Kategorie: Bitcoin News

• Crypto Fear and Greed Index is currently in the “fear” zone with a score of 30.
• This is the lowest sentiment measure for Bitcoin (BTC) in nearly 18 months.

The Crypto Fear and Greed Index, a measure of market sentiment for Bitcoin (BTC) and the broader crypto market, has dropped to 30, the lowest score it has reached in over one and half years.

While BTC has traded lower during the current market cycle and the Crypto Fear & Greed Index has fallen into the “fear” zone, this is the first time it has done so since January last year.

Crypto Fear & Greed Index drop to 30

As Bitcoin price slipped below $60,000 on Monday, June 24, the index score nosedived more than 20 points to drop into the “fear” zone.

The decline means the Bitcoin Fear & Greed Index is currently trending at levels last seen in January 2023. At the time, Bitcoin price was trading around $17,000 after the market reaction to the industry’s most shocking collapse so far – the implosion of the FTX crypto exchange.

In May this year, Bitcoin price fell to lows of $56,500 and the index’s score dipped from neutral to fear.

A bounce in price saw sentiment improve significantly to push the Fear & Greed Index to 74. “Greed” dominated then as Bitcoin broke above $71k, but that score flipped neutral and within hours on June 24, reached the 30 mark.

Mt. Gox repayments and German government selling

Catalysts for the latest declines include the Mt.Gox repayments news.

A notice on Monday indicated that the exchange will begin repaying customers who’ve waited since the 2014 hack. Mt.Gox customers will receive Bitcoin and Bitcoin Cash. 

Over $8.5 billion worth of BTC is with the exchange’s trustee. In April, analysts at K33 Research warned that Mt.Gox’ Bitcoin repayments could impact prices.

Also attracting negative sentiment is the selling of Bitcoin by the German government. After sending 1,700 BTC to exchanges last week, including Coinbase and Kraken, Germany is at it again. 

On Tuesday, Lookonchain shared on-chain data tracking wallets linked to the 50,000 BTC seizure the German government made early this year. The details show another 400 BTC deposited in CEXs.

The post Crypto Fear and Greed Index hits 30, lowest level in 18 months appeared first on CoinJournal.

• Winklevoss twins donate $2M in Bitcoin to Donald Trump’s campaign.
• The Gemini founders cited Trump’s pro-business and pro-crypto stance as reasons for their support.
• Trump’s campaign recently announced that it would start accepting crypto donations.

The founders of Gemini, Cameron Winklevoss and Tyler Winklevoss, commonly referred to as the Winklevoss twins, have each donated $1 million worth of Bitcoin (BTC) to the campaign of former president Donald Trump.

The twins’ decision to donate such a substantial amount in Bitcoin marks a significant step in the intersection of technology, finance, and political fundraising. It underscores the growing influence of cryptocurrency in mainstream politics, where digital assets are increasingly becoming a viable form of campaign contributions.

Supporting Trump for his pro-crypto stance

Announcing his donation, Tyler Winklevoss articulated his support in a statement shared on X, emphasizing Trump’s favorable stance on crypto and business. He criticized the Biden Administration’s approach, accusing it of aggressive tactics against the crypto industry.

Similarly, Cameron Winklevoss echoed his brother’s sentiments, portraying Trump as a proponent of Bitcoin and cryptocurrencies, aligning with their business interests and regulatory concerns.

Trump’s position on cryptocurrency

Donald Trump’s acceptance of Bitcoin donations from the Winklevoss twins reflects his evolving stance on cryptocurrency.

While specifics on Trump’s cryptocurrency policies during his presidency were limited, his campaign’s acceptance of Bitcoin donations signals a willingness to engage with the digital asset community. This move contrasts with the cautious approach of the current administration to cryptocurrency regulation, indicating a potential shift in political strategy regarding digital finance.

Recently, Trump sat down with Bitcoin mining experts and executives at the Mar-a-Lago Club in Palm Beach, Florida, discussing how the U.S. needs to be at the forefront when it comes to Bitcoin issues.

With various government agencies scrutinizing digital assets, the Winklevoss twins’ donation to Trump may serve as a catalyst for discussions on how political candidates and parties perceive and integrate digital currencies into their campaigns.

The post Donald Trump receives $2M Bitcoin donation from Winklevoss twins appeared first on CoinJournal.

• Bitcoin and Ethereum have jumped by over 50% this year.

• Meme coins like Floki, Pepe, and Book of Meme have done much better.

• Memeinator is one of the fastest-growing names in the industry.

Many meme coins are doing better than big cryptocurrencies like Bitcoin, Ethereum, and Ripple in 2024. Bitcoin and Ethereum have jumped by more than 50% this year while Ripple has dropped by over 20%. 

Meme coins are thriving

On the other hand, meme tokens like Floki, Book of Meme, and Pepe have done much better. Floki has soared by over 450% this year while Pepe has jumped by over 700% in the same period. 

The same is happening among other meme coins like dogwifhat, Bonk, and Book of Meme, which have all doubled this year. As a result, all meme coins tracked by CoinGecko and CoinMarketCap have gained a market cap of over $60 billion, making them bigger than well-known companies like Lazard, General Motors, Ford, and Stellantis. 

This trend could continue as more traders seek refuge in meme coins and celeb-themed tokens. For example, earlier this week, Rapper Iggy Azalea’s MOTHER token gained a market cap of over $300 million. It was then passed by DADDY, the new token being promoted by Andrew Tate, the popular provocateur.

Meme coins do better than big coins like Bitcoin for two main reasons. First, they tend to be driven by hype and momentum. Second, unlike Bitcoin, these tokens are easy to manipulate since most of them are usually held by insiders.

Third, meme coins trade for lower notional value than Bitcoin. While Bitcoin was trading at $67,000 on Saturday, Memeinator was going for $0.01820 while tokens like Pepe and Minu were going for much lower.

As a result, traders argue that buying cheaper meme coins will always generate a better return than investing in bigger coins. For example, while it is easy for Pepe to double, it takes longer for Bitcoin to do the same.

Memeinator to be in focus

Meanwhile, many crypto traders are now focusing on Memeinator, one of the fastest-growing meme coins.

The token, which concluded its token sale recently, has already achieved listings by some of the leading exchanges in the industry like Uniswap and MEXC. The developers are hoping to get listings by other exchanges in the coming months.

Memeinator is a cryptocurrency that seeks to take advantage of several key themes in the industry. It is aiming to join the meme coin craze that is spreading in the crypto sector. 

In addition to that, the developers hope that it will benefit from the artificial intelligence theme that has become the biggest one globally. Apple launched its Apple Intelligence suite of products while Mistral AI raised over $600 million from investors. 

Further, Memeinator aims to be a leading player in the gaming industry. They are now building the Meme Warfare game that will reward users for winning. You can learn more about Memeinator here.

The post Memeinator in focus as most meme coins beat Bitcoin in 2024 appeared first on CoinJournal.

• Riot Platforms offers $950M to acquire Canadian Bitcoin miner Bitfarms.
• Bitfarms is facing leadership turmoil amid CEO Geoffrey Morphy’s lawsuit.
• The merger would create largest publicly listed Bitcoin miner by capacity.

Riot Platforms, a prominent Bitcoin miner and Bitfarms’ largest shareholder, has made a hostile takeover offer of $950 million for Bitfarms, a Canadian Bitcoin mining company.

Riot’s buyout offer represents a 24% premium over Bitfarms’ one-month volume-weighted average share price as of May 24, 2024.

Shareholders to own 17% of Bitfarms after Riot’s takeover

Riot Platforms, already the largest shareholder in Bitfarms with a 9.25% stake, had initially approached Bitfarms’ board with a private offer on April 22.

However, following the rejection of the offer, Riot has now taken the proposal public.

The deal would involve a combination of cash and common stock, with Bitfarms shareholders standing to own approximately 17% of the merged entity.

Bitfarms’ disputes with former CEO

The timing of Riot’s bid coincides with a period of transition and turmoil within Bitfarms’ management. The company has been grappling with the departure of its CEO, Geoffrey Morphy, who was dismissed in May amidst a legal dispute.

Morphy’s abrupt exit and subsequent lawsuit against Bitfarms for breach of contract and wrongful dismissal have raised questions about the company’s leadership stability and governance practices.

Riot Platforms has seized upon these developments to assert its case for the acquisition, alleging that certain directors, including Bitfarms’ co-founders Nicolas Bonta and Emiliano Grodzki, may not be acting in the best interests of shareholders.

Riot has pledged to push for the addition of new, independent directors to Bitfarms’ board through a special shareholders meeting scheduled after the company’s upcoming Annual General and Special Meeting on May 31.

Bitfarms’ disappointing earnings compared to Riot Platforms

Notably, Bitfarms’ disappointing earnings in 2023, despite a costly technical upgrade, have contributed to its vulnerability.

Analysts had expected better performance post-Bitcoin halving, but Bitfarms’ April earnings dropped 29% year-on-year.

In contrast, Riot reported a 131% increase in net income in Q1 2024, reaching $211 million.

If successful, the combined entity would emerge as the largest publicly listed Bitcoin miner, boasting significant self-mining and power capacities.

Riot Platforms envisions leveraging this enhanced scale and operational efficiency to drive future value creation for shareholders and strengthen its competitive position in the burgeoning cryptocurrency mining industry.

The post Riot Platforms wants to buy Bitfarms for $950 million appeared first on CoinJournal.