TronWeekly

Crypto World News

You are here: Home / Archives for btc

btc

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.

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 2

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.

“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 4

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.


Here’s What XRP’s John E. Deaton Said To Bitcoin Maximalist

by

XRP representative and attorney John E Deaton of Rhode Island claimed that the token was used as a micropayment on Twitter long before Bitcoin and it is wrong to assume that only BTC can handle instantaneous, global micro-transactions at scale.

Deaton’s remarks were in response to Anthony Pompliano [aka “Pomp,”] a fervent fan and investor in Bitcoin endorsing the dominant cryptocurrency in the Twitter payment module after Elon Musk assumed charge of the social networking following a contentious legal battle.

It was rumored that the Tesla billionaire would transform Twitter into a “super app” that was capable of far more than just microblogging.

Prior to Deaton’s reaction, Pomp had previously been rebuked by “Crypto Eri,” the creator and host of the YouTube channel of the same name who said it was “insane” to assert that only the Bitcoin network could help Twitter deal with the problem of scalable and fast global micro-transactions.

John E Deaton Rallies Behind XRP

Deaton emphasized that since the token’s designation as a “virtual currency” by the U.S. Government Accountability Office in May 2014, “XRP holders have been using this peer-to-peer decentralized payment system, particularly on Twitter.”

He also mentions the XRP TipBot, which was described in May 2020 as “a multi-platform program that monitors social media posts on Twitter, Reddit, or Discord and allows one person to transfer another XRP.”

Further, Deaton made note of SpendTheBits, which is “a cryptocurrency payment software built on top of XRP Ledger that will enable users to spend their cryptocurrency at low cost & quick speed.”

That said, the majority of the cryptocurrency ecosystems have come in support of blockchain firm Ripple in the XRP/Ripple case to highlight the risks that the XRP, Ripple, and other digital currencies are at risk from the Securities and Exchange Commission.

The court recently approved the SEC’s request for an extension of the time for all parties to submit reply papers, which leads up to this current occurrence.

Twelve amici briefs have been submitted by various cryptocurrency exchanges, developers, companies, and even individual bodies, according to Ripple’s CEO Brad Garlinghouse.

Bitcoin’s Mining Revenue Hit Rock Bottom; Here’s Why

by

Bitcoin’s hash price which is revenue generated by miners on a per tera-hash basis has reached an all-time-low of $66,500k per exahash, as per data provided by Glassnode.

Hashrate Index’s most recent Q3 mining report has identified a number of factors that have contributed to a drastically lower hash price and greater cost to create 1 BTC. Changes in mining difficulty and the price of Bitcoin have an impact on this.

According to the Index, the American summer’s heat waves caused a decline in hash rate, which coincided with a minor rebound in the value of BTC. This provided some relief for the asset’s hash price in the middle of Q3.

But in September, when hash rates reached new all-time highs and the price of Bitcoin fell below $20k once more, the hash price began to approach record lows.

On the other hand, rising energy prices in North America and Europe further posed a threat to mining companies’ profit margins.

A “combination of mismanaged renewable energy policies, underinvestment in oil and gas, nuclear plant decommissionings, and Russia’s war with Ukraine,” which have driven up energy prices, have been particularly onerous on the latter.

Due to the decline in hash price, several miners using mid-range equipment struggled to meet ends. In the past, retail miners have either sold or abandoned rigs that could no longer be mined profitably.

Bitcoin Mining Becoming Too Expensive?

Some mining firms using mid-range equipment are having trouble making breakeven cost margins as hash prices have fallen. When rigs stopped being profitable to mine, retail miners resort to either sell or abandoned them.

Hashrate Index also issued a warning, stating that the third quarter might be a sign of things to come for the mining sector, including additional bankruptcies, distressed asset sales, and miner capitulation as the year comes to an end.

Co-founder of 21stParadigm and a senior analyst at UTXO Management, Dylan LeClair also pointed out that the hash price, or miner revenue per TeraHash, had just eclipsed the 2020 record low. The price slide has only just started, according to history and prior bad markets, he said.

At the time of publication, Bitcoin price hovered around $19,400, rising by 1.40% in last 24 hours.

XRP, ADA Riding High On “Crowd Bullishness” In Q4: Report

by

XRP along with Cardano [ADA], Bitcoin [BTC], and Binance Coin [BNB] is savoring positive crowd sentiment for the approaching Quarter 4, data aggregator Santiment indicated.

“The crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness have faded as traders anticipate a rebound here in Q4. XRP, ADA, BTC, and BNB all indicate crowd bullishness,” while adding ETH has turned “slightly bearish”.

In particular, as of October 20, the trader sentiment was at its most bullish in a month, and are anticipating a price rebound for the mentioned coins in Q4, Santiment wrote.

Bitcoin has a weighted sentiment of 0.52 among the highlighted assets. Ethereum [ETH], the second-ranked cryptocurrency by market capitalization, is the only prominent digital asset highlighted by the behavior analysis platform that is slightly bearish.

Positive crowd sentiment does not, however, always translate into similar price action. The market intelligence firm recently used Twitter to elaborate on how social media buzz dampens potential cryptocurrency bounce.

The crypto market experienced its highest level of social media optimism in the past two months during the spike on October 19.

Santiment noted that the market quickly responded in opposition to the sentiment of the crowd by dropping prices in both the cryptocurrency and equity markets until the excitement subsided.

image 20
XRP, ADA Riding High On "Crowd Bullishness" In Q4: Report 6

Although the long-term crowd sentiment has remained negative, it was noted that swing trades in October have been primarily influenced by the frequency of bullish and bearish calls.

Santiment concluded that cryptocurrency prices typically rise when social media platforms show that market sentiment is bearish. The opposite occurs, and prices decrease when the market sentiment is bullish.

The latest report, nevertheless, highlighted altcoins standing out in the crowd, especially the XRP token.

XRP Favourite Among Retail And Institutional Traders

The XRP token continues to be popular despite going through some difficult times. Many investors, both retail and institutional, use the asset to complete their various transactions.

The strength of RippleNet transactions is one of many elements that contribute to the XRP token’s success. In addition to this fact, the market’s outlook, an increase in whale activity, and listing updates are significant contributors to its expansion.

Cardano Founder Reveals How Wrapped BTC Can Boost Usage

by

Cardano founder Charles Hoskinson in his latest podcast spoke in detail on the Bitcoin network, mining, and the significance of wrapped bitcoin [wBTC].

BTC mining has come under heavy scrutiny for its impact on the environment with some studies comparing it to oil refining. Calling for an end to mining, Hoskinson said the king coin may leave on as wrapped Bitcoin on other networks.

Wrapped Bitcoin is BTC on smart contracts-enabled platforms like Ethereum [ETH], Cardano [ADA], and others. Typically wrapped cryptocurrencies enable crypto assets to be used on blockchains to which they are not native. 

Wrapped Bitcoin for one, is an Eth token that is intended to represent Bitcoin on the Ethereum blockchain.

Hoskinson emphasized that the Bitcoin blockchain is now primarily designed for mining. He claims that because the blockchain is not intended for that use, efforts to build atop it have had limited success.

According to the founder, wrapping can help increase Bitcoin’s usage and adoption by transferring every newly produced Bitcoin to the larger crypto ecosystem.

“[Wrapped Bitcoin] could be used in all kinds of Dapps and smart contracts and potentially be used by nation-states to create a means of exchange and unit of account to actually have a stable currency they could use with a sound monetary policy.”

He asserts that the wrapped Bitcoin is still Bitcoin because it still possesses all of the characteristics of the asset and predicted that more wrapped BTC would be on other blockchain networks in the next five years.

Cardano Founder Outlines How ADA is Primed For Mass Adoption

Hoskinson recently underscored the value of adopting an intellectual and scientific approach to the creation of the Cardano blockchain in an interview with Messari founder Ryan Selkis.

The blockchain’s method of development, according to Input Output Hong Kong [IOHK]’s founder may open the door for the entry of billions of new users into the cryptocurrency market.

“Every step of the way with Cardano, we just basically said we’re going to start from something that makes sense. We’re going to write papers. We’re going to validate those papers in the academic community. There are now over 150 of them that we’ve written as an ecosystem by top professors.”

Bitcoin LN Capacity Now Has $98M Locked Up

by

Bitcoin’s Lightning Capacity has hit a new record of 5000 BTC, roughly worth $98 million, data from Bitcoin Visuals showed.

The Lightning Network, a layer-2 payment mechanism built on top of Bitcoin’s foundation layer, enables very immediate transaction completion.

Users can send Bitcoin [or satoshis, the smallest unit of a Bitcoin] using the LN to send or receive money more quickly and with cheaper fees.

The amount of available liquidity increases as network capacity increases. Users may thus enjoy quicker payment processing times and possibly higher transaction volumes.

In August 2020 and July 2021, respectively, the layer-2 technology became the first to break the 1,000 and 2,000 Bitcoin barriers. In just 18 months, the capacity has doubled.

“We had modest and steady growth with Lightning capacity to begin, but since Jan[uary] 2021, the rise has been tremendous,” CoinCorner CEO Daniel Scott told in an interview.

Bear markets are used to expand the layer-2 Lightning Network’s capacity. Despite macroeconomic headwinds and dull price movement, the Lightning Network is still thriving.

First introduced in 2018, the LN has recently faced criticism. Influential Bitcoin users like Udi Wertheimer have talked about the network’s “collapse,” asserting that no one utilizes it.

However, the network’s capacity of 4,000 BTC was reached in June, and over the previous four years, it has developed into a trusted payment network that is well-liked in Gibraltar, the Isle of Man, and El Salvador.

Bitcoin’s Lightning Network Gets Major Boost

That said, LN market leader, Strike in collaboration with investors like Ten31, Washington University in St. Louis, and the University of Wyoming, has raised $80 million in funds.

The financial backing will support Strike’s initiatives to transform payments for the biggest retailers, online marketplaces, and financial institutions.

On the other hand, according to a job posting posted this week, the mobile software, cloud-based services, and business intelligence [BI] company Microstrategy is looking for a full-time Lightning Network software developer.

If hired, the developer will create a Lightning Network-based software as a service [SaaS] platform for the business that will connect with businesses searching for payment solutions as well as be utilized for e-commerce use cases.

“Buy More Bitcoin”- Robert Kiyosaki

by

Bitcoin along with silver and gold stands to benefit from the rising interest rates and United States dollar, author of Rich Dad Poor Dad Robert Kiyosaki, tweeted.

Calling the assets a “buying opportunity,” the businessman quoted, “When FED pivots and drops interest rates as England just did you will smile while others cry. Take care”

The day before, Kiyosaki said in an article that this “flip” might occur as early as January 2023, causing the U.S. dollar to “fall” in a manner similar to the newly devalued British pound.

Will the American dollar adopt the British pound sterling? It will, I think. After the Fed pivots, the US currency will crash, in my opinion, by January 2023, Kiyosaki predicted, adding that he “will not be a victim of the F*CKed FED.”

As reported by TronWeekly, the number of currencies leaving exchanges for Bitcoin was among the greatest in the previous three months. According to Santiment, 34700 BTC coins departed exchanges on September 30th, possibly indicating trader optimism heading into the fourth quarter.

“The last time at least this much $BTC left exchanges was June 17th, where prices jumped +22% the next 4 weeks”, the online data platform noted.

Bitcoin may experience significant corrections in 2022, but investor interest in the asset has increased. BTC’s trading volume has continually increased as the top cryptocurrency appears to live up to expectations of being a safe haven asset in the face of high inflation.

Bitcoin Has A 50-50 Chance Of Falling To Zero

However, commodities trader Peter Brandt is still standing by his long-standing forecast that the price of Bitcoin may eventually fall to zero. The chartist continues to think that there is a 50% possibility that such a disastrous event will occur.

The largest cryptocurrency, according to Brandt, has an equal probability of rising to a value of $250,000, noting that it has an “asymmetrical reward-to-risk trade.”

Even though the biggest cryptocurrency has been there for a while, there are always those who believe it will eventually vanish from existence.

The biggest critic of all time is Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, who recently stated that Bitcoin was “extremely likely” to reach zero and that it was also “dumb” and “evil.”

SHIB, XRP, ADA See A Spike In Social Media Discussions

by

Top 10 altcoins such as ETH, SHIB, ADA, XRP, etc are the most talked about tokens, on-chain data analytics platform Santiment revealed. On the other hand, Bitcoin and Ethereum have fallen by 16% and 25% over the last week.

Crypto markets have obviously taken a big hit over the past week, but it’s interesting to see where social interests have shifted. ETH, XRP, ADA, MATIC, and SHIB have increased in discussions, while most other assets are being discussed far less.

Interestingly, each cryptocurrency that made it to the list has at least one active or completed development. The presence of Ethereum, Shiba Inu, Ripple, and Cardano on the roster is therefore not surprising.

image 45
SHIB, XRP, ADA See A Spike In Social Media Discussions 8

Here’s What Is Driving SHIB, XRP, ADA, and ETH’s Social Interest

Memecoin SHIB achieved a three-month record for social media mentions in the latter part of August. Shiba Inu recently launched its Play-to-Earn [P2E] game, Shiba Eternity, for beta testing in Australia.

The project’s leading pseudonymous developer, Shytoshi Kusama, announced the other day that the game would soon go global.

Drawing similar traction is XRP due to the Ripple and SEC’s lawsuit that intensified after both the parties filed their applications seeking summary judgment. Many believed that the outcome would provide much-needed clarity on the token’s classification as a commodity or a security.

With regards to ADA, Vasil’s hard fork is hogging the limelight for the PoS ecosystem that has reached the end of the update as Cardano founder famously tweeted, “The Rocket is in the air.”

On the other hand, the second-largest altcoin, Ethereum, has undergone a smooth transition, which changed the Proof-of-Work protocol to Proof-of-Stake. But its prices continued to register a steep decline, reaching low as $1294 from $1772 this past week.

That said, the crypto market is likely to remain volatile in the near term as investors remain cautious in anticipation of the upcoming Federal Reserve rate hike on Sept. 20 and 21.

Many experts predicted that Bitcoin [BTC] will fall below its June low and continue to decline and the crypto market, in general, will be under pressure.

But if the FED does not shock the markets, anxious traders would take the opportunity to dive straight in, leading to a temporary relief recovery.