Bitcoin Magazine

2023-09-19 14:27:48 69.2% Long-Term Bitcoin Holders Over 155 Days Are Profitable

Bitcoin’s potential for a price inversion fund is gaining traction as current price levels suggest future growth. According to data from Glassnode, Long-Term Holders now control a whopping 70% of the total Bitcoin supply, amounting to 14,787,265 BTC, and this figure continues to reach new heights. Notably, 69.2% of these long-term holders find themselves in a profitable position, having held their BTC for an average of more than 155 days. Recent data from TradingView reveals that BTC’s price performance has been stabilizing, with the cryptocurrency hitting a monthly high of $26,800 just two days ago.

The FOMC meeting takes center stage this week, with Federal Reserve officials set to decide the course of interest rates. Powell faces a challenging task, as recent data on the US consumer price index (CPI) showed slight increases in headline and core inflation. Nevertheless, core inflation remains below its peak in July 2022. However, the path to recovery is still in its early stages, with market observers closely eyeing the Federal Open Market Committee (FOMC) meeting scheduled for September 20. While most market participants anticipate the Federal Reserve maintaining the status quo on interest rates, potential surprises may emerge during Fed Chair Jerome Powell‘s subsequent press conference. Bitcoin displays a mild bearish tendency, hovering around the $26,800 resistance level, just above the $26,500 support.

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2023-09-18 23:31:40 Dormant 2012 ‘Sleeping Bitcoin’ Addresses Spring to Life, Moving $8.6M in Vintage Coins

Bitcoin News recently highlighted the staggering $958 million in dormant bitcoin transactions in 2023. Shortly after, around 325.19 bitcoins from January 2012 addresses were mobilized. The initial two transfers (1 & 2) originated from wallets set up over 11 years ago on January 11, 2012. The first address shifted 145.53 BTC, while the subsequent one dispatched 21.97 BTC. Both of these transactions secured confirmation at block height 807,852 and were discovered by btcparser.com.

In quick succession, the address labeled “1HNnG” executed a transfer of 157.69 BTC, receiving confirmation at block height 807,853. Intriguingly, all three transactions, as per Blockchair’s privacy gauge, lacked advanced privacy measures, rendering them susceptible to transaction scrutiny. Overlapping addresses were pinpointed in these three shifts, indicating repeated address usage. Diving deeper into clustering heuristics and onchain insights, it’s evident that these three transactions likely stemmed from a singular owner. This revelation implies that in 2023 alone, 43 dormant bitcoin addresses from 2012 have been reactivated, moving their vintage coins.

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2023-09-17 18:39:30 BitGo And Swan To Pioneer U.S.-Based Bitcoin-Only Trust For Enhanced Custody Security

Cryptocurrency custodian BitGo and Bitcoin financial services company Swan have announced their collaborative venture to establish the first Bitcoin-only trust company in the United States. This innovative initiative aims to provide custody services exclusively for Bitcoin while minimizing exposure to other digital asset markets. The partnership, subject to regulatory approval, will leverage BitGo’s robust custody capabilities and Swan’s expertise in fraud prevention.

Swan has previously utilized BitGo as one of its custodians for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is in the process of being acquired by Ripple. In response to this acquisition, Swan CEO Cory Klippsten has confirmed that Swan is actively transitioning compliance and settlement processes to an alternative partner. Klippsten emphasized the importance of segregating Bitcoin custody from the potential risks associated with securing numerous altcoins within the same trust company. This strategic decision underscores Swan’s commitment to bolstering the security and integrity of its custodial services. By focusing exclusively on Bitcoin custody, Swan seeks to enhance the safety and trustworthiness of its offering, aligning with its dedication to safeguarding customer assets.

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2023-09-16 22:40:44 Bitcoin Is Becoming More Compatible With Technology Stocks

Bitcoin is once again showing a strong correlation with technology stocks, particularly the Nasdaq 100 Index, in a development that could pique the interest of both equity investors and cryptocurrency enthusiasts. This revival of synergy comes after a period of divergence between these asset classes in June. According to Bloomberg, the 30-day correlation coefficient for Bitcoin and the Nasdaq 100 has rebounded to nearly 0.4, a stark contrast to the negative 0.1 observed in June and July.

In related news, Bloomberg’s crypto analyst, Jamie Coutts, reported that Bitcoin’s clean energy usage in mining operations has exceeded the crucial 50% threshold. Coutts bases his findings on the latest insights from the Cambridge Center for Alternative Finance, which recently revised its estimates of Bitcoin mining power consumption downward, taking into account sustainable energy sources like off-grid electricity and reduced reliance on fossil fuels. This development aligns with Elon Musk‘s statement in June 2021, when he indicated that Tesla would resume accepting BTC payments once the cryptocurrency’s mining operations became more environmentally friendly. Tesla’s previous $1.5 billion investment in BTC.

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2023-09-15 09:07:40 Amboss launches Hydro to quench liquidity demand on Bitcoin's Lightning Network

Lightning Network data analytics provider Amboss has launched Hydro — a subscription-based auto-sourcing liquidity solution for the Bitcoin Layer 2. Hydro aims to enable businesses to receive payments over Lightning without the complexities of channel management or requiring centralized custodial intermediaries, according to a statement. The solution allows users to automatically access liquidity from decentralized sources to their Lightning node on demand, with fees from 3.5% for the initial setup to as low as 0.003% for payments, Amboss stated.

"Hydro is a game changer for businesses to get the benefits of the Lightning Network without trusted custodians, intermediaries or the headache of channel management," Amboss co-founder and CEO Jesse Shrader said. "As the Lightning Network welcomes global participation, Hydro simplifies real-time payment infrastructure to bootstrap global circular economies like we’ve seen in Costa Rica's ‘Bitcoin Jungle.'" Hydro is powered by Magma, Amboss's marketplace for buying and selling Lightning channels, sourcing liquidity from the open market. Sellers can earn a bitcoin yield to provide liquidity on Magma, opening Lightning channels to online stores, wallets and other Lightning users without the custodial risk of centralized yield-generating platforms.

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2023-09-13 16:53:29 Franklin Templeton Seeks SEC Approval for Bitcoin ETF

Franklin Templeton has officially submitted documents to the U.S. Securities and Exchange Commission (SEC) for the issuance of a Bitcoin Exchange-Traded Fund (ETF). The proposed Franklin Templeton Bitcoin ETF aims to provide investors with a regulated and convenient way to gain exposure to Bitcoin’s price movements, without the complexities of direct ownership or storage.

The filing with the SEC represents a pivotal moment in the evolution of the cryptocurrency market. If approved, the Franklin Templeton Bitcoin ETF would become one of the first of its kind, offering investors a new vehicle for diversification and investment in the burgeoning crypto space. This strategic decision by Franklin Templeton is not only a testament to the growing legitimacy of cryptocurrencies but also underscores the rising demand for regulated crypto investment products. An ETF, as opposed to direct cryptocurrency ownership, can offer investors enhanced security and regulatory oversight.

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2023-09-12 22:45:19 Someone paid $500,000 in transaction fees to move just $200 of bitcoin

A user accidentally paid nearly 20 bitcoin ($500,000) in a fee to move just 0.074 bitcoin ($200), setting a record for the most expensive transaction fee paid in U.S. dollars for a single Bitcoin transaction. The wallet that made the payment is a Bitcoin power user, having sent and received more than 120,000 transactions, according to Casa CTO Jameson Lopp. “The transaction that paid nearly 20 BTC ($500,000) fee a few hours ago looks like an exchange or payment processor with buggy software,” Lopp said on X.

The transaction was made on September 10 at 5.10 PM UTC. It made four payments that added up to around $200, while sending $1,700 of bitcoin to a change address. The transaction fee was 19.89 bitcoin. The transaction fee went to Bitcoin mining pool F2Pool, which mined the block containing the transaction. Chun Wang, co-founder and administrator of F2Pool, said the 20 bitcoin will be put on hold for three days in case the originator wants to claim it. If unclaimed during that period, it will be paid to its pool of bitcoin miners. Over its history, Bitcoin has seen a number of high-value transaction fees. For instance, according to Blockchair, someone paid $134,000 as a fee during a transaction in 2016. In total, there have been 24 Bitcoin transaction fees exceeding $20,000 .

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2023-09-11 15:41:14 ‘I'm Bullish on Bitcoin’ — Ted Cruz Champions Bitcoin's Boon for Texas and Power Grid Boosts

Ted Cruz, the U.S. Republican senator from Texas, expressed his optimism on Friday, stating he’s “bullish on bitcoin,” after a recent interview with Forbes released on September 8. During the conversation, Cruz highlighted emerging reports indicating that bitcoin mining is positively impacting Texas’ power grid, commonly referred to as the Electric Reliability Council of Texas (ERCOT).

Engaging with Koss, he shed light on the flourishing job market in the Lone Star State. “Texas is a hub for jobs, innovation, and freedom, and those things make it the natural oasis for the digital asset industry worldwide,” remarked the Texas senator. This isn’t the first instance of Cruz’s bitcoin endorsement. In May 2022, he revealed a “weekly buy” strategy for his investment portfolio. Moreover, this past April, Cruz professed his admiration for bitcoin, emphasizing that he favors bitcoin “for the same reason the Chinese Communist government doesn’t like BTC.” In February 2022, the public caught wind of Cruz’s BTC acquisitions when financial disclosures revealed a purchase approaching $50K.

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2023-09-10 11:05:18 MicroStrategy's Large Bitcoin Impairment Losses Have Given a False Impression: Berenberg

MicroStrategy (MSTR) will soon be able to report its bitcoin (BTC) holdings each quarter without having to recognize impairment losses if the cryptocurrency’s price drops during the period in question, after the Financial Accounting Standards Board (FASB) voted to change how companies report their finances, investment bank Berenberg said in a report Wednesday. Since adopting its bitcoin acquisition strategy in August 2020, MicroStrategy has reported $2.23 billion of cumulative impairment losses, the report said.

MicroStrategy’s largest impairment loss of $917.8 million was recorded in the second quarter of 2022, and the loss featured heavily in news coverage of the earnings, “giving the impression that the company’s inherent value had been negatively impacted when this was not the case,” the bank said. On Wednesday, the FASB voted to let companies use fair-value accounting in a move that will allow firms to show gains and losses immediately on their income statements. The FASB is expected to formally approve final language later this year and companies at that point can adopt the new standards. The German bank has a buy rating on MicroStrategy shares, with a price target of $510. The stock closed at $353.07 on Thursday.

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