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Bitcoin miner solves block alone, grabs $180,000 reward

A Bitcoin miner accomplished the rare feat of processing a block solo, earning around $180,000.

On Sept. 10, Block 860749, containing 5,935 transactions, was mined by Solo CK, a mining pool that combines the hashrate of smaller miners but rewards only the one who solves the block. The successful miner used 629 petahashes, just 0.098% of the total 644.91 EH/s securing the blockchain.

The Bitcoin hashrate hit a record 742 EH/s on Sept. 1, up 62% from the previous year. Higher hashrates increase energy costs and make it harder for solo miners to validate blocks. Solo miners have only solved 290 blocks out of 859,000 since Bitcoin’s launch in 2009.

Large mining firms like Bit Digital, Riot Blockchain, and Marathon Digital typically validate the most blocks due to their massive hash power.

Solo CK has solved 14 other blocks in the past year, earning 59.3 Bitcoin, worth $3.4 million. Recently, on Aug. 30, a miner from Solo CK earned nearly $200,000 for processing a block, while another miner received around $210,000 on July 25 for solving block 853,742.

Bitcoin drops on Trump-Harris debate with BTC price down 2.2% pre-CPI

Bitcoin's recent gains faded on Sept. 11 as the U.S. Presidential debate left crypto investors disappointed.

Bitcoin faces sell pressure ahead of CPI release

Bitcoin's price dropped by $1,000 within an hour before the daily close, reaching a low of $56,099 on Bitstamp. This reversal followed a lack of clear support for crypto policy from Donald Trump or Kamala Harris during the debate.

"The crypto market was disappointed by the lack of comments on crypto policy," noted QCP Capital in a message to its Telegram subscribers, suggesting a potential "risk-off move" in assets leading up to the U.S. Presidential election in November.

Meanwhile, the focus shifted to the August Consumer Price Index (CPI) data, which was expected to show a print of 2.55%, down from 2.9% previously. However, QCP Capital anticipated minimal market impact from the CPI, with attention turning to upcoming unemployment data.

Recent unemployment figures have caused brief BTC price volatility but failed to establish a clear trend. Crypto analyst Michaël van de Poppe suggested that the current dip is a typical pre-CPI event correction, adding, "We'll be good if $55-56K holds."

Moving averages create BTC price resistance

Popular trader Daan Crypto Trades highlighted a pattern on the 4-hour chart, showing BTC/USD struggling to break above the 200-period simple and exponential moving averages (SMA and EMA). These trend lines were at $59,200 and $58,840, respectively.

"Bulls would want to retake those to get a further bounce going," he commented, noting the significance of these moving averages in determining market strength or weakness.

Bitcoin still 10% down post-halving amid record delay to all-time high

Bitcoin is facing an unprecedented delay in reaching a new all-time high following its latest halving, according to prominent trader Peter Brandt. In his latest analysis on X, Brandt highlighted that Bitcoin's previous peak from 2021 remains unchallenged, even when adjusted for inflation.

Brandt: Bitcoin Lacks Momentum

Since reaching its last all-time high in mid-March, Bitcoin’s price action has been a source of disappointment for bulls and a challenge for new investors. Despite attempts to push higher, the market has yet to reclaim the $73,800 level that Brandt has noted. Following the most recent block subsidy halving in April, a record amount of time has passed without Bitcoin entering a new phase of price discovery.

Brandt, known for his unique cycle analysis, explained that he measures Bitcoin’s cycles differently than most. He begins his cycle analysis from the previous bear market low, which he identified in November 2022, and tracks the peak expected before the next halving in March 2024. So far, Bitcoin has not surpassed this anticipated peak, and when adjusted for inflation, the 2021 high of $69,000 remains a significant resistance level.

This perspective adds weight to the $69,000 mark, which could serve as a formidable barrier that Bitcoin must overcome if it is to sustain a meaningful recovery.

Bitcoin’s Struggles Continue Despite Fed Rate Cut

The outlook for Bitcoin remains cautious, with many analysts suggesting that it is still far from out of danger. Despite the upcoming easing of U.S. financial policy, on-chain analytics platform CryptoQuant recently indicated that Bitcoin’s price movements might continue to be "frustrating."

Crypto Dan, a contributor to CryptoQuant, noted in a Quicktake blog post that while a short-term rebound could occur due to positive market sentiment surrounding the anticipated U.S. base rate cut on September 18, the overall market atmosphere might not change significantly. If the market sentiment does not improve dramatically.

Bitcoin's price is experiencing a downturn today, reflecting broader declines in global risk markets amid growing concerns about the economic outlook.

Recession Fears Weigh on Bitcoin and Stocks

Bitcoin’s Rising Wedge Breakdown in Progress

Technical analysis suggests that Bitcoin’s losses on Sept. 4 are part of a breakdown phase in a rising wedge pattern.

A rising wedge is identified by two ascending, converging trendlines. The pattern typically resolves when the price breaks below the lower trendline, leading to a decline equal to the maximum distance between the upper and lower trendlines, signaling the breakdown phase.

Given this pattern, Bitcoin’s downside target for September is around $54,000, representing a further 4.5% drop from current levels.

Conversely, a rebound from Bitcoin’s current support—the 0.618 Fibonacci retracement level around $56,300—could invalidate the wedge breakdown scenario, potentially pushing the price toward the 0.382 Fib line around $59,000, a gain of approximately 5% from current levels.

Why is Bitcoin price down today?

Bitcoin's price is experiencing a downturn today, reflecting broader declines in global risk markets amid growing concerns about the economic outlook.

Recession Fears Weigh on Bitcoin and Stocks

As of Sept. 4, Bitcoin (BTC) has dropped 3.30% to around $55,600, its lowest level in a month. Similarly, S&P 500 futures have declined 0.4% after suffering their worst performance since the Aug. 5 market meltdown.

Crypto traders are bracing for increased market volatility as they await crucial economic data to gauge whether the United States is edging closer to a recession and how the Federal Reserve may respond with policy adjustments.

A jobs report due on Sept. 4 is expected to show a slowdown in the labor market, following data that indicated a fifth consecutive month of declining manufacturing activity. As the focus shifts from inflation to economic growth, weak macroeconomic data is exerting pressure on both stocks and risk-on assets like cryptocurrencies.

For example, the anticipation of a cooling labor market has coincided with $287.80 million in daily outflows from Bitcoin exchange-traded funds (ETFs), marking the longest outflow streak since June.

Bitcoin Open Interest and Funding Rates Signal Caution

Bitcoin’s recent decline is also reflected in the shrinking open interest (OI) in its futures market.

As of Sept. 4, the total value of outstanding contracts in the Bitcoin futures market was around $30 billion, down from its July peak of $37.50 billion. This decline suggests that traders are becoming less confident in Bitcoin’s short-term price prospects, leading them to reduce their open futures positions.

Additionally, intraday data reveals a significant drop in the funding rates for Bitcoin futures. Between Sept. 3 and Sept. 4, funding rates fell from 0.0074% per eight hours to 0.0007% per eight hours, indicating a decreased appetite for leveraged long positions.

In other words, fewer traders are betting on a near-term price increase for Bitcoin—another sign of caution as markets await the U.S. jobs data.

Bitcoin miner revenues dwindle as halving erodes mining volumes: Bitbo

Bitcoin miners have experienced a sharp decline in revenues, reaching 12-month lows as the April 2024 halving event continues to reduce mining output. According to data from Bitbo, a Bitcoin dashboard, monthly BTC mining revenues dropped to approximately $827 million in August 2024. This is the lowest level since September 2023 and significantly below the pre-halving peaks of nearly $2 billion in March 2024.

The halving event, which occurs roughly every four years, reduces the number of BTC mined per block by half. The most recent halving in April cut mining rewards from 6.25 BTC to 3.125 BTC per block. As a result, the monthly volume of mined BTC has steadily decreased, from highs of nearly 337,000 in May 2011 to under 14,000 in August 2024.

JPMorgan researchers noted in an August 23 report that this 4th Bitcoin halving has drastically reduced daily mining revenues, leading to lower margins and profitability for miners. The five publicly traded Bitcoin miners covered by JPMorgan saw a 28% drop in production, mining 5,854 BTC in Q2 2024 compared to the previous quarter.

In response, Bitcoin miners are adjusting their business models. Companies like Core Scientific, Hive Digital Technologies, and Hut 8 are diversifying by investing in artificial intelligence (AI) applications to reduce their reliance on the volatile BTC mining market. Hive, for instance, reported a 36% increase in sales in Q2 2024 after expanding into AI services.

Matthew Sigel, head of digital assets research at VanEck, explains the synergy between AI and Bitcoin mining: "AI companies need energy, and Bitcoin miners have it."

Meanwhile, other companies, such as Singapore-based Bitdeer Technologies Group, are focusing on upgrading to next-generation equipment to boost mining efficiency. Bitdeer reported a 50% year-over-year increase in gross profits for Q2 2024, largely due to nearly doubling its in-house Bitcoin mining capacity.

Arthur Hayes explains why Fed rate cuts aren’t helping Bitcoin

Arthur Hayes, co-founder and former CEO of BitMEX, recently shared his views on why the anticipated interest rate cuts by the U.S. Federal Reserve may not benefit Bitcoin as much as expected.

In a post on X on Sept. 2, Hayes noted that despite Federal Reserve Chair Jerome Powell hinting at a potential rate cut in his Jackson Hole speech on Aug. 23, Bitcoin prices have struggled, experiencing a decline since then.

Following Powell's speech, Bitcoin briefly surged to $64,000, but by Sept. 2, it had dropped 10% to a low of $57,400. It has since recovered slightly, trading at $59,238 as of Sept. 3.

This shift reduces the amount of money available for riskier assets like cryptocurrencies, Hayes explained.

An X account named "ELI5 of TLDR" further clarified that the RRP program acts as a temporary parking spot for cash, offering higher returns than other safe investments, thereby keeping capital out of broader circulation.

Since the Fed announced the likelihood of a September rate cut, an additional $120 billion has flowed into RRPs, according to Hayes. This trend contradicts the common belief that lower interest rates typically benefit high-risk assets like Bitcoin.

Many expect that lower interest rates encourage borrowing and spending, which would typically increase market liquidity and make interest-bearing accounts less attractive. Additionally, a weaker dollar is often seen as a positive for Bitcoin, as it may enhance its appeal.

According to the CME Fed Watch tool, there's currently a 69% chance of a 25 basis point rate cut and a 31% chance of a 50 basis point cut at the Fed’s Sept. 18 meeting. A larger cut could indicate a more aggressive approach by the Fed, potentially triggering a stronger market reaction and a boost to economic activity.

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Bitcoin price nearly hits $60K but traders still see bearish September

Bitcoin approached $59,000 on Sept. 3 after a strong recovery delivered 3.2% daily gains, sparking discussions on whether the cryptocurrency could sustain its momentum in September.

BTC price: "Green" first week could be September outlier

The data indicated a promising start for Bitcoin (BTC) as it headed into the first U.S. trading session of the week. Despite initial weakness at the monthly and weekly close, BTC/USD surged to $59,800 overnight, even amid a U.S. market holiday.

Popular trader Skew, analyzing the four-hour chart on X, noted that Bitcoin's price was showing positive signs but still needed to meet certain criteria to confirm an upward trend, including a four-hour relative strength index (RSI) reading above 50. At the time of writing, the RSI stood at 48.9. Skew emphasized the importance of passive buyers stepping in on pullbacks to support the price.

As Bitcoin started September with a strong performance, some traders speculated that the traditionally "red" month could surprise with positive momentum. Daan Crypto Trades considered the possibility of an unusually strong September, suggesting that it could be a precursor to a more volatile fourth quarter.

In further analysis, Daan acknowledged that even in historically weak months, Bitcoin often sees a green first week. Others, like Michaël van de Poppe, founder and CEO of MNTrading, saw the current market as a typical lull before a potential rally, but he emphasized that Bitcoin would need to break above $61K to regain momentum.

Bitcoin, gold face familiar challenge

In its latest market bulletin, trading firm QCP Capital warned that gold, which hit a new all-time high in August, might face downward pressure alongside crypto. The firm suggested that this trend could continue until October, a month historically associated with stronger performance across various asset classes.

"September is
#BNBChainMemecoins

BIG CONGRATULATIONS TO EVERYONE
LAST WEEK I SAID BITCOIN PRICE SOON 60k
We snagged Bitcoin at $56k, sold it at a peak of $70k, then smartly shorted it again at $70k and covered at $60k. With accurate predictions, NCS always comes out on top!💯
If you missed this incredible prediction, don’t let it happen again! Hit that like button, drop a comment, and make sure you’re following because we’ve got another huge NCS prediction coming your way! 📝
#July_NonFarmPayrolls_Shock #BinanceHODLerBANANA

🚨 ⚠️ 🚨 🚨 ALARMING ALERT
‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️ ‼️‼️‼️‼️‼️ ‼️‼️
Analysts Forecast Top Cryptocurrencies for 2024‼️Despite the prevailing bear market, experts have identified several cryptocurrencies with high growth potential for 2024. Leading the charge are Angry Pepe Fork ($APORK), Polkadot (DOT), Cardano (ADA), and Book Of Meme (BOME).
Angry Pepe Fork stands out due to its innovative conquer-to-earn mechanism and staking options, making it a promising investment with potential 100x returns by year-end. Polkadot is gaining traction with its emphasis on scalability and interoperability, while Book Of Meme's technical indicators point to an imminent breakout. Cardano's recent price decline offers a prime buying opportunity, with the potential for substantial gains.
While $DOT , $BOME , and $ADA boast strong foundations, Angry Pepe Fork's presale and discounted pricing make it particularly appealing. However, it is crucial for investors to conduct thorough research and be mindful of market risks before committing to any investments.
#Write2Earn! #BinanceTurns7 #altcoins #EarnFreeCrypto2024

Powell should be fully accountable for this Blastic market decline. He had the task of addressing all the negative indicators, yet the market's fragility was already evident, and we were waiting on crucial data releases. We were confident in these figures, especially key data like non-farm payrolls and the unemployment rate, which followed the interest rate meeting and all showed a decline.
A few days ago, I mentioned several potential bad signals but chose not to elaborate, believing Powell wouldn't overlook them. I assumed he had access to more comprehensive data than we do and would manage market expectations accordingly. However, today's data release was completely mishandled by him. This isn't a preventive rate cut—it's a situation where the market has started to anticipate a recession, with all negative factors already in play.
Back in 2021, Powell allowed inflation to surge before rapidly cutting interest rates to curb it. Now, in 2024, he has once again waited until all the bad signals are evident before acting. Collecting all these adverse indicators before deciding on a rate cut has left a significant impact, and it's a stark reminder of his missteps.
#dumpNpump #BinanceTurns7 #Write2Earn!

This morning's headlines were dominated by one term: trading recession. The disappointing non-farm data and unemployment rate from last night have stoked fears of a hard landing for the US economy, prompting a sell-off of risky assets. Even as a staunch bull, my immediate reaction was clear: the market will fall, and it will continue to decline.
Hoping for an interest rate cut seemed promising, but instead, we are now facing the reality of a potential US economic recession, which feels almost ironic. Market sentiment has a profound impact on traders, and in such times, my instinct often rebels. Is the future truly as bleak as it appears?
When the market declines, positive news is often ignored. Yet, good news remains good news and eventually gets priced into the market. The prudent strategy now is to wait for the market to bottom out and stabilize, then trade when the conditions are favorable.
The long positions have taken a severe hit, leaving many traders with significant losses or deeply trapped investments. This hot summer has left the hearts of the longs cold, reflecting the current challenging market conditions.
#Write2Earn! #XRP #BinanceTurns7 #BullBanter #EarnFreeCrypto2024

🚨 🚨 BIG CONTEST 🚨🚨
⛔⛔⛔ Harris Raises $310 Million and Trump Raises $138.7 Million in Campaign Funds
🛑Harris
On August 2, the Harris campaign announced a substantial $310 million raised in July, primarily from small-dollar donations after President Joe Biden exited the race and endorsed Vice President Kamala Harris. This impressive amount, more than double the $138.7 million raised by Donald Trump, pushes the total campaign funds raised by Harris and Biden to over $1 billion, a historical milestone for any presidential campaign. Campaign Manager Julie Chavez Rodriguez highlighted this as a testament to the mobilized and growing support for Harris. By the end of July, the Harris campaign had $377 million in cash on hand, surpassing Trump's $327 million.
🛑 Trump
Meanwhile, Trump's campaign raised $138.7 million in July, ending the month with $327 million in cash on hand. This 24% increase from June’s $111.8 million follows an assassination attempt on Trump in Butler, Pennsylvania, on July 13, which spurred donations. Trump’s campaign had earlier reported a second-quarter fundraising of $331 million, exceeding Biden’s $264 million. Following Biden's withdrawal from the race on July 21 due to concerns about his age and health, Harris's entry rejuvenated the Democratic campaign. Within the first week of her candidacy, Harris's campaign raised $200 million and enlisted 170,000 new volunteers, shifting the dynamic in the polls to a tight contest with Trump.

🛑 ALARMING ALERT ‼️🚨
⛔ DON'T INVEST YOUR ENTIRE INCOME 🚨
Recently, my best friend asked me, after seeing my daily profit, "I'm planning to invest all my earnings from my job into crypto!" This is a grave mistake and one of the quickest ways to squander your hard-earned money, leaving you with no savings.
Investing a portion of your income in crypto and stocks is wise. However, never invest all or even most of your earnings in crypto. The cryptocurrency market is highly volatile; while it offers the potential for significant gains, it also carries the risk of substantial losses.
Putting most of your earnings into crypto can lead to emotional decision-making and financial distress.During the last bull market, I saw many people invest excessively in crypto and lose between 3 to 12 months' salary. They often sold at the worst times and bought at the best times. To avoid this fate, be cautious and balanced in your investment approach.
Some might disagree, believing in the invincibility of crypto and dismissing long-term risks. Don't follow this ideological thinking. Instead, invest wisely, take profits, and exit the market. You'll thank me when the next cycle comes around.
This is my opinion. Thank you for reading. If you found this helpful, please like, comment, share, and subscribe. Your support is appreciated, and tips are welcome as they help me continue educating about the crypto market. Thank you to those who contribute.
#Write2Earn! #BinanceTurns7 #EarnFreeCrypto2024 #BullBanter #altcoinsbanter

Circle's USDC Circulation Sees Significant Decline
According to PANews, official data reveals that Circle issued approximately $2.4 billion USDC and redeemed around $3.3 billion USDC in the seven days leading up to August 1. This resulted in a net decrease of about $900 million in circulation. The total circulation of USDC stands at $32.9 billion, with reserves amounting to approximately $33 billion. Of these reserves, $3.4 billion is held in cash, while the Circle Reserve Fund holds $29.6 billion.
#BTC

Bitcoin traders warn of tough Q3 as Nikkei echoes ‘Black Monday’ 1987

Bitcoin needs to hold $60,000 for a shot at fresh all-time highs as traders voice concerns over BTC price performance.

Bitcoin price steadies as stocks sell off

Data shows Bitcoin bouncing from fresh two-week lows of $62,235 on Aug. 2.

Bitcoin continues to tease a breakdown toward $60,000 as risk assets see a period of flux to start the month.

Stock markets worldwide are in the middle of an extended sell-off, and while crypto has yet to copy the extent of their volatility, concerns over the immediate future remain.

On Aug. 1, Japan made headlines as the Nikkei fell 6% — its biggest single-day drop since the global stock market crash of 1987, known as “Black Monday.”

Traders note that traditionally, the second half of Q3 is a difficult time for Bitcoin. Data from monitoring resource CoinGlass underscores the fact that both August and September have been “red” months in recent years.

In August 2023, BTC price action saw a flash downtrend briefly take the market to $25,000 — lows that have held since.

“Bitcoin closed July in the green, gaining 2.95%,” popular trader Jelle reacted to the data in one of his latest X posts.

“Historically, the market tends to struggle in the remainder of Q3 -- but really starts moving higher once October comes around. Let’s see what we get this time around.”

Michaël van de Poppe, founder and CEO of trading firm MNTrading, sees the key support test coming in the form of $60,000 — a theory echoing others currently circulating on social media.

“Bitcoin needs to hold above $60-61K and then we're going to be seeing a continuation towards the all-time high,” he predicted.

“Historically, August & September are bad, however, I’m expecting that from mid-August the momentum starts to change. New ATH in September/October.”

BTC price breakout “getting closer"

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