Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

Veröffentlicht am

MARA stock price forecast: technicals are supportive

  • Marathon Digital, a leading mining company, published strong results.

  • The company mined more bitcoins in Q1 than in the same quarter in 2022.

  • Marathon’s technicals on the daily chart are bullish.

Marathon Digital (NASDAQ: MARA) stock price moved sideways after the company published encouraging results. The shares were trading at $10.22, where they have been in the past few days. They have jumped by more than 277% from the lowest level in December.

Marathon Digital earnings

Marathon Digital, one of the best-known Bitcoin mining companies, published strong financial results, helped by higher bitcoin prices. Bitcoin jumped from a low of $15,500 in the quarter and ended the quarter at about $28,000.

Marathon’s metrics were better than where they were in the same period last year. It produced 2,195 bitcoins in the quarter as the average BTC produced per day were 24.4. Its installed hash rate jumped to 15.4. 

As a result, Marathon Digital’s revenue jumped to $51.1 million as the gains on the sale of bitcoin rose to $17.6 million. It boosted its cash balances by $12 million and reduced its overall debt by $50 million. It now has over $124 million in cash and 11,466 bitcoin. In a statement, the company’s CEO said:

“With more hash rate coming online in the months ahead, Marathon remains on track to reach our 23 exahash goal near the middle of this year. We remain optimistic that we can achieve our primary growth targets.”

MARA stock price forecast

So, is Marathon stock a good buy? The future of the stock will depend on the Bitcoin price in the next few months. If Bitcoin continues to underperform, then I suspect that the share price will remain under pressure in the next few months.

It is hard to predict whether bitcoin price will rise or retreat. However, with the Nasdaq 100 index in a bull market, there is a likelihood that bitcoin will also bounce back soon.

The case for a higher bitcoin price is also made by the fact that America’s inflation is easing, which means that the Fed will embrace a strategic pause. Further, Bitcoin tends to do well ahead of halving event. Halving will happen in April. As a result, analysts who talked to Bloomberg said that BTC could surge to as high as $100k in the next few years.

Technicals are also supportive of the MARA stock price. The shares are slightly above the ascending trendline shown in red and the 50-day exponential moving averages. Therefore, there is a possibility that the shares will jump to the next resistance point at $12.77, which is about 28% above the current level.

The post MARA stock price forecast: technicals are supportive appeared first on CoinJournal.

Veröffentlicht am

Why is the crypto market down today? BTC briefly slips below $27k

Key takeaways

  • The cryptocurrency market is down by roughly 1% over the past 24 hours.

  • Bitcoin briefly dropped to $26,990 earlier today before recovering to now trade above $27,500.

  • The dump came due to reports that there was a transaction with the United States government’s BTC wallet.

Why the crypto market is down today

The cryptocurrency market recorded a sharp spike in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading just above $28k earlier today.

However, BTC fell below the $27k level for the first time in more than a week, briefly touching the $26,990 mark before retracing its movement.

According to market experts, the sharp decline in Bitcoin’s price came as a result of a transaction from the United States government’s BTC wallet. 

Data obtained from Blockstream showed that 9819.01814463 bitcoins were on the move from the wallet. This large transaction was reflected in the market, with Bitcoin dropping below the $27k mark for the first time in a month. 

Bitcoin recovers to trade above $27,500

The dump didn’t last long, as Bitcoin is now trading above the $27k level once again. At press time, the price of Bitcoin stands at $27,502, down by more than 2% in the last hour.

Bitcoin is not the only cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, also dropped below the $1,800 mark earlier today before retracing to now trade at $18,36 per coin.

The post Why is the crypto market down today? BTC briefly slips below $27k appeared first on CoinJournal.

Veröffentlicht am

Bitcoin shorts surge on BitMEX, implications for Metacade price?

  • Metacade price rose to an all-time high after its presale and listing on major cryptocurrency exchanges.
  • Today’s Bitcoin price prediction highlights the implications for Metacade price as BTC is heavily shorted.
  • The week is key to investor sentiment with markets awaiting US inflation data.

Bitcoin (BTC) traded around $27,575 on Wednesday morning even as equities and other risk assets traded lower ahead of key US inflation data. While US Futures and European stocks edged lower, Bitcoin lumbered within a range that sees it down nearly 4% this past week.

On-chain data shows BTC is being heavily shorted as investor caution adds to the negative sentiment that has prevailed since the dip from highs of $30,000. What does the outlook for Bitcoin price mean for Metacade (MCADE)?

Bitcoin price prediction: crowd sentiment is negative but what’s the outlook?

The price of Bitcoin rose to $30,000 last Friday, with bulls looking to retest recent year-to-date highs. However, with sentiment flipping negative amid broader market anxiety and new FUD saw the benchmark cryptocurrency’s value dump to a weekly low under $28,000.

At current prices, Bitcoin is under fresh pressure with on-chain data showing bets on further declines have surged on crypto exchange and derivatives trading platform BitMEX. 

For the BTC price outlook, analytics firm Santiment points to Bitcoin’s funding rate, which is at its most negative ratio in nearly two months. While prices are likely to fall to support in the $25,000 region should a meltdown follow the CPI data and investor reaction to potential Fed rate hike path, the current crowd perspective has historically given way to new upside momentum.

Santiment says of BTC price prediction:

“Bitcoin’s funding rate on BitMEX is seeing its most negative ratio since the heavy bets against prices in mid-March, just before prices soared. Generally, price rise probabilities increase when the crowd overwhelmingly assumes prices will be dropping.”

This short term outlook for Bitcoin price will likely align with the anticipated new bull cycle ahead of the next halving. Altcoins are likely to see some action before then, and projects with greater ecosystem pull like Metacade could be stand out performers.

Metacade’s big GameFi ecosystem bet

Metacade is a play-to-earn (P2E) project looking to offer the gaming ecosystem an all-in-one GameFi and Web3 hub. As highlighted in the project’s whitepaper, the goal is to offer an arcade-style gaming platform where gamers, developers, and crypto enthusiasts connect, play and earn.

One aspect of Metacade’s unique approach to the gaming ecosystem is its rewards system. Unlike other traditional P2E platforms, MCADE offers complete utility as it allows for multiple earn revenues for token holders and investors via a strategy that will bring new game titles.

The team is also focused on incorporating leading industry gaming studios and developers, opening up the platform to growth into the ultimate GameFi environment.

The platform is set to go live soon and has a native token that will power transactions and interactions for users. The token, MCADE, concluded its presale successfully in April before going live on major exchanges Uniswap, BitMart and MEXC Global.

Is MCADE worth investing in in 2023?

Metacade’s MCADE token sold out swiftly during its presale, with investors scooping the allocated supply portion amid greater interest in what the project offers. Investors also saw the token’s value explode after the crypto market showed confidence in Metacade’s potential with listings on the highlighted exchange platforms.

Accomplishing roadmap milestones such as introducing Metagrants to support ecosystem development, and improving governance via a DAO, could help catapult Metacade into position as one of the biggest crypto gaming platforms.

The upcoming launch of the mainnet coupled with the diverse opportunities MCADE offers could be the catalysts that elevate Metacade’s price in 2023 and beyond.

Metacade price prediction

Market experts are long-term bullish on Metacade price, particularly on being a potential game-changer in the GameFi sector.

Metacade has a fixed supply of 2 billion MCADE tokens, with 1.4 billion tokens (70% of supply) available to investors during the presale. Demand for the token and removal from circulation via a burning mechanism should see buy pressure push the price higher long term as more people enter the Metacade ecosystem.

If we look at Metacade price today, we see its trading largely in tandem with the major altcoins. The forecast for MCADE price in the short term looks at the broader implications of Bitcoin ripping higher again to uplift the entire sector.

MCADE price hit an all-time high of $0.045 on 3 May 2023. The token’s current price is $0.024, down nearly 9% in the past 24 hours. MCADE/USD is also in negative territory on the weekly timeframe, although it trades above its Uniswap listing price level of $0.022 per token in April.

If the altcoin market dumps further, primary support for MCADE would be at around the mentioned buffer of $0.022. There’s a possibility of $0.020 and the all-time low of $0.014 could come into play incase of a deeper rot.

Should bulls regain control, a retest of the peak and targets of $0.1 in 2023 will likely be achievable. Meanwhile, the medium term price target could be $1 in 2024.

The post Bitcoin shorts surge on BitMEX, implications for Metacade price? appeared first on CoinJournal.

Veröffentlicht am

Nearly a million addresses hold more than 1 bitcoin, half the US median salary


Key Takeaways

  • The distribution of Bitcoin can be analysed through the transparent nature of the blockchain
  • Nearly 1 million addresses now hold more than 1 Bitcoin, equivalent to $27,500, or half the US median annual salary
  • As Bitcoin collapsed in price last year, falling 77% from peak to trough, the 1 Bitcoin hurdle became far easier to achieve

The funny thing about the blockchain is that, while it is impossible to know the identities of individuals or institutions behind a Bitcoin address, the distribution of the asset is readily available on the Internet for all to see. 

This means that we can study the distribution of coins across the network. For example, the largest holder of Bitcoin is the anonymous creator, Satoshi Nakamoto, at approximately 1 million coins, or over 5% of the entire supply. 

In digging deeper, however, we can assess how many people own certain thresholds of Bitcoin. Notably, one target is about to be hit: there will soon be 1 million addresses holding 1 Bitcoin or greater. 

The current number, as of 8th May 2023, is at 997,919 addresses containing 1 Bitcoin or greater, equivalent to $27,500. With the median US salary at $56,400 per year, 1 Bitcoin thus equates to roughly half of that – and a lot more in most other countries. 

To be clear, one Bitcoin address is not equal to one person, so this doesn’t necessarily mean 1 million people own 1 Bitcoin. Certain individuals are in control of multiple Bitcoin addresses, while some addresses may belong to institutions or groups of people. But it is the best approximation we have, as like we said above, it is impossible to know the identity behind these addresses. We just have an alphanumeric code on the blockchain, which is the beauty of it. 

The one million addresses represent just over 2% of the total number of non-zero addresses on the Bitcoin network. 

“For a long time, one Bitcoin was just a small amount of money. It was only ten years ago that it first crossed the $100 mark. Then in 2017, it passed $10,000 for the first time. It is remarkable to be sitting here now with nearly one million addresses containing at least one Bitcoin, despite how expensive it has become”, said Max Coupland, director of CoinJournal. 

How does the distribution change as Bitcoin’s price moves?

Obviously, Bitcoin’s price is incredibly volatile. Back in November 2021, the price of Bitcoin was nearly $69,000, well clear of the median wage in the US. Since then, the asset’s price has collapsed. Despite rising 66% thus far this year, it remains 60% off its peak. 

Therefore, this has made owning certain amounts of Bitcoin a lot more achievable. In plotting the pattern of Bitcoin addresses holding more than 1 Bitcoin against the price of Bitcoin, there is a clear shift upward in trajectory from the spring of 2022, when the price of Bitcoin began to crater downwards.  This followed a period of levelling off during COVID as the price of Bitcoin went parabolic, surging from $7,000 at the start of 2020 to nearly 10X that by late 2021.

When comparing the growth in addresses holding 1 Bitcoin to total (non-zero) addresses on the network in the next chart, one can see that non-zero addresses have grown at a much more steady pace, with the pickup in early 2022 of addresses holding 1 Bitcoin or more not matched. This makes intuitive sense, as the world is on a dollar standard, and less dollars required to buy 1 Bitcoin means more people can hit that hurdle. 

Despite the hurdle of owning more than 1 Bitcoin becoming easier to achieve, it is still a lot of money. If Bitcoin ever retakes the levels it did during its pandemic boom, the trajectory of people reaching this elusive “whole coiner” status will again slow, as it simply will not be possible. Of course, Bitcoin’s price can always go the opposite way, in which case it won’t be quite such a difficult – or desirable – target. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

The post Nearly a million addresses hold more than 1 bitcoin, half the US median salary appeared first on CoinJournal.

Veröffentlicht am

Here’s why the Bitcoin SV (BSV) price just went vertical

Bitcoin SV price surged to the highest level since March 1 as investors moved to the coin, which is an alternative to BTC. BSV jumped to a high of $42.10, which was about 48% above the lowest level this year. The coin’s market cap has jumped to more than $748 million.

Is this a pump-and-dump scheme?

There was no news that pushed Bitcoin SV higher on Tuesday. A likely reason why the BSV is rising is because some investors believe that it is a better alternative to Bitcoin. As we wrote in this article on Monday, Bitcoin’s fees jumped on Monday because of elevated congestion in the network. 

As a result, Binance, the biggest crypto exchange in the world, suspended Bitcoin withdrawals several times on Monday. Bitcoin SV, which has less volume than the main Bitcoin, is therefore seen as a better alternative. For one, its transactions take less than 2 seconds to complete while the average transaction fee is about $0.0001. Also, the network can handle over 50,000 transactions per second (tps).

However, it is worth noting that the BSV price rally could be a pump-and-dump scheme. This is a situation where insiders or large holders buys an asset, promote it, and then exits at a profit, leaving buyers holding the bag. This situation is common among low-volume coins like Bitcoin SV.

Bitcoin SV price prediction

The daily chart shows that the BSV price has been in a strong bearish trend. It has crashed by over 90% from the highest point on record. The coin has also moved below all moving averages. It moved slightly above the crucial resistance point at $34, the lowest point on November 22 last year.

Therefore, I believe that this Bitcoin SV rally does not have legs. As such, there is a likelihood that it will resume the downward trend to where it was before it jumped. This could see it retreat to the next key support at $30.

The post Here’s why the Bitcoin SV (BSV) price just went vertical appeared first on CoinJournal.