TronWeekly

Crypto World News

You are here: Home / Archives for Bitcoin

Bitcoin

10,000 Bitcoin Linked to Mt. Gox Hack on the Move

by

On November 23, a total of 10,000 Bitcoin, which are currently worth over $165 million, were transferred from a crypto wallet that belonged to the defunct cryptocurrency exchange BTC-e to various exchanges, individual wallets, and other sources.

While this pullout is the largest made by BTC-e since April 2018, a Chainalysis report on November 23 suggested that BTC-e and WEX, an exchange that is believed to be BTC-e’s successor, both sent small amounts of BTC to the Russian electronic payments service Webmoney on October 26 before making a test payment on November 11 and sending out an additional 100 BTC on November 21.

10,000 Bitcoin moved to personal wallets

9,950 BTC of the total sent amount is believed to still be in individual wallets, with the remaining BTC being transferred through middlemen and ending up at four deposit addresses on two significant exchanges.

Ki Young Ju, co-founder, and CEO of the blockchain analytics company Cryptoquant confirmed the findings and pointed out that 0.6% of the funds were sent to exchanges, which might be sell-side liquidity.

Young Ju shared images of the transfer and noted that the BTC had been in the wallet for more than seven years in a tweet on November 24.

Additionally, Young Ju called for the account to be suspended for questionable activity and disclosed that 65 BTC had been moved to the cryptocurrency exchange HitBTC.

A Tokyo-based cryptocurrency exchange called Mt. Gox once handled more than 70% of all Bitcoin transactions. After being hacked in 2014 and has thousands of Bitcoins stolen, the exchange soon declared bankruptcy.

After claims that BTC-e was engaged in money laundering, including the use of cryptocurrency taken during the Mt. Gox exchange hack, the Federal Bureau of Investigation (FBI) shut down BTC-website e’s and seized funds in 2017. BTC-e had US-based servers.

BTC-e reportedly held “a substantial amount of Bitcoin” at the time of its shutdown, and in April 2018 it moved more than 30,000 BTC out of its service wallet.

The owners of BTC-e made an effort to maintain their anonymity, but it is believed that Alexander Vinnik is the main operator and has been involved in legal disputes for the past five years.

According to a 2017 WizSecurity report, BTC-e and Vinnik were directly involved in the theft of user funds and bitcoin from Mt. Gox, with the latter being forced to halt trading and shut down its website as a result of the losses.

El Salvador is Moving Closer to Issuing Bitcoin Volcano Bonds

by

El Salvador is one step closer to raising $1 billion through the first sovereign blockchain bond in the world after the presidency forwarded a digital securities bill to lawmakers.

The 33-page bill, which calls for a Bitcoin Fund Management Agency to oversee cryptocurrency-related debt sales and a commission on digital assets, was made public by a presidential spokesperson late on Tuesday.

The intent, according to the text, is to “create a legal framework for the transfer of digital assets used in El Salvador’s public issuances, as well as regulate the requirements and obligations of issuers and providers of digital assets.”

image 17
El Salvador is Moving Closer to Issuing Bitcoin Volcano Bonds 2

El Salvador announced the Bonds a year ago

The innovative project, which was first introduced today, aims to draw capital and investors to El Salvador. At that time, plans to issue $1 billion in bonds on the federated Liquid Network sidechain for Bitcoin were made public.

Proceeds from the bonds would be partitioned between a $500 million direct allocation to bitcoin and an investment of the same sum in the development of the area’s energy and bitcoin mining infrastructure.

A sidechain is a separate blockchain that operates in tandem with another blockchain and enables the secure use of tokens from the main blockchain while adhering to a different set of guidelines, performance standards, and security measures.

The tax-free, coastal Bitcoin City would be built with the help of the $100 minimum investment in the proposed blockchain bonds, which would also provide geothermal energy from a nearby volcano for cryptocurrency mining.

Bondholders would ultimately receive a share of any increase in the value of Bitcoin. Last year, El Salvador became the first nation to recognize bitcoin as a legal tender. President Nayib Bukele, a supporter of cryptocurrencies, has been unsuccessful in his attempts to sell bonds backed by bitcoin to foreign investors.

Bitfinex will soon be granted a license that will allow it to handle and list the bond issuance in El Salvador. The bonds, which have a 6.5% yield, will allow investors to quickly become citizens.

While negotiations with the International Monetary Fund on financing to help close a budget gap are at a standstill, the contentious initiative is fueling concerns about the country’s creditworthiness.

Bitcoin Headed For More Panic Selling; Here’s Why

by

Bitcoin [BTC] might see more signs of crowd capitulation as the world’s dominant token plunged to a new low of $15k for the first time in 2 years, Santiment observed.

The token’s address activity spiked to its highest level in over 6 months. The report cited the ongoing FUD and the diminishing trust in exchanges that have led to the preference for self-custody.

A week ago, a report by Glassnode shed light on this behavior revealing how BTC investors have been gradually moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange FTX.

The analytical platform reported that Bitcoin exchange outflows had reached close to historic levels of 106,000 BTC per month in a tweet on November 13.

It was also mentioned that this had only occurred three other times, in April 2022, November 2020, and June/July 2022. On November 9, there were roughly 90,000 Bitcoin wallets receiving the asset.

Exchange outflows typically indicate a bullish sign that BTC is being held for the long run. In this instance, though, it seems to be the outcome of waning trust in centralized crypto exchanges.

As Glassnode noted, “positive balance changes across all wallet cohorts, from shrimp to whales” have been brought about by outflows.

“The failure of FTX has created a very distinct change in Bitcoin holder behavior across all cohorts.” 

On the other hand, the president of El Salvador, Nayib Bukele, and founder of Tron cryptocurrency Justin Sun have announced to accumulate bitcoin at a pace of 1 BTC per day.

Bitcoin: “Buy The Dip” Reverberates Across Crypto Biggies

Founder of TRON blockchain Justin Sun echoed Buklele’s plan to purchase Bitcoin every day. The developments would infuse hope into the crypto industry, which has been plagued by the FUD bug.

Sun’s Tron DAO Reserve, a community-driven body that supports development on the Tron network, has bought millions in Bitcoin [BTC], Tron’s native token TRX, and tether [USDT] as collateral for its dollar-pegged stablecoin USDD.

Many prominent figures, like DOGE supporter Elon Musk, former whistleblower turned crypto advocate Edward Snowden, and trading analysts like Stockmoney Lizards, are now bullish on the biggest cryptocurrency, TronWeekly reported.

Bitcoin (BTC) and Solana (SOL) prices decline, Orbeon Protocol (ORBN) sells out the first stage of Presale

by

u9jVhj0mZsn9lACZkqhf10iwUQp8p57HkToVXey5VdksI3 T49IqsuChFqiWAMsNnEb97k3LlgNX8qF mfqMes2B8975syQCuDgC5Gzi0jrrnr4Vqmr0dWDKJ5nEGYe wP VAYAfVO z t4wggm1FQQxEsHOjNnJQsgYMSUYbYFc6aI6Qpl Bl4

The cryptocurrency market has had a turbulent week, with Bitcoin (BTC) and Solana (SOL) crashing hard. Orbeon Protocol (ORBN) has since exploded onto the crypto scene due to its potential in venture capital and crowdfunding, with 60x returns expected by the end of the presale.

>>BUY ORBEON TOKENS HERE<<

Bitcoin (BTC) took a heavy hit from FTX’s (FTT) crash

Bitcoin (BTC) is the world’s most popular and valuable cryptocurrency. It has been around for over ten years and is still going strong. Bitcoin (BTC) is currently trending as a haven asset. Investors are buying Bitcoin (BTC) because they are concerned about the stock market crash and the global economic crisis.

Bitcoin (BTC) is also rising as institutional investors purchase it. Big Investors perceive Bitcoin (BTC) as a store of value and a hedge against inflation. Institutions buy Bitcoin (BTC) because they trust its long-term potential. It is also trending because, despite these reasonable adoption indications, Bitcoin (BTC) is losing value as the bear market persists.

The most recent dip was sparked by one of the largest cryptocurrency exchanges, FTX, collapsing due to an $8 billion hole in its balance sheet. Panic selling started and sent Bitcoin (BTC) plummeting. However, as more people use Bitcoin (BTC) as money and a store of wealth, its value will likely climb.

FTX heavily backed Solana (SOL)

Solana (SOL) was one of the market’s hottest new cryptocurrencies. It is a high-performance blockchain that can process more than 50,000 transactions per second. Solana (SOL) network is used by many DeFi projects, NFT marketplaces, and P2E games. Solana (SOL) gained speed throughout the bull run but has recently failed to sustain its price.

Solana suffered one of the market’s largest declines due to the FTX incident discussed above. It went from $32 to $14 today, a more than 50% reduction. Because FTX was the greatest backer of the Solana (SOL) ecosystem, the bankruptcy set off a chain reaction that resulted in a 50% decrease in TVL (total value locked) on the network. 

The numerous hacks and outages that have afflicted the Solana blockchain are one of the primary causes contributing to a reduction in Solana’s value. 

Orbeon Protocol (ORBN) is selling out

Orbeon Protocol (ORBN) will give investors access to web3s most promising startups. Orbeon Protocol is a decentralized investment platform that allows anyone to invest as little as $1 in early stage businesses.

It is also a first for the everyday investor, who has never had access to exciting, innovative investment opportunities generally reserved for venture capitalists and accredited investors.

You can purchase ORBN, the native token of the Orbeon Protocol, during the presale, which began at the end of October and will continue in three stages through the end of January 2023.

ORBN has quickly sold out at $0,004 per share. Experts predict that it will soon hit $0,24, showing a 60x return on investment. ORBN tokens grant platform voting/governance privileges and exclusive access to investor groups and featured funding rounds for the most exciting businesses. Securing even a tiny portion of the massive $13.5 billion crowdfunding sector will benefit Orbeon holders (ORBN).

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Edward Snowden Predicts Bitcoin Could See A Repeat Of March 2020

by

Bitcoin might be stuck in a rut, but Edward Snowden believes that BTC might see a possible repeat of March 2020 when the coin lost more than 50% of its value due to the outbreak of the coronavirus before pumping to $65k in May 2021 and tapping an all-time high of $69k in November.

“…For the first time in a while, I’m starting to feel the itch to scale back in’, Snowden said indicating that the bottom is near but warned of further trouble.

A price chart that Snowden included with his tweet depicts the last time he made a comparable Bitcoin prediction close to the bottom of a bear market.

image 10
Edward Snowden Predicts Bitcoin Could See A Repeat Of March 2020 5

The ex-NSA and CIA agent followed up with more tweets, saying, “When most people say “this is not financial advice,” they’re lying, but this is actually not financial advice, since I have zero financial education and no idea what I’m doing”.

Snowden who is closely associated with the creation of zcash, a leading privacy-protecting cryptocurrency has numerous times expressed his fascination for the dominant asset.

The IT specialist has been on the run since releasing the NSA papers in 2013, seeking asylum in Russia. In October 2020, Vladimir Putin gave him unlimited permanent residency and on September 26, 2022, he was granted Russian citizenship.

He has been a fervent supporter of Bitcoin throughout, and in December 2020, when the decentralized finance [DeFi] token first topped $20,000, its all-time high [ATH], he was among the well-known figures supporting it.

Not only Snowden, but many industry bigwigs such as Elon Musk too recently threw their weight behind BTC. As reported by TronWeekly, Musk believed that BTC’s days are not over despite a “long winter”.

Bitcoin’s Fall Is Nothing Extraordinary- Expert

BTC dropped by 25% in days as a result of the bankruptcies affecting FTX, Alameda Research, and probably other significant crypto firms.

Even for trading analysts such as Stockmoney Lizards, BTC will bounce back from the FTX implosion just like it has from other setbacks which it termed as “Black swan Events”.

An accompanying chart highlighted similar “black swan” moments in the past, dating back to the 2014 Mt. Gox breach.

Two other notable events were the hack of the exchange Bitfinex in 2016 and the March 2020 COVID-19 market crash.

Buying BudBlockz Now Is Like Buying Bitcoin In 2013. Don’t Miss This Opportunity

by

RhOzvzfC1FLriktgPpvSZJ asp1Ud5UfqtDC794Eag9PO2QF y80tDOaaxPbuX zptOq72IRGRZM0fGu3SAaKKe3r7 E 9EFngchHaif2jzJxCYnwl3eynyFLPB WT1MoYiNYK2 biYx8LlrjtqUo8L3J8wR AFLT3IEhe0UG3lafpYUVJLix NsQ91 Nwg

One of the best things about BudBlockz is that while it functions on Ethereum, it operates as if it is a Bitcoin-based cryptocurrency. So you see, BudBlockz is on the path to creating a completely decentralized NFT and digital asset platform for users around the globe. There’s no question the cannabis-based NFT platform is gearing up to become one of the top-most utility tokens this year. And according to some experts, it may even surpass Bitcoin in the coming years.  

Making a Sound Investment in Crypto

One of the most important factors to consider when investing in NFT and cryptocurrency is whether the platform provides real utility. You must understand that cryptos with real-world use cases and utilities will always grow and succeed no matter what. It is one of the main reasons we’re seeing an influx of new NFT and digital asset projects in the blockchain stratosphere this year. Having said that, if you’re considering investing in blockchain, experts state that BudBlockz is easily the project you should start with. It is quickly rising to the top three spots for the best utility tokens.

Why BudBlockz is Making Big Waves in the Blockchain Industry 

That’s easy. The company has set out to introduce a platform based on a revolutionary idea. BudBlockz is looking to penetrate the legal cannabis and marijuana industry using a blockchain network and decentralized finance. It is shaping up to become the next best thing in terms of a safe DeFi platform that can be seamlessly accessed anywhere in the world. 

Moreover, BudBlockz will also offer exclusive benefits and perks to recreational and medical marijuana users, vendors, and businesses. In addition, the company is developing a legally compliant, secure, and private network for the cannabis industry where both businesses and consumers can meet and conduct transactions without worrying about anything. 

Unique Features and Real-World Benefits of BudBlockz

While BudBlockz is focused on generating a safe and streamlined marijuana-crypto platform, it is important to understand that the company is working on providing a lot of other incredible features. For example, the company launched its NFT collection (Ganja Guruz) on OpenSea and Rarible. BudBlockz NFT and token users will have the chance to become fractional owners of real-world cannabis businesses too! As a $BLUNT user, you will have the opportunity to earn dividends and become a serial investor! 

In addition, BudBlockz is also building an NFT marketplace that will operate 24/7 within the stipulated legal conditions and jurisdictions. The platform is going to put user safety and privacy first. As per expert analysis and insights shared by experienced blockchain investors, there’s no question the $BLUNT token is positioned to become the next big thing in tokenomics. Italong with several other advantages and use cases, makes BudBlockz a high-priority and continually growing blockchain project you should invest in. 

Bottom Line

BudBlockz is aiming to expand its cryptocurrency in different stages. Initially, the company targets legal cannabis and marijuana markets and countries where cannabis products are legal. However, the company will eventually spread its influence in other jurisdictions, so it is strongly recommended that you act now and invest in $BLUNT if you can. 

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

–

All other major cryptos mentioned in this articles are available to purchase from  leading exchange eToro 

“Bitcoin Will Survive But Crypto Winter Might Last Long”- Elon Musk

by

“Bitcoin will make it, but might be a long winter”, feels tech billionaire and Twitter’s new CEO Elon Musk. The Tesla and SpaceX top exec’s latest tweet on BTC shared his opinion to investor and podcaster Jason Calacanis and artist D. A. Wallach who were speculating on the coin’s prices in a year.

Calacanis who reportedly is one of Musk’s inner circle of allies often referred to as a “war-room” adviser.

The investor posed a question on where BTC would be in a year, given that it has already dropped over 76% during the previous 12 months.

The collapse of Sam Bankman-Fried-led FTX has impacted cryptocurrencies, shattering the connection those tokens formerly had to other financial assets. Experts feel this could indicate Bitcoin’s waning impact on the world market.

Although key cryptocurrencies started to rise on Nov 14, the gains did nothing to improve the mood of the market as a whole, which was dampened by remarks made by Federal Reserve Governor Christopher Waller that policymakers still had “a ways to go” with interest-rate hikes.

Bitcoin Investor’s Coin Withdrawal Reached Historic High

A recent report by Glassnode revealed that BTC investors have been gradually shifting their holdings to self-custody solutions in the aftermath of the collapse of the world’s second-largest crypto exchange last week.

The analytical platform reported that Bitcoin exchange outflows had reached close to historic levels of 106,000 BTC per month in a tweet on November 13.

It was also mentioned that this had only occurred three other times, in April 2022, November 2020, and June/July 2022. On November 9, there were roughly 90,000 Bitcoin wallets receiving the asset.

image 9
"Bitcoin Will Survive But Crypto Winter Might Last Long"- Elon Musk 8

Exchange outflows typically indicate a bullish sign that BTC is being held for the long run. In this instance, though, it seems to be the outcome of waning trust in centralized crypto exchanges.

As Glassnode noted, “positive balance changes across all wallet cohorts, from shrimp to whales” have been brought about by outflows.

“The failure of FTX has created a very distinct change in Bitcoin holder behavior across all cohorts.” On the price front, the dominant coin is exchanging hands at $16,800 and is up 1.38% in the last 24 hours.


Analysts Claim That Over $5.5 Billion in Bitcoin Sale by Institutions Triggered the Market Slump

by

According to an analyst at Arcane Research, the steep decline in the price of Bitcoin since May appears to have been caused by large institutional sell-offs.

Since May 10, “big institutions” have sold up to 236,237 Bitcoin (BTC), valued at $5.452 billion at the time of writing, most often as a result of forced selling.

Vetle Lunde, an analyst at Arcane Research, detailed how and when many institutional Bitcoin investors started dumping their holdings in a post on Twitter. “It all started with Do Kwon,” said Lunde.

It began with LUNA dumping 80,081 bitcoin in May

In an unsuccessful attempt to maintain the peg of its TerraUSD Classic (USTC) stablecoin in May, the Luna Foundation Guard (LFG), which managed the finances for the Terra project, dumped 80,081 BTC.

Some Bitcoin miners appear to have felt pressured to sell after Terra’s collapse. Lunde calculates that during May and June, miners sold 19,056 coins.

When selling more than their monthly output, miners in certain circumstances were probably using reserves.

According to Lunde, Elon Musk’s Tesla also clicked followed suit and sold 29,060 bitcoin at the end of Q2 when miner selling reached its high.

The Three Arrows Capital (3AC) cryptocurrency investment company was also over-leveraged and owes lenders 18,193 BTC as well as other currencies worth 22,054 BTC.

Despite intense sell pressure from institutions on the cryptocurrency markets, the BTC market has been impressively resilient.

Additionally, compared to the height of the 2017 bull market, trading volumes have stayed greater until the 2022 market slump. According to CoinGecko, the daily trade volume for BTC peaked on December 17, 2017, at $12 billion, and peaked at over $20 billion per day in July 2022.

Bitcoin Plummets to an 18-Month Low Causing a Bloodbath

by

In Asia trade Monday, bitcoin fell to its lowest level in over 18 months, as the fallout from Friday’s surprise US inflation statistics continued to resonate through global risk assets.

The world’s most valuable digital asset fell as much as 8.9% to $24,903.49, its lowest level since December 2020. As a general sell-off proceeded, other cryptocurrencies fell as well.

The MVIS CryptoCompare Digital Assets 100 Index, which tracks 100 of the most popular digital assets, fell as much as 9.7%.

Bitcoin’s fall can be attributed to Inflation

Traders are increasing their bets at a faster pace of Federal Reserve tightening after statistics released on Friday revealed that US inflation hit a new 40-year high in May.

“Cryptos remain at the mercy of the Fed and stuck in a merry dance with the Nasdaq and other risk assets.” “We’re hearing Bitcoin forecasts in the mid-teen and single-digit thousands which tells you the type of macro environment crypto is facing for the first time — and the levels of fear.”

Antoni Trenchev, co-founder and managing partner of Nexo

Cryptocurrencies, which have struggled in recent months as a result of the Fed’s policy, have been particularly badly struck. The Terra/Luna ecosystem’s collapse last month, as well as lender Celsius’s decision to halt withdrawals on Monday AM Asia time, have further weakened faith in the area.

Short-term investors are also fleeing as a result of the present bear market’s enormous sell-off. Short-term traders are unable to maintain their position in the market and must depart swiftly. Long-term investors take advantage of this opportunity to build up their holdings throughout this period.

The current bear market also demonstrates that long-term investors are suffering the largest unrealized losses.

Bitcoin Is Now Identified as a Legal Virtual Asset Property by the Shanghai High Court

by

A recent judgment from China’s Shanghai High People’s Court has given the country’s experiment with cryptocurrency a fresh twist. While China’s expulsion of crypto miners and other judgments had effectively restricted crypto trading and associated operations within its borders, the Shanghai ruling may provide some relief to the community.

The judgment in question found Bitcoin to be a virtual asset with economic value that is protected by Chinese law. “The People’s Court has established a unanimous view on the legal position of bitcoin in actual trial practice and designated it as a virtual property,” it wrote on its official WeChat channel.

In China, the highest municipal court is the high people’s court, which is preceded by the people’s courts and intermediate people’s courts.

They are directly controlled by the central government and have a structure that is identical to that of the Supreme People’s Court, which sits above them. In China, the Supreme People’s Court is the highest court.

120680469 069119230 1
Bitcoin Is Now Identified as a Legal Virtual Asset Property by the Shanghai High Court 10

China and Bitcoin

The High People’s Court was considering a lawsuit brought by Cheng Mou, another Shi Moumou, who was seeking the restoration of his (one) bitcoin. On October 10, 2020, Cheng Mou filed the complaint at Shanghai’s Baoshan District People’s Court, and Moumou was ordered to refund the bitcoin.

The defendant, however, declined to do so, and the case was sent to the Shanghai High People’s Court. While the case is still pending in China’s lower courts, the decision might be significant since it establishes a precedent for how virtual assets are viewed under Chinese law.

To date, the government has discouraged cryptocurrency trading and shunned miners in an effort to minimize energy use and discourage the entire business.

“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said in September last year. It also warned Chinese citizens that crypto trading could “seriously endanger the safety of people’s assets.”

According to Liu Yang, a lawyer from Beijing’s Deheng Law Firm, the high court’s declaration would serve as a reference judgment for civil issues concerning bitcoin in the Shanghai area.