MicroStrategy Secures 1.4B in Bitcoin Gains

MicroStrategy Secures A Whopping $1.4 Billion In Bitcoin Gains – Not Dumping Anytime Soon

By Adrian Klent – July 31, 2021

A strong advocate for Bitcoin, Michael Saylor, has restated his bullish stance on the cryptocurrency calling it an open-digital property network, an international trust network as well as the only asset his company, MicroStrategy, needs to have a diversified investment for the long term.

Speaking to Bloomberg TV, the CEO of the first publicly-traded company to have Bitcoin on its balance sheet stated that the company is leveraged long on Bitcoin, with a 10-year view based on the fact that they envision a time when billions of people will catch on to the benefits of the network; they are working patiently to get there before the billions of users do.

He also points out that MicroStrategy is unique in the way it has put together its leverage with debt. The company made around $1.4 billion in profit on paper as it has not sold or plan to sell its BTC holdings soon. The company acquired its Bitcoins with both operating income and debt of $2.2 billion at a blended interest rate of around 1.5% interest. Saylor, pitching to win potential investors over for the company, said “if you like Bitcoin, then you’d like the idea of owning $2.2 billion in Bitcoin if it is at 1.5% of interest.”


BTCUSD Chart By TradingView (Click image for larger view)

Saylor, who has been unwaveringly bullish for Bitcoin, even amid the bear market, stated that his company envisions “Bitcoin on the balance sheets of cities, states, governments, companies, small investors, big investors…” adding “ultimately, we think Bitcoin is going to be the core to big-tech innovation at Apple, Amazon, and Facebook.”

Explaining further Saylor said that while the equity market was closed on weekends, the Bitcoin network never goes offline twenty-four hours a day, 365 days a year. This feature is already yielding benefits for platforms such as Square, PayPal, and Robinhood.

In much the same way as he has given publicity to Bitcoin in the past, Saylor further said that Bitcoin will solve issues in big-tech and social media companies as the network being trustless would help companies improve user experience online by eliminating spam and improving cybersecurity.

To clear all doubts, MicroStrategy is not relenting in its Bitcoin stance as the CEO also revealed that in the future the company still had plans to purchase more Bitcoin. Though it was still uncertain how it would fund the purchase, the company’s shareholders will decide if the move will be financed by cash flow, debt, or equity when the market conditions are right.

MicroStrategy currently holds over 105,000 Bitcoins on its balance sheet. The company does not consider any other cryptocurrencies and has been instrumental in reassuring the public to hold on to their positions.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Greener Bitcoin Mining?

Is Bitcoin Mining Finally Getting Greener?

Calls for Bitcoin mining to get more environmentally friendly have grown louder. There are signs of progress—which is what Elon Musk is looking to hear.

Mason Marcobello          6 min read • Jul 30, 2021

Bitcoin mining uses a method called Proof of Work (PoW), and it’s been no stranger to criticism from regulators and environmentalists. Their main contention is over the increasingly large amount of energy (computational power) PoW demands. That energy use has risen along with Bitcoin’s price, since more lucrative miner incentives lead to more mining activity, which means more machines using more electricity.

Last week’s “B-Word” virtual event with Tesla CEO Elon Musk, Square CEO Jack Dorsey, and Ark Invest’s Cathie Wood felt like a culmination of sorts in the ongoing conversation around Bitcoin mining, especially since Musk stunned Bitcoiners in May when he abruptly announced Tesla would stop accepting Bitcoin as payment due to environmental concerns. He has since said that Tesla would be willing to reembrace Bitcoin if and when at least 50% of global Bitcoin mining uses renewable energy.

There’s been some progress on that front.

According to Cambridge University, the Bitcoin network currently consumes about 74 terawatt hours (TWh) of energy per year (TWh is a unit of measurement equivalent to one trillion watts per hour, and is used to measure the energy consumption of entire countries). That’s slightly higher than the annual energy use of countries like Colombia (70.2 TWh per year) and Bangladesh (70.6 TWh).

While that might sound alarmingly high, Bitcoin’s defenders point out that comparing the energy use of an entire global payment rails to the energy use of one country is not very instructive, and that there aren’t many useful apples-to-apples comparisons to draw with Bitcoin’s energy usage.

Importantly, Cambridge reported in September 2020 (its most recently available figure) that only 39% of Bitcoin’s current energy consumption is based on renewable energy. So, if we convert the 61% of Bitcoin’s non-renewable energy consumption—45 TWh—to its greenhouse gas equivalent, we know that the network’s carbon footprint is equivalent to about 35 billion pounds of burned coal.

About four months ago—well before China cracked down on Bitcoin mining—the network’s carbon footprint was equivalent to nearly double that amount of burned coal—61 billion pounds. In other words, Bitcoin’s carbon footprint has been cut nearly in half over the past four months, though this has coincided with a price drop.

Of course, there are other estimates when it comes to Bitcoin’s share of renewable energy. The Bitcoin Mining Council—which doesn’t require its members to submit their energy consumption data upon joining—released a report in July that found the sustainable electricity mix of the global Bitcoin mining industry crossed 56% in Q2 2021, up from 36.8% in the previous quarter. Because this survey was voluntary, questions were raised about how reliable its findings were.

Musk acknowledged at the B-Word event, "There appears to be a positive trend in the energy usage of Bitcoin,” but ultimately reiterated his conditions outlined in a June tweet. He went on to say that, “as long as there’s a conscious and determined effort by the mining community to move towards renewables, then Tesla will support that.”

Wood, for her part, said at the event, “I really do believe that Bitcoin will be much more environmentally friendly, certainly, than traditional gold mining or the traditional financial services sector. In many ways it already is.” (In April, ARK Invest and Square released a collaborative paper that advocated for Bitcoin as the key to a clean energy future, but critics have not found that report very convincing.)

Tesla’s preconditions to accept Bitcoin payments could prove to be an inevitability in mining, since it is hardly just Tesla asking for them.

Cambridge's mining map shows that in the wake of China’s massive crackdown, a considerable segment of the mining industry has already moved towards cleaner energy sources. And although alternative, greener solutions like stranded energy—the energy left behind after a fuel is used like wasted coal—are nothing new, North America now accounts for almost 17% of all Bitcoin mining, according to Cambridge in April. (And Compass Mining CEO Whit Gibbs claims 50% of North American mining comes from renewables, though it's unclear how he arrives at that figure, and a mining CEO has obvious inclination to say mining is getting greener.)

But in an industry where miners stay competitive by sourcing the most cost-effective energy solutions, the long-term focus to further accelerate environmentally conscious efforts while reaping the most profit may present itself in stranded renewables.

In an interview with CNBC, Mike Colyer, CEO of crypto mining company Foundry, confirmed Beijing’s heavy-handed approach to force miners into friendlier jurisdictions with cleaner, cost-efficient resources has been a big plus for Bitcoin. “Miners around the world are looking for stranded power that is renewable,” Colyer said. “That will always be your lowest cost. Net-net this will be a big win for Bitcoin’s carbon footprint.”

One of the many companies leveraging this greener rollout with stranded renewables is Canadian company Blockstream.

As evidenced by a steady proliferation of initiatives in the green energy sector—like its $5 million investment from Square to build a solar-powered Bitcoin mining facility, and its partnership with Seetee (a new subsidiary of Aker)—Blockstream is pushing for Bitcoin mining that utilizes renewable energy like solar, wind, and hydroelectric power otherwise trapped in remote locations where there is little demand for the energy.

Although regions like North America are experiencing an influx of mining companies, until the world verifies where most miners set up shop following the departure from China, questions remain around the practical utility of stranded renewables for Bitcoin mining at scale. But the progress already made is encouraging.

As Dorsey asked during the B-Word event, “being able to get that energy and convert it into a secure, sound money system for the planet feels like a worthy trade-off and feels like the most powerful incentive. But how do we reuse what is currently being dumped on the ground, wasted, and considered, and how do we do that at scale? That’s a bigger conversation that’s missing.”

SPONSORED POST BY SAIDLER & CO. THIS SPONSORED ARTICLE WAS CREATED BY DECRYPT STUDIO. LEARN MORE ABOUT PARTNERING WITH DECRYPT STUDIO.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Mason Marcobello.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin Chases 42K

Bitcoin Chases $42,000 in Weekend Rally

Bitcoin's latest rally has pushed the global market up by about 5%.

Decrypt Staff           2 min read • Jul 30, 2021

Bitcoin’s price has flown past $40,000 to highs of just under $42,000, according to data from metrics site CoinGecko.

The largest and oldest cryptocurrency, which has a market cap of $781 billion at its current price of $41,629, shot above $40,000 on Friday evening. Bitcoin hadn’t surpassed $40,000 since mid-June.

In a single burst, Bitcoin rose from $39,109 at 8pm UTC to $41,780 at 11pm UTC on Friday. The rise, which brought along the rest of the market in tow, nudged the total market capitalization of cryptocurrencies up by 5.2%, to $1.67 trillion.

Coinciding with the boom is a strong week for the U.S. economy. Several major tech companies, including Facebook, Amazon, Apple and Google, posted bountiful profits.

The spike also occurred shortly after $1.5 billion in Bitcoin options contracts expired on unregulated derivatives exchange Deribit. This allowed traders to buy up Bitcoin at a discounted rate to get a headstart on the latest rally. It also coincided with the surfacing of reports that GoldenTree, a U.S. hedge fund with $45 billion in assets under management, had invested in Bitcoin.

The rise to just under $40,000 happened last week after a report from City A.M. that Amazon would "definitely" accept cryptocurrencies this year and would launch its own coin. Amazon has since denied the rumors, which City A.M. attributes to an Amazon insider, but that didn’t stop the market from rising.

Ethereum joined Bitcoin in its weekend success. The second-largest cryptocurrency by market cap rose 4.8% to $2,458. This is Ethereum’s highest price since the middle of June.

The latest rise precedes the London Hard Fork by a couple of days. Launching on August 4, the London Hard Fork will burn fees instead of paying them to miners, incentivizing developers to hasten the move to Ethereum 2.0.

Bitcoin Cash ABC, a fork of Bitcoin Cash (a fork of Bitcoin) rose by 31% in the past 24 hours to $51.62.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by the Decrypt Staff.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Greener Bitcoin Mining?

Is Bitcoin Mining Finally Getting Greener?

Calls for Bitcoin mining to get more environmentally friendly have grown louder. There are signs of progress—which is what Elon Musk is looking to hear.

Mason Marcobello          6 min read • Jul 30, 2021

Bitcoin mining uses a method called Proof of Work (PoW), and it’s been no stranger to criticism from regulators and environmentalists. Their main contention is over the increasingly large amount of energy (computational power) PoW demands. That energy use has risen along with Bitcoin’s price, since more lucrative miner incentives lead to more mining activity, which means more machines using more electricity.

Last week’s “B-Word” virtual event with Tesla CEO Elon Musk, Square CEO Jack Dorsey, and Ark Invest’s Cathie Wood felt like a culmination of sorts in the ongoing conversation around Bitcoin mining, especially since Musk stunned Bitcoiners in May when he abruptly announced Tesla would stop accepting Bitcoin as payment due to environmental concerns. He has since said that Tesla would be willing to reembrace Bitcoin if and when at least 50% of global Bitcoin mining uses renewable energy.

There’s been some progress on that front.

According to Cambridge University, the Bitcoin network currently consumes about 74 terawatt hours (TWh) of energy per year (TWh is a unit of measurement equivalent to one trillion watts per hour, and is used to measure the energy consumption of entire countries). That’s slightly higher than the annual energy use of countries like Colombia (70.2 TWh per year) and Bangladesh (70.6 TWh).

While that might sound alarmingly high, Bitcoin’s defenders point out that comparing the energy use of an entire global payment rails to the energy use of one country is not very instructive, and that there aren’t many useful apples-to-apples comparisons to draw with Bitcoin’s energy usage.

Importantly, Cambridge reported in September 2020 (its most recently available figure) that only 39% of Bitcoin’s current energy consumption is based on renewable energy. So, if we convert the 61% of Bitcoin’s non-renewable energy consumption—45 TWh—to its greenhouse gas equivalent, we know that the network’s carbon footprint is equivalent to about 35 billion pounds of burned coal.

About four months ago—well before China cracked down on Bitcoin mining—the network’s carbon footprint was equivalent to nearly double that amount of burned coal—61 billion pounds. In other words, Bitcoin’s carbon footprint has been cut nearly in half over the past four months, though this has coincided with a price drop.

Of course, there are other estimates when it comes to Bitcoin’s share of renewable energy. The Bitcoin Mining Council—which doesn’t require its members to submit their energy consumption data upon joining—released a report in July that found the sustainable electricity mix of the global Bitcoin mining industry crossed 56% in Q2 2021, up from 36.8% in the previous quarter. Because this survey was voluntary, questions were raised about how reliable its findings were.

Musk acknowledged at the B-Word event, “There appears to be a positive trend in the energy usage of Bitcoin,” but ultimately reiterated his conditions outlined in a June tweet. He went on to say that, “as long as there’s a conscious and determined effort by the mining community to move towards renewables, then Tesla will support that.”

Wood, for her part, said at the event, “I really do believe that Bitcoin will be much more environmentally friendly, certainly, than traditional gold mining or the traditional financial services sector. In many ways it already is.” (In April, ARK Invest and Square released a collaborative paper that advocated for Bitcoin as the key to a clean energy future, but critics have not found that report very convincing.)

Tesla’s preconditions to accept Bitcoin payments could prove to be an inevitability in mining, since it is hardly just Tesla asking for them.

Cambridge’s mining map shows that in the wake of China’s massive crackdown, a considerable segment of the mining industry has already moved towards cleaner energy sources. And although alternative, greener solutions like stranded energy—the energy left behind after a fuel is used like wasted coal—are nothing new, North America now accounts for almost 17% of all Bitcoin mining, according to Cambridge in April. (And Compass Mining CEO Whit Gibbs claims 50% of North American mining comes from renewables, though it’s unclear how he arrives at that figure, and a mining CEO has obvious inclination to say mining is getting greener.)

But in an industry where miners stay competitive by sourcing the most cost-effective energy solutions, the long-term focus to further accelerate environmentally conscious efforts while reaping the most profit may present itself in stranded renewables.

In an interview with CNBC, Mike Colyer, CEO of crypto mining company Foundry, confirmed Beijing’s heavy-handed approach to force miners into friendlier jurisdictions with cleaner, cost-efficient resources has been a big plus for Bitcoin. “Miners around the world are looking for stranded power that is renewable,” Colyer said. “That will always be your lowest cost. Net-net this will be a big win for Bitcoin’s carbon footprint.”

One of the many companies leveraging this greener rollout with stranded renewables is Canadian company Blockstream.

As evidenced by a steady proliferation of initiatives in the green energy sector—like its $5 million investment from Square to build a solar-powered Bitcoin mining facility, and its partnership with Seetee (a new subsidiary of Aker)—Blockstream is pushing for Bitcoin mining that utilizes renewable energy like solar, wind, and hydroelectric power otherwise trapped in remote locations where there is little demand for the energy.

Although regions like North America are experiencing an influx of mining companies, until the world verifies where most miners set up shop following the departure from China, questions remain around the practical utility of stranded renewables for Bitcoin mining at scale. But the progress already made is encouraging.

As Dorsey asked during the B-Word event, “being able to get that energy and convert it into a secure, sound money system for the planet feels like a worthy trade-off and feels like the most powerful incentive. But how do we reuse what is currently being dumped on the ground, wasted, and considered, and how do we do that at scale? That’s a bigger conversation that’s missing.”

SPONSORED POST BY SAIDLER & CO.
THIS SPONSORED ARTICLE WAS CREATED BY DECRYPT STUDIO. LEARN MORE ABOUT PARTNERING WITH DECRYPT STUDIO.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Markethive Advertisement

Original article posted on the Decrypt.co site, by Mason Marcobello.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Chases 42K

Bitcoin Chases $42,000 in Weekend Rally

Bitcoin's latest rally has pushed the global market up by about 5%.

Decrypt Staff           2 min read • Jul 30, 2021

Bitcoin’s price has flown past $40,000 to highs of just under $42,000, according to data from metrics site CoinGecko.

The largest and oldest cryptocurrency, which has a market cap of $781 billion at its current price of $41,629, shot above $40,000 on Friday evening. Bitcoin hadn’t surpassed $40,000 since mid-June.

In a single burst, Bitcoin rose from $39,109 at 8pm UTC to $41,780 at 11pm UTC on Friday. The rise, which brought along the rest of the market in tow, nudged the total market capitalization of cryptocurrencies up by 5.2%, to $1.67 trillion.

Coinciding with the boom is a strong week for the U.S. economy. Several major tech companies, including Facebook, Amazon, Apple and Google, posted bountiful profits.

The spike also occurred shortly after $1.5 billion in Bitcoin options contracts expired on unregulated derivatives exchange Deribit. This allowed traders to buy up Bitcoin at a discounted rate to get a headstart on the latest rally. It also coincided with the surfacing of reports that GoldenTree, a U.S. hedge fund with $45 billion in assets under management, had invested in Bitcoin.

The rise to just under $40,000 happened last week after a report from City A.M. that Amazon would "definitely" accept cryptocurrencies this year and would launch its own coin. Amazon has since denied the rumors, which City A.M. attributes to an Amazon insider, but that didn’t stop the market from rising.

Ethereum joined Bitcoin in its weekend success. The second-largest cryptocurrency by market cap rose 4.8% to $2,458. This is Ethereum’s highest price since the middle of June.

The latest rise precedes the London Hard Fork by a couple of days. Launching on August 4, the London Hard Fork will burn fees instead of paying them to miners, incentivizing developers to hasten the move to Ethereum 2.0.

Bitcoin Cash ABC, a fork of Bitcoin Cash (a fork of Bitcoin) rose by 31% in the past 24 hours to $51.62.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by the Decrypt Staff.

Article re-posted on Markethive by Jeffrey Sloe

Huge Bitcoin Inflow To Gemini

Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?

By Hououin Kyouma – July 30, 2021 in Bitcoin Reading Time: 3 min read

On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k.

Huge Bitcoin Inflows To Gemini

As pointed out by a CryptoQuant post, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows.

Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform.

Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow is just the difference between the value of the inflow and the outflow.

When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market.

On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in.

Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange looks like:


The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant

As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows.

The chart also shows that the other big positive netflows also seem to have been followed by drops in the crypto’s price. This does make it seem like there is a correlation between the netflows on Gemini and BTC’s price.

BTC Price

At the time of writing, the Bitcoin price floats around $k, up % in the last 7 days. The cryptocurrency’s gains for the month are around %.

Here is a chart that shows the trend in the price of BTC over the last 24 hours:


BTC witnesses a sharp fall from about $40k to $38k | Source: TradingView

After being range bound for quite the while, Bitcoin finally saw some significant price movement as its price touched $40k. The cryptocurrency has seen 9 up days, something the coin hasn’t seen since 6 years ago.

However, today it seems like BTC has finally dropped a little so today won’t be a positive day. As explained before, this plunge down to $38k is likely due to the Gemini inflows.

Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

In the past, there have been similar instances where Gemini inflows caused sharp downtrends. However, they don’t necessarily mean a drop will happen. It could still be worth keeping an eye on the crypto exchange’s netflow for any possible hints, nonetheless.

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The original article was written by Hououin Kyouma and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano Launches Connector For DApps Integration

Cardano (ADA) Launches Connector For DApps Integration

By Best Owie – July 30, 2021 in Cardano Reading Time: 3 min read

Cardano (ADA) continues to move further in its smart contracts integration on its blockchain. Cardano announced about a week ago that it had successfully completed the long-awaited Alonzo White Hard Fork. And with this, the project was moving on to the next phase of the integration.

Smart contracts on the Cardano network will allow developers to build decentralized finance (DeFi), NFTs, decentralized identity (DID), and countless other things not the network. This is why the move to smart contracts support is very important for the network.

>Related Reading | Cardano (ADA) And Dogecoin (DOGE) Record Highest Gains As Crypto Market Surges

Continuing on down this road, Cardano has now launched a connector for DApps integration on the network using its Yoroi Wallet. Yoroi Wallet comes from the commercial arm and solutions provider of the Cardano Ecosystem known as EMURGO.

The Beta version of the connector was announced four months ago via a press release on the EMURGO website. This was in an effort to make a way for Cardano (ADA) and Ergo (ERG) users to be able to make DApp transactions on the blockchain with no problems.

Related Reading | Cardano (ADA) Demand Rises Amongst Retail And Institutional Investors, Why This Is Happening

The connector provides more incentives for DeFi developers to build solutions and services on the blockchains. And with Yoroi Wallet, seamlessly transfer between both networks. After months of Beta testing, Yoroi Wallet has announced that the App connector is now available for users on the blockchain.

The connector will increase adoption worldwide on the network. Bringing more and more people into the decentralized global operating system that was made for a user base that spans around the globe.

Functions Of Cardano’s Yoroi Wallet Connector

The Yoroi Wallet connector provides a much-needed bridge between users and blockchain-based decentralized apps (DApps) to enable them to access the services they require. The DApp connector will allow users to carry out activities permitted by the DApp that they are currently accessing.

Related Reading | Cardano (ADA) Launches Crypto Charity Platform With Rwanda-Based NGO

These activities include the buying and selling of tokens, getting access to resources provides by that DApp, and/or accessing features offered by the DApp.

The bridge provided by the Yoroi Wallet connector also permits the validation of owners of specific assets. Also allowing executions for transactions for the DApp, a functionality that would bring access to things like NFTs.


ADA price currently trending around $1.25 | Source: ADAUSD on TradingView.com

More importantly, is the fact that the Yoroi Wallet connector will act as the communication medium between the Cardano blockchain and smart contracts once the network is able to support them.

Users can get access to the connector by simply adding it as a plugin on their preferred browser of choice. From there, they can access whatever features they wish to use.

Featured image from NewsBeezer, chart from TradingView.com

The original article was written by Best Owie and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Crypto Whales Move $2,740,000,000 in Bitcoin

Crypto Whales Suddenly Move $2,740,000,000 in Bitcoin Within Minutes – Here’s Where the Crypto Is Going

By Daily Hodl Staff • July 29, 2021 // BITCOIN

A handful of crypto whales moved a staggering $2.74 billion in Bitcoin (BTC) within a matter of 14 minutes.

The large crypto transfers were initially detected by blockchain tracker and analytics tool Whale Alert.

Whale Alert first noted at 11:40 p.m. PDT on July 27th that an unknown wallet transferred roughly 9,977 BTC, valued at over $399 million, to another unknown wallet.

That same minute, a separate and third unknown wallet transferredabout 9,953 BTC, worth more than $398 million, to a fourth unknown wallet. Simultaneously, a fifth unknown wallet transferred about 9,773 BTC, worth more than $391 million, to yet another wallet.

Nine minutes later, that sixth unknown wallet sent about 9,753 BTC, worth nearly $385 million, to a seventh unknown wallet.

Simultaneously, the fourth unknown wallet, which had just received more than $398 million in BTC nine minutes earlier, transferred 9,935.6 BTC, worth more than $392 million, to an eighth unknown wallet.

Six minutes later, that eighth unknown wallet sent 9,929.342 BTC, worth about $393.7 million, to a ninth unknown wallet.

And at the exact same time, the seventh unknown wallet, which had just received nearly $385 million worth of BTC six minutes earlier, sent 9,736.6875 BTC, worth more than $386 million, to a final 10th unknown wallet.

So far, none of the addresses in the massive transfer have been linked to known crypto individuals or organizations, and the BTC does not appear to be heading to an exchange, where it could be sold on the open market. This suggests the transfers are either individuals or institutions moving funds for security purposes or to facilitate a direct, over-the-counter sale.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/unnelmotions

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Glassnode Looks at State of Bitcoin

Glassnode Looks at State of Bitcoin Amid ‘Extremely Quiet’ On-Chain Activity

By Daily Hodl Staff • July 28, 2021 // BITCOIN

Blockchain analytics firm Glassnode is looking at the state of Bitcoin after the world’s leading crypto by market cap launched a sudden rally starting over the weekend.

In a new report, Glassnode says that one potentially bullish factor for Bitcoin is the growing number of wallet addresses receiving BTC, rather than sending it.

“On the topic of entities, we can see a more constructive spike in receiving entities (those taking custody of coins) whilst sending entities (those spending coins) remains relatively flat. This is an early trend change and one that would indicate a more positive accumulation type environment if it persists. It highlights that of the volume that is transacting, a reasonable portion looks to be accumulation, and relatively little is entities exiting the network.”


Source: Glassnode (Click image for larger view)

Although the number of addresses receiving BTC is on the up and up, Glassnode points out that on-chain activity for Bitcoin is ominously quiet, sitting at a level vastly below what it was when BTC was rallying earlier in the year.

“In direct contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remain extremely quiet. On a 14-day median basis, the entity-adjusted transaction volume for Bitcoin remains depressed at around $5 billion per day. This remains a significant decline from the $16 billion/day prior to the May sell-off.”

The firm also takes a look at the MVRV (market value to realized value) in short-term holders. MRVR aims to pinpoint market reversals by comparing the total value of the market to the unrealized profits or losses of traders’ positions.

According to Glassnode, the MVRV metric is currently hovering at a critical juncture where BTC could either ignite a full-blown bear market or restart its uptrend.

“The STH [short-term holder]-MVRV rarely trades at such oversold conditions with almost all historical instances being followed by significant price rallies. That said, these fractals typically only occur in bear markets, noting that this includes the final capitulation event which starts a macro bull.”


Source: Glassnode (Click image for larger view)

The crypto insights firm says more time is needed to determine whether Bitcoin can revamp its bull run or break down into a longer-term bear market.

“At this stage, it remains to be seen whether the market can turn the macro trend around and confirm a resumption of the bull market. If so, it would resemble the 2013 ‘double pump’ market. If not, the probability of being a mid-Bear fractal may increase.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Bryan Vectorartist

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

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Binance Reduces Daily Withdrawals to 006 BTC

Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC

JOHN P. NJUI   •   BINANCE (BNB) NEWS   •   JULY 27, 2021

  • Binance has reduced daily withdrawal limits for unverified accounts from 2 BTC to 0.06 BTC
  • Binance has also reduced leverage on new futures accounts to 20x
  • There is also a new tax reporting tool on Binance for users who are obligated to report their capital gains
  • The exchange has implemented the new changes as it works towards complying with regulators globally

The popular crypto exchange of Binance has lowered the daily withdrawal limits for accounts that are not fully verified, from 2 BTC to 0.06 BTC.

The team at the exchange made the announcement of the new changes earlier today further explaining that they will take effect immediately for new accounts, and be implemented gradually for existing ones.

Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC starting ‘ from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).’ Furthermore, verification was encouraged by the team at Binance for it would increase the daily withdrawal limits to 100 Bitcoin.

Leverage on Binance Futures Reduced to 20x For New Users

Hours ago, the exchange had also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage limit of 20x.

Existing accounts that fall under this category will see their leverage reduce effective immediately. Existing trading positions will maintain their leverage until closed after which leverage will drop to 20x.

The leverage limits for new accounts will begin to increase gradually after 60 days.

Binance Introduces a New Tax Reporting Tool

Also today, Binance announced the launch of a new tax reporting tool that will assist traders in declaring capital gains or losses to their respective regulatory bodies. The new tax reporting tool is available via the ‘Account > API Management‘ feature on both the Binance website and mobile application.

Binance Implements Changes to Adhere to Various Regulatory Bodies

The aforementioned changes at Binance come in the wake of the exchange being pressured by various global regulatory bodies, to abide by existing rules in the various jurisdictions. Chances are, that Binance will continue to add new changes and policies in the days to follow.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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