Welcome to a different thrilling day on this planet of Bitcoin! Buckle up as we dive into the most recent happenings which are shaking up the crypto area. First up, we’ve some intriguing information from Cointelegraph that reveals a staggering 75% of all Bitcoin has been HODLed for over six months. Sure, you heard that proper! Regardless of Bitcoin’s latest drop of 21% from its all-time excessive, nearly all of Bitcoin held in wallets hasn’t budged an inch. In line with the on-chain information from Glassnode’s Hodl Wave chart, this can be a vital improve from only a week in the past when solely about 45% of the BTC provide was dormant for at the least six months. For those who’re curious to know extra, take a look at the total article here.
However that’s not all! In a slightly quirky flip of occasions, an AI startup named Osmo is making an attempt to reply the age-old query: What does Bitcoin odor like? Sure, you learn that proper! This formidable mission goals to teleport digital scents, and whereas it would sound like one thing out of a sci-fi film, the know-how might doubtlessly assist detect ailments like most cancers. If you wish to know extra about this olfactory journey, head over to Cointelegraph’s article here.
Now, let’s speak about Bitcoin ETFs. In line with one other Cointelegraph article, Bitcoin bulls ought to keep away from MicroStrategy’s new leveraged ETF. The ETF, launched by Defiance ETFs, takes on pointless dangers and is prone to underperform in comparison with spot Bitcoin. With a whopping $22 million in quantity on its first day, the Defiance Every day Goal 1.75X Lengthy MSTR ETF goals to offer 175% lengthy day by day focused publicity to MicroStrategy’s inventory. Nevertheless, seasoned traders would possibly wish to suppose twice earlier than diving in. For extra insights, learn the total article here.
In additional bullish information, Bitcoin is hinting at an upward value section, with metrics aligning on the $60.6K degree that merchants are desperate to beat. As the value motion confirmed power on August 18, Bitcoin sought to reclaim the $60,000 mark. Knowledge from Cointelegraph Markets Professional and TradingView revealed native highs of $60,271 on Bitstamp. For these within the technical evaluation, you’ll be able to learn extra about it here.
In the meantime, crypto analyst Benjamin Cowen has some ideas on Bitcoin dominance, suggesting it might not return to the lofty heights of 70% once more. Cowen predicts a goal of 60% dominance, explaining that in main altcoin seasons, Bitcoin’s market cap ratio tends to say no however step by step returns after the breakdown. For a deeper dive into this evaluation, take a look at the article here.
Switching gears to mining information, Hut 8 Corp. reported a staggering $71.9 million loss in Q2 2024, regardless of a 72% surge in Bitcoin mining income. The corporate’s income rose to $35.2 million, however a big loss was attributed to honest worth changes of digital property. CEO Asher Genoot stays optimistic in regards to the firm’s restructuring efforts and upcoming initiatives. Yow will discover the total report here.
In the same vein, TeraWulf reported a 21% drop in Bitcoin mining however managed to surpass income estimates in Q2. The corporate mined 699 BTC, down from final yr’s numbers, however its income of $35.6 million exceeded expectations. TeraWulf can be specializing in a large-scale HPC and AI mission, which might place it for future progress. For extra particulars, learn the article here.
Lastly, in a bullish twist for Bitcoin adoption, the Norwegian authorities has elevated its sovereign fund’s BTC publicity. The Norges Financial institution Funding Administration fund has upped its holdings to 2,446 BTC, marking a 62% improve within the first half of 2024. This transfer signifies a rising acceptance of Bitcoin as a reputable asset. For all of the juicy particulars, take a look at the article here.
And there you’ve gotten it, people! A whirlwind tour of right this moment’s Bitcoin information. From HODLing to progressive AI initiatives and ETF discussions, the crypto world is buzzing with exercise. Keep tuned for extra updates and maintain your crypto sport sturdy!
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