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Bitcoin’s Bull Market Strength Confirmed by Realized Cap HODL Waves Metric

by coinbrit
written by coinbrit

Analyzing Bitcoin’s market dynamics, the Realized Cap HODL Waves metric indicates a promising continuation of the ongoing bull cycle. The creator of LookIntoBitcoin, an on-chain analytics platform, shared insights on August 22, underscoring the metric’s accuracy in gauging market trends.

Steady Uptrend Amidst Short-Term Volatility

Despite a recent 10% price dip, the Realized Cap HODL Waves (RHODL) metric maintains a long-term perspective on Bitcoin’s current bull market. By factoring in HODL Waves data – categorizing BTC supply by the last movement of each coin (UTXO) – and aligning it with realized prices, this metric offers valuable insights.

Realized Cap HODL Waves annotated chart. Source: Philip Swift/X

RHODL’s strength lies in its ability to highlight shifts in Bitcoin’s Realized Value across different age bands. Peaks in younger bands signify a higher Realized Value weighting compared to older age bands. This suggests a willingness to pay higher prices for Bitcoin in recent times, indicating potential market overheating.

New Money Fuels Bull Cycle

Notably, coins moved three to six months ago are on the rise, mirroring patterns seen at the beginning of previous Bitcoin bull markets. This rise points to the influx of “new money” into the market, indicating the emergence of a fresh bull cycle.

RHODL’s Past Predictive Success

RHODL’s past success includes predicting the end of Bitcoin’s speculative investor euphoria in December 2022, heralding a cycle low and a high-risk, high-reward opportunity. Since then, Bitcoin embarked on an uptrend, yielding a remarkable 70% gain in the first quarter of this year.

Realized Cap HODL Waves annotated chart from December 2022. Source: LookIntoBitcoin

Changing Investor Landscape

Recent shifts in investor composition show short-term holders reducing exposure to the lowest levels since November 2021. While the latest dip increased pressure on remaining speculators, approximately 90% of short-term holder coins are now at unrealized losses.

The Realized Cap HODL Waves metric reaffirms Bitcoin’s enduring bull market trajectory. Its ability to track market shifts and predict trends based on age bands makes it a valuable tool in navigating the cryptocurrency landscape.

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BitcoinCrypto

Fear spreads as BTC price drops to $26k; is this the beginning of a bull run?

by coinbrit
written by coinbrit

Despite widespread expectations, the recent drop in the price of bitcoin to $25,000 has made traders and investors wary about taking on new positions. The general mood in the cryptocurrency market is still negative, which is made worse by predictions of a further decline to $20,000 before any meaningful reversal in the price of BTC takes place.

Because of the lack of activity, which is frequently seen after downturns, Bitcoin has been stuck around the $26,000 level. Bulls have set up shop below $25,000 on the downside in an effort to avert a prolonged drop, while attempts to climb toward $27,000 have only reached $26,282.

beginning of the BTC price Bull Runs Occur Despite Great Fear
Experts in the cryptocurrency market are familiar with the cycles of Bitcoin, which are frequently correlated with halving occurrences, the next of which is slated for April 2024. These cycles include times of joy and times of anxiety, which signify the beginning of corrections or bull runs, respectively.

@DrProfitCrypto stated that “the previous bull run in late 2020 kicked off with profound fear during the pandemic and a substantial crash.”

With the selloff brought on by the epidemic, Bitcoin rose parabolically to fresh all-time highs of $69,044.

The trader and analyst continued, “Bear markets frequently start with euphoria while bull markets frequently start with intense fear.”

However, time is what sets successful bull run investors apart from others who purchase at the height of exuberance. A successful method for steadily raising the value of digital assets over time is to buy when the market is declining.

However, very few investors have the courage to buy during protracted market downturns like the current one.

Similar thoughts are expressed by the cryptocurrency analytics platform Santiment, which claims that while “traders hope for market declines to secure Bitcoin at discounted prices, many hesitate when confronted with the actual chance to capitalize on the dip.”

Future Outlook for Bitcoin Price

With sharp drops to $20,000, Bitcoin’s perilous position at $26,000 teeters on the edge. Without a guarantee against losses over $20,000, investors are concerned that these downturns could endanger their investments.

As it continues to decline into negative territory, the Moving Average Convergence Divergence (MACD) urges sellers to retain their positions. Early in July, when the blue MACD line crossed below the red signal line, a sell signal was generated. This signal was reaffirmed last week, which led to the sell-off.

Another breakdown is expected to occur if bears manage to keep Bitcoin’s value over $26,000. Bulls may have a chance to stop a more significant down to $20,000 in favor of a comeback around $22,000 thanks to support from the descending trendline seen on the chart.

Although the structure of the cryptocurrency market is deteriorating, historically, recovery have taken place when uncertainty is at its highest.

The Relative Strength Index (RSI) is considerably oversold in this situation at 20, which is lower than it was during the 2020 Covid meltdown. When Bitcoin is oversold, it is trading below its true market value, which frequently results in large price recovery. Given the pressing circumstances involved in such situations, it is advisable to use care and to be ready to act quickly.

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BitcoinMarket

NvirWorld has collaborated with Certik to bolster the security of its ecosystem.

by coinbrit
written by coinbrit

The blockchain-focused company “NvirWorld” officially announced its partnership with the highly regarded security platform “CERTIK” on the 22nd. NvirWorld hopes to use CERTIK’s sophisticated blockchain security solutions through this relationship in order to build a dependable Web3 ecosystem alongside its continued growth.

CERTIK has strategic relationships with well-known cryptocurrency exchanges throughout the world, including Binance, the world’s largest cryptocurrency exchange, Huobi Global, OKEx, and Coinone. It also maintains affiliations with a large portfolio of over 4,000 organizations. The security assessment and verification services provided by CERTIK are available for digital currencies listed on these platforms.

NvirWorld is assiduously stepping up its project operations, as seen by recent upgrades to its SNS community and expert recruiting. Through a variety of services, including metaverses, NFT marketplaces, and games, they hope to connect Web2 culture and Web3 space. The goal of these initiatives is to give the audience a thorough Web3 lifestyle trip.

NvirWorld has appointed Jason Y., a recognized strategist formerly connected to Binance, as its Chief Marketing Officer (CMO) in an effort to lead the upcoming Web3 epoch in the dynamic blockchain sector. By the end of the month, a declaration about the appointment of a new CEO is also anticipated.

A representative for NvirWorld said,

“As the Web3 landscape keeps growing,’security’ becomes increasingly important for people and things in decentralized environments. Our partnership with CERTIK is a perfect fit for our goal of building a safe Web3 foundation. “Our partnership with CERTIK is not only about ensuring security, dependability, and trust in our developing ecosystem, but also about broadening our Web3 affiliations through this formal agreement,”

Separately, CERTIK received recognition for its proficiency in blockchain security at the CB Insights Blockchain 50 in March 2022. After receiving this recognition, they won the Cybersecurity Global Excellence Award at the Globee Awards.

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BitcoinCryptoMarket

Bitcoin Speculators Underwater: Flash Crash Impact

by coinbrit
written by coinbrit

Research from analytics firm Glassnode highlights the aftermath of the recent Bitcoin “flash crash” that plunged prices to $26,000. The data reveals that a significant majority of Bitcoin holdings held by speculators, around 88%, are now in the red, following the sharp price drop.

Sensitive Speculators vs. Seasoned Hodlers

The analysis presents a clear distinction between two categories of Bitcoin investors: short-term holders (STHs) and long-term holders (LTHs). STHs, who retain Bitcoin for 155 days or less, have been hit hardest by the recent price volatility. Among the approximately 2.56 million BTC held by STHs, only 300,000 BTC (11.7%) remain in profit.

Glassnode notes that STHs’ overall share of the Bitcoin supply is at multi-year lows, and the recent price turmoil has significantly affected their profitability. The breakeven point, or realized price, for STHs has risen to over $28,500. As the research indicates, this cohort has become increasingly sensitive to market movements due to acquiring coins at higher cost bases during the 2023 rally. The analysis underscores that this sensitivity is at its highest point since the March 2023 sell-off.

LTHs Remain Steadfast

In contrast, long-term holders (LTHs) have shown resilience in the face of the recent market downturn. Their volume sent to exchanges has not substantially increased, and their aggregate balance even reached a new all-time high (ATH) during this period. The response of LTHs is consistent with their typical behavior during bear market hangovers.

The Divide in Bitcoin Investor Behavior

Glassnode’s analysis depicts a clear divide between the reactions of short-term speculators and long-term hodlers to the recent market turbulence. While STHs are grappling with significant losses and heightened sensitivity to price movements, LTHs exhibit a steadfast approach, seemingly unaffected by the recent price drop.

Glassnode’s research sheds light on the divergent responses of Bitcoin speculators and seasoned hodlers to the recent flash crash, highlighting the varying degrees of resilience and sensitivity within these investor categories.*

 

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BitcoinCryptoNews

Renewable Energy Bitcoin Mining Thrives in Sweden: GDA Establishes Hydro-Powered Data Center

by coinbrit
written by coinbrit

Genesis Digital Assets Limited (GDA), a prominent player in the mining and data center sector with a global power generation capacity of over 400 MW, has launched a new data center in Sweden. The move capitalizes on Sweden’s surplus of renewable energy resources, particularly hydroelectric power. The data center, situated near the Porjus Hydroelectric Power Station in the northern part of the country, aims to operate entirely on renewable energy sources due to its close proximity to the hydroelectric station.

Green Energy and Impressive Capacity

The newly established data center possesses an approximate capacity of 8 MW, contributing to an expected hash rate of around 155 PH/s. The facility accommodates 1,900 Bitcoin mining machines, all contributing to the network’s computational power. Sweden’s reliance on nuclear and hydropower for electricity generation, particularly in its northern regions, underscores the availability of abundant and clean energy sources.

Genesis Digital Assets’ strategic move aligns with a broader trend observed in Northern European Bitcoin mining. Sweden, along with Finland and Norway, possesses surplus energy reserves, at times resulting in negative energy prices. These countries primarily harness renewable energy, particularly hydropower. The region’s remote locations pose challenges in energy distribution, favoring the establishment of energy-intensive operations like Bitcoin mining.

Renewable Energy: A Mining Advantage

The preference for untapped, stranded, and renewable energy resources for Bitcoin mining is driven by their cost-effectiveness. Sweden’s ample supply of clean energy further bolsters its attractiveness as a mining destination. The utility of Bitcoin mining is gaining traction among energy companies for grid balancing, a sentiment shared by the CEO of Vattenfall, Sweden’s largest energy producer.

The confluence of abundant energy resources, a pro-innovation ethos, and a robust education system make Sweden an optimal location for Bitcoin mining. GDA’s investments in the region, along with existing operations in Texas and South Carolina, emphasize the untapped potential of mining across diverse global destinations.

Balancing Energy Intensity with Green Initiatives

While Bitcoin mining is often criticized for its energy consumption, it accounts for less than 0.7% of global energy use. The prevalence of renewable energy sources, particularly hydroelectric power, continues to dominate the energy mix of global Bitcoin mining. Norway, for instance, contributes 1% of the Bitcoin hash rate while relying entirely on renewable sources. GDA’s environmentally conscious Swedish installation adds to this growing trend.

The influx of miners into Nordic European countries is viewed as a positive stride towards achieving sustainable Bitcoin mining. As the industry seeks to strike a balance between energy-intensive operations and ecological concerns, the collaboration between Bitcoin miners and renewable energy sources bodes well for the region’s mission.

 

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Bitcoin

Bitcoin dips more than 10%, IBAT pumps more than 150%

by coinbrit
written by coinbrit

The crypto market had been crashing for the past 4 days. Bitcoin had lost over 10% of its value, and Ethereum had fallen by even more. But one token was bucking the trend: IBAT, the native token of the Battle Infinity gaming platform. IBAT had actually gained over 150% in value in the past 24 hours.

IBAT is the native token of the Battle Infinity gaming platform, which is still in development. The platform will offer a variety of games, including fantasy sports, a metaverse, and NFTs. IBAT tokens will be used to purchase in-game items, participate in tournaments, and stake for rewards.

The recent pump in IBAT price could be due to a number of factors. First, the Battle Infinity team has been very active in promoting the platform. They have held a number of AMAs (ask-me-anything) sessions with crypto influencers, and they have also been featured in a number of major publications.

Second, the Battle Infinity platform is scheduled to launch in Q4 2023. This is just a few months away, and the anticipation for the launch is likely driving up demand for IBAT tokens.

Finally, the overall cryptocurrency market is starting to recover after a long period of decline. This could be leading to a renewed interest in IBAT, as investors look for tokens with the potential for significant growth.

Whether the recent pump in IBAT price is sustainable remains to be seen. However, the platform has the potential to be a major player in the gaming and metaverse industries. If the Battle Infinity team can execute their plans, IBAT could be a valuable investment for the long term.

Here are some of the reasons why Battle Infinity (IBAT) is a promising project:

  • The team has a strong track record. The founders of Battle Infinity have extensive experience in the gaming industry.
  • The platform is well-designed. Battle Infinity will offer a variety of games that are both fun and engaging.
  • The tokenomics are sound. IBAT tokens will be used to purchase in-game items, participate in tournaments, and stake for rewards.
  • The timing is right. The metaverse and NFT markets are growing rapidly, and Battle Infinity is well-positioned to capitalize on this trend.

Overall, Battle Infinity (IBAT) is a promising project with the potential to be a major player in the gaming and metaverse industries. If you are looking for a cryptocurrency with the potential for significant growth, IBAT is worth considering.

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BitcoinCryptoMarket

Litecoin Faces Price Drop: Reflections on its Relationship with Bitcoin

by coinbrit
written by coinbrit

Litecoin (LTC), often referred to as “silver to Bitcoin’s gold,” is experiencing a downward trend mirroring the larger cryptocurrency market’s struggles. This association with Bitcoin has both benefited and challenged LTC, and the recent price crash underscores their intricate interplay.

LTC’s Performance Amid Bitcoin’s Decline

As Bitcoin (BTC) battles a steep decline, trading below $26,000, this ripple effect extends to the broader crypto landscape. LTC, priced at $64.15 per CoinGecko, has seen a 1.5% drop in the past 24 hours, contributing to a week-long slump of 23.2%.

This downward spiral has triggered over $1 billion in position liquidations within a 24-hour window, demonstrating heightened market volatility. While LTC briefly touched the $60 mark during intraday trading before recovering, it now approaches year-to-date lows, inching closer to December 2022 levels.

Interdependency of Litecoin and Bitcoin

LTC’s intricate relationship with Bitcoin has shaped its journey. Positioned as a complement to Bitcoin, Litecoin distinguished itself with faster transactions and a distinct mining algorithm. However, this interdependence exposes LTC to Bitcoin’s market shifts, reflected in its price trajectory.

Recent events underscore LTC’s price behavior parallel to Bitcoin’s. Analysts note that LTC’s ups and downs tend to follow Bitcoin’s patterns, given its role as a secondary asset. While LTC has unique utility, its fate remains tied to market sentiment and Bitcoin’s performance.

Navigating Forward: Key Levels to Monitor

LTC’s path forward involves monitoring crucial support and resistance levels. Analysts observe potential loss consolidation within the $56 to $70 range, hinging on Bitcoin’s trajectory. The $70 mark holds significance, indicating bullish potential if surpassed, and a clear edge for the bulls lies above $75.

Key resistance levels at $70 and $78.5 pose recovery hurdles. Conversely, pivotal support rests at $50.5 and $42, marking potential turning points for LTC’s trajectory.

 

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BitcoinCryptoNews

Elon Musk Applauds Pro-Crypto Republican Presidential Contender Vivek Ramaswamy

by coinbrit
written by coinbrit

Elon Musk, the chairman and chief technology officer of X (formerly Twitter), has voiced his support for Vivek Ramaswamy, an emerging Republican presidential candidate in the United States. In response to a segment of Ramaswamy’s interview on Tucker Carlson’s podcast, Musk referred to Ramaswamy as “very promising” and highlighted his distinction as the youngest-ever Republican presidential candidate.

Crypto-Friendly Stance and Bitcoin Endorsement

Ramaswamy has garnered attention for his favorable stance towards digital finance and cryptocurrencies. He advocates for a more robust crypto ecosystem within the United States. At the Bitcoin 2023 conference held in Miami, he unveiled plans to accept Bitcoin contributions for his campaign, positioning him as the second contender in the 2024 U.S. presidential race to support BTC. During the event, Ramaswamy introduced a QR code leading to a donation portal, offering various avenues for contributions. Donors meeting the $6,600 limit would receive an exclusive nonfungible token as a gesture of appreciation.

Ramaswamy’s decision to accept Bitcoin donations parallels that of Robert F. Kennedy Jr., marking a significant trend in the increasing influence of cryptocurrencies on the financial landscape. This move underlines the growing acceptance and integration of digital currencies in shaping political fundraising strategies.

Political Trajectory and Challenges

Ramaswamy’s rising popularity has brought him in proximity to fellow Republican figure Ron DeSantis, the Bitcoin-friendly Governor of Florida. However, Ramaswamy’s political journey faces challenges. He is currently entangled in two legal suits filed by former employees of Strive Asset Management, a company he co-founded. These employees allege being coerced into violating securities regulations during their tenure.

Elon Musk’s endorsement of Vivek Ramaswamy highlights the tech leader’s interest in the emerging candidate’s pro-crypto stance. Ramaswamy’s campaign’s acceptance of Bitcoin contributions aligns him with the increasing trend of cryptocurrency integration in political fundraising, while his journey into politics is not devoid of legal challenges.

 

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BitcoinCryptoMarket

SpaceX recorded a $373M reduction in Bitcoin value in 2021-2022, according to a report.

by coinbrit
written by coinbrit

The aerospace technology corporation SpaceX is alleged to have sold all of its cryptocurrency holdings after marking down its Bitcoin assets by a total of $373 million over the last two years.

According to a recent story from The Wall Street Journal on August 17, SpaceX noted a $373 million fall in the value of Bitcoin on its financial records for the years 2021 and 2022, suggesting that these assets may be sold. The $373 million Bitcoin cache’s full sale is still pending confirmation, though.

After carefully examining the company’s financial records, The Journal identified around $5.2 billion in total expenditures for 2022 and an estimated $5.4 billion in expenditures for property acquisition, equipment, research, and development in 2021 and 2022 taken together.

Elon Musk, the CEO of SpaceX, had publicly announced the company’s purchase of Bitcoin back in 2021. Following an official filing with the U.S. Securities and Exchange Commission, another Musk-led company, Tesla, disclosed its plan to acquire Bitcoin assets worth $1.5 billion. This announcement may have contributed to Bitcoin’s price increase, which at the time exceeded $43,000, setting a record high.

Tesla said in its Q2 2023 earnings that it had cashed out over 30,000 BTC in Q2 2022 for a total of $936 million, leaving it with only $184 million in remaining Bitcoin assets. This selling equals almost 75% of their $1.5 billion initial Bitcoin investment.

While the precise chronology of SpaceX’s Bitcoin transactions is unclear, 2022 saw a significant decline in the cryptocurrency market, which was in part caused by the failure of industry titans like Terraform Labs. Nevertheless, many banks and IT companies continue to hold positions in Bitcoin and other cryptocurrencies.

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BitcoinCrypto

Crypto futures traders rack up huge losses as Bitcoin and Ether slump

by coinbrit
written by coinbrit

In the last two days, prices of bitcoin (BTC) and ether (ETH) futures fell below key support levels, triggering some of the biggest losses in over a month.

This ended a period of low volatility for bitcoin, which dropped to nearly $28,500 on Wednesday night. This was one of the sharpest declines since mid-June.

Other major cryptocurrencies, such as XRP, solana (SOL), and ether, also followed bitcoin’s downward trend, losing up to 5% of their value.

Futures traders of the top cryptocurrencies suffered more than $160 million in liquidations in the past 24 hours, and more than $320 million since the beginning of the week.

Bitcoin futures accounted for almost $50 million of the losses, while ether futures lost $22 million and litecoin (LTC) futures lost $5 million.

Bitcoin cash (BCH), solana, and XRP futures each had about $4.5 million in liquidations. Most of the liquidations (90%) were from long positions, or bets that the prices would go up, according to Coinglass data.

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