2023-11-13 02:53

Copyrighted Image by: Reuters. The Bitcoin landscape is showing signs of robust growth and investor optimism, as evidenced by the significant increase in the number of wallet addresses holding over $1 million worth of Bitcoin. BitInfoCharts has reported a 237% rise in such 'Bitcoin millionaire' wallets since the beginning of the year, many of which are owned by financial institutions. This uptick in wealthy Bitcoin holders is accompanied by a steady growth in the number of "wholecoiners," individuals or entities owning at least one full Bitcoin. Glassnode data reveals that the count of wholecoiners has climbed by 4%, from 978,197 at the start of 2023 to 1,018,015. This increase suggests an ongoing accumulation trend, even as the cryptocurrency market has faced various meltdowns. Market sentiment has been buoyed by the anticipation of spot exchange-traded fund (ETF) products for Bitcoin. Bloomberg ETF analysts had given a spot Bitcoin ETF approval a 90% chance by January 10th, sparking expectations for a price rally. On Sunday, Bitcoin's trading price hovered near $37,100, marking a 38% rise over the last month. This bullish momentum is partly fueled by such optimistic forecasts and comments from figures like Michael Saylor, who predicted a tenfold increase in Bitcoin demand within the next year. However, not all market commentators share this enthusiasm. Tina Teng from CMC Markets (LON:CMCX) has voiced skepticism regarding the fundamental strength of Bitcoin and the broader macroeconomic landscape. Despite these concerns, investors and traders are closely watching the developments around the ETF approval, which could potentially lead to further market movements. The current state of Bitcoin contrasts starkly with its position exactly one year ago when it reached an all-time high of $69,000. Two years after John McAfee's death, his widow Janice McAfee is facing financial challenges amidst these market developments, highlighting the personal impact of the volatile cryptocurrency space on individuals. Investors and market watchers remain attentive to any signs that could indicate whether the optimism surrounding potential regulatory approvals will translate into sustained growth for Bitcoin or if cautionary perspectives like Teng's will prove prescient in a complex and ever-evolving market. https://www.investing.com/news/cryptocurrency-news/bitcoin-millionaire-wallets-surge-as-market-eyes-etf-approval-93CH-3231616

2023-11-12 14:56

Silver experienced its most significant drop recently, pressured by Federal Reserve Chair Jerome Powell's hawkish comments and a strengthened U.S. dollar, which has led to an improved risk appetite among investors. Jerome Powell indicated that interest rates could rise if inflation remains above the Fed's target, causing a surge in the dollar's value and putting downward pressure on silver prices. The market is now closely watching for upcoming data on consumer price inflation and retail sales. Although there was a brief moment of dollar weakness due to some dovish interpretations of Powell's earlier remarks this month, the overall market sentiment has remained cautious. Traders of Fed funds futures are now estimating a 22% likelihood of an additional rate hike by January, as global inflation concerns persist and the possibility of further monetary tightening looms. Adding to the bearish outlook for silver, the yield on the 10-year U.S. Treasury note has climbed, reflecting investor worries about future inflation and monetary policy directions. A recent lackluster demand at a 30-year bond auction also hints at long-term economic outlook concerns. The near-term forecast for silver seems to be pointing downward unless there is an escalation in geopolitical tensions or disappointing economic reports from the U.S. https://www.investing.com/news/commodities-news/silver-prices-plunge-amid-powells-hawkish-stance-and-stronger-dollar-93CH-3231559

2023-11-12 14:15

SEOUL - Bithumb, South Korea's second-largest cryptocurrency exchange, is laying the groundwork for an initial public offering (IPO) on the KOSDAQ market, with a potential shift to the KOSPI market being considered as well. The exchange, which holds a market share of approximately 10%, is setting its sights on regaining market supremacy from Upbit, which currently dominates with an 85% share. In preparation for the IPO, Bithumb has recently undergone significant changes in its leadership structure. The company reinstated ex-Chairman Lee Jung-hoon as a registered director at Bithumb Holdings. Meanwhile, CEO Lee Sang-jun was removed from the board amid accusations of soliciting coin listings. The CEO responsibilities at Bithumb Holdings will now be jointly managed by Jaewon Lee, who also serves as the CEO of Bithumb Korea. This move comes alongside Bithumb's strategic efforts to enhance governance and management transparency. With financial assets totaling over 400 billion won, the exchange is in a strong position, as it does not require external capital to fund its operations. As part of its IPO strategy, Bithumb has partnered with Samsung (KS:005930) Securities to serve as the underwriter. This decision aligns with their aim to strengthen their market position and rebuild trust following past scandals and regulatory challenges. The IPO is scheduled for the second half of 2025 and represents a crucial step in Bithumb's plan to challenge Upbit's current market leadership. The establishment of Bithumb Holdings and the selection of an underwriter are indicative of the company’s commitment to responsible management and long-term growth objectives. https://www.investing.com/news/cryptocurrency-news/bithumb-korea-plans-ipo-to-challenge-upbits-dominance-93CH-3231553

2023-11-12 14:13

Copyrighted Image by: Reuters. NEW YORK - In a notable shift from previous market trends, analytics data has revealed a strong correlation between the prices of Bitcoin and Ripple, two leading cryptocurrencies. This correlation, quantified at 0.84, suggests that both digital assets now share a similar investor audience, diverging from their traditionally distinct investor bases. The data, provided by Macroaxis today, contrasts sharply with the negative correlation observed between Bitcoin prices and traditional stock markets, following a fall in the S&P 500 index. Notably, both cryptocurrencies experienced a price rise in October, which may have contributed to the increased trading activity and interest among investors. This newfound correlation is further supported by significant trading volumes on major cryptocurrency exchanges. Bitstamp reported over 590,000 XRP traded daily, while Binance saw an even more substantial volume of 41.2 million XRP exchanged. Such high levels of XRP-BTC trading activity underscore the growing overlap in investor interest in these two cryptocurrencies. This trend marks a departure from past beliefs about the distinct nature of Bitcoin and Ripple's investor communities. In February 2019, Bitcoin expert Andreas Antonopoulos suggested that different types of investors were attracted to each cryptocurrency. Bitcoin was often preferred for its secure proof-of-work consensus mechanism, which supports its use as a peer-to-peer (P2P) cash network. However, it has been criticized for being energy-intensive and slow in transaction processing. Conversely, Ripple has been favored for its less energy-consuming operations but has faced criticism for not being a true blockchain in the eyes of some enthusiasts. The rivalry between supporters of Bitcoin ("Bitcoin Maxis") and Ripple ("XRP army") has been well-documented in the crypto community. Yet, current data points to a convergence of interests that may be softening these once-rigid divides. While Binance has sought to attract new users with promotions such as offering $100 free to new registrants, it is the underlying shift in investor behavior that stands out as the most significant development in the cryptocurrency landscape. The robust correlation coefficient between Bitcoin and Ripple's prices is indicative of this evolving market dynamic. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ripple-display-strong-price-correlation-diverging-from-stocks-93CH-3231552

2023-11-12 13:19

Copyrighted Image by: Reuters. Investors in the cryptocurrency market are eyeing a potential uptick in Bitcoin's value following a robust technical analysis that indicates an ongoing bullish trend. The world's leading digital currency has staged an impressive rally over the past two months, climbing from $25,000 to $38,000. This upward trajectory is supported by high investor confidence and a period marked by a lack of significant news events that could adversely affect market sentiment. Technical analysts have identified an inverted head and shoulders pattern on Bitcoin's 15-minute timeframe, which is traditionally seen as a predictor of trend continuation. This pattern has led to predictions that Bitcoin could soon approach the minor resistance level of $37,185. Should it surpass this threshold, the next target is the major daily resistance level at $40,000. A trading strategy has been proposed for those looking to capitalize on this momentum. It involves entering a long trade at the aforementioned minor resistance level of $37,185 with a carefully placed stop loss at $36,272 to manage risk. The strategy outlines multiple take-profit levels set at $38,000, $39,000, and $40,000 over the forthcoming 1-3 weeks as part of a secure profit-taking approach. The recommended trading plan emphasizes a risk-to-reward ratio of 1:3. This means that for every potential dollar at risk, there is an opportunity to earn three in profit. The maximum profit potential for this strategy is capped at 7.5%, while the maximum loss is restricted to 2.4%, making it an attractive proposition for traders relying on technical analysis for their market decisions. With these strategic points set in place, investors and traders will be closely monitoring Bitcoin's price movements in the coming weeks. https://www.investing.com/news/cryptocurrency-news/bitcoin-forecast-to-rally-towards-40k-amid-bullish-pattern-93CH-3231539

2023-11-12 09:44

Copyrighted Image by: Reuters. Crypto mining companies have been increasing their asset liquidation, with top firms like Marathon Digital (NASDAQ:MARA) and Bit Digital selling more bitcoins in October than they produced, a strategy influenced by the recent surge in Bitcoin's price and the anticipation of the next Bitcoin halving event slated for April 2024. In October 2023, Bitcoin experienced a notable rally, reaching an 18-month high of $35,000. This price surge prompted mining companies to sell a significant number of bitcoins. Collectively, these firms sold 5,492 BTC, which was valued at approximately $164 million. The liquidation-to-production ratio for the industry reached 105%, indicating that not only were all newly mined coins sold, but also additional holdings were liquidated. The trend of increased liquidation was not isolated to October. In June 2022, during the onset of the bear market, the liquidation-to-production ratio spiked to a record 360%. However, by August of that year, this ratio had decreased to 80%. Despite this reduction, the ratio remained elevated compared to earlier months, such as July (64%), August (77%), and September (77%) of 2023. Several companies stood out in their liquidation efforts. Bit Digital and Hut 8 each sold over 300% of their monthly production in October. These sales are part of a broader strategy adopted by firms like Marathon, Hut 8, Cipher, and CleanSpark (NASDAQ:CLSK). This hybrid treasury approach involves selling assets to capitalize on market rallies, replenish cash reserves, and prepare for future events that could affect their operations. One such event is the upcoming Bitcoin halving in April 2024. Halving events reduce block rewards for miners by half and occur every 210,000 blocks until all 21 million BTC are mined. The previous halving in May 2020 cut the block reward from 12.5 BTC to 6.25 BTC. The next halving will further slash rewards to 3.125 BTC per block, significantly impacting miners' profitability and prompting them to increase their cash reserves in anticipation. https://www.investing.com/news/cryptocurrency-news/crypto-mining-firms-ramp-up-sales-as-bitcoin-hits-18month-peak-93CH-3231493