On-chain data shows that the Bitcoin whales’ holdings have grown to 25.16% of the entire supply, and their net accumulation has continued recently.

Bitcoin Investors With 1,000 To 10,000 BTC Have Continued To Buy Recently

According to data from the on-chain analytics firm Santiment, the BTC whales have accumulated more than 266,000 BTC since the start of the year. The indicator of interest here is the “Supply Distribution,” which keeps track of the percentage of the total circulating Bitcoin supply that the various wallet groups are holding right now.

The addresses are divided into these cohorts based on the number of coins they currently have in their balance. The 10 to 100 coins group, for example, includes all wallets that own at least 10 and, at most, 100 BTC.

The Supply Distribution sums up the amount that investors belonging to a particular group as a whole are carrying and calculates what percentage of the supply they contribute.

The 1,000 to 10,000 BTC cohort is of interest in the current discussion. At the current exchange rate, the lower limit for this cohort is $65 million, while the upper one is $650 million.

Clearly, the investors belonging to the group are quite massive, and as such, they are popularly known as “whales.” As the whales can quickly move large amounts, they have the potential to influence the market. Due to this, their behavior can be worth watching.

There are whales beyond this cohort’s 10,000 BTC upper limit as well, but at such massive scales, entities like exchanges also start coming into play, who aren’t exactly normal investors.

Now, here is a chart that shows the trend in the Bitcoin Supply Distribution for the 1,000 to 10,000 coins group over the last few months:

The value of the metric seems to have observed a spike in recent days | Source: Santiment on X

As displayed in the above graph, the Bitcoin Supply Distribution for this key investor group has observed a net rise over the year 2024 so far. The whales have bought 266,000 BTC ($17.2 billion) over this period.

However, this accumulation hasn’t been consistent. As is visible in the chart, the whales sold into the rally that would eventually lead to the asset’s new all-time high, and they bought back in once the drawdown was over.

As BTC has consolidated, so has its supply. Still, the latest change in the metric has been towards the upside, implying that these humongous holders are perhaps backing the current recovery push.

Following the latest accumulation, the 1,000 to 10,000 coins group holds 25.16% of the supply, which means that more than a quarter of all Bitcoin in circulation is sitting in the wallets of these large investors.

While whale buying is bullish, the current investor sentiment may not be so. As the data for the “Weighted Sentiment” metric attached by Santiment in the chart suggests, investors are currently showing FOMO towards the asset.

Historically, Bitcoin has tended to move against the majority’s expectations, so FUD/fear has been ideal for uptrends to start. FOMO/greed, on the other hand, has been where tops have become probable.

BTC Price

At the time of writing, Bitcoin is trading at around $64,700, up more than 7% over the past week.

Looks like the price of the asset has retraced some of its recent recovery over the last few hours | Source: BTCUSD on TradingView

Featured image from Vivek Kumar on Unsplash.com, Santiment.net, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply appeared first on Crypto Breaking News.

In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. 

The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol.

Not Directly Connected To Hedera?

Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. 

Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price.

Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. 

Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. 

It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space.

Analyst Clarifies Misconception

Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). 

Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund.

An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product.

Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes.

The daily chart shows HBAR’s price correction over the past hours. Source: HBARUSD on TradingView.com

Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. 

CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post BlackRock’s Tokenized Fund News Sends Hedera (HBAR) Soaring 100%, The Reason May Surprise You appeared first on Crypto Breaking News.

The XRP price has seen some level of recovery over the last two days that has seen positive sentiment returning to the latocin once again. This has carried forward with the expectation that the price will continue to surge. One crypto analyst in particular, who goes by RLinda, has revealed why the cryptocurrency is set to surge 70%.

XRP Price Completes A False Breakdown

In the analysis that was posted on the TradingView website, crypto analyst RLinda outlined a number of reasons why the XRP price may be getting ready for a surge. One of these reasons is the fact that the altcoin has completed a false breakdown.

This is referring to the price crash that sent the price falling from $0.7 to $0.42, recording an almost 50% crash. However, the crypto analyst believes that this crash was bullish for the coin as it was basically a false breakdown, followed by a breakout.

In scenarios such as this, the XRP price could be headed for a breakout similar to the breakdown and eventual recovery between August and November 2023. Such a case could see the price rise 50% with a higher end of 70%.

Source: Tradingview.com

Additionally, the XRP price has also been in long term consolidation, another factor that could contribute to this breakout. “XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%,” the analyst stated.

The State Of XRP

XRP has already seen investors returning once it was clear the worst of the crash. Crypto whales, in particular, have been making their bets, moving 600 million XRP tokens. As NewsBTC reported, whales holding between 10 million and 100 million XRP increased their holdings by 30 million in just one week. But even more interesting is the fact that they have moved up to 600 million tokens in the space of two weeks.

These moves come ahead of crypto analysts prediction major upside for the cryptocurrency. One of those is crypto analyst Egrag Crypto who predicted that the XRP price is ready to spike as high as $1.4. This would mean an over 100% increase in price.

However, XRP has not exactly been the market favorite in recent times. Its daily trading volume has seen a notable decline, with Coinmarketcap reporting a 20% drop to $1.33 billion in the last day. Nevertheless, the altcoin remains the 7th-largest in the space, with a market cap of $30.3 billion.

XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com

Featured image from Coinpedia, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End appeared first on Crypto Breaking News.

While Bitcoin struggles to extend gains, on-chain data shared by Ki Young Ju, the founder of CryptoQuant, on X shows increased movement of old coins. As the Bitcoin Average Dormancy chart shows, this trend recently hit a 13-year high. 

More Old Whales Moving Coins

The Bitcoin Average Dormancy shows the average number of days each BTC has been dormant. On-chain data indicates that coins held for 3 to 5 years have changed hands and moved to new owners. 

BTC dormancy chart | Source: CryptoQuant

While there was movement, interestingly, data shows that they were not transferred to exchanges. Instead, it is highly likely that they were traded over the counter (OTC).

Usually, any transfer to centralized exchanges like Binance or Coinbase could suggest the intention of selling. The more coins hit these exchanges, especially from whales, the higher the chance of price dumping. However, if trades are made via OTC, the impact on spot rates is negligible, which is a positive for bulls.

Further analysis of these transfers using the Spent Output Profit Ratio (SOPR) indicator suggests that whales moving them made decent profits. Historically, whenever whales dump and register profits, prices tend to dip.

Will Bitcoin Prices Retest All-Time Highs

However, in a post on X, one analyst says prices will likely increase because of the impact of spot Bitcoin exchange-traded funds (ETFs). These derivatives are like a buffer against price drops, considering the pace of inflows in the past weeks.

Spot ETFs allow institutions to gain regulated exposure to BTC. Coupled with decreasing outflows from GBTC, the odds of prices rising remain elevated. 

According to Lookonchain data, GBTC unloaded 750 BTC on April 23. However, Fidelity and other eight spot ETF issuers bought 1,513 BTC on behalf of their clients. Spot Bitcoin ETF issuers sell shares representing BTC holdings. These coins can be purchased from secondary markets like Binance, via OTC platforms, or directly from miners. 

Spot Bitcoin ETF flow data | Source: Lookonchain

BTC prices remain muted and capped below $68,000, representing April 13 highs.

To define the uptrend, there must be a high volume expansion above this liquidation line, reversing recent losses. 

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Even so, looking at the BTCUSDT candlestick arrangement in the daily chart, bulls must break above all-time highs for a clear trend continuation. Ideally, the uptick above $73,800 and the current range should be with expanding volumes, confirming the presence of buyers.

Feature image from DALLE, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Old Bitcoin Whales Moving Coins: Will This Help Push BTC Above $74,000? appeared first on Crypto Breaking News.

Bitwise Chief Information Officer (CIO) Matt Hougan recently shared five interesting predictions for the next Halving of the Bitcoin (BTC) network, scheduled for 2028. In a comprehensive report, Hougan sheds light on the potential transformations for the world’s leading cryptocurrency.

New Investors And ETFs As Catalysts

One of Hougan’s key predictions is that Bitcoin’s volatility will significantly decline by 50%. He argues that the entry of new investors through the spot Bitcoin exchange-traded fund (ETF) market will drive this decline. 

Hougan said that as financial advisors, family offices, and institutions enter the Bitcoin market, their different investment behaviors – such as portfolio rebalancing and steady drip investments – could introduce counter-cyclical flows, ultimately dampening Bitcoin’s volatility.

Hougan’s second prediction revolves around the allocation of Bitcoin in portfolios. He believes that 5% allocations to Bitcoin will become commonplace in target-date portfolios. As BTC’s volatility decreases and becomes more attractive to institutional investors, Hougan expects a rise in typical portfolio allocations. 

The Bitwise CIO predicts that Bitcoin ETFs will attract over $200 billion in inflows. He highlights their impressive growth and cites their status as the fastest-growing new ETF category of all time. 

Hougan suggests that the ETF market is still in its early stages, with national wirehouses and institutions just beginning their due diligence. Drawing parallels with the rise of gold ETFs, which experienced year-after-year growth in net flows, he anticipates a similar trend for Bitcoin ETFs.

Bitcoin Price Path Toward $250,000

In an intriguing projection, Hougan suggests that central banks will allocate funds to Bitcoin before the next Halving event. He notes that central banks have historically been significant investors in gold, accumulating substantial amounts of the metal. 

However, with Bitcoin’s characteristics as non-debt money and its functional advantages over gold regarding payments and settlement, Hougan believes central banks will be increasingly drawn to Bitcoin. Hougan further noted on this matter:

There is also an element of game theory here. A major central bank adopting Bitcoin as a reserve asset would be a game-changer for Bitcoin and, I believe, would contribute to a dramatic increase in prices. Will one central bank try to front-run the others? 

Hougan’s final prediction revolves around Bitcoin’s price. He forecasts that Bitcoin will trade above $250,000 by 2028, an increase of nearly 280% from current levels. 

The Bitwise CIO attributes Bitcoin’s previous exponential growth to its transition from a speculative asset to one with real-world utility. 

Factors such as declining volatility, improved custody options, low correlations to traditional stocks, enhanced accessibility through ETFs, and growing institutional adoption all contribute to Hougan’s optimism regarding Bitcoin’s future progress. Hougan concluded by stating:

With the ETFs launched and gathering assets—and major Wall Street firms lining up behind bitcoin—I suspect the asset will continue to move further into the mainstream. At $250,000, bitcoin would be a $5 trillion asset. Could it go higher? Of course. But $250,000 would represent solid progress between halvings, and I think we’ll see at least that.

The 1-D chart shows that BTC’s price has decreased in the past 24 hours. Source: BTCUSD on TradingView.com

Currently trading at $64,500, BTC is down nearly 3% in the past 24 hours after retesting the $67,000 mark on Tuesday and failing to consolidate above that level.  

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitwise CIO Unveils 5 Major Forecasts For Bitcoin 2028 Halving, Anticipates A 280% Price Surge appeared first on Crypto Breaking News.

The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also reveals a bullish trend among SHIB investors, with the exchange balance dropping to new lows. 

Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle.

Exchange Balances For SHIB Hit New Lows

According to CryptoQuant’s SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year.  At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months.

The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a recent accumulation of 237.8 billion SHIB tokens worth $6.9 million by a new whale address. 

Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400. 

Shiba Inu To $0.0001?

At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment.

Fundamentals point to a continued SHIB price surge in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment raised by the Shiba Inu team to develop a layer-3 blockchain on top of Shibarium.

With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price.

SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com

Featured image from Crypto News Flash, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio appeared first on Crypto Breaking News.

The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the community’s sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes.

Next Stop: Bitcoin’s “Parabolic Upside”

Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post, the trader highlighted that, during the previous “Halvings,” BTC saw “Re-Accumulation Ranges.”

The analyst shared his chart for Bitcoin phases during the “Halving,” which he has previously used to explain BTC was at the “Last Pre-Halving Retrace” before April 19.

At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous “Halving,” as seen in the chart.

The re-accumulation consisted of two consolidation periods followed by the “Post-Halving Parabolic Upside,” which saw BTC reach last cycle’s all-time high (ATH) of $69,000.

Bitcoin phases during the "Halving". Source: Rekt Capital on X

Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the “Pre-Halving Rally” phase. Per the analyst, this will be followed by the “Parabolic Upside” if history repeats itself.

Analyst Mikybull seems to share a similar view to Rekt Capital’s, as he highlights that Bitcoin’s “parabolic rally is loading.” The re-accumulation breakout is set to be “explosive,” and “not many are prepared for this,” he added.

The analyst explained that “the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.” Based on this, he believes the current consolidation comes from institutions preparing “for a huge rally to cycle top.”

Analyst Sets Crucial Level For Bitcoin’s Breakout

A day before Bitcoin’s “Halving,” the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone.

Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday.

Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range.

According to the crypto analyst Bluntz, Bitcoin’s most recent performance suggests that the price will continue to move sideways between the $66,000 and the $67,000 range.

However, he also considers that BTC is “gagging for a breakout soon,” as the chart displays a bullish pennant pattern forming. Per the analyst, “once we clear 67k,” the whole market will fly above the latest ATH.

As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months.

Bitcoin's performance in the weekly chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Is Bitcoin Getting Ready For An Explosive Breakout? These Analysts Believe So appeared first on Crypto Breaking News.

Crypto analyst Egrag Crypto has singled out VeChain (VET) and XRP as two crypto tokens that could soon witness significant price surges. The analyst also outlined price targets crypto investors can expect these tokens to attain.

VeChain Could Rise To As High As $2.5

From the chart Egrag shared in his X (formerly Twitter) post, one could see that he was hinting that VeChain hit $2.5 at its market peak. He also elaborated on how the crypto token will rise to that level by breaking its price action into three targets. The first target was the yellow channel, which he highlighted on the chart. 

Source: X

VeChain is expected to rise to as high as $0.18 when this target is fully achieved. Egrag noted that this will mark the “forging of the MACRO-Bottom.” The second target will see the crypto token rise to almost $0.9. The analyst pointed out that this channel “aligns with the Fib 0.702 & 0.786 levels,” forming what he referred to as the “Mid-Bull-Cycle.”

VeChain is expected to rise to as high as $2.5 when the last target is achieved. Egrag remarked that this target aligns with “key Fib levels 1.236, 1.414, & 1.618, suggesting the potential cycle top for #VET.” This isn’t the first time the crypto analyst has laid a bullish narrative for the VeChain token. 

In February, he predicted that the crypto token could witness a 140x price increase if it repeats its price action from around 2021 when it rose by 14.638%. 

XRP Run To $1.4 Still In Play

Egrag provided his bullish analysis of XRP in a separate X post. He stated that the crypto token’s double formation was giving a “strong bullish signal.” He added that he is confident that the “thrust will soon.” This recent analysis was an update to a previous one where he predicted that XRP would rise to $1.4 soon enough. 

Source: X

 Back then, he was also confident that this move to the upside was imminent, noting that the bulls had accumulated all the XRP tokens that the bears had dumped. He urged XRP holders to “stay steady” in anticipation of the life-changing opportunities that may arise due to the crypto token’s parabolic surge. 

Egrag has remained bullish on the XRP token despite its unimpressive price action. He has predicted at different times that the crypto token could rise to as high as $27 at its market top. 

At the time of writing, XRP is trading at around $0.54, up in the last 24 hours, according to data from CoinMarketCap.

VET price at $0.04 | Source: VETUSDT on Tradingview.com

Featured image from Watcher Guru, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets appeared first on Crypto Breaking News.

On-chain data shows the new whale entrants in the Bitcoin market now hold almost twice as much as the veterans. Here’s what could be behind this shift.

Bitcoin Newbie Whale Holdings Have Been Rapidly Growing Recently

In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed about how the holdings of the new whales compares against the old ones in the market right now.

The on-chain indicator of interest here is the “Realized Cap,” which, in short, keeps track of the total amount of capital that the investors have used to purchase their Bitcoin.

This capitalization model is in contrast to the usual market cap, which simply measures the total value that the holders as a whole are carrying based on the current spot price.

In the context of the current topic, the Realized Cap of the entire market isn’t of interest, but rather specifically that of two segments: the short-term holder whales and long-term holder whales.

Whales are defined as entities on the network who are holding at least 1,000 BTC in their balance. At the current exchange rate, this amount is worth $66.6 million, so the whales are clearly quite massive holders. Because of these large holdings, these investors can hold some influence in the market.

Based on holding time, the whales can be subdivided into two categories. The short-term holder (STH) whales are those who acquired their coins within the past 155 days, while the long-term holder (LTH) whales have been holding since longer than this timespan.

Now, here is the chart shared by Ju that reveals the Realized Cap breakdown between these two Bitcoin whale cohorts:

Looks like the metric has shot up for the STH whales recently | Source: @ki_young_ju on X

As is visible in the above graph, the Realized Cap of the STH whales has historically not been too different from that of the LTH whales, but that appears to have changed recently.

The metric has pulled away for these new whales this year with some very sharp growth, as its value has now reached the $110.6 billion mark. This means that the STH whales have collectively bought their coins at an initial investment of a whopping $110.6 billion.

The Realized Cap of the LTH whales, on the other hand, has continued its usual trajectory, floating around $66.9 billion currently. This means that there is now a massive gap between the indicator for these two cohorts.

But what’s the reason behind the sudden emergence of this brand-new trend? As mentioned before, the STH cutoff stands at 155 days, which means that the Realized Cap of the STH whales would signify the total value of the purchases made by the whales over the last five months.

In the past five months, there has been one event in particular that has stood out, which has also never been present in any of the prior cycles: the approval of the spot exchange-traded funds (ETFs).

The spot ETFs provide an alternative mode of investment into the asset through a means that’s familiar to traditional investors. These funds have been bringing in some unprecedented demand into BTC and as their holdings also fall under the 155 days mark, they would count as STH whales.

Bitcoin has also been rallying this year, so all this new investment would have had to purchase at relatively high prices, thus causing the Realized Cap, which correlates to direct capital flows, to inflate even further.

BTC Price

Bitcoin is now trading at $66,400 after witnessing a surge of more than 6% over the past week.

The price of the asset seems to have been overall consolidating sideways recently | Source: BTCUSD on TradingView

Featured image from Todd Cravens on Unsplash.com, CryptoQuant.com, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? appeared first on Crypto Breaking News.

The Open Source Justice Foundation is a 501(c)(3) tax-exempt public charity dedicated to spreading access to justice globally through open-source protocols and technology. Learn more about OSJF’s work at opensourcejustice.org.

Most people in the world are denied access to justice. An estimated four billion people live outside the protection of the law. Fifty-four percent of the world’s population lives under some form of authoritarian rule. And even in relatively stable democracies, the justice gap between low- and high-income earners is well documented.

The state has failed to provide courts that offer equal justice to all.

This is not a secret. For decades, politicians, lawyers, and charities have publicly decried the lack of affordable and accessible legal services. But politicians’ solution has been to simply funnel more taxpayer money into the failing court system. Lawyers continue to lobby for restrictive licensing requirements on the practice of law, jealously guarding their monopoly over justice. Legal aid charities do not exist to change this system, but to work within it. For these groups, “access to justice” means a wider door on the courthouse. They have no incentive to fundamentally alter the state-based justice system, a system that directly benefits them.

Those with the incentive to enact meaningful alternatives to this broken system are those that are excluded from it. These individuals and communities must take justice into their own hands. They should be empowered to resolve their own disputes peacefully and voluntarily without resort to the state, and guided by their own norms and standards of acceptable social conduct. Only once justice ceases to be the exclusive domain of the state can it spread freely to all.

Private, Alternative Dispute Resolution (ADR) systems and Online Dispute Resolution (ODR) technologies have the potential to drastically increase global access to justice. But the transformative power of conventional ADR and ODR tools are hindered by proprietary software licenses that shield source code from view. Without a way for users to verify the operation of these black-box solutions, they suffer from perceptions of unfairness or bias, which disincentivize use. And such closed-source licenses prevent communities from modifying the ODR tools to fit their specific needs.

By taking conventional ADR and ODR designs, however, and deploying them through free open-source software and protocols, communities and individuals can harness the full potential of these private dispute resolution systems. The result is Open Source Justice.

The tenets of the free and open-source software (FOSS) movement are aligned with the goal of advancing equal access to justice. FOSS is permissionless, inclusive, transparent, and anti-discriminatory.

Consider Richard Stallman’s four essential freedoms for open source software:

The freedom to run the program as you wish, for any purpose.

The freedom to study how the program works, and change it so it does your computing as you wish. Access to the source code is a precondition for this.

The freedom to redistribute copies so you can help others.

The freedom to distribute copies of your modified versions to others. By doing this you can give the whole community a chance to benefit from your changes. Access to the source code is a precondition for this.

Freedom 0, the freedom to run a program for any purpose, embodies respect for the choices and sovereignty of others. Sovereign communities should be free to set their own norms and values, and decide for themselves how disputes should be resolved consistent with those norms and values.

Freedom 1, the freedom to access, study, and change source code, is essential to empowering sovereign individuals and communities to make those choices for themselves. This freedom further embodies the value of transparency, which is necessary for any dispute resolution system to gain legitimacy, trust, and perceptions of fairness.

Freedom 2, the freedom to redistribute copies to help others, will accelerate the spread of ODR and ADR tools to those jurisdictions where justice is lacking or diminished.

Freedom 3, allowing modification and redistribution of modified software, allows communities to adapt dispute resolution tools to fit their circumstances and values. It also allows communities that have created their own open-source dispute resolution systems to share their tools with other similarly situated or sympathetic communities — again accelerating access to justice.

The FOSS movement places user freedom above all else. The user should be in control of the software, the software should not control the user.

Likewise, the Open Source Justice movement places the disputant’s freedom above all else. While communities should be empowered to define their own concepts of justice and design their own procedures for provisioning that justice, individuals must be given the choice to opt in to their chosen justice system. Voluntaryness and non-coercion are hallmarks of Open Source Justice.

This is a call to all developers, lawyers, entrepreneurs and other stakeholders interested in real access to justice to devise, build, and support new ODR and ADR systems consistent with the values of the FOSS movement.

Join the Open Source Justice movement today.

Source: Bitcoin Magazine

The post Open Source Justice Manifesto appeared first on Crypto Breaking News.

Edward Snowden has called the recent renewal of FISA 702, “the biggest encroachment on your privacy rights since the Patriot Act.”

In the middle of the night, in secret, the US Senate voted to renew FISA Section 702 as a part of a broader bill called the Reforming Intelligence and Securing America Act (RISSA) H.R.7888.

The bill had passed through the House the week prior and was set to be voted on Wednesday but the vote was delayed. As Friday came and went, it appeared that we, the People, might have another weekend to rally against the Senate vote.

Alas, Americans woke up Saturday morning to find that the vote had taken place overnight and was signed into law over the weekend.

Mainstream Media would have you believe that the bill is vital for National Security and that the United States was in immediate and dire need of warrantless spying powers. The NY Times published an article titled, “Government Surveillance Keeps Us Safe.”

There is, of course, much more to the story.

Many members of the Senate were told by the House Intelligence Committee that the urgent vote was vital for national security but they were not told that FISA had already granted approval for Section 702 surveillance to continue until April 2025, even if the bill expired. The vote was held under the pretense of a blatant lie.

Warrantless spying not only lives on, it expands.

Liza Goitein is the Co-Director of the Liberty and National Security Program at the Brennan Center for Justice and has been following the renewal closely.

The bill didn’t just renew the FISA provision, which provides targeted warrantless spying powers to the administrative state, it also greatly expanded those powers by changing a few key definitions.

The amended provision will allow the government to require everyday Americans and regular businesses to spy on fellow citizens, effectively turning everyone into a spy. With the new provision in place, FISA courts can now compel anyone with access to communications equipment to cooperate with the NSA in collecting messages and communications. Previously the statute only authorized the collection of data and communications stored by U.S. internet service providers like Google, Facebook and Microsoft or telecom providers such as AT&T and Verizon.

With the new rules in place, nearly anyone, with few exceptions, can be compelled to access and turn over your data, giving US intelligence agencies extensive new powers.

Senator Ron Wyden, addressing the Senate floor, points out that the new powers could “for example, by forcing an employee to insert a USB thumb drive into a server at an office they clean or guard at night.”

It must be considered how bitcoin and crypto companies could now be compelled to turn over full access to their records of every transaction ever facilitated. While such access already exists under BSA regulations there are still some checks and balances in place providing transparency to the process. This is not the case within the FISA court process. Furthermore, a case potentially could be made that the new regulations define node runners as facilitators of communication, opening up anyone running a bitcoin node to the threat of participation with the secret courts.

The RISAA renewal of FISA Section 702 not only abolishes the Fourth Amendment rights of US Citizens, it is also being used to bypass First Amendment rights. A report from 2023, for example, showed that the FBI used Section 702 to spy on protestors and journalists. And that the FBI abused the authority of Section 702 over 300,000 throughout 2020 and 2021.

The Foreign Intelligence Surveillance Act of 1978, FISA, was originally enacted to “provide judicial and congressional oversight of foreign intelligence surveillance activities while maintaining the secrecy necessary to effectively monitor national security threats.” BJA

The USA Patriot Act, first passed in 2001 and reauthorized in 2006, expanded FISA to allow the government to obtain the personal records of ordinary Americans from libraries and Internet Service Providers, even when they have no connection to terrorism.

Section 702 is a key provision of the FISA Amendments Act of 2008.

The 2024 renewal of FISA Section 702 extends the provision for two years, under the new definitions. It’s vital that anyone who cares about their right to privacy or about our First and Fourth Amendment rights as citizens of the United States make their voices heard so that when the time comes to renew the act, it cannot be done in the shadows of the night.

This is a guest post by Michelle Weekley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Source: Bitcoin Magazine

The post The Patriot Act 2.0 appeared first on Crypto Breaking News.

Worldcoin (WLD) could be the victim of a significant downtrend in the coming weeks. The team plans to sell as many as 1.5 million WLD tokens over the next six months, which could bring about massive selling pressure and affect the token’s price. 

Details About The Proposed WLD Token Sale

Worldcoin revealed in a blog post that World Assets (a subsidiary of the Worldcoin Foundation) will sell between 500,000 and 1.5 million Worldcoin tokens weekly to a group of institutional trading firms outside the United States. This token sale will be done through private placements and is expected to last up to six months. 

Therefore, as many as 36 million WLD tokens could be sold under this arrangement. Interestingly, these tokens do not form part of the current circulating supply, as Worldcoin stated that “the circulating supply of WLD will thus increase correspondingly” as the token sales progress. That means Worldcoin’s circulating supply could see an 18.6% increase to over 229 million WLD tokens once the private sale is done. 

This development is undoubtedly a cause for concern for WLD holders, given the impact it could have on the crypto token’s price action. However, Worldcoin tried to downplay the effect of this token sale, noting that a weekly sale of between 500,000 and 1.5 million WLD tokens represents “less than 0.1% to 0.4% of the current weekly trading volume.

Meanwhile, World Assets “may seek to include a 40-day lock-up period restricting the resale of WLD by trading firms,” Worldcoin remarked. This could also help reduce the high volatility that could arise from an immediate sell-off by these trading firms. 

The Worldcoin Ecosystem

WLD is the native token of Worldcoin, a project that focuses on the digital verification of humans. Users in the Worldcoin ecosystem get verified through a device called the “Orb.” Since launching last year, the project, co-founded by Open AI’s CEO Sam Altman, has drawn criticism, with many, including Ethereum’s co-founder Vitalik Buterin, raising privacy and legal concerns. 

Authorities in different countries have investigated the project as they believe its data collection method may have breached certain privacy laws. NewsBTC also recently reported that Worldcoin faces a potential fine of $1.2 million in Argentina for violating the country’s National Consumer Protection Law.

Despite the regulatory scrutiny, the team is still looking to expand. In the blog post, they hinted that the proceeds from this token sale will be directed towards meeting the “increasing demand for orb-verified World IDs around the world.”

At the time of writing, Worldcoin is trading at around $5.4, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

WLD price falls to bearish pressure | Source: WLDUSDT on Tradingview.com

Featured image from The Block, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months appeared first on Crypto Breaking News.

Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.

Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.

Bitcoin Poised For A Notable Rally To $100,000 

According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.

These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.

Possible rally to $100,000 | Captain Faibik on X

The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.

Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.

Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.

Is A $1.5 million Price Level Possible For BTC?

One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.

During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.

She stated:

I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.

Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.

BTC trading at $66,567 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Analysts Identify Key Scenario For Bitcoin Hitting $100,000 appeared first on Crypto Breaking News.

Strike has announced its expansion into Europe, bringing its Bitcoin services to millions of people across the continent, according to a press release sent to Bitcoin Magazine.

As per announcement, European customers can now buy, sell, send, and withdraw bitcoin using the app, and deposit funds from their bank accounts using free unlimited SEPA euro deposits, with the option for instant transfers where supported. Customers withdrawing their bitcoin to self-custody can send it to any Bitcoin or Lightning wallet instantly and without limits.

Additionally, users can access features such as recurring purchases, as well as peer-to-peer (P2P) transfers powered by the Lightning Network, with USD and USDT remittances.

Jack Mallers expressed his excitement about the launch, stating:

“We envision a future where everyone has access to Bitcoin—a truly open, global, and public digital infrastructure for money. To realize this vision, our focus has been on building a beautifully designed bitcoin-only money app that’s accessible, functional, secure, and available to billions of people all over the world.”

The news comes as Strike has expanded its services over the past year to reach over 70 countries across the globe, from the U.S. to Latin America and Africa.

Strike’s Send Globally feature aims to enable customers to make fast, secure, low-cost local currency payouts using the Lightning Network as an open and global payment rail. Strike customers in Europe can now utilize this feature to send value across borders.

“Bitcoin is hope to us all. A financial revolution, driven by its technical innovation, that gives everyone a way to save and interoperate globally,” Mallers, concluded. “Bitcoin transcends borders, enhances financial inclusion, and solves some of the biggest economic problems we all face today such as inflation. As the third-largest economy globally Europe presents vast opportunities for Bitcoin adoption and we believe that Strike is uniquely positioned to serve millions of people across the continent.”

Source: Bitcoin Magazine

The post Bitcoin Lightning App Strike Expands to Europe with Global Transfers appeared first on Crypto Breaking News.

Block, a global technology company focusing on financial services, has announced the launch of Bitcoin Conversions, a feature that allows millions of Square sellers to convert a percentage of their daily sales to Bitcoin using Cash App, according to a press release sent to Bitcoin Magazine.

This collaboration between Square and Cash App empowers eligible Square sellers in the U.S. to allocate between 1-10% of their daily sales from their Square seller account to be automatically transferred to their personal Cash App account. The funds will then be used to purchase bitcoin at the end of each day, and sellers will have full control over their bitcoin holdings, including the ability to hold, send, sell, and manage their BTC as they see fit. A transparent, flat 1% fee applies to each conversion made from daily sales to Bitcoin.

Block stated that it believes that Bitcoin is a tool for economic empowerment, enabling global participation in a digital monetary system. Direct feedback from Square sellers indicates a strong interest in Bitcoin for various use cases, including long-term savings and diversification of business holdings.

This initiative is part of Block’s broader strategy to integrate Bitcoin into various ecosystems, providing new avenues for individuals, developers, and now, sellers, to engage with Bitcoin. The collaboration builds on previous integrations between Square and Cash App, offering additional value and efficiencies for participants across Block’s ecosystem.

Bitcoin Conversions is available to eligible sole proprietors or single member LLCs in the U.S., with a gradual rollout planned for all eligible sellers in the coming months (excluding New York State-based sellers).

Source: Bitcoin Magazine

The post Block Enables Millions of Square Sellers to Convert Sales to Bitcoin With Cash App appeared first on Crypto Breaking News.

Company Name: Unchained

Founders: Joe Kelly and Dhruv Bansal

Date Founded: October 2016

Location of Headquarters: Austin, TX

Amount of Bitcoin in Treasury: Not disclosed

Number of Employees: 107

Website: https://unchained.com/

Public or Private? Private

Joe Kelly and Dhruv Bansal started Unchained with one main objective: to provide financial services to people like themselves — long-term bitcoin holders. Since 2017, when Unchained launched its first product, a lending desk that allowed customers to borrow US dollars against their bitcoin, the company has developed into a full-on financial services company for Bitcoiners who value holding their private keys.

Unchained now offers a suite of services and products, including multsig vaults for both individuals and businesses, a bitcoin trading desk, a bitcoin IRA and inheritance planning for bitcoin. Where Unchained really shines, though, is not just in how it helps clients safely secure their bitcoin, but in how it guides them through the process of doing so. It has a Concierge Onboarding team that walks clients through the often vulnerable process of setting up a multisig vault.

“We really like being a navigator,” Kelly told Bitcoin Magazine. “We’re not authoritative, like ‘You should do that.’ We’re the guide. We’re here to help show you ‘Here’s a map. Here’s a couple of trails you could take up the mountain. Pick your way, and if you need somebody to be your sherpa up one of these trails, we’ll do that for you.’”

I sat down with Kelly to learn more about the philosophy that underpins Unchained’s approach, the company’s history and how it’s established itself as one of the most trusted financial service providers in the Bitcoin space.

A transcript of our conversation, edited for length and clarity, follows below.

Frank Corva: How did you and your co-founder Dhruv Bansal meet?

Joe Kelly: Craigslist. I was an undergraduate college dropout looking for my next opportunities, and Dhruv was in grad school. His department, the physics department, was looking for a new website. They posted the gig like, “Hey, come build a website.” I was like, “Maybe I want to start a web development firm.” So, I came in to meet him at the center for nonlinear dynamics, which is chaos theory. I told Dhruv I’d always been hyper curious about this field of study. That’s been an enduring part of our relationship, our shared curiosity about complexity science. We started building the company after that.

Corva: So, you’re an autodidact. Are you the type that will seek out mentors or do you just read everything you can find on a topic until you understand it thoroughly?

Kelly: It’s a mix. Like a lot of humans, I can just go with intuition versus deriving knowledge from a book. I wish I’d had more mentors. Over the last decade plus, I’ve been thrown into the deep end of being a CEO. I’ve had to learn a lot on the job.

Corva: What have been some of the hurdles that you’ve surmounted with Unchained since you founded it in 2016?

Kelly: One of the things that excited me most with Unchained early was that it felt like a very contrarian bet in a couple ways. Back in 2016, all the VC funding was about “We’re not sure about this Bitcoin thing, but blockchain is the real technology.”

But Dhruv and I looked at people like us that held bitcoin for the long term and felt that we were the customer we wanted to serve: the long-term bitcoin holder had sort of no financial services advocate for them, no trusted institution that worked with them in a healthy way.

Then it was feedback like, “Well, what about these other coins? Or why don’t you lend out the bitcoin like BlockFi is doing and increase your revenues?” Saying no to those things was also contrarian. Principally, we said, “No, Bitcoin. Bitcoin is it. Bitcoin is enough.” The idea of lending out bitcoin was popular, but I’m really grateful we didn’t do that. Otherwise, we would have risked our fate like everyone else.

We were willing to be unpopular, stand alone and be underfunded compared to competitors for a lot of our early history. That changed, thankfully, with partnerships like NYDIG, who led our series A in 2021. That put us more on the map of having money, having resources and looking like we knew all along that we were going to be right.

Corva: So, is the long-term bitcoin holder the typical Unchained user?

Kelly: Yeah, that core sweet spot is that the individual long-term bitcoin holder who gravitates to self-custody because they’re already doing it or wants to work with somebody that helps them feel comfortable doing it.

Now, some of our core sweet spots are those people’s businesses or their trusts. Unchained is one of the few places that enables you to onboard a trust while you can still hold your keys. It’s not like you give them up to some third-party custodian to get those benefits.

Corva: Which products are currently your most popular?

Kelly: Unchained Vault is the bread and butter product that most every client uses. 95% of all clients have a vault that’s either a personal or business account.

More than a third of our clients have IRAs with us now. That’s been one of our faster growing product lines over the last year or two.

Loans are taken by some percentage of clients, but not everyone.

Trading really couples well with a vault. Increasingly, a bigger portion of the client base uses our trading desk, as well.

Click the image to get $100 off Unchained IRA.

Corva: When I think of Unchained’s approach, the two words that come to mind are “security” and “service.” You have a concierge service to help onboard clients and I’ve heard you talk about how important security is when it comes to storing the bitcoin that clients lend to you. Did you know that security and service would be at the center of what you do since the beginning?

Kelly: Security was there at the foundation early on. And I was on the front lines answering customer inquiries in our first year or two. We had a culture of really taking care of clients as much as possible when our main product was lending.

As we launched the vault product in 2019, part of what unlocked that product for us was the Concierge Onboarding product, which brings clients through the process of initializing the hardware wallets and getting set up with the multisig vault. That interaction is led by someone on our team, which is a big trust building opportunity.

While someone is making a backup of their private key in a live session — off camera, of course — going through those really vulnerable, private steps of initializing [their multsig vault], they’ve got an Unchained representative on the other side coaching them through it, answering any questions and making them feel comfortable. So, yeah, I think you nailed it when you said that security and service come together at Unchained.

Corva: Do you find it harder to convince people to use Unchained now that the spot Bitcoin ETFs are live and more convenient investment vehicles?

Kelly: The ETF does a great job in growing overall awareness for Bitcoin, creating more legitimacy around the asset for those that might have been on the fence. We haven’t seen it cloud or affect our client onboarding funnel. That still runs at a full pace like it was pre-ETF and has even been accelerated since the ETFs launched earlier this year.

One of the most effective elements of our sales approach is the army of Bitcoiners out there that don’t work at Unchained but encourage everyone to practice self custody. People sometimes come to us because they feel the peer pressure of “Hey, you know, I’ve been going to Bitcoin meetups, and I know I need to get my base for self custody.”

Also, over the last two years, the median age of our clients has gone up. More members of the Boomer generation have been holding bitcoin. Maybe they’re two or three years into the space after buying in 2020-21 and like “Alright, now I’m ready to do this. I’ve been through the trough and some of the peak and I’m going to hold this for a decade or more. Let me finally get self custody figured out.”

Corva: It sounds like you’re quite in touch with what customers want. I’ve also read that you pay close attention to customer feedback and factor it into your approach at Unchained. Can you give an example of a product you’ve created based on customer feedback?

Kelly: One example is last year in Q4 we launched Sound Advisory, which is our Registered Investment Advisor affiliate. The thinking behind that came out of customers that would come in for a Concierge Onboarding and talk to one of our frontline people. One of the last questions they would ask was, “Do you know anybody that can give me financial advice for my bitcoin? I can’t talk to my traditional financial advisor, but I’m nearing retirement age and I’m thinking about when I might want to sell some bitcoin or whether I want to get a loan against my bitcoin.”

People want to think through those decisions practically. The awful reality for a lot of people is you can’t talk to your financial advisor, you’ve got to hide this part of your portfolio. They’re not going to be philosophically aligned with you. It’s really difficult when you don’t have that alignment with somebody who should be such a trusted advisor.

Corva: I know that feeling. What else have you learned from your customers over the years?

Kelly: Something we’ve seen at Unchained, having been around for eight years now, is how Bitcoin adoption happens in the wake of macro geopolitical events or things that wake people up like, “Hey, it’s not actually my money at the bank.”

Also, people learn from things like the Canadian trucker protest where they saw that you can lose access to your dollars if you believe in certain things.

Then we had the failures of SVB and First Republic last year.

What we’ve created at Unchained is really kind of an antifragile set of products and services that aligns with core tenets and the core philosophy of Bitcoin. That means that when a lot of those bad things happen, we see influxes of clients.

I’m immensely proud of what the team has done here in terms of helping thousands of people get into a really comfortable position with assets outside of the traditional financial system and outside of systems that [are prone to] centralized risks of seizure or control over their bitcoin.

Unchained has over 7,000 clients that secure over 90,000 bitcoin with 12,000 keys. In four years, maybe that’s 100,000 keys securing tens of billions of dollars worth of bitcoin.

I think that’ll be a really unique financial institution that couldn’t have existed before. And our goal is to do that profitably in a way where we’re around as long as possible but also that’s going to be a net good for society, the industry and ecosystem overall.

Corva: I give you an immense amount of credit for not underestimating the user. What you’re doing with Unchained is saying, “We’re going to give you the full Bitcoin experience.” At the same time, you’re a financial services company and can play the TradFi game. It’s great for people who are more familiar with traditional finance, but who want to understand bitcoin and what makes it different from traditional assets or investments.

Kelly: It’s a model and an attitude that’s in contrast to the classic Wall Street attitude, which looks for “How do I get your money over here so I can make more money?” There’s obviously a version of that’s not always just in the client’s interest.

We’re the [opposite]. We’re trying to do business transparently — literally transparently on the blockchain — and as a company.

Corva: It’s apparent that you’re playing a long game, because your clients are going to have this experience with Unchained that’s different from the experience they have with traditional financial institutions, and they’re going to tell their friends about Unchained.

Kelly: It goes back to your ETF question. You may buy some shares in the ETF as your first exposure to bitcoin, but you’re only partially converted at that point. The full conversion happens when you’ve taken your sacrament of sending bitcoin with a hardware wallet. That’s a key part of the journey.

Source: Bitcoin Magazine

The post Unchained Is Helping Users Secure 90,000 BTC And Counting in Self Custody appeared first on Crypto Breaking News.

Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL coins. In exchange for staking, validators earn rewards.

However, as Solana’s price began its recent ascent, a noticeable decline in staked SOL was observed. This suggests that some validators are choosing to unstake their coins, potentially to capitalize on the price surge and book some early profits.

Solana Market Cap And Price Soar

Meanwhile, on Tuesday, Solana enjoyed a stellar day, surging 17% and adding over $11 billion to its market capitalization, which now stands at over $70 billion. This impressive performance saw Solana outperform industry giants like Bitcoin (BTC) and Ethereum (ETH), which remained entangled in their own price gyrations. With its market capitalization now totaling an impressive $80.7 billion, Solana’s surge has caught the attention of the crypto world.

This unstaking activity has drawn the attention of analysts, with the unstaked amount reaching a significant 5 million SOL over the past week. With Solana currently trading around $157 per coin, this translates to roughly $780 million worth of tokens re-entering the market. The influx of such a large volume in a short period could lead to a temporary oversupply situation on exchanges.

SOL price action in the last 24 hours. Source: Coingecko

Pullback Or Power Through?

The potential impact of unstaked SOL on the price is a matter of debate. Without a corresponding surge in demand to absorb this additional supply, there’s a risk of an initial price correction in the coming days. This could see Solana retreat from its current perch and settle around the $150 mark before potentially resuming its upward trajectory towards $200.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

The $200 Target

The coming days will be crucial for Solana. The bulls need to maintain strong buying pressure to absorb the unstaked coins and push the price above the $160 resistance zone. If successful, this could propel Solana towards its $200 target. However, a failure to do so, coupled with a large-scale sell-off from unstaked SOL, could trigger a correction down to $150.

Solana Breakpoint 2024

In another development, Solana Breakpoint 2024 is set to take place in Singapore, from September 20 to September 21. This event will provide attendees with full access to the heart of the Solana community, including insightful talks and exclusive events.

Special subsidized rates are available for developers, creators, artists, and students, ensuring that a diverse range of individuals can participate in this transformative event. The Solana Campus, located just a short 15-minute journey from downtown Amsterdam, offers a variety of stages for insightful talks, networking areas to build connections, and complimentary transportation for attendees’ convenience.

Solana Breakpoint is an important event for the Solana community, providing a platform for developers, validators, and other ecosystem participants to discuss the latest developments, share insights, and showcase their achievements. The annual conference highlights the network’s potential and its role in the broader blockchain space, with a focus on performance, reliability, and innovation.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% – Details appeared first on Crypto Breaking News.

Two Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have registered substantial gains over the past 24 hours. BONK recorded a 35% increase, while WIF climbed by 19%, positioning them among the top three gainers in the top 100 cryptocurrencies by market cap today. Only Hedera Hashgraph (HBAR) surpassed them, with a notable 44% rise during the same period.

Resolution Of Solana’s Congestion Issues Spurs Memecoins

The significant uptick in these Solana memecoins is closely linked to the recent improvements in the Solana network’s performance. A tweet from SolanaFloor earlier today indicated, “BREAKING: Solana’s congestion issues have been completely resolved, with block production back to normal. Transactions confirming in under 2 seconds.” This announcement marks a pivotal moment for the network which had been plagued by congestion issues.

Source A: https://t.co/2TVnbaPNlH
Source B: https://t.co/GfHxy8dC1B

— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024

On April 15, Solana developers rolled out crucial updates designed to alleviate these problems, urging validators to adopt version v1.17.31. This version introduces changes in the treatment of validators based on their stakes. Further enhancements are anticipated with the release of version v1.18 next month, which will include a new scheduler, albeit disabled by default.

Andrew Kang, founder of Mechanism Capital, remarked a few days before the fix, “Let’s also not forget that the Solana congestion issues have weighed down SOL and Solana-based memecoins significantly. It’s not a question of if but when the network is significantly improved. That’s your springboard.” Kang’s comments now seem prophetic as the resolution of network issues has indeed acted as a springboard for memecoin valuations.

Specifics On Rally Of Dogwifhat (WIF) And BONK

The price of WIF soared to a 24-hour high of $3.43 on April 24, buoyed by an impressive 96% increase in trading volume. This influx was fueled by notable acquisitions from whales like Ansem, who capitalized on the positive market sentiments.

The breakout above the resistance level at $3.18, after a week of sideways trading between $1.97 and $3.18, was a significant trigger. WIF formed a two-week-long ascending triangle, a bullish chart pattern that indicated a continuation of the previous upward trend. The breakout was widely discussed in the crypto community, with trader Bluntz Capital confirming the pattern’s resolution and sparking further bullish sentiment.

2 week long ascending triangle forming here on $WIF , i think the breakout is imminent pic.twitter.com/S0OZWBsq6u

— Bluntz (@Bluntz_Capital) April 24, 2024

BONK is registering a dramatic 35% rise, with a remarkable 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727, and continued its upward trajectory to the 0.5 Fibonacci level, signaling strong buying interest and bullish momentum.

This rally probably gained additional support from the recent listing of BONK by the global neobank Revolut, which was announced on April 22. This inclusion in Revolut’s trading platform, which features over 150 digital currencies, provided significant exposure and legitimacy, further enhancing investor interest and market activity around BONK.

BONK price, 1-day chart | Source: BONKUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons appeared first on Crypto Breaking News.

Polkadot (DOT), the interoperable blockchain platform designed for connecting different blockchains, is currently caught in a tug-of-war between technical indicators suggesting a potential price dip and bullish predictions from some analysts.

Recent price movements paint a somewhat gloomy picture. DOT breached the lower boundary of its ascending trend channel, a technical indicator often interpreted as a sign of weakening momentum.

Trading volume also leans bearish, with sellers dominating the market and putting downward pressure on the price. Support seems to be holding around $6.30, but resistance sits stubbornly at $9.40, hindering any upward movement.

Polkadot Consolidation Or Correction?

However, not everyone is ready to count DOT out. Proponents point to a bullish flag pattern, suggesting a consolidation phase. This consolidation, they argue, is a healthy pause after recent fluctuations and allows for accumulation before the next significant price move.

This interpretation finds support from prominent crypto analysts like World of Charts. They believe the current price action is a bullish flag, a technical pattern often seen as a precursor to a breakout. Should this breakout occur, they predict a surge in value, with DOT potentially reaching $15 in the coming weeks.

$Dot#Dot Consolidating In Bullish Flag In H4 Timeframe Expecting Upside Breakout & Incase Of Successful Breakout Expecting Move Towards 15$ In Coming Weeks #Crypto pic.twitter.com/nZkfjMoeDL

— World Of Charts (@WorldOfCharts1) April 22, 2024

Uncertain Future For Polkadot?

The conflicting technical signals make Polkadot’s future trajectory difficult to predict. The short-term outlook appears shaky, with potential for a price dip in the coming days or weeks.

However, the long-term picture remains more optimistic. Polkadot’s core technology offers a compelling solution for blockchain interoperability, a major hurdle in the crypto industry. If the project continues to develop and gain traction, a significant price increase in the future remains a possibility.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

While the potential for a $15 price tag in the coming weeks is enticing, the current technical indicators suggest caution. Ultimately, the price of Polkadot, like all cryptocurrencies, remains highly volatile and susceptible to unforeseen events. The coming weeks will be crucial in determining whether the bulls or the bears will prevail in this ongoing battle.

Polkadot JAM Protocol: Integrating Ethereum Smart Contracts, Boosting DOT’s Potential

In another development, Polkadot has been at the forefront of blockchain innovation, drawing significant attention from industry stakeholders with recent developments and promising future prospects. A notable milestone is the unveiling of the Join-Accumulate Machine (JAM) Gray Paper, representing a fusion of Polkadot and Ethereum protocols.

This protocol, as explained by the team, aims to establish a global singleton permissionless object environment akin to Ethereum’s smart-contract ecosystem, while also integrating secure sideband computation parallelized across a scalable node network, a concept pioneered by Polkadot.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bullish On Polkadot: Analyst Sees DOT Hitting $15 Soon appeared first on Crypto Breaking News.