Altcoin News by Thebittimes.Com

The Bitcoin price tumbled 4% in October, breaking its seven-year ‘Uptober’ streak as ETF outflows, profit-taking, and macro jitters weighed on the market. An Analysis by Fortune showed it was Bitcoin’s fourth-worst October performance since 2013 and the worst in the past seven years. That left BTC trailing the S&P 500 stock index, which rose 2.3%. The sell-off came as more than $550 million flowed out of major Bitcoin and Ethereum ETFs late in the month, with analysts saying profit-taking also played a part as Bitcoin treasury firms, including Michael Saylor’s Strategy, also slowed their BTC buying. We just experienced the first red October in 7 years! We also had an historic liquidation in October! UPTOBER was a fraud, but MOONVEMBER?? imho; if you can, DCA more! if you can’t, DO NOT panic sell your bags for cheap! If you are out of $$ and you are sure of your port,… pic.twitter.com/LH7aYTwQeY — Blockchain Bob (@blockchainbob) ...

Gemini Earn users get $2.18 billion in digital assets back, which represents a 232% recovery. Users will receive 100% of their crypto back, with the initial distribution representing 97% of Earn users’ assets. Gemini has announced that its customers of its Gemini Earn program have received $2.18 billion worth of digital assets. The distribution is in kind and represents a 232% recovery for Earn users, Gemini co-founder and CEO Tyler Winklevoss and co-founder and President Cameron Winklevoss said in a news release. Gemini Earn users get $2.18 billion in digital assets Per Gemini ‘s announcement, the $2.18 billion distribution accounts for 97% of the digital assets owed to Gemini Earn’s users . The initial payout is $1 billion on more, or 232% recovery on users ’ digital assets following Genesis’s halting of withdrawals and bankruptcy. Commenting on the payment in kind, Gemini noted that a customer who deposited one bitcoin r...

MicroStrategy stock was down 10% on Tuesday, while Coinbase and other crypto stocks also dumped. Bitcoin price traded to lows of $60,600 before seeing a slight recovery. MicroStrategy , Coinbase , Riot Platforms and Marathon Digital stock s are among crypto -related stock s seeing downside pressure amid Bitcoin’s price struggles. MicroStrategy stock dumps 10% Coinbase’s COIN was down 3% in early trading on Tuesday, hovering around $211.74 while MicroStrategy’s MSTR stock had dumped over 10% to $1,152. The share price of the Michael Saylor led company has declined more than 29% in the past 30 days. Today’s double-digit dump for the MicroStrategy stock price comes a day after the company reported a net loss in Q1. Despite the impairment loss, the BTC buying software intelligence firm reported adding more coins to its holdings. That includes the 122 BTC the company acquired for $7.8 million in April to bring its total haul to 214,400 ...

Key takeaways Bitcoin is up by more than 3% today and is trading above $72k for the first time since March. Bitbot’s presale is in stage nine and has raised more than $2.1 million. BTC crosses the $72k mark again Following weeks of underperformance, Bitcoin is trading above the $70k level once again. Bitcoin performed poorly late last month, dropping to the $65k level during that period. However, its performance has improved since last week. Thanks to its rally today, Bitcoin is now trading above $72k for the first time since March. At press time, the  price of Bitcoin stands at $72,283, up by more than 4% in the last 24 hours. The rally comes as the Bitcoin community prepares for the halving event. The halving is 12 days away and many expect BTC to rally to a new all-time high after the halving.  What is Bitbot? Bitbot’s presale continues to crush new milestones as Bitcoin and the broader crypto market recovers from their rec...

Bitcoin’s much-anticipated pre-halving rally towards the $100,000 mark has encountered a significant hurdle, as the cryptocurrency market experiences a wave of selling pressure. The recent price fall, which saw Bitcoin’s value drop by 6% on Tuesday and contribute to an 8% decrease over the week, has raised concerns among investors and analysts alike. According to Coinpedia Analysis , the market-wide sell-off has led to sellers dominating the short-term Bitcoin price trend, casting doubts on the sustainability of the pre-halving bull run. Despite the setback, Bitcoin managed to find a brief respite, achieving 1% intraday growth from the crucial $65,000 support level. US Bitcoin Spot ETFs Inflow Offers Glimmer of Hope Amidst the market turbulence, a daily net inflow of $40 million into US Bitcoin Spot ETFs has emerged as a potential source of optimism for Bitcoin’s recovery prospects. The influx of institutional capital suggests that some investors remain confident i...

Crypto currencies boomed in recent weeks, especially $ BTC which soared above $50,000 for the first time in 2 years, despite the release of a recent C.P.I.  (Consumer Price Index) that came in higher than expected, signaling a possible delay in rate cuts. This is a testament to the strength of the current bull market as investments pour into presale tokens, especially $GFOX , which is one of the most innovative tokens in the market. Bitcoin Surges Despite Dollar Strength as Investor Interest in Galaxy Fox Presale Hits New Highs On February 13, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) for January 2024, showing the rate at which prices rose in the country for that month. The CPI showed that prices rose by 3.1%, slightly lower than the rate as of December 2023 which was 3.4%. Despite January’s C.P.I. dropping slightly compared to December, according to experts, the rate was somewhat higher than the expected 2.9%.  ...

Bitcoin climbed above the $30,000 mark this month and is trading at $34,000 on Wednesday. The leading cryptocurrency doubled in price this year delivering profits to investors in the last seven months. Bitcoin spiked 102% from January to October this year, as it rose from a low of $16,500 to a high of $34,000. Investors who took an entry position in early 2023 have now doubled their investment in just 10 months. Also Read: U.S. Government Loses $116 Million by Selling Bitcoin Early BTC doubled in price this year despite the stock and cryptocurrency markets being in the bearish territory. The global economy remains weak due to macroeconomic factors and BTC outperformed leading stocks even during a downturn. However, a cryptocurrency analyst has predicted that Bitcoin could rise by $10,000 a day in the coming months. The analyst shared a chart highlighting how BTC could jump by $10,000 and take the cryptocurrency markets by surprise. Bitcoin Could Spike $10,000 In a Single Da...

In a startling case that reveals the murky side of crypto , a 54-year-old physician from Georgia has pleaded guilty to a murder-for-hire plot. This case took an unexpected turn due to an $8,000 Bitcoin [BTC] error. Dr. James Wan, who specializes in internal medicine, has confessed to engaging a hitman through the dark web with the intention of eliminating his girlfriend. However, the plan took a dramatic twist when he mistakenly sent the crypto asset to an incorrect wallet address. The sinister plot began to unfold on April 18, 2022. During this time, Dr. Wan ventured into the dark corners of the web to contract the services of a hitman. His disturbing request provided explicit instructions for the murder. This even included directives to take the victim’s belongings, shoot her, make a quick escape, or simply steal her car. The request contained detailed personal information about the victim, including her name, address, social media profiles, and vehicle details. To proceed ...

July 2022 was set to be a landmark month for the crypto industry in Europe. Jacobi Asset Management announced the launch of Europe’s first Bitcoin ETF on Euronext Amsterdam under the ticker BCOIN. However, the launch failed to transpire. Now, after a 12-month delay, the investment vehicle is expected to finally go live this month. Europe’s first bitcoin ETF set to launch after 12-month delay https://t.co/s4dhjPk3uw — FT Markets (@FTMarkets) July 13, 2023 A recent Financial Times report revealed that the asset manager affirmed that the fund is “on track” to launch in July 2023. The firm stepped aside last year because “the time wasn’t right,” as the ecosystem was suffering from the collapse of entities like Three Arrows Capital, Terraform Labs, FTX, etc. The asset manager pointed out that “demand has shifted since last summer.” Jacobi’s Bitcoin ETF will provide investors with exposure to Bitcoin th...

Earlier this year, President Joe Biden released his annual budget proposal outlining his policy priorities for the coming year. With respect to the digital asset industry, the proposal touched upon crypto mining. Specifically, Biden called for a 30% tax on all electricity used to mine Bitcoin and other cryptos. Right after that, the White House’s Council of Economic Advisers also backed the proposal. However, the U.S. debt ceiling agreement ended up dropping out the aforementioned mining tax. Specifically, Republican Congressman Warren Davidson took to Twitter to confirm that scraping off the tax was “one of the victories” of the new agreement. Well, miners were quite delighted with the development. They were in their capitulation mode all this while. In the initial few months of 2023, their reserve remained flat, while after that, it started declining. However, the tables have turned over the past few days. On May 27, the miners ’ had 1.826 million BTC in the reserve. H...

The failure of several crypto currency-related businesses prompted a newfound fear among users. To combat this, many platforms began sharing their proof-of-reserves reports over the last couple of months. Prominent exchange, OKX went on to publish its third monthly PoR report earlier today. The firm highlighted how it currently holds billions in Bitcoin, Ethereum, and stablecoin Tether [ USDT ]. While this is OKX’s third report, it is the first to include a “more detailed asset balance dashboard.” According to this, the exchange is over-collateralized with $7.5 billion in reserves. The reserve ratio does not include OKX’s native token OKB. With 1:1 reserves, the reserve ratios are 105% for Bitcoin, 105% for Ether, and 101% for USDT . Source While the reserve ratio for Bitcoin and Ethereum are the same, that of USDT is quite lower. OKX’s user asset holdings for Bitcoin are at 117,682 while its wallet assets are at 123,914. For Ethereum, on the o...

From January 1st’s high of $47.9k, Bitcoin dropped to a low of $42.3k by January 13 in 2022. This year’s tale, however, is different. Over the past 13 days, Bitcoin has registered 10 green candles on its chart. From its January 1st low of $16.49, the asset’s price went on to register a multi-week high of $19.1k yesterday. At press time, BTC was priced at $18.8k, resulting in a ~14% rally so far in 2023. Source: TradingView Also Read – Bitcoin: ‘Tension’ To Likely Build Up By End Of January, Why? The Game Of Chicken The last green candle was a result of the post-inflation data release hype pump. For context, the US Bureau of Labor Statistics revealed yesterday that US’s inflation rate fell to 6.5% in December, down from November’s 7.1%. The number was at par with expectations, and as a result, Bitcoin could climb from $17.89k to $19.1k. After the Fed ’s meeting last month, San Francisco Fed President Mary Daly was ...

After falling to sub-$20k levels, Bitcoin (BTC) has failed to climb back up. Even after a subdued CPI (Consumer Price Index) record for the previous month, and less aggressive PCE data, BTC has not undergone price recovery. According to analytics firm Glassnode, the number of short and long-term Bitcoin (BTC) investors sitting on losses are at an all-time high. The original cryptocurrency has failed to recover from the bloodbath stemming from the FTX collapse. However, there are signs that the current bear market might be nearing its end. Signs that the Bitcoin bear market is ending? Bitcoin leaving centralized exchanges : According to Glassnode, the prominent crypto analytics firm, Bitcoin’s exchange withdrawals reached a 1-month low of 2,191.583. Now BTC moving off exchanges is a sign that investors are not interested in selling. However, this could also be a reaction to the collapse of FTX, one of the largest exchanges in the world. Nonetheless, coins moving off exc...

The Bitcoin [BTC] mining industry was one of the most affected sectors amidst the ongoing bear market. With BTC’s price at a fairly low level, mining the king coin hasn’t been very profitable. Prominent mining firms were seen crumbling as BTC failed to garner support. Core Scientific was even on the verge of filing for bankruptcy. However, the platform seems to have found a way out. B.Riley Financial, one of the largest creditors of Core Scientific wrote an open letter to the shareholders as well as lenders of the firm. The financial services platform noted how bankruptcy was unnecessary while putting forth a $72 million financial place. Through this, B. Riley hoped to prevent Core Scientific from filing for Chapter 11 bankruptcy. Following this proposal, Core Scientific’s stock witnessed a prominent spike. Back on December 12, the shares of the Bitcoin mining firm were at a low of 13 cents. However, following a 200 percent surge, it jumped up to a high of 43 cents,...

Time and again, throughout the bear market, the crypto-verse has pointed out that adoption did not take a back seat. Developments pertaining to crypto projects were taking place in full swing. Global crypto adoption followed suit. As Bitcoin [BTC] witnessed a slight recovery Hong Kong opened the doors to its very first BTC exchange-traded funds [ETF]. A recent report revealed that two ETFs that track U.S.-listed crypto futures have managed to veer into Hong Kong . These ETFs are reportedly managed by CSOP Asset Management. This platform has been seeking approval to list ETFs that invest in Bitcoin and Ether [ETH] futures traded on the Chicago Mercantile Exchange [CME]. After raising $73.6 million, these ETFs are expected to make their debut on the Hong Kong stock exchange on Friday. This is would be the region’s very first Securities and Futures Commission [SFC] permitted crypto ETF. Each ETF will trade for HK$780 each on the Hong Kong Exchanges & Clearing [HKEX]. Y...