Kategorie: Bitcoin News

• Bitcoin price plummeting after FTX’s implosion in November provided shrimps – people with less than 1 BTC an opportunity to add to their balances at low prices.
• According to new on-chain data tracking shrimp holdings, the cohort bought 96.2k more BTC in the 30 days after FTX collapsed.
• The cohort’s holdings saw an all-time balance increase in the month and currently hold roughly 6.3% of bitcoin supply at 1.21 million.

Despite the continued selling across the crypto market over the past month, Bitcoin ‘shrimps’ – wallets holding less than one BTC – have added massively to their overall balances since the FTX’s implosion.

According to the latest data compiled by crypto exchange Bitfinex, investors have sold Bitcoin at a loss over the past 30 days as contagion fears and other macro factors combined to sink sentiment. But amid the widespread selling, there has been a significant accumulation drive from both shrimps and ‘crabs’ – wallets with up to 10 bitcoin.

Analysis of the on-chain balances of these two cohorts suggest that a portion of small retail investors have indeed been unfazed by the negative sentiment and jitters around FTX. Simply, wallets with less than 10 BTC have used the downturn in prices to buy Bitcoin.

Shrimps added 96.2k BTC since early November

As some investors panic-sold after the shocking news of FTX’s collapse, a few people took the opportunity to buy low. In November, Bitcoin price fell sharply below $20,000 and went all the way to levels beneath $16,000.

Weak hands sold as hodlers took advantage. And according to the Bitfinex report, its not just whales who might have seized on the prevailing sell-off. 

Shrimps buying the dip managed to add more than 96,000 bitcoins to their wallet balances. In fact, data puts it down to 96.2k BTC that shrimps bought since FTX collapsed, with the purchases accounting for an all-time high increase in the cohort’s wallet balances.

According to the statistic, shrimps now hold more than 1.21 million bitcoins to account for roughly 6.3% of the benchmark cryptocurrency’s circulating supply. 

As of writing, on-chain data sows the circulating supply of Bitcoin is 19.23 million coins, while addresses richer than $1 stand at nearly 34 million.

Wallets with less than 10 BTC also buy the dip

Crab, as noted above, are wallets that hold less than 10 bitcoins. Data by Glassnode shows that this cohort bought 191.6k BTC in the 30 days after FTX’s collapse. The group’ net position change during this period saw total balance also swell at an all-time high increase, with the month higher than in July 2022 when crabs bought 126k BTC following the May/June turmoil.

So what does this statistics reveal? According to the report, its likely retail investors are breaking from past behaviour of heavily selling during bear cycles.

Investor bullishness on Bitcoin is thus a mark of the new wave of resilience even as the market stares at potentially more pain with Bitcoin price poised near $17,000.

The post Bitcoin shrimps defy FTX implosion to add a record BTC to their holdings appeared first on CoinJournal.

• Bitcoin casinos have seen tremendous growth over the past decade following the launch of the benchmark cryptocurrency.
• Crypto casinos differ from traditional casinos when it comes to use of cryptocurrencies for deposits nd withdrawals.
• Benefits of Bitcoin casinos include zero fees, anonymity and security.

Online gambling has been one of the biggest success stories of the 21st century, generating billions of dollars in revenue and offering players all sorts of amazing games. These platforms first started appearing in the early 2000s and are abundant nowadays. Over the last decade, cryptocurrency casinos have expanded rapidly, offering more rewards if you play casino with Bitcoin.

This is appealing for several important reasons. Bitcoin and other cryptocurrencies offer full anonymity to players, so they can be much more attractive to people concerned about online privacy. Cryptos can also be more secure than other payment methods, due to their unhackable nature. Additionally, Bitcoin transfers are generally instantaneous, so players can focus more on playing and less on the fiddly bits surrounding deposits and withdrawals.

Want to know more about Bitcoins casinos and how they work? Fortunately, we’ve got all the knowledge you need right here. Keep reading for an exploration of these platforms, instructions on how to play, and what the future holds.

Bitcoin: a brief summary

Before we get into Bitcoin casinos, let’s take a minute to confirm you understand what Bitcoin is and how it works. This entirely digital currency has no real-life form and works independently of central banks or other financial institutions. It’s a P2P payment system relying on innovative blockchain technology to record transactions and maintain complete fairness, using a decentralized system.

Bitcoin, the first cryptocurrency of its kind, was invented by Satoshi Nakamoto in 2009. It took a few years to get off the ground but by the mid-2010s, the buzz was considerable. Although it’s still known primarily as an investment asset, Bitcoin is rapidly gaining more and more real-world functionality. Bitcoin casinos are spearheading the movement – learn more below.

What are Bitcoin casinos?

Understanding the concept of Bitcoin casinos is remarkably simple. These platforms are almost identical to a conventional online casino. The primary difference is you can deposit and withdraw using Bitcoin or other cryptocurrencies. This is in stark contrast to normal casinos, where payment methods are generally limited to conventional online banking.

Bitcoin casinos can differ in other aspects. Most importantly for players, these sites often offer more generous promotions than their conventional counterparts. The game selection can also be more high-tech, with trailblazing new concepts like crash games being made available.

How to play on Bitcoin casinos: a step-by-step guide

To demonstrate just how easy the process is, here is a quick step-by-step rundown of how to play on Bitcoin casinos:

• Find a suitable Bitcoin casino platform.
• Click “Register” and fill in the necessary information.
• Verify your email address to complete account creation.
• Deposit using your Bitcoin wallet.
• Choose a game to play and get stuck in!

What are the benefits of using Bitcoin casinos?

Numerous significant benefits of Bitcoin make it perfect for use on online casino platforms. Its decentralized nature means it is safe from financial crises and market crashes, while it can also be used with complete anonymity. Here are a few main benefits for players:

• Fees: Using Bitcoin at casinos doesn’t require any transaction fees. All payments are completely free, so you needn’t lose out on any of your hard-earned winnings.
• Speed: Bitcoin transactions are instantaneous, making it a perfect way to top up your bankroll. No more waiting around waiting for your deposit to clear!
• Anonymity: Depositing with Bitcoin doesn’t require any personal information, so you can stay 100% anonymous. This is contrary to other sites, where you must give your name and address at the very least.
• Security: Using Bitcoin at online casinos is also seen as more secure than conventional payment methods. Hacking into a crypto wallet is incredibly difficult, so you shouldn’t have any problems even if the platform itself is compromised.

Tips to win more on Bitcoin casinos

Now we’ve explained the basics and benefits of Bitcoin casinos, let’s explore some of the best strategies to ensure you win as much as possible:

• Play slots with high RTP (the average is 96%, so look for games above this).
• Practice games for free in demo mode before committing real money.
• Maintain a healthy bankroll to avoid going bust.

What does the future hold for Bitcoin casinos?

Crypto analysts such as Benjamin Cowen are constantly trying to predict the future of Bitcoin. While it can be difficult to foresee the currency’s value over time, there is one thing that is certain: Bitcoin casinos are here to stay!

The post What are Bitcoin casinos and how do they work? appeared first on CoinJournal.

• Bitcoin has lost a weekly 1.52%, and bear pressure is high

• A quantitative analyst expects a bottom in around 3 months but says Bitcoin is attractive

• Bears have an edge as long as BTC does not recapture $19,000

Bitcoin (BTC/USD) has lost 1.52% in a week as most cryptocurrencies struggle. Despite recovering slightly by 0.25% in the day, the price of the largest cryptocurrency was struggling to retain the $17,000. As of press time, BTC was trading at $16,860. That has raised questions over the potential of Bitcoin to recover to the $19,000 resistance. 

But a renowned crypto analyst thinks Bitcoin is a bargain at the current low valuation. The crypto analyst dubbed PlanB expects Bitcoin to rally at least 5,800%. Consider that Bitcoin is trading at about 4 times less value than its all-time high of over $68,000. Reflecting on the stock-to-flow model, the analyst says the current BTC price is a “steal.”

Typically, the stock-to-flow model assesses assets’ value by comparing their current price to the supply. In his view, if we consider BTC’s original 2019 model or the $55,000 model, BTC’s next halving could catapult prices to $100k-$1 million. He expects the supply to be squeezed in 2024, around the halving event. But how about the short-term price?

PlanB opines that BTC’s bottom could occur in around three months. He says the price of BTC hits the bottom 18 months from the record high.

BTC is struggling to rise at the 20-day MA

BTC/USD Chart by TradingView

From the daily chart technical outlook, BTC’s upside is limited. Although the price has kept the $16,000 support intact, bears are exerting pressure as prices recovered above the 20-day MA. 

The RSI is pointing lower and sliding further from the 50-midpoint reading.

Will BTC remain bearish?

The limited upside on BTC price indicates that the bear market is far from over. The $19,000 remains the crucial resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today Disclaimer

The post Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal” appeared first on CoinJournal.

Over the last few months, the crypto market has largely been pretty serene. Bitcoin had been in crab motion around $20,000 for quite a while, as it plodded along while waiting for the wider macro conditions to make a move.

I wrote in late October to be cautious around this price action, and that Bitcoin could be one bearish event away from an aggressive downward wick. What I did not except was that event to be shake crypto to its bones, as one of the blue-chip companies in the space, FTX, inexplicably descended into insolvency.  

This obviously shook markets. Last week I assessed how the flow of bitcoins out of exchanges has been fierce, as people’s trust in these central entities to store their coins was understandably at an all-time low. 

In fact, I saw yesterday that 200,000 bitcoins have left exchanges since the FTX implosion. But now, the data suggests that the market is calming down a bit. And again, it seems like we may enter crab mode until macro provides an impetus one way or another – or an unexpected crypto-specific development comes out of the woodwork. 

The first way to demonstrate that the dust is beginning to settle is by looking at Bitcoin’s volatility. This obviously spiked as Sam Bankman-Fried’s “games” were revealed to the public. But after remaining elevated throughout the last few weeks, it has fallen back down to more standard levels in the last few days.  

Another way to view this is the falloff in large transactions. These transactions (defined as greater than $100,000) jumped up in the few days around the bankruptcy, but have fallen gradually since, back to the same levels we have seen throughout much of 2022.

Another useful metric to track is the net realised profit or loss of moved coins. This spikes in times of crisis as the price abruptly drops, before typically coming back towards the $0 mark as the markets calm down.

The below chart shows this well, with trades on November 9^th netting an ugly $2 billion loss, before November 18^th then topped this with a $4.3 billion loss. That is lower than the worst mark post-Celsius crash ($4.2 billion loss) and Luna ($2.5 billion loss).

This reflects the continued downward pressure on Bitcoin’s price, but the trend has bounced back up to close to zero again.

FTX was a central part of the ecosystem, and its bankruptcy understandably rocked the market. As I wrote recently, this contagion is not over.

Yet data from the last week or so suggests that normalcy is returning to the crypto markets. Going forward, it may tread water again for a while. With China opening up post-lockdown, the latest inflation numbers imminent and the EU ban on Russian crude imports, macro certainly has a lot going on. 

Crypto investors will just need to hope that the crypto-native scandals are out of the way for the time being.  

The post Normalcy returning to crypto markets, on-chain data shows appeared first on CoinJournal.

• Bitcoin is trading below $17k once again after losing roughly 2% of its value today.

• Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year. 

• The total crypto market cap is also down by nearly 2% in the last 24 hours.

Bitcoin mining difficulty dips by 7.2%

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. At press time, the price of Bitcoin stands at $16,900 and could dip lower before the end of the day.

This latest cryptocurrency news comes after BTC.com revealed that Bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent decline in Bitcoin mining difficulty is the biggest one since the 28% plunge recorded following China’s crackdown on mining in the summer of last year.

The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap stands at $851 billion, down by 1.9% so far today.

Ether, the second-largest cryptocurrency by market cap, isn’t fairing any better. ETH is down by nearly 3% today and is now trading at $1,256 per coin.

Key levels to watch

The BTC/USD 4-hour chart remains bullish despite BTC underperforming over the past few hours. This is because BTC is still in the green zone when you look at its seven-day performance.

The MACD line remains above the neutral zone but has been declining and could enter the negative region if the bears remain in charge. The 14-day RSI of 50 shows that BTC could enter the oversold region in the near term unless the bulls regain control of the market.

With the bears now in control, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish run, the bears could find it tough to drop BTC’s price below the $15,909 support level. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today Disclaimer

The post Bitcoin dips by 2% today as mining difficulty falls by 7.2% appeared first on CoinJournal.