in Dubai.The Dubai World Trade Centre Authority (DWTCA) announced Wednesday that it had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone.The new initiative establishes a framework enabling the DWTCA to issue necessary approvals and licenses for financial activities related to cryptocurrencies. As part of the agreement, the SCA will also supervise major crypto-related activities, such as issuance, listing, trading and licensing processes.According to the announcement, the agreement was signed by SCA acting CEO Maryam Al Suw...

23Sep By edrad80No Comments

Bitcoin

Just another bubble? Bitcoin price tops follow Chinese debt cycles, new research shows

Bitcoin (BTC) may be hitting new all-time highs, but it may just be another bubble, new research suggests.Unveiling a theory that could well rile Bitcoin bulls, analytics guru Material Scientist revealed what seems to be a strong correlation between Bitcoin price cycles and Chinese debt cycles.Casting doubt on the power of Bitcoin halvingsWith BTC/USD hitting its latest all-time high in April 2021, expectations are high that another will come before the end of the year.Looking back at Bitcoin’s history, Material Scientist shows that previous cycle tops in Bitcoin have coincided with tops in Chinese debt cycles.The ebb and flow — as seen this year in April versus today — likewise marks a cooling off in Bitcoin. This, the analyst argues, could not only mean that Bitcoin behaves like any...

23Sep By edrad80No Comments

Bitcoin

Bitcoin.org goes offline after suffering scam attack

Bitcoin.org, one of the first websites about Bitcoin (BTC), has been hacked by online scammers and down as of the time of writing. Cobra, Bitcoin.org’s anonymous curator, announced on Sept. 23 that Bitcoin.org was compromised, with hackers managing to put up a scam notice on the site.“Looks like Bitcoin.org got hacked and the entire site replaced with a scam asking for free Bitcoin. Do not send funds to that address,” Bitcoin developer Matt Corallo reported on Twitter. Following a query from Corallo, Namecheap temporarily disabled the website. According to Cobra, the Bitcoin.org website “may be down for a few days.”Prior to Bitcoin.org going offline, users reported that Bitcoin.org was showing a classic fake giveaway announcement, with scammers reportedly managing to collect abou...

One River Digital raises $41M from Goldman Sachs and Coinbase

22Sep By edrad80No Comments

Bitcoin

One River Digital raises $41M from Goldman Sachs and Coinbase

One River Digital, a cryptocurrency-focused hedge fund offering exposure to Bitcoin (BTC) and Ether (ETH), has closed its first funding round after launching last year.One River Digital president Sebastian Bea confirmed Wednesday that the company had raised $41 million in a Series A financing round from investors, including Goldman Sachs and Coinbase Ventures.Other investors included American diversified global insurer Liberty Mutual Insurance and an alternative investment management firm, Infinity Investment Partners, as One River Digital announced on Tuesday.According to the One River Digital president, the fresh capital will help the company to increase its investment opportunities to support the digital ecosystem.“We will use these funds to accelerate our scale across investments, dist...

22Sep By edrad80No Comments

Bitcoin

Ohio to host BIT Mining’s new 85 MW Bitcoin mining facility

Bitcoin (BTC) mining company BIT Mining plans to invest $12.14 million to develop an 85-megawatt crypto mining center in Ohio.As the company that owns the entire mining pool business operated under BTC.com, BIT Mining set up a joint venture agreement with Viking Data Centers to establish the Bitcoin mining facility.As part of the JV agreement, BIT Mining will pay $10.84 million in cash to Viking Data with the remaining sum to be settled in cash or company stock.Following its investment in Viking Data and the subsequent JV agreement, BIT Mining will own 51% of the Ohio Bitcoin mining facility.Dubbed the “Ohio Mining Site,” the planned 85-megawatt Bitcoin mining facility will reportedly be developed in three phases.The first stage of the facility’s development will see the capacity reac...