Transactions Begin Mt. Gox has started repaying creditors by transferring a small amount of Bitcoin to Bitbank, one of the authorized exchanges. This follows months of planning to distribute $8.2 billion in Bitcoin owed to creditors. Test Transactions? The initial transfer was for only $24. It’s unclear if this is a test run before larger…
The crypto market is reeling from a major crash that has sent Bitcoin and other cryptocurrencies plummeting. Liquidations Soar In the past 24 hours, over $290 million worth of crypto has been liquidated, with 105,458 traders losing their positions. Long traders, who bet on rising prices, have been hit the hardest, accounting for 88.61% of…
Bitcoin’s price has taken a dive, dropping below $60,000 and continuing to slide. Market sentiment is turning bearish, raising concerns that a crash similar to the one in May 2021 may be looming. Parallels to May 2021 Andrew Kang, a fund manager, has highlighted similarities between the current market conditions and those leading up to…
Despite the ongoing market downturn, large investors are seizing the opportunity to accumulate Bitcoin. Whale Accumulation According to Santiment, investors holding over 10 BTC have increased their holdings by 1.07% in the past six months. This translates to over 5,000 BTC added to their wallets. Buying on Dips Notably, these whales have been buying more…
British banking giant Standard Chartered has made a bold prediction for Bitcoin (BTC). They believe it will soar to $100,000 from its current price of around $60,000. Election Day Surge Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick, expects Bitcoin to reach $100,000 by the US election day in November. He also…
Why the Drop? The recent Bitcoin price drop is largely attributed to the “CME gap,” a price discrepancy that occurs between the Bitcoin spot market and the CME Bitcoin futures market. The CME futures market is closed on weekends and holidays, while the spot market operates 24/7. This difference can lead to a gap in…
Range Bottom and Fireworks Crypto analyst Quinten François is bullish on Bitcoin’s future, predicting it could soar to $4.5 million. He believes Bitcoin is at the bottom of a growth range, which could lead to significant gains. Halving Hype François highlights the importance of Bitcoin’s fourth halving, which he says could trigger a surge in…
Tom Lee, the head of research at Fundstrat, is doubling down on his prediction that Bitcoin will hit $150,000. Mt. Gox Repayment Impact Lee believes that Bitcoin’s recent downturn is partly due to the upcoming repayment of Bitcoin by Mt. Gox to its creditors. However, he expects a “pretty sharp rebound” after this process is…
Miner Selling Pressure Eases Data shows that Bitcoin miners have been selling less recently, due to: Reduced Bitcoin transfers to exchanges for sale Exhaustion of the OTC Desk supply available to miners Impact on Bitcoin Price Miners’ heavy selling in June contributed to Bitcoin’s price drop. However, the decline in selling pressure is a positive…
Economic Cycles and Asset Performance Arthur Hayes, co-founder of BitMEX, draws parallels between the economic upheavals of the 1930s-1970s and today’s financial landscape. He categorizes these cycles into: Local Cycles: Focus on national protectionism and financial repression, leading to inflation. Global Cycles: Encourage global trade and investment, resulting in deflation. Bitcoin’s Emergence in a Local…
