Bitcoin on the verge of a breakout? BTC miners prepare for price jump

As bitcoin stocks plummet, miners are holding onto their reserves. Is the next rally in the offing?

Bitcoin is gradually picking up speed after the price went back into consolidation mode following a failed breakout above the 60,000 level over the weekend. Post-buying and Bitcoin Trader profit-taking have left Bitcoin bouncing disoriented in the tens of thousands range between US$50,000 and US$60,000 over the past few trading days. Even though Bitcoin is 3.6 percentage points below the previous week’s level, however, a 24-hour gain of 3.3 per cent indicates a renewed attempt at liberation in the daily chart.

Bitcoin price in the weekly chart

Overall, the ten largest cryptocurrencies by market capitalisation are turning up on a daily basis. The absolute front-runner is THETA, which has entered the top list of the most valuable crypto assets with a very respectable plus of 24 per cent. Chainlink (LINK), on the other hand, had to vacate its seat. Its market capitalisation is now just under 1.6 billion US dollars below the new number ten: Litecoin (LTC). The losers are Uniswap (UNI) and XRP, each with a price drop of 7.7 and 2.3 per cent.

After the market stalled somewhat and got the necessary cooling it needed after the recent record months, a small upward trend can be seen again. Total market capitalisation is reaching for the 1.8 trillion mark again with a daily gain of 2.5 per cent. Looking at the indicators, the signs are good for a next rally.

Bitcoin big buy

One indication of upcoming price jumps is large BTC withdrawals from exchanges. Coinbase in particular stands out as a turnover point for institutional investors. If BTC holdings buckle, another buyer of the magnitude of Tesla or MicroStrategy may have found itself.

This is what happened in yesterday’s trading session. As the blockchain researchers from CryptoQuant announced via Twitter, 14,666 Bitcoin left the Coinbase wallet in one fell swoop. At an exchange rate of just over 55,000 US dollars, the investment amounts to 804 million US dollars, no small house number. It is not known which investor has lined his pockets.

As a result, bitcoin holdings on exchanges have once again fallen to an all-time low. Glassnode currently counts around 2.41 million available BTC, as few as last in mid-2018.

La compañía de tecnología china Meitu ha perdido otros $ 50 millones en ETh y BTC, elevando sus tenencias totales a $ 90 millones.

La empresa de tecnología china Meitu ha anunciado la inversión de otros 50 millones de dólares en Ether y Bitcoin, elevando su gasto neto en criptomonedas a aproximadamente 90 millones de dólares este mes

La compañía que cotiza en Hong Kong y China compró 386.08 BTC por $ 21.6 millones y 16,000 ETH por alrededor de $ 28.4 millones, el 17 de marzo. El anuncio más reciente sigue a una inversión inicial en criptomonedas el 5 de marzo, en la que la compañía adquirió 15,000 ETH por alrededor de $ 22.1 millones. y aproximadamente 379 BTC por aproximadamente $ 17,9 millones.

En el último anuncio, la compañía señaló que, si bien la criptomoneda aún se encuentra en sus etapas formativas, cree que la tecnología blockchain tiene el potencial de ser una fuerza disruptiva en las industrias financieras y tecnológicas existentes:

„La Junta cree que la industria de la cadena de bloques todavía se encuentra en su etapa inicial, análoga a la industria de Internet móvil alrededor de 2005. En este contexto, la Junta cree que las criptomonedas tienen un amplio margen para la apreciación del valor“.

La compañía también citó la creciente tendencia de grandes instituciones como Tesla y Microstrategy a acumular Bitcoin Machine y la creciente aceptación de la criptomoneda como forma de pago de bienes y servicios en la sociedad en general, como razones para la compra adicional.

Meitu salió a bolsa en 2016 y cotiza en China y Hong Kong. La compañía de tecnología desarrolló MeituPic, una aplicación que permite a los usuarios editar y retocar fotos que es popular en China continental, Hong Kong y Taiwán

Tras el anuncio de su primera inversión el 5 de marzo, el periodista chino Wu BlockChain sugirió que era: „La primera empresa china que cotiza en bolsa en comprar una gran cantidad de Bitcoin“.

Sin embargo, parece poco probable que muchas más empresas chinas que cotizan en bolsa anuncien grandes compras de criptomonedas en un futuro próximo, ya que el entorno regulatorio en el país es muy incierto. Actualmente, China acepta Bitcoin como un producto virtual , pero prohíbe que las plataformas comerciales intercambien moneda de curso legal por monedas o tokens virtuales.

Godkendelsen gør det til den første nordamerikanske Bitcoin ETF.

Dette gør det til den første officielt godkendte Bitcoin ETF i Nordamerika

En Bitcoin børshandlet fond for investeringsselskabet Accelerate Financial er blevet godkendt i Canada.

Dette gør det til den første officielt godkendte Bitcoin ETF i Nordamerika, efter at Ontario Securities Commission gav grønt lys for det institutionelle produkt.

Beslutningsdokumentet blev godkendt torsdag den 11. februar og dækker følgende områder: Britisk Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland og Labrador, nordvestlige territorier, Yukon og Nunavut.

Accelerate Financial Technologies havde arkiveret og opnået en kvittering for et foreløbigt prospekt til canadiske værdipapirtilsynsmyndigheder for Accelerate Bitcoin ETF (ABTC) den 2. februar.

At fonden vil tilbyde andele pålydende i både amerikanske og canadiske dollars

Det anførte, at fonden vil tilbyde andele pålydende i både amerikanske og canadiske dollars med et administrationsgebyr på 0,7% og tilføjede, at den havde ansøgt om at notere ABTC-enheder på Toronto Stock Exchange.

På det tidspunkt sagde grundlægger og administrerende direktør for Accelerate, Julian Klymochko;

”Bitcoin har været en af ​​de mest effektive aktivklasser på 1-årig, 3-årig, 5-årig og 10-årig basis, både absolut og risikojusteret. I betragtning af Bitcoins historiske track record og fremtidige potentiale sammen med dets porteføljediversificeringsegenskaber ser vi frem til at tilbyde investorer eksponering over for aktivklassen i en brugervenlig og billig ETF. ”

Firmaet tilbyder en række andre ETF’er, herunder den nyligt lancerede OneChoice Alternative Portfolio ETF, som er landets første fond, der giver eksponering for en enkelt billet til flere alternative aktivklasser og investeringsstrategier, herunder Bitcoin, guld, arbitrage og privat kredit.

I midten af ​​januar indgav den canadiske investeringsfondsleder Arxnovum også et prospekt til en Bitcoin ETF til Ontario Securities Commission.

The Bitstamp exchange platform had already strongly tightened its KYC measures a few weeks ago. And she persists and signs, since she now asks for personal information like the income of her users, or the origin of their cryptocurrencies. Unheard of, which shows that governments do not intend to let cryptocurrencies exist on their side.

Bitstamp further tightens its identity checks

The first part of these new verification s identity had much attention and angered Bitstamp users in mid-month. The company then asked investors to take a photo of the wallet or exchange account receiving funds withdrawn from the platform. Many had found the measure invasive, and of little use in terms of the fight against money laundering and the financing of terrorism.

Bitstamp was however forced to do so by new regulations put in place by the Dutch government recently. This is why these new measures have surprised: they will go even further than what the law requires , according to some commentators.

It was again user Marcus Bitcoin who reported this change, with a copy of the email sent to Dutch Bitstamp users. The document encourages them to carry out identity checks:

“Today Bitstamp has gone even further than what the law requires. They now want me to show them how much I earn, where I got Bitcoin, and proof that I hold the funds. WTF! And I can not withdraw my funds otherwise I am therefore forced to accept. “

Pay slips and origin of cryptocurrencies received

The exchange details the new documents that are expected. Users must prove where the funds they use on the platform come from, by submitting a payslip, proof of sale, or even a certificate of credit contracted with a bank.

When it comes to cryptocurrencies, the exchange is naturally more vague, but Bitstamp still asks for “ a relevant and up-to-date document that shows the origin of your crypto-assets.“ » Users are also encouraged to update their proof of address so that it is less than three months old.

The drift of Bitstamp and Dutch exchanges

In the document, Bitstamp specifies that these new identity and credit checks are made under new “ regulatory measures“ . Bitstamp customer service also responded to the publication, explaining that until January 31, it is still possible to withdraw funds … As long as you take a picture of the wallet or the withdrawal address , of course.

That said, it is unlikely that Bitstamp on its own decided to beef up its identity verification procedures, by alienating some of its users in the process. It is therefore possible that the tightening of these rules comes from the country’s central bank . This was already the case for withdrawals, as Bitstamp technical director David Osojnik explained to our colleagues at The Block :

„The changes we have implemented in our processes of e withdrawal for our customers in the Netherlands are a response to rules stipulated by De Nederlandsche Bank [the central bank], we are obliged to follow if we want to continue to practice in the country. „

Goldman Sachs analyst Jeff Currie says that both Gold and Bitcoin can coexist, as they belong to different categories.

During an interview on Bloomberg, Goldman Sachs‘ head of commodities research, Jeff Currie, said that Bitcoin and gold can coexist.

He also compared cryptomoney to copper, explaining that the functions it performs in relation to gold are totally different, so to say that one can override the other is incorrect.

Among other things, the analyst said that Bitcoin is an indicator of growth risk. In that sense, its behavior is remarkably similar to that of copper. In an approach, he explained, by superimposing their price tables, one can see that they act in the same way.

Currie’s statements are somewhat different from those of analysts at Deutsche Bank. According to the vision of the latter, the prospects for recovery in 2021, are already exercising a weight on this metal. They explain that very soon gold will experience a prolonged downward cycle.

JPMorgan strategist maintains his crypto enthusiasm in Bitcoin

Bitcoin and Gold: are they antagonistic or can they coexist?

For Goldman Sachs‘ Currie, gold and Bitcoin can coexist, since they’re active with a different orientation. He explains that Bitcoin has a risk on, while gold has a risk off.

With this categorization, the analyst explains that Risk on assets are those that investors consider attractive in a low-risk environment. On the other hand, when we talk about Risk off, we are talking about these assets that are highly demanded in a high risk situation.

In simple terms, the claim that Bitcoin and gold can exist in parallel is based on the fact that there is „Bitcoin on“ on the one hand, and „gold off“ on the other. Consequently, Currie offers as a conclusion that in the Risk on asset category, both pioneer cryptomoney and copper are found.

The growth of Bitcoin and copper, he stresses, is part of a cycle to which gold does not belong. In other words, the case in which Bitcoin displaces gold is, in his opinion, meaningless.

Peter Schiff: „Bitcoin and gold could have great benefits

The abandonment of reserve assets

The prospect of a possible recovery from the news of advanced vaccine development has caused great movement in the markets. Investors, faced with the possibility of a return to normality, began to migrate their capital from reserve assets to risk assets.

According to this position, gold, as the main reserve asset, began to experience some decline at the end of the year. This fact, in the opinion of Michael Hsueh, strategist for raw materials and currencies at Deutsche Bank, will lead to a fall of approximately 12% in the value of gold. „We see that it is extremely difficult for gold to return to an upward trend,“ he said.

In contrast to the historical peaks that the metal reached at the end of June, the downward trend is now approaching. In line with this view, ANZ analysts explain that this downward cycle for gold could continue for several years. „We will see very soon how the value of gold will touch the floor,“ they point out.

The claim that gold and Bitcoin can coexist remains to be seen. For now, visions are often divided into opposing camps.

Facts to keep in mind

A cycle is approaching in which low risk assets (Risk on) such as Bitcoin or copper will be the protagonists.
Gold, on the other hand, being considered a high risk asset (Risk off), has different characteristics from the former.
Thus, explains Jeff Currie of Goldman Sachs, there is no sense in claims that one can displace the other. On the contrary, he assures, both can coexist.
On the other hand, Michael Hsueh, of Deutsche Bank, affirms that the value of gold will fall by 12%. Likewise, he assures that the downward cycle of the metal could last several years.

Tärkeimmät kohokohdat:

• Miljardierisijoittaja Stanley Druckenmiller on paljastanut omistavansa Bitcoinin
• Druckenmillerin mukaan nuoremmat sukupolvet voisivat houkutella Bitcoinia arvon säilyttäjänä
• Legendaarinen sijoittaja totesi, että Bitcoin voi ylittää kullan, koska se on epälikvidimpi ja näyttää enemmän volatiliteettia

Miljardierisijoittaja Stanley Druckenmiller sanoo omistavansa Bitcoinin

Miljardierisijoittaja Stanley Druckenmiller, joka oli aiemmin Duquesne Capitalin puheenjohtaja ja toimi myös George Sorosin Quantum-rahaston pääportfolionhoitajana, paljasti omistavansa Bitcoin BTC: n, 1,20%.

Druckenmiller kommentoi BTC: tä äskettäin esiintyessään CNBC: ssä. Vaikka hän totesi omistavansa paljon enemmän kultaa kuin Bitcoinin, Druckenmiller sanoo, ettei olisi yllättynyt nähdessään Bitcoinin ylittävän kullan, jos vedonlyönti kullasta osoittautuu onnistuneeksi.

Druckenmiller ehdotti kahta perustetta miksi hänellä on Bitcoin. Druckenmillerin mukaan nuoria sijoittajasukupolvia houkuttelee Bitcoin arvovarastoksi:

„Se voi olla omaisuusluokka, joka houkuttelee paljon arvovarastona sekä Millennialle että uudelle länsirannikon rahalle – ja kuten tiedät, heillä on paljon sitä. Se on ollut olemassa jo 13 vuotta ja joka päivä kuluu enemmän vakautta. „

Hän sanoi myös, että  Bitcoin Revolution on mahdollisuus ylittää kulta yksinkertaisesti siksi, että se ei ole niin vakiintunut. Pienemmällä likviditeetillä ja suuremmalla volatiliteetilla Bitcoinin nousu on huomattavasti suurempi:

„Omistan monta kertaa enemmän kultaa kuin omistan Bitcoinin, mutta rehellisesti sanottuna, jos kultapanos toimii, Bitcoin-veto toimii todennäköisesti paremmin, koska se on ohuempi, se on epälikvidi ja siinä on paljon enemmän beetaa.“

Sijoittamisessa »beeta« viittaa omaisuuden volatiliteettiin verrattuna laajempiin markkinoihin.

Druckenmiller ei ole ainoa merkittävä sijoittaja, joka on julkisesti ilmoittanut pitkän kannan Bitcoinista. Toukokuussa makrosijoittaja Paul Tudor Jones paljasti, että hän investoi Bitcoinin suojautuakseen rahatulostukselta ja fiat-valuuttojen mahdolliselta devalvaatiolta.

Real Visionin toimitusjohtaja Raoul Paul kommentoi Druckenmillerin Twitterissä tekemiä huomautuksia, että Druckenmillerin Bitcoin-kommenttien merkitystä ei voida yliarvioida:

Riot Blockchain Mined 222 Bitcoins under tredje kvartalet

Det börsnoterade bitcoinbrytningsföretaget Riot Blockchain rapporterade intäkter för septemberperioden måndag och noterade en betydande ökning av intäkter och hashkraft från för ett år sedan med planer på fortsatt expansion.

Castle Rock, Colo.-baserade gruvföretag, som rapporterade över 2,4 miljoner dollar i gruvintäkter, ökade intäkterna med 42% jämfört med samma period 2019. Företagets gruvintäkter gick klart från en 15-procentig ökning Bitcoin Evolution av priset på bitcoin (BTC, – 0,29%) under Q3 förutom dess ökade hashkraft.

Upploppsansökningar visar att det bryts 222 BTC under Q3 2020, en ökning med 41% från samma period förra året, men något lägre än 227 BTC som utvinns under Q2 2020. År 2019 bytte Riot till att bryta bitcoin uteslutande, berättade VD Jeff McGonegal till CoinDesk. Tidigare bryter företaget också litecoin (LTC, -2,32%) och bitcoin-kontanter (BCH, -2,86%).

Riot rapporterade en aktuell gruvkapacitet på 556 peta hash per sekund (PH / s) och uppfyllde sitt mål i sin vinstutdelning för andra kvartalet, vilket motsvarar en ökning med 450% från Q3 2019 hashkraft på 101 PH / s.
Riot planerar att fortsätta att aggressivt utvidga sin gruvdrift, enligt sin resultatrapport, genom fyra köpeavtal med gruvtillverkaren Bitmain för totalt 16 600 S19-Pro-maskiner.

Företaget förväntar sig inkrementell leverans och distribution av sina nya maskiner till slutet av andra kvartalet 2021

Samtidigt med en ökning av gruvdrift bitcoin och den ledande kryptovalutans 114% hittills rally, växte Riots kryptovalutaföretagslikviditet från 7,2 miljoner dollar under andra kvartalet till 9 miljoner dollar under tredje kvartalet. Dess kontantreserver ballonerade från 9,1 miljoner dollar till 30,1 miljoner dollar under samma period.

Riot-aktieägare åtnjöt den lägsta kvartalsförlusten per aktie sedan företaget först utplacerade sin gruvhårdvara för kryptovaluta under andra kvartalet 2018. Förlusten per aktie sjönk till 0,04 dollar under tredje kvartalet, en förbättring med 50% från en förlust per aktie på 0,08 dollar under samma period förra året .
Upploppsaktier handlades på $ 3,50 vid måndagens stängning, upp 32% från början av Q4. De har stigit mer än

Il governo iraniano ha reso obbligatorio per i minatori di Bitcoin Billionaire nel paese di vendere le proprie monete allo stato, in modo che le autorità possano utilizzare la valuta digitale per pagare le importazioni in mezzo a sanzioni internazionali paralizzanti, secondo i rapporti del 30 ottobre 2020.

L’Iran spera in Bitcoin

Mentre l’Iran è uno dei paesi più ricchi del mondo quando si tratta di petrolio greggio e produzione di gas naturale, l’economia dello Stato Islamico è stata quasi paralizzata dalle sanzioni internazionali e dalla pandemia COVID-19 che ha fatto crollare la sua produzione giornaliera di petrolio da 3,1 milioni. barili a soli 1,9 milioni.

Nel tentativo di alleviare le sue difficoltà economiche e generare fondi per il pagamento delle importazioni, il Ministero dell’Energia e la Banca Centrale dell’Iran ha messo in atto una legislazione che rende obbligatorio per i minatori di bitcoin registrati nella regione di vendere le loro monete al stato.

Si ricorderà che ufficialmente il governo iraniano legalizzato operazioni di mining di criptovaluta nell’agosto 2019 e ha reso obbligatorio per i minatori ottenere la licenza necessaria dal Ministero dell’Industria, delle Miniere e del Commercio

Per fonti vicino agli ultimi sviluppi, l’Iran, che ha recentemente cambiato la sua valuta di riserva primaria dal dollaro USA allo yuan cinese, poiché non può più accedere alle sue riserve in USD, ha visto crollare le sue riserve estere di oltre il 33% negli ultimi 24 mesi e ora sta cercando il modo di trasformare le sue fortune in calo.

Mentre bitcoin (BTC) e altre criptovalute sono completamente diverse dalle valute legali globali, il governo iraniano spera che la natura senza confini del primo gli renderà più facile pagare i suoi partner commerciali internazionali.

Sebbene il governo debba ancora rilasciare ulteriori dettagli sulla mossa, la CBI ha tuttavia lasciato intendere che i miner saranno tenuti a inviare le criptovalute direttamente a canali specifici che verranno loro forniti.

Con il prezzo del bitcoin (BTC) ora puntando di nuovo alla luna, resta da vedere se il governo iraniano sarà in grado di acquistare le monete dai minatori a un prezzo ragionevole che renderà l’accordo uno scenario vantaggioso per tutte le parti.

La posizione dell’Iran sulle criptovalute rimane poco chiara, come quella del governo regolamenti per quanto riguarda la fiorente asset class digitale non può essere descritta come completamente suscettibile, tuttavia, la nuova alleanza potrebbe potenzialmente cambiare le cose, soprattutto se la nazione attutisce con successo gli effetti negativi della sua sanzione internazionale tramite bitcoin.

Cryptos Under Watch – Financial and law enforcement authorities around the world are definitely not very fond of bitcoin mixing services or so-called „anonymous“ cryptocurrencies. Europol’s services explain that they follow very closely the activities linked to these confidential blockchain transactions.

Mixing bitcoins: a puzzle for investigators

The European police authority Europol has just published a new report entitled „Assessment of the threat posed by organized crime on the Internet“ .

As you might expect, a chapter is devoted to cryptocurrencies , and its title is unequivocal:

“Cryptocurrencies facilitate payments for all forms of cybercrime. “

This sets the tone from the start, and the rest is just as accusing, especially for mixing services that allow bitcoin transactions to be mixed to make them difficult to track:

“(…) Wallets offering privacy protection services using ‚coinjoin‘ concepts (eg Wasabi and Samurai wallets ) have emerged as a major threat, in addition to well-established centralized mixers. “

Bitcoin loses ground on the darknet to anonymous cryptos

Europol recognizes, however, that criminal activities now represent only a tiny fraction of transactions, when compared to legitimate exchanges.

The report thus admits that, while before 2013 “criminal” transactions represented 20% of the total, in 2019 they only represented 1.1% of transactions on blockchains.

Another change noticed by the police service: while the black markets of the Dark Web relied almost exclusively on Bitcoin (BTC) until 2013, the offer has since diversified:

“(…) In recent years the situation has changed. A growing number of markets have understood the advantage of offering several cryptocurrency alternatives, including Litecoin (LTC), Ethereum (ETH), Monero (XMR), Zcash (ZEC), and Dash (DASH). While bitcoin remains the most popular means of payment (mainly for its wide adoption, reputation and ease of use), the use of anonymity-promoting cryptos has increased (…). „

Thus, the top trio of cryptocurrencies more and more popular on the darknet would be, in order, Monero , Zcash and Dash . Europol recognizes that all of these cryptos can „constitute a considerable obstacle to law enforcement investigations“ .

EN BREVE

• Woo cree que los fundamentos de la adopción son el factor más importante en el futuro de Bitcoin.

• Escribiendo en su cuenta de Twitter, Woo compartió datos de Glassnode mostrando una clara tendencia al alza de varios años en la adopción de bitcoin.

En su opinión, esto es parte de un creciente cuerpo de evidencia de que bitcoin ahora funciona como un almacén de valor a largo plazo para un creciente número de ‚HODLers‘. Esto, dice, ejercerá más influencia sobre el precio del bitcoin que „los fondos de cobertura y los comerciantes de ballenas“, lo que desacoplará efectivamente el rendimiento de bitcoin del S&P 500.

Fondo de la predicción de Woo

La predicción de Woo tiene como telón de fondo una correlación significativa entre bitcoin y acciones. Esto ha llevado a temer en algunos trimestres que factores macroeconómicos como los tipos de interés, el desempleo y la inflación puedan ejercer influencia sobre el precio del bitcoin, y por extensión sobre todo el mercado criptográfico, que en gran medida se inclina por el bitcoin.

Sin embargo, no todos los analistas están de acuerdo en que exista una correlación. El fundador de Heisenberg Capital, Max Keiser, cree que de hecho „bitcoin… está inversamente correlacionado con el USD – no con el mercado de valores“. Y agrega, „No se dejen engañar por la aleatoriedad“.

Los siguientes gráficos ilustran una aparente correlación entre las acciones y bitcoin en un período de cinco años

Predicción de desacoplamiento de Woo

Según Woo, bitcoin se está acercando a un punto en su ciclo de vida en el que algo que él describe como „adopción interna“ está ejerciendo una mayor influencia sobre los movimientos del mercado que la inversión de fuentes externas. Explicando lo que significa „adopción interna“, escribió en un tweet:

„Es la adopción a partir del crecimiento orgánico a largo plazo de los HODLers. A diferencia de los fondos de cobertura y los comerciantes de ballenas que mueven capital dentro y fuera de la BTC mientras negocian y cubren posiciones.“

La opinión de Woo es que los inversores tradicionales interactúan con el bitcoin como cobertura, con la consecuencia no deseada de crear una correlación. Esta posición sobre la inversión en bitcoin convencional está en línea con la descrita por el Copresidente de Finanzas de Fortune Brainstorming, Robert Hackett, en junio de 2020.

Sin embargo, según Woo, la adopción de bitcoin por parte de los usuarios ya se ha cruzado. Esto, dice, reduce efectivamente la importancia de la inversión institucional como motor fundamental del precio de bitcoin.