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Coinbase Holds 5% of Total Bitcoin Supply, Data Reveals

by Isaac lane
written by Isaac lane

Data from blockchain intelligence platform Arkham has revealed that cryptocurrency exchange Coinbase possesses nearly 1 million Bitcoins, valued at over $25 billion at current market rates. This impressive amount constitutes nearly 5% of the total Bitcoin supply currently in existence.

The Scale of Coinbase’s Bitcoin Reserves

Arkham’s findings indicate that Coinbase’s Bitcoin holdings stand at 947,755 BTC. Considering Bitcoin’s circulating supply of approximately 19,493,537, as reported by CoinGecko, Coinbase’s significant reserve showcases its substantial influence in the crypto space.

While Coinbase’s wallets contain over $25 billion worth of Bitcoin, the exchange’s actual ownership of this cryptocurrency is relatively modest, at approximately 10,000 BTC, valued at around $200 million, as per recent data. This revelation highlights the unique dynamics of exchange-held assets.

Community Responses and Considerations

The news of Coinbase’s substantial Bitcoin holdings has sparked diverse reactions within the crypto community. Some individuals view it as a signal to withdraw their BTC from centralized exchanges, emphasizing the importance of self-custody to avoid potential withdrawal limitations. Others, however, express concerns about securing assets in cold wallets, leaving them pondering the ideal storage solution.

MicroStrategy Leads Corporate Bitcoin Ownership

When it comes to corporate Bitcoin ownership, MicroStrategy, a business intelligence firm, retains the top position. With holdings of 152,800 BTC, worth over $4 billion at the time of the latest reporting in August, MicroStrategy maintains a strong presence in the crypto asset landscape.

 

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BitcoinNews

Alpha: A Bitcoin-Based Rival to Friend.tech’s Social Token Network

by Isaac lane
written by Isaac lane

A new entrant in the social token network arena, Alpha, has emerged as a potential rival to the well-known Friend.tech platform. However, what sets Alpha apart is its foundation on the Bitcoin blockchain, offering a unique take on decentralized social networking and content monetization.

Alpha’s Bitcoin-Powered Ecosystem

Alpha, akin to Ethereum-based Friend.tech, functions as a decentralized social network protocol, enabling users to monetize their online presence and content through social tokens. What distinguishes Alpha is its infrastructure: it relies on the Bitcoin blockchain for finality, while data storage utilizes the Polygon blockchain. Additionally, Trustless Computer serves as Alpha’s scaling network for Bitcoin.

Layered Architecture for Efficiency

The co-founder of Alpha, known as Punk3700, describes the platform as a “rollup that rolls up to another rollup that rolls up to Bitcoin.” This layered architecture includes NOS-TC, with Trustless Computer (TC) acting as an optimistic rollup layer directly integrated with the Bitcoin blockchain. NOS, another optimistic layer, enhances scalability on Bitcoin.

Cost-Efficient Data Handling

Alpha’s innovative approach combines Bitcoin for data validity and Polygon for data storage, ultimately settling on Bitcoin. This hybrid design optimizes data storage while mitigating the high fees associated with Bitcoin transactions. Punk3700 emphasizes that user benefits, particularly lower transaction costs, are a primary focus in Alpha’s development.

Alpha adopts a robust community-driven development approach, with plans for a referral program that rewards users with 1% of their friends’ trading volume. This program aims to foster a strong user community and encourage content creators to deliver valuable content.

 

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BitcoinMarketNews

Bitcoin’s Path to $28,000 Amid Binance Legal Battle

by Isaac lane
written by Isaac lane

The ongoing legal clash between Binance and the U.S. SEC saw a surprising twist as Magistrate Judge Zia M. Faruqui rejected the SEC’s request for access to Binance.US’s systems. This development temporarily buoyed Bitcoin, which broke past the $27,000 resistance level. But is this surge driven by leverage or genuine demand?

Metrics Shed Light on Bitcoin’s Trajectory

To understand the rally’s nature, metrics related to Bitcoin derivatives are crucial. Investors will have to wait three weeks for further rulings, as a follow-up hearing is scheduled for Oct. 12.

Margin Markets: These offer insights into professional traders’ positioning through stablecoin borrowing. Recent data reveals a drop in the margin-lending ratio for OKX traders, signaling reduced dominance of leverage long positions, though bulls still hold the upper hand.

OKX stablecoin/BTC margin-lending ratio. Source: OKX

Options Market: The put-to-call ratio for Bitcoin options volume shifted from favoring put options to a balanced level on Sep. 20. This indicates reduced interest in protective puts. While Bitcoin’s price hit a three-week high, there was limited enthusiasm in the margin and options markets.

A Glimpse of Spot Buying Support

The data suggests a balance between long and short positions in both Bitcoin margin and options markets, hinting at a lack of excessive leverage as the price climbed. However, there are signs of buying support from spot orders, potentially indicating whale accumulation.

BTC options volume put-to-call ratio. Source: Laevitas.ch

Bitcoin’s recent surge to $27,000 amid the Binance-SEC legal battle has brought optimism to the market. Margin and options metrics suggest a balanced demand between long and short positions, with signs of spot buying support. As the legal battle unfolds, Bitcoin’s price trajectory remains uncertain, but a move towards $28,000 is now in the realm of possibility.

 

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BitcoinMarket

Bitcoin Price Analysis Anticipates Volatility Around FOMC Decision

by Isaac lane
written by Isaac lane

Bitcoin analysts are bracing for heightened price volatility in anticipation of the Federal Open Market Committee (FOMC) interest rate decision and press conference. Despite expectations of rates remaining unchanged, short-term market turbulence is expected.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin Holding Steady at $27K

Bitcoin maintained its position around the $27,000 mark as the crucial macroeconomic event of the cryptocurrency trading week, the FOMC decision, approached.

Market analysis suggests that liquidity around the Bitcoin spot price is relatively thin, with potential for bid-side walls and more volatility. The subsequent statements and press conference by Fed Chair Jerome Powell are anticipated to trigger “spicy” Bitcoin price action.

BTC/USD order book data for Binance. Source: Material Indicators/X

Key Levels in Focus

Bitcoin traders are closely monitoring key levels, with $26,800 identified as a critical support zone to maintain long positions. Traders are prepared for potential challenges to range levels as a reaction to the FOMC announcement.

BTC/USD annotated chart. Source: Crypto Tony/X

Bitcoin’s price analysis points to an atmosphere of anticipation and readiness for significant price movements following the FOMC decision, even as expectations of unchanged interest rates remain high.

 

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BitcoinNewsRegulations

Bitcoin Price Volatility Expected to Remain Low Post-Fed Rate Decision

by Isaac lane
written by Isaac lane

The upcoming Federal Reserve (Fed) rate decision, scheduled for Wednesday, is unlikely to bring significant surprises, according to cryptocurrency traders. The Fed is expected to maintain its data-dependent stance and keep interest rates steady. This cautious approach has implications for Bitcoin’s price volatility.

Bitcoin’s Suppressed Volatility

Bitcoin’s recent volatility levels have mirrored the calmness seen in U.S. stock and bond markets. Crypto traders anticipate this low volatility regime to persist even after the Fed’s rate decision.

The Fed is expected to hold its benchmark borrowing cost within the range of 5.25% to 5.5%. Analysts believe that the central bank will emphasize its commitment to data-dependent decision-making, suggesting that rates will remain elevated while economic indicators are monitored.

Low Probability of Surprises

Market experts argue that the Fed is unlikely to provide hawkish or dovish surprises during this meeting. This, coupled with the central bank’s consistent focus on inflation and employment as determinants of its future rate actions, supports the idea of a low volatility event for the crypto and traditional markets.

Bitcoin Options Reflecting Expectations

Bitcoin options expiring shortly after the Fed decision indicate subdued expectations. Traders anticipate a mere 2.8% price movement in Bitcoin, suggesting little impact from Chairman Powell’s comments. In 2023, Bitcoin’s response to FOMC meetings has been relatively muted, with only modest price fluctuations observed.

The consensus among cryptocurrency traders is that the Fed’s rate decision is unlikely to disrupt the current low volatility environment in Bitcoin. The central bank’s cautious and data-driven approach appears set to continue.

 

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Bitcoin

Former Deutsche Bank Executive Pleads Guilty in R3 Crypto Fund Fraud Case

by Isaac lane
written by Isaac lane

Rashawn Russell, a former Deutsche Bank investment banker, has entered a guilty plea for his involvement in a fraudulent cryptocurrency trading scheme. The United States Department of Justice (DOJ) announced this development, revealing that Russell could face a maximum prison sentence of 30 years.

Russell’s fraudulent activities revolved around the operation of the “R3 Crypto Fund.” Between November 2020 and August 2022, he deceived 29 investors, amassing $1.5 million. Leveraging his reputation as an investment banker and licensed financial broker, Russell promised guaranteed, substantial returns on crypto investments. However, the DOJ found that he repeatedly misled investors, providing falsified documents to show fabricated returns.

Misappropriation of Funds

Most notably, Russell diverted the majority of the $1.5 million obtained from investors for personal use, gambling, and repaying earlier participants in the scheme. He went to great lengths to deceive investors, including altering images of his bank balance and sending fake money transfer confirmations instead of fulfilling withdrawal requests.

https://x.com/innercitypress/status/1704248644445036698?s=20

In addition to the crypto investment scheme, Russell also pleaded guilty to participating in an identity theft scheme. He fraudulently acquired credit cards and related items using false information, intending to carry out illegal and unauthorized transactions. Upon sentencing, Russell faces a potential 30-year prison term and has been ordered to pay more than $1.5 million in restitution. U.S. Magistrate Judge Sanket Bulsara presided over the case.

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BitcoinMarket

Bitcoin Short Positions Worth $32 Million Liquidated Amid Volatile Price Swings

by Isaac lane
written by Isaac lane

Bitcoin (BTC) experienced significant price fluctuations, resulting in the liquidation of over $44 million worth of futures positions on Monday. The world’s largest cryptocurrency briefly surged to new monthly highs around $27,400 before retracing to the mid-$26,000s.

Volatility and Uncertainty

Bitcoin’s price exhibited volatility, with a $1,000 (over 4%) swing between session lows of approximately $26,400 and the aforementioned highs. The reasons for this price action remained unclear, with no specific news or fundamental catalysts driving the fluctuations.

While no specific cause could be pinpointed, some market unease may have been triggered by a filing from an auditor of Binance.US, expressing difficulty in verifying Binance’s collateralization of assets at times. This uncertainty potentially contributed to the pullback below the $27,000 mark.

Factors Influencing Price

Two key factors underpinned the price action:

  • Expectations of an unchanged interest rate policy from the US Federal Reserve later in the week.
  • Technical buying, as Bitcoin found support at its 21-day moving average (21DMA) and broke a downtrend that had been in effect since early August.

According to coinglass.com, of the $44 million in futures positions liquidated, approximately $32 million were short positions, marking the most substantial wipeout of Bitcoin bears since the previous week when BTC briefly dipped below $25,000.

Bitcoin’s Price Range and Outlook

Bitcoin’s price outlook improved as it broke free from its recent downtrend and found support at the 21DMA. It has seemingly established a new trading range between $25,000 and $28,000. To revisit yearly highs, BTC must breach key resistance in the $27,700-$28,500 range.

This week, macroeconomic factors, notably the Federal Reserve’s actions and communications, are expected to impact Bitcoin’s price. While an interest rate hold is anticipated, the central bank’s new economic forecasts and rate projections will be closely watched for clues about future rate hikes and cuts. Bitcoin tends to have a historically negative correlation with the US dollar and US yields.

 

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BitcoinCryptoMarket

BTC Price Surpasses $27.4K Amid Growing Open Interest

by Isaac lane
written by Isaac lane

Bitcoin (BTC) marked a bullish beginning to the week by reaching new month-to-date highs, surpassing $27,000 on September 18. This surge of over 3% came as the week closed on a positive note in Wall Street trading.

Caution Amid Rising Open Interest

While the BTC price gained momentum, concerns arose about the surging open interest in Bitcoin futures contracts. Within hours, open interest increased by nearly $1 billion, reminiscent of a previous Grayscale-related incident.

BTC/USD 1-day chart. Source: TradingView

As Bitcoin broke the $26,800 barrier and aimed for $27,200, traders sensed an upward trend. Altcoins also started to show signs of life, making it an opportune period for asset acquisition.

Monitoring Buy Signals

Material Indicators, a tracking resource, issued daily buy signals for its proprietary trading tools, indicating growing bullish sentiment among traders.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Analyst Rekt Capital emphasized the importance of Bitcoin bulls regaining and maintaining higher price levels throughout September. He pointed to the crucial $27,100 mark, which previously acted as support and could now become resistance unless BTC closes the month above it.

BTC Unfazed by DXY Strength

Despite the impending Federal Reserve decision on interest rates scheduled for September 20, the U.S. Dollar Index (DXY) exhibited strength above 105, a level unseen since March. Historically, Bitcoin has shown an inverse correlation with the DXY, but it continued its ascent, reaching $27,000.

BTC/USD annotated chart. Source: Rekt Capital/X

James Straten, a research and data analyst at CryptoSlate, highlighted the stark contrast between the DXY’s strength and Bitcoin’s performance. He noted that the last time the DXY was at 105, Bitcoin was trading at under $20,000, demonstrating Bitcoin’s resilience to DXY movements.

 

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BitcoinCryptoMarket

Bitcoin Price Rises on Interest Rate Speculation

by Isaac lane
written by Isaac lane

Investors have driven up the price of Bitcoin by more than 2.5% today, reaching a September high of over $27,400. This surge follows a weekend where Bitcoin maintained the critical $26,000 level, instilling confidence in traders and analysts. The upswing can be attributed to several key factors.

Annual Core CPI Falls Ahead of FOMC

The recent Consumer Price Index (CPI) report from September 13 indicates that inflation rose to 3.7% in August, slightly higher than July’s 3.5%. However, the annual core CPI, which excludes food and energy prices, showed more promising data. August’s annual core CPI stood at 4.3%, a slight dip from the previous month’s 4.5%. This suggests that inflation might not reach the U.S. Federal Reserve’s 2% target, raising hopes for a pause in interest rate hikes at the upcoming Federal Open Market Committee (FOMC) meeting on September 20. Investors see this as a positive development for risk assets like Bitcoin.

Bitcoin price. Source: TradingView

Institutional Interest in Bitcoin

Institutional interest in Bitcoin is also bolstering market sentiment. Several major institutions have applied for Bitcoin exchange-traded funds (ETFs) following a favorable ruling for Grayscale Bitcoin Trust (GBTC) by U.S. Court of Appeals Circuit Judge Neomi Rao on August 29. Companies like BlackRock and Fidelity Investments are showing growing interest in Bitcoin, with Franklin Templeton recently filing for a spot Bitcoin ETF. While the SEC has yet to approve a spot Bitcoin ETF, institutional interest remains high, and another postponement of the SEC’s decision deadline on October 16 is likely.

BTC balance on exchanges. Source: Coinglass

Declining Bitcoin Supply on Exchanges

Bitcoin’s price rally coincides with a decrease in BTC supply on exchanges, which has fallen since the September 4 peak. This trend is seen as a bullish signal because it reduces the available supply for spot selling. With Bitcoin continually leaving exchanges, short liquidations have had a notable impact on price. In the past 24 hours, over $28.4 million worth of BTC shorts were liquidated, with $27.9 million liquidated in just 12 hours. Despite short-sellers dominating the futures market, there is potential for a short squeeze, potentially driving Bitcoin prices even higher.

Bitcoin Fear & Greed Index. Source: Alternative.me

While Bitcoin shows short-term bullish momentum ahead of the FOMC meeting, the Bitcoin Fear & Greed Index still signals “fear,” albeit with a slight improvement from the previous month.

 

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BitcoinCryptoMarket

Shiba Inu’s Decoupling from Bitcoin: Correlation Hits New Lows

by Isaac lane
written by Isaac lane

Recent data reveals a significant shift in the relationship between Shiba Inu (SHIB) and Bitcoin (BTC). Over the last 30 days, the correlation between SHIB and BTC has plummeted to a mere 0.42. This marks a stark departure from the beginning of the week when the correlation stood at a high 0.96. The declining correlation indicates that SHIB is increasingly charting its own path, no longer tethered to Bitcoin’s price movements.

Extended Perspective: 60-Day Correlation

Zooming out to a 60-day timeframe, the correlation between Shiba Inu and Bitcoin was 0.5. This suggests that parallel price movements between the two cryptocurrencies are becoming less likely. SHIB is demonstrating a growing independence from Bitcoin’s influence.

Interestingly, Shiba Inu’s 30-day correlation with Ethereum (ETH) stands at a robust 0.84, further emphasizing its evolving autonomy. Additionally, SHIB’s correlation with its competitor, Dogecoin (DOGE), is at 0.56.

Factors Driving Shiba Inu’s Independence

This shift in correlation is not coincidental. Shiba Inu’s journey towards independence is attributed to significant developments within its ecosystem. In July, SHIB emerged as a top gainer, surging by over 12%. This spike in price was closely tied to a surge in developer activity on the Shiba Inu network. During that period, notable milestones included the introduction of self-sovereign identity (SSI) and progress on the much-anticipated Shibarium project.

However, the fortunes of Shiba Inu took a downturn when Shibarium paused shortly after its launch on August 16. As a result, SHIB has struggled to recover from the losses incurred in August, currently down by 7.13% in September.

What Lies Ahead for Shiba Inu?

In the coming days, the evolving correlation between Shiba Inu and Bitcoin will serve as a critical indicator. It will determine whether SHIB continues to mirror the broader market’s fluctuations or maintains its unique trajectory, influenced by the ongoing developments within its ecosystem.

As of the latest update, Shiba Inu has seen a slight increase of 0.68% in the past 24 hours, with its price reaching $0.0000074. Observers eagerly await further insights into the future direction of this cryptocurrency.

 

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