The number of Bitcoin whales holding at least 1,000 BTC has been rising for the past few months, according to a report by Glassnode. The report also highlights that the accumulation continued during the recent slump on March 12 and 13 when Bitcoin’s price dropped below $4,000 levels. This suggests that the whales are bullish on Bitcoin due to the upcoming halving event in May.
Canadian asset manager 3iQ has launched “The Bitcoin Fund,” on the Toronto Stock Exchange (TSX), which is tied to Bitcoin. Tyler Winklevoss said that this was a historic moment as it was “the first public Bitcoin fund listed on a major stock exchange.” The fund offers an opportunity to the investors to add Bitcoin to their portfolio without worrying about cryptocurrency security or custody.
As the panic in the global markets subsides, Bitcoin has become more and more uncorrelated to every other asset class. In the past ten days, Bitcoin’s correlation with gold and the S&P 500 has turned negative. On the other hand, the correlation of Bitcoin with the major cryptocurrencies has risen sharply.
BTC/USD
Bitcoin (BTC) failed to break out of the 50-day simple moving average for the past three days. This attracted profit booking by the short-term traders who had entered at lower levels. It also gave a shorting opportunity to the bears who are attempting to resume the downtrend.
Major cryptocurrency markets fell 7 percent over the past 24 hours, with bitcoin (BTC) retreating below $7,000.
While traditional stocks saw modest gains during early trading hours Friday, the crypto market shed more than $13 billion over the past 24 hours, according to Nomics. Most large-cap cryptos fell more than 8 percent in that time period, with BTC’s 6.8 percent dip being the only exception.
The sell-off appears to have begun early UTC Friday.
Money is a shared fiction. Our mechanism for storing and exchanging agreed-upon units of value, a tool so powerful that wars are fought over it, springs entirely from our collective imagination.
Some might find that unnerving. The age-old desire to attach a currency’s value to something earthly, precious and finite is partly founded on a false hope that these tokens, in which we place such faith, have intrinsic value. It’s an understandable instinct, and there’s a strong gold standard argument for curtailing the sovereign’s power to debase people’s savings. But the sense of innate value is just a belief. As with people’s beliefs in other ephemeral concepts – in religion, for example, or in the concept of a nation – the ones most difficult to challenge are those fundamental to society. Indeed, one could argue that if everyone were to acknowledge that money is a fiction, it would cease to function.
Bitcoin SV (BSV) has seen its first halving since its creation in late 2018, hours after Bitcoin Cash (BCH) also completed its 50% block reward reduction event. The cryptocurrency first came about as a result of disagreements between opposing factions within the BCH community, which led to a group backed by self-proclaimed Bitcoin (BTC) creator Craig Wright and billionaire Calvin Ayre forking the chain to form Bitcoin Satoshi’s Vision, or Bitcoin SV.
As was the case with BCH, BSV also saw a reduction in hash rate as miners moved their computing power to the BTC chain, which is currently the most profitable to mine among all three blockchains. BSV proponents say the hash rate reduction is only a temporary trend and will do little to negatively impact miner revenue.
During the hash war between BCH and BSV, the concentration of computing power in those two chains almost led to a mining death spiral for Bitcoin. This period was also the last leg of the 2018 bear market, with the price of BTC bottoming out at $3,800 in December 2018
The number of Bitcoin (BTC) whales with at least BTC 1,000 (USD 6.9 million) in their wallets has reached its highest point in more than 2 years, or almost 1,850 entities, according to a new research.
Also, the number of whales active in the market during an “accumulation phase” has not been this high since the end of 2015, crypto market researcher Glassnode said in its weekly report. In fact, according to them, the number of these large players actually increased ahead of the market crash in mid-March, and “accelerated during and after the crash.”
🗞 Daily Crypto News, April, 11th💰
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@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
As you can see we just broke the upper line of the triangle but look how that break is weak and that we are consolidating just upper that line. It is not a normal move when we break a so big triangle. So I suspect that a massive move is in preparation and that it won't be a UP so be very carefull... If we don't take distance from that upper line, the correction is imminent.
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