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Miners are selling their bitcoin again as the cryptocurrency struggles to hold on to $70000 – CNBC

Signs of miner capitulation are emerging as bitcoin wrestles with the $70,000 level. According to data from CryptoQuant, the flow of bitcoin leaving miners' wallets for exchanges which indicates a selling event reached a two-month high last weekend. Additionally, miner-selling through over-the-counter desks saw its biggest daily volume since late March. "The miners are now competing for 450bitcoinper day network-wide versus 900 less than two months ago," or post-halving , said Mike Colonnese, an analyst at H.C. Wainwright. "While rising transaction fees have helped offset some of this impact, mining economics have effectively fallen by 45% compared to pre-having levels so we're not surprised to see some of this force selling in the market as miners effectively look to cover operating expenses and to some extent capex with the proceeds of thesebitcoinsales." CryptoQuant shows the hourly transfer of bitcoin from miners to exchanges rose to more than 3,000 bitcoins on June 9. The next day, miners sold 1,200 bitcoins on OTC desks. The cryptocurrency's price fell to as low as about $66,000 on June 11. Bitcoin has struggled to break through the $70,000 level since hitting its March 14 record of $73,797.68. "[The] selling has emerged in a context of low revenues after the halving," said CryptoQuant's head of research, Julio Moreno. "Daily bitcoin miner revenues stand today at about $35 million, down 55% from their 2024 peak reached in March." That's mostly as a result of "depressed" transaction fees, however, rather than the slashing of miners' block reward at the halving. He said the Bitcoin network's total daily transaction fees are more than 44% lower than they were pre-halving and that, even with record-high transactions on the network, the median transaction fee has remained low. On top of that, the Bitcoin network's hash rate has barely declined since the April 19 halving, Moreno added. "This indicates that basically the same amount of computing power is competing for a decreasing amount of block rewards, putting additional pressure to miners' profitability," he said. Colonnese said the large publicly traded miners are in good shape after the halving. His top picks are CleanSpark and Iren , the former Iris Energy. "We estimate the group is currently generating north of 50% gross margins withbitcoinat $70,000, while we estimate the all-in cash cost to produce abitcoinfor the group is about $45,000 on average," he said. "So the large listed miners have a good amount of breathing room." CleanSpark is down 19% for the quarter, while Iren is up more than 140%. They've gained 55% and 82% for the year, respectively. "On the other hand, smallerbitcoincompanies with less efficient fleets, higher power costs and less access to capital are really starting to feel the burn and could struggle to make it through the next few months unlessbitcoinprices were to experience a significant price rally over the short term, which is currently not our base case," he added.

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Miners are selling their bitcoin again as the cryptocurrency struggles to hold on to $70000 - CNBC

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Analysis | Having locked up actual miners, Trump tries to woo bitcoin ones – The Washington Post

For many Americans, Donald Trumps recent social-media post about cryptocurrency would likely be inscrutable. He opposes a CBDC? He thinks bitcoin mining will make us energy dominant? What, exactly, is all of this about?

The short answer is that Trump senses that Americas community of cryptocurrency advocates is one that is leaning his way so, in keeping with his standard approach to politics (and business), hes pouring it on for them. He is embracing niche crypto positions as a response to the communitys enthusiasm more than as a driver of that enthusiasm. Its similar to the way hes tailoring pitches to other communities where he thinks hes gaining ground, like Black voters and younger voters more generally.

Thats the important point here, but lets first offer the longer answer, explaining what Trump was saying and why.

The post at issue linked to an essay in Bitcoin magazine written by a former communications staffer from Trumps administration. It suggested that Trump was the best choice for bitcoin, which Trumps post amplified.

VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC, it read. Bidens hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!

A CBDC is a central bank digital currency, a government-issued cryptocurrency. The idea is anathema to many bitcoin advocates, given their embrace of cryptocurrency as an alternative to government-backed currencies. Trump, in a bid to appeal to crypto enthusiasts, has taken up the cause at least, as part of his stump speech.

I will never allow the creation of a central bank digital currency, Trump has said (in one form or another) a half-dozen times in speeches this year, including during remarks at the anti-government Libertarian Party convention. The denunciation generally comes in a list of campaign pledges hes reading from the teleprompter.

This was not an issue when he was president. In fact, he excoriated cryptocurrencies specifically in 2019, saying that he was not a fan and that the currencies could facilitate unlawful behavior.

But now he wants all the remaining Bitcoin to be made in the USA, which is like declaring that you want all the remaining animated feature films to be made in the USA: If people in other places have computers, theyre going to have a shot at mining bitcoin.

Bitcoin mining isnt real mining, obviously. Its a term of art used to describe the efforts to solve complicated mathematical equations, with users who solve the equations earning bitcoin as a reward. This isnt pen-and-paper equation-solving but computational, so the effort to solve the equations requires an enormous amount of computing power and, by extension, electricity. This, apparently is why Trump says a focus on bitcoin mining would make the United States energy dominant, though its a bit like saying that using a much higher percentage of the worlds gasoline would make us fossil-fuel dominant.

Trumps effort to appeal to the cryptocurrency community isnt surprising given how young and male that community skews. That broader constituency is one that Trump has been targeting for some time.

Polling conducted by YouGov earlier this year reflected that younger Americans and men were more likely to have heard a lot about cryptocurrency.

Men were also more likely to have invested in cryptocurrency, though this constituency skewed slightly older.

But hearing about cryptocurrency and having confidence in it are two different things. About three-quarters of Americans, including young Americans, indicated that they thought at least half of cryptocurrency companies were outright scams.

At Axios, Trumps promotion of cryptocurrency, including his introduction of a line of NFTs in 2022, was framed as part of his effort to appeal to younger voters. But this brings us back to the initial point: His proposals tend to follow indications of support rather than drive them. (The NFTs, meanwhile, were pretty clearly a pure money play.)

Data from Gallup shows that younger, Black and Hispanic Americans have drifted right, particularly since 2020. This isnt reflected strongly in voter registration data analyzed by Pew Research Center, but it is something Trump and his allies have picked up on. So his campaign tries to press its perceived advantage.

The campaign and its allies tend to present the causation backward, too. After Trump was processed following his indictment in Georgia, for example, his mug shot was hailed by conservative pundits as driving new Black support for his candidacy. There was no evidence of that. In June 2023, YouGov measured Trumps support among Black voters at 15 percent. The mug shot was in August of that year. A recent YouGov poll had Trump at a statistically similar 12 percent.

Polls do show younger voters as more divided on the contest between Trump and President Biden than was reflected in 2020 exit polling. But thats been the case for some time; younger voters were among the first constituencies to sour on Bidens presidency. The trend began well before someone on Trumps team slipped his denunciation of central bank cryptocurrencies into his stump speech.

The question, of course, is what happens on Election Day. Polling also suggests that Biden has a wider advantage among the most likely voters, including among younger Americans. The Harvard Youth Poll, released in April, showed that effect dramatically.

Trumps social-media post about bitcoin reflects an effort to appeal to cryptocurrency advocates even as it conveys some lack of familiarity with the community. It seems safe to assume that the endorsement is less about broadly appealing to young voters than trying to lock up a favorable voting bloc, however modest. Its also about once again positioning Trump as the outsider, the guy willing to take on the establishment in all of its manifestations.

He spent decades trying to close the deal in New York City real estate transactions. This post about bitcoin can probably best be read as an effort to sweeten the deal for a customer that he hopes is just about to put pen to paper.

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Analysis | Having locked up actual miners, Trump tries to woo bitcoin ones - The Washington Post

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The experts are predicting a dramatic drop in Bitcoin to $48,000! – Cointribune EN

14h30 3 min of reading by Luc Jose A.

The forecasts for bitcoin are becoming increasingly bleak. According to recent analyses, the price of the crypto could see a significant drop. This alarming perspective has already started to sow doubt among investors. With increased volatility and troubling market signals, the immediate future of bitcoin remains uncertain and raises many questions.

According to Jurrien Timmer of Fidelity Investments, bitcoins valuation heavily relies on the dynamics of its network. The analyst describes Bitcoin as exponential gold. This metaphor underscores the digital scarcity of bitcoin and its potential as a store of value. He explained that the increase in bitcoins price generally follows the power curve of its networks growth, reflecting a development pattern observed in various technological innovations.

However, Timmer has recently observed a worrying slowdown in this growth. While bitcoins price continues to rise, he notes a notable divergence between the cryptos value and its network expansion. For him, this situation is concerning and could hinder bitcoins ability to reach new heights. He asserts that for the queen of cryptos to return to a solid bullish dynamic, significant acceleration in its network growth is indispensable.

While Jurrien Timmer merely expresses concerns, Peter Brandt, an experienced analyst, presents a much more pessimistic outlook for bitcoin. Contrary to those predicting a spectacular rise, Brandt asserts that the current bullish cycle for bitcoin might already be over. Based on previous bullish cycles, he observes a trend of diminishing returns. For instance, the 2011/2013 cycle saw an 82% reduction in gains compared to the 2010/2011 cycle, and this trend continued with similar decreases of 79% and 82% in subsequent cycles.

For Brandt, if this trend persists, the peak of $73,777 recently reached could very well represent the pinnacle of this cycle. Additionally, Brandt has issued clear warnings of a potential price drop in bitcoin. Currently, the flagship crypto is struggling to maintain the $70,000 threshold. The expert estimates that if bitcoin falls below $65,000, it could quickly drop to $60,000, and if this level does not hold, a descent to $48,000 is conceivable.

This perspective starkly contrasts with the optimistic forecasts of some experts like Mike Novogratz and Robert Kiyosaki, who envision prices reaching $100,000 or more. Investors are therefore called upon to exercise caution in the face of these bearish perspectives.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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The experts are predicting a dramatic drop in Bitcoin to $48,000! - Cointribune EN

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Bitcoin Miners Cash in on BTC Rally as Crypto Exchange Transfers Hit Two-Month High – CoinDesk

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin Miners Cash in on BTC Rally as Crypto Exchange Transfers Hit Two-Month High - CoinDesk

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Trump embraces Bitcoin in bizarre post to Truth Social – Salon

Donald Trump vocalized his support for Bitcoin and for bringing mining operations for the digital currency to the United States in a Truth Social post, weeks after championing the crime-linked coin at the Libertarian National Convention,to boos.

The post, put up minutes before midnight Eastern time on Tuesday, reads VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC, or a central bank digital currency, a digital form of currency that a bank like the Federal Reserve could hypothetically implement.

Though he rallied against the niche potential currency, Trump also demonstrated his lack of digital fluency in the post, arguing that making, or mining, all Bitcoin in the United States will help us be ENERGY DOMINANT. Bitcoin mining is among the most energy-intensive computer processes, and there is no link between energy production and the invented currency.

Cryptocurrencies like Bitcoin, which reached an all-time value high this March, have grown significantly in popularity over the past several years, but it's unlikely that Trumps attempt to court the crypto-bro vote will be a decisive factor in the election, with a 2023 Pew poll finding that the vast majority of Americans reject the currency as a safe and reliable store of value.

Trump also attacked "Bidens hatred of Bitcoin," claiming that he was helping foreign powers by not embracing the inherently worthless tokens.

While the Biden administration has been mostly quiet on the issue of Bitcoin, and the Biden campaign reportedly even considered accepting the digital commodity in donations, Democrats in the Senate advanced a bill through the intelligence select committee which would place more scrutiny on cryptocurrency transactions, worrying some traders.

The highly-volatile digital coins have been linked to numerous illicit activities, including drug and human trafficking, scams, and terrorism. The coins use of a blockchain, which anonymizes the exchange process, makes them ideal for crime. Cryptocurrency exchange boss Sam Bankman-Fried landed 25 years in prison after defrauding customers and investors to the tune of nearly $10 billion.

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Trump embraces Bitcoin in bizarre post to Truth Social - Salon

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Fed Sees Just One Rate Cut This Year; Bitcoin Gives Up Session Gains – CoinDesk

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Fed Sees Just One Rate Cut This Year; Bitcoin Gives Up Session Gains - CoinDesk

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3 reasons why Bitcoin analysts believe BTC price recovery is overdue – Cointelegraph

Bitcoins (BTC) price is down 6.5% over the last seven days and is currently trading 10% below itsall-time high of $73,835 reached on March 14.

Despite this performance, the technical setup, positive investor interest and onchain data make Bitcoin analysts believe that a trend reversal into an exponential uptrend could be in the making.

Data fromCointelegraph Markets Pro andTradingView shows Bitcoins price oscillating between $58,000 and $72,000 for over 10 weeks since turning away from new all-time highs.

Bitcoins weekly chart shows the current price range is retesting a zone that posed a stiff resistance when the BTC hit previous all-time highs, as observed by popular analyst Rekt Capital.

According to Rekt Capital, this area is now supporting BTC since the ongoing sell-off has not substantially pulled the price below this range.

Fellow analyst Moustache made the same observation,sharing a BTC/USD three-week chart showing that the price was trading at a level just above the 0.5 line (MZ BTC Bottom-Indicator).

This indicator uses the Elliot Wave Oscillator Methodology applied on BTC Golden Bottom with Adaptive Moving Average and relative strength index of Resulted EVO to form an oscillator to detect trend health in Bitcoins price.

According to Moustache, BTCs price has retested this line only three times in the past in 2012, 2017 and 2020. In those cases, previous all-time highs supported Bitcoins price, after which the coin went on a parabolic uptrend, hitting new record highs.

In an earlier X post on June 12, Moustache commented on a similar set-up of the BBWP indicator, saying that BTC was going to experience highs after retesting the line.

Responding to the markets drawdown over the last few days, Bitcoin investors felt it was time to take advantage of the entry into local dips and buy more BTC in the dips, according to market intelligence firm Santiment.

The analytics firm noted that Bitcoins latest drop below $67,000 on June 13 resulted in the second-largest spike in crowd BTC buying interest in the past two months.

In a June 14 post on the X social platform, Santiment said:

This means retail investors are showing signs of confidence as they believe that the latest price drops were not warranted, and buy in hopes of a quick recovery.

Additional data from Alternative, a platform that analyzes emotions and sentiments around Bitcoin, shows that the Crypto Fear & Greed Index is in the greed zone at 74, up from 70 on June 13 and last months 64.

Overall, this is a positive sign, as positive social sentiment signals a bullish outlook among different cohorts of investors.

Related: Can Bitcoin whales protect BTC price from new $48K downside target?

Data from onchain metrics analytics firm CryptoQuant shows that BTC balance on exchanges reached a five-year low of 2.822 million BTC after dropping 3.6% over the last 30 days.

Decreasing BTC balances on exchanges simply means investors could be withdrawing their tokens into self-custody wallets, indicating a lack of intention to sell in anticipation of a future price increase.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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3 reasons why Bitcoin analysts believe BTC price recovery is overdue - Cointelegraph

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Traders: Bitcoin price needs fresh all-time highs to end pump-and-dump cycles – Cointelegraph

Bitcoin bears have been selling on every rally over the last few months, and analysts believe that a liquidity boost fueled by BTCs fresh all-time highs will help break the cycle.

Market is in need of a big liquidity boost, pseudonymous crypto trader Daan Crypto Trades wrote in a June 13 post on the X social media network.

The traders sentiments appear to have been informed by Bitcoins (BTC) whipsaw price action as it consolidates within a wide range, stretching from $66,500 to $72,000.

Full-swing bleeding and selling into every pump has been the theme for the past couple of months, explained the trader, adding that one of the best ways to end this cycle has always been a fresh all-time high for #Bitcoin.

Data from Cointelegraph Markets Pro and Binance shows BTC is trading at $67,474, 10% below its all-time high of $73,808 reached on March 11.

Daan Crypto Trades said that the price can move swiftly up and it doesnt always need some catalyst besides price simply going up.

This requires high liquidity, which allows market participants to buy more BTC, resulting in a tighter bid-ask spread and driving prices higher.

Fortunately for Bitcoin bulls, this liquidity might come soon, asMicroStrategy, the largest corporate BTC holder, revealed its intention to raise $500 million via a convertible senior note offering to acquire additional Bitcoin and other general corporate purposes.

Thats a fresh $500M liquidity impulse for you right there, said Daan Crypto Trades in a June 13 X post reacting to the MicroStrategy news.

The trader also added that increased inflows into the spot Bitcoin ETFs could also add to the liquidity required to push BTC out of consolidation.

Fellow trader Jelle shared similar sentiment,declaring that the more than $100 million inflows into spot Bitcoin ETFs on June 12 and a possible $500 million more from MicroStrategy being poured into BTC could provide the liquidity that the market needs.

Meanwhile, the price of the pioneer cryptocurrency remains stuck in a post-halving reaccumulation range, which could last up to September 2024, according to popular analyst Rekt Capital.

In a June 13 post on X, the analyst said, This cycle has been filled with Re-Accumulation ranges, which inevitably break to the upside over time.

Out of all consolidations, the current one is the longest, Mags told their 79,500 X followers in a June 9 post.

In a previous cycle after the 2020 Bitcoin halving, there was a 21-day consolidation period before Bitcoins price broke out, eventually reaching an all-time high at the time of $69,000 in November 2021. In 2017, the consolidation period was 48 days.

Related: Bitcoin price tracks $68K as 'chicken' crypto market shrugs off US PPI

Bitcoin shows no changes, with the price still chopping sideways within the $67K-$72K price range as market participants lose their minds, declared Daan Crypto Trades, adding that BTC is likely to stick to the horizontal levels.

Additional data from market intelligence firm IntoTheBlock helps to explain the ongoing stalemate between buyers and sellers. Its in/out of the money around price (IOMAP) model reveals that the price is currently between two significant levels.

There is robust support around the $63,500 to $67,500 demand zone, where approximately 1.62 million BTC were previously bought by 3.94 million addresses.

On the upside, the supplier congestion zone between $67,600 and $70,500 poses a stiff barrier for the bulls. This is where approximately 1.86 million BTC were previously bought by roughly 3.32 million addresses.

This suggests that high demand-side liquidity is required to push BTC's price past the said resistance, breaking it out of consolidation and into price discovery.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Traders: Bitcoin price needs fresh all-time highs to end pump-and-dump cycles - Cointelegraph

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MicroStrategy ‘building the world’s largest bitcoin company,’ Bernstein says – CNBC

MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday before the market opened with an outperform rating and a $2,890 price target. That implies upside of another 80% based on the stock's Wednesday close of $1,603.67. By early trading Friday, MicroStrategy was already up 138% year to date, more than double bitcoin's roughly 57% advance in the same period. "Since August 2020, MSTR has transformed from a small software company to the largest bitcoin holding company, owning 1.1% of world's Bitcoin supply worth ~$14.5Bn," Bernstein analyst Gautam Chhugani said in a note. "MSTR's founder chairman, Michael Saylor has become synonymous with brand bitcoin and has positioned MSTR as a leading bitcoin company, attracting at-scale capital (both debt and equity) for an active bitcoin acquisition strategy." MicroStrategy, which launched as a provider of enterprise software, began employing an aggressive bitcoin-buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then. This February, the company said it would shift its focus and brand to bitcoin development. "MSTR positions itself as an 'active-leveraged' bitcoin strategy vs. passive spot ETFs," Chhugani said. "Over the last four years, MSTR's active strategy has delivered a higher bitcoin per equity share. On a dollar basis, MSTR's Bitcoin $ NAV per share has grown ~4-fold beating ~2.4x growth in bitcoin spot price." He noted that bitcoin per share has grown 67%, from 6 BTC per diluted share in the fourth quarter of 2020 to about 10 BTC per MicroStrategy per share today. As part of the call, Bernstein raised its bitcoin target price to a "cycle-high" of $200,000 in 2025 from a previous objective of $150,000. CNBC's Michael Bloom contributed reporting. Correction: This article has been updated to reflect that Bernstein's price target of $2,890, showing upside of about 80%, was based on MicroStrategy's Wednesday closing price of $1,603.67. A previous version gave an incorrect day's closing price.

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Here is Why the Crypto Market is Down 20% & Bitcoin 5% This Week – CoinGape

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Here is Why the Crypto Market is Down 20% & Bitcoin 5% This Week - CoinGape

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