The Bitcoin price could experience significant downside volatility unless it manages to recover above $60,000 before the options expire on Aug. 16.
The Bitcoin price could experience significant downside volatility unless it manages to recover above $60,000 before the options expire on Aug. 16.
As Bitcoin has become more mainstream, more and more institutions are beginning to hedge their bets with the cryptocurrency. Over the last four years, institutions have grown their holdings exponentially, and the result of this is that these large institutions have become the more dominant holders of Bitcoin. So much so that at this time, the top Bitcoin wallets no longer include any private holders besides Bitcoin creator Satoshi Nakamoto. Top 10 Bitcoin Wallets Revealed In an X (formerly Twitter) post, crypto pundit Marty Party shared an interesting development when it comes to the Bitcoin holder base. In a screenshot shared on the social media platform, Marty revealed that governments and institutions now dominate the top holder list for the cryptocurrency. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When The only ‘private entity’ that remains on the list is Bitcoin founder Satoshi Nakamoto, whose original 1.1 million BTC holding remains unmoved. The following 10 wallets belong to various governments and companies, telling a story of complete eliminate of private holders in the pioneer cryptocurrency. In the second spot is the Binance crypto exchange, the largest exchange in the world. It currently holds 550,133 BTC. Binance is followed by newcomer BlackRock, whose IBIT Spot Bitcoin ETF went live back in January 2024. In less than one year, BlackRock has manage to amass a staggering 347,767 BTC. Fourth place on the list belongs to Grayscale, which is notable for introducing the first Bitcoin Trust in the United States. Grayscale has suffered outflows over the course of 2024 as investors moved to other Spot Bitcoin ETF issuers. As a result, its BTC holdings has dropped from over 600,000 to 263,801. Related Reading: Dogecoin On Track To Rally 100% To $0.2; Crypto Analyst Next on the list is MicroStrategy as the fifth-largest Bitcoin holder in the world, with 226,500. Interestingly, MicroStrategy has said it has no plans to sell its Bitcoin anytime soon and has revealed plans to raise another $2 billion to buy BTC. The Bitfinex Exchange cliche the sixth spot on the list with 221,315 BTC, followed closely by the US government with a notable 213,246 BTC. Next is the Chinese Government in eight position with 190,000 BTC. The interesting thing about the governments on the list is that the BTC was not bought but rather obtained from seizures from individuals. After the Chinese government is Fidelity with its FBTC Spot Bitcoin ETF fund. The billion-dollar asset manager currently holds 176,626 BTC, earning it ninth position on the list. While Block One made it into the top 10 with 164,000 BTC. Featured image created with Dall.E, chart from Tradingview.com
A media release published earlier today by the Australian Securities and Investments Commission (ASIC) revealed that the country’s largest securities market operator, ASX Limited, is now facing legal challenges following the operator’s alleged misleading statements about its paused blockchain project. Initially set to revamp ASX’s antiquated shareholding and settlement management system, this blockchain project was […]
August will be a more difficult month for the miners as the price of bitcoin has dropped about 5% while the network hashrate has started to grow again, the report said.
Governments divesting themselves of their BTC is a non-event, but Bitcoin bears make sure that the market feels the heat regardless, analysis says.
Governments divesting themselves of their BTC is a non-event, but Bitcoin bears make sure that the market feels the heat regardless, analysis says.
Binance's compliance in India underscores the importance of adhering to local regulations for global market expansion and user trust.
The post Binance resumes operations in India, confirms regulatory compliance appeared first on Crypto Briefing.
The registration was provisionally approved in June, subject to the crypto exchange paying a fine of about $2.2 million.
Bitcoin has continued to see a blend of bulls and bears without any major high achieved since its renewed peak above $73,000 in March. So far, the asset has ranged below $60,000 in the past week, as it appears to face resistance whenever it reaches that price mark. However, several analysts and experts share their optimistic outlook on top crypto despite this. Sminston With, a prominent Bitcoin researcher, recently offered an interesting forecast on BTC based on a detailed examination of the asset’s price trajectory over past bull cycles. Related Reading: Bitcoin Price Set To Surge With $2.5 Billion Stablecoin Inflows: Research Firm Decoding Bitcoin’s ‘Decaying Peaks’ Shared in a post on Elon Musk’s social media platform, X, With’s analysis draws from the peak periods of Bitcoin in 2011, 2013, and 2017 to project future possibilities for this leading cryptocurrency. The concept used in the analysis, “decaying peaks,” refers to the progressively lower returns seen in successive Bitcoin bull runs as the market matures and gains wider acceptance. This phenomenon is captured through an analysis known as the “exponential decay fit,” which Is employed to evaluate the peaks of Bitcoin’s past bull cycles by aligning the historical data points of 2011, 2013, and 2017, With aimed to delineate a pattern that could suggest future price movements. I wanted to highlight a study looking at the decaying peaks of the #BTC price residuals from each cycle (this is what is used to build the Decay Channel and also the Oscillator). Here I simply did an exponential decay fit of the max residuals (price / .05 quantile power law… pic.twitter.com/dKv60ajL1j — Sminston With (@sminston_with) August 12, 2024 In his study, the analyst applied this model to the 2021 cycle peak, yielding a forecast close to market behavior. The model predicted a peak of $65,732.72, closely shadowing the actual peak of $64,682.47, highlighting the potential reliability of this analytical approach. Towards A $164,000 Bitcoin By 2025? Now extending his analytical framework to the upcoming cycles, he ventured a bold prediction for the 2024-2025 period. The estimation of the decaying peaks model sketches an ambitious trajectory that could see Bitcoin reaching as high as $164,000. This projection is based on continuing patterns observed in BTC’s past market behaviors. Related Reading: Bitcoin Poised To Reach New All-Time Highs: Expert Dives Into Tether’s Role As The Key However, caution is required to consider these predictions with skepticism due to the limited data set—only four market cycles have been analyzed to date. The analyst noted: The precise exponential decay of the tops (against the power law support) is worth taking with a big grain of salt (we only have 4 data points now), but this is definitely worth paying attention to as we move through the current cycle. Featured image created with DALL-E, Chart from TradingView
The exchange is now "fully available for Indian users," after Binance registered with the Financial Intelligence Unit as a reporting entity.
Schnorr signatures' adoption in blockchain networks enhances transaction efficiency, privacy, and cross-chain interoperability, driving broader blockchain adoption.
The post What are Schnorr signatures? appeared first on Crypto Briefing.
Binance is finally back in India after a seven month ban. This has served as a 78th Independence day gift to the Indian crypto community. Let’s explore the journey of Binance from a ban to fully function and what this means for the Indian crypto ecosystem. A Seven Month Long Ban India banned Binance and …
Recently, there has been a surge in VC (Venture Capital) altcoins, which are often launched with some major backing and higher valuations. These coins have started to move significantly, hinting at a potential trend in the market. Why Are These Coins Pumping? According to analyst Miles Deutscher, a key reason for these movements is that …
The discrepancies between the government’s claims and the blockchain data highlight the tense dynamic between digital finance and state authorities.
The discrepancies between the government’s claims and the blockchain data highlight the tense dynamic between digital finance and state authorities.
Government Bitcoin sales have become infamous in the crypto community, especially after the German government sold nearly 50,000 BTC seized from the piracy platform Movie2k. This sale, which lasted 23 days, caused Bitcoin’s price to drop 17% between mid-June and mid-July. Following Germany’s actions, the U.S. government has also started moving Bitcoin more frequently. According …
Critics of Sun's involvement don't understand the operational mechanics, the crypto custodian's CEO, Mike Belshe, said during an X Space discussion.
The partnership could significantly enhance institutional investor confidence and liquidity in the crypto market by integrating secure custody solutions.
The post Bitfinex teams up with Ledger-backed Komainu to enhance crypto trading and custody appeared first on Crypto Briefing.
Binance returns to India after registering with the FIU-IND, marking its 19th global regulatory milestone.
Binance returns to India after registering with the FIU-IND, marking its “19th global regulatory milestone.”
Traders say bitcoin could drop to $55,000 in the near-term, but favorable Fed policies could set the stage for its next leg up.
Sahil Arora is estimated to have netted around $3 million dollars this year for his efforts in launching memecoins with celebrities.
Sahil Arora is estimated to have netted around $3 million dollars this year for his efforts in launching memecoins with celebrities.
Crypto VC giant a16z claims the AI legislation will “burden startups because of its arbitrary and shifting thresholds.”
Crypto VC giant a16z claims the AI legislation will “burden startups because of its arbitrary and shifting thresholds.”
Solana remains one of the top-performing crypto assets over the past year. Even though there is a retracement from the 2024 highs, the coin is still multiples higher than the 2022 lows. Traders are upbeat about what lies ahead, with some convinced the coin will easily break $260 and register all-time highs in the coming months. Like Bitcoin, Ethereum, and other top altcoins like Cardano, SOL faces determined sellers. From the daily chart, SOL is moving sideways in a possible accumulation, considering the current primary trend remains upward. However, on lower time frames, one trader thinks SOL might struggle in the coming few sessions. SOL Holders To Prepare For More Pain? Taking to X has picked out a head and short formation in the hourly chart. Technically, this candlestick pattern is associated with weakness. Of note is that this formation prints when the coin consolidates inside the bear range from July 28 through August 5. Related Reading: HODLing Resurgence? 374,000 Bitcoin Transfer Ignites Crypto Recovery From the daily chart, SOL faces strong resistance at an August 8 high of $162. On the lower end, support is at $142. The sideways movement and fluctuation inside this range have formed a bear flag–another selling signal, especially if sellers of late July and early August press on. In the hourly chart, the immediate resistance is around $150, marking the tip of the head. However, the top of the shoulder is at around $146. Meanwhile, the baseline of this pattern is at $142, coinciding with the critical support in the daily chart. Therefore, reading from the above candlestick formation means that traders should prepare for more pain unless Solana bulls push higher. A break below $142 in the daily chart sets the ball rolling for aggressive sellers targeting June and July lows of around $120. Solana Challenges: Centralization Claims, High Transaction Processing Failure Rate The upside momentum, looking at other developments besides candlestick formation, is fizzling out. Last week, a severe security flaw was discovered and quickly patched. Related Reading: Bitcoin Poised To Reach New All-Time Highs: Expert Dives Into Tether’s Role As The Key The critical vulnerability, analysts said, had the potential to cripple the whole network. What’s concerning is that even considering the severity of the flaw, the Solana Foundation and developers chose a “quiet” fix, calling into question Solana’s decentralization level. Additionally, Solana has been struggling with high transaction processing failures. According to trading data from Jupiter, a top DEX on Solana, only about 35% of all transactions posted go through. A big chunk, or 65% of all transactions, fail. The high failure rate significantly undermines some of the platform’s key selling points, mainly its low fees and high scalability. Feature image from DALLE, chart from TradingView
The keynote of Shiba Inu lead developer Shytoshi Kusama at the Blockchain Futurist Conference on August 13 in Toronto has brought a plethora of major news. Kusama’s keynote not only reaffirmed the crypto project’s innovative trajectory but also mapped out a bold vision for its future. Shiba Inu News From Toronto Shytoshi Kusama’s presentation highlighted […]
The Bitcoin price is struggling to rise above $62,000 as the bulls are finding it extremely difficult to hold the support at $61,000. The current trade setup suggests the BTC price is moving within a bearish structure, due to which the lower targets below $55,000 have been activated. As the Bulls have failed to keep …
Increased crypto adoption and high treasury yields could push tokenized US Treasurys toward a $3 billion market cap by the end of 2024.