Tag: bitcoin

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Dogecoin Founder Says Bitcoin Needs Room to Recover Again

Dogecoin founder Bill Markus expressed a somber sentiment about the recent Bitcoin price drop after the cryptocurrency hit highs of $44,000 in early December.

Doge Founder’s Grim Stance on Bitcoin Price Swings

Around the first week of December, Bitcoin saw a surprising rise to over $44,000 from $38,000 sometime in late November. The cryptocurrency has been on a steady upward trend driven by several factors, including anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) final ruling on spot Bitcoin ETF filings in January.

Despite the positive increases experienced by the cryptocurrency, BTC recently saw its price fall from 2023 highs of over $44,000 to $40,000 following Senator Elizabeth Warren’s anti-crypto statements on Monday and a bill that aims to establish the strictest crypto regulations.

Due to the unexpected price drop, Markus made gloomy comments about BTC’s recent price swings, stating that the cryptocurrency was “in good spirits again.”

When asked by a member of the crypto community what actions to take amid the falling BTC price, Nakamoto humorously replied: “I guess just give it space. Maybe he will eventually leave the room.

At the time of writing, the price of Bitcoin is trading at $42,968, according to CoinMarketCap. The price correction above $42,000 can be attributed to a recent announcement by the US Federal Reserve to keep interest rates stable. Following the Federal Reserve’s decision, BTC saw a price increase of almost 5% and Ethereum also saw a slight price growth.

Grim Crypto Exchange BTC Price Prediction

Positive sentiment around the BTC price has steadily increased following the recent Fed rate announcement and excitement around the Bitcoin halving event scheduled for April 2025.

However, cryptocurrency exchange Changelly contradicted recent positive price predictions for Bitcoin. According to stock market forecasts, the BTC price is expected to see a slight drop of 0.98% before December 15.

Changelly’s forecast expressed a bullish signal of around 17% for the cryptocurrency. Adding to the uncertainty over BTC’s overall price potential, Bloomberg analyst James Seyffart warned against excessive expectations regarding the proposed massive inflows into BTC following the approval of BTC Spot ETFs.

On the other hand, many cryptocurrency investors have made bullish predictions about the Bitcoin bull run, and a popular member of the crypto community, Crypto Rover, predicted that Bitcoin would reach between $150,000 and $220,000 during the Bitcoin bull run.

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Bitcoin Bitcoin Investment Bitcoin Wallet

El Salvador’s ‘Volcano Bond’ Gets Regulatory Approval, Aims to Launch Early Next Year

El Salvador’s innovative Bitcoin (BTC) “Volcano Bonds” have received regulatory approval and are scheduled to be launched to the public in the first quarter of next year.

El Salvador’s National Bitcoin Office (ONBTC) says the country’s Digital Assets Commission (CNAD) approved the bonds after nearly two years of delays.

El Salvador’s pro-crypto president, Nayib Bukele, first announced in November 2021 that the Central American country would issue the bonds.

They were originally expected to launch in early 2022, but Bukele delayed them indefinitely when the BTC price fell.

The Bitcoin bonds, the first of their kind in the world, will be traded on Bitfinex Securities, according to ONBTC.

It’s not the only recent Bitcoin news for El Salvador: last week, the country launched a new “Freedom Visa Program” for high-net-worth individuals willing to shell out $1 million in BTC or USDT for a passport.

Bukele has long been a supporter of Bitcoin. El Salvador has more than $130 million in BTC, and the main crypto asset is recognized as legal tender in the country.

The president also says the country has “no intention of selling” its Bitcoin, despite BTC’s price surge this year.
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Bitcoin Bitcoin Investment Cryptocurrency news

Bitcoin Sharks and Whales Settle for $2.2 Billion, But BTC Holds at $37,000

Network data shows that Bitcoin sharks and whales engaged in a sell-off worth around $2.2 billion last week.

Bitcoin wallets with 100 to 10,000 BTC have been sold recently

As analyst Ali noted in a post on X, large BTC investors may have reaped their profits recently. The indicator of interest here is the “BTC Supply Distribution”, which tracks the total amount of Bitcoin held by different groups of wallets in the sector.

Addresses or investors are divided into these groups based on the total number of coins they currently hold. For example, the 1-10 coin cohort includes all wallets with a balance of at least 1 and a maximum of 10 BTC.

In the context of the current discussion, the focus is on the range of 100 to 10,000 BTC. The group of 100 to 1,000 coins is popularly called “sharks”, while the group of 1,000 to 10,000 includes whales.

Both groups have significant values, so their behavior may be relevant to the market in general. Although whales are much larger than both and therefore have much more influence on the network.

This is a remarkable amount, and considering that the timing of the distribution coincided with BTC’s last break above the $37,000 level, it seems possible that these key holders participated in this massive sell-off to reap the profits they would have accrued at the meeting.

Sharks and whales also participated in some selling when BTC surpassed $35,000 last month, but both the rate and scale of the sell-off were lower compared to today as the supply distribution for these cohorts plummeted sharply this time around.

So far, though, despite this massive sell-off, Bitcoin hasn’t had much trouble staying around the $37,000 mark. The asset initially suffered a pullback when the sell-off began, as it fell back to $36,000, but quickly recovered.

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Bitcoin Cryptocurrency news Ethereum NFT Investment

Bitcoin Overtakes Ethereum for First Time in 24-Hour NFT Sales Shift

On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

The trend of Bitcoin NFT transactions has been on an upward trajectory as of late, and just three days ago, Bitcoin.com News highlighted that Bitcoin took second place in NFT sales over the course of a week. For the first time, Ordinal’s subscriptions to Bitcoin, its exclusive brand of NFT, surpassed sales of Ethereum in a 24-hour period on Wednesday.

NFT connoisseur Leonidas, founder of Ord.io, documented this unprecedented on-chain event, marking the occasion when Bitcoin-based NFTs leapt ahead of their Ethereum counterparts for the first time in history. Leonidas said:

   Breaking: Ordinals just invested in Ethereum NFTs for the first time. So of course I had to register it in Bitcoin forever.

Recently, ordinal entries witnessed a notable drop in activity that persisted for over a month. This decline followed an increase in daily mintage; Thereafter, the number of new registrations faced a persistent struggle until October 24. However, the tide has since turned and November 4 saw the second-highest number of registrations in a single day, with a total of 433,471.

Looking at the one-week performance of NFT sales, Ethereum has seen an increase, raising $79.61 million since Wednesday, November 1, 2023, which is a 45.66% increase over the week. previous, as reported by cryptoslam.io. In comparison, weekly Bitcoin NFT sales also saw an increase, showing a 661.60% increase from the previous week, with sales reaching $55.52 million.

On Wednesday, the “$SATS BRC-20 NFT” collection surpassed the Bored Ape Yacht Club (BAYC) series, reaching the top of the sales chart. Behind BAYC, “$RATS BRC-20 NFT” took third place in sales in the last 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum already has a $24.09 million lead.
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