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Bitcoin Supply on Cryptocurrency Exchanges May Only Last 9 Months

Cryptocurrency trading and exchange platform Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on Bitcoin supply dynamics across exchanges in the crypto space. The crypto firm provided valuable insights into how the halving event would improve scarcity and hugely influence the price of BTC.

Exchanges will face Bitcoin supply crisis

On Tuesday, April 16, Bybit published a new report providing a detailed analysis of the Bitcoin halving event taking place this month. The crypto firm revealed that Bitcoin reserves on the world’s crypto exchanges are rapidly depleting, leaving just nine months of BTC supply on exchanges.

For a clearer perspective, Bybit explains that with just two million Bitcoin remaining in its total supply, a daily inflow of $500 million into spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would only take nine months to completely consume all remaining BTC reserves on exchanges.

Bybit stated that one of the main contributors to this reduction in supply would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50%, cutting Bitcoin miners’ rewards in half.

The cryptocurrency exchange also revealed that after the halving, the sell-side supply of BTC flowing to centralized exchanges (CEX) will be greatly reduced. Furthermore, the “Bitcoin supply constraint will apparently be worse.”

BTC will become “twice as rare as gold”

In its report, Bybit compared the supply of Bitcoin after the halving with that of gold. The crypto exchange revealed that Bitcoin was steadily rising to become one of the safest investment options for even the most experienced and sophisticated investors in the crypto space.

According to the exchange, Bitcoin’s halving would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold.

Basing this analysis on the stock-to-flow (S2F) ratio, Bybit revealed that Bitcoin’s S2F ratio is currently around 56, while gold’s ratio is 60. After the halving event in April, it projects that the Bitcoin’s S2F ratio will increase to 112.

“Each Bitcoin halving enhances the narrative of Bitcoin not just as a currency, but as a scarce digital asset, similar to digital gold. The next halving in 2024 will push BTC into an era of unprecedented scarcity, making it twice as rare as gold,” said Bybit co-founder and CEO Ben Zhou.

While highlighting the importance of Bitcoin’s rarity after the halving, another report also revealed that Bitcoin’s price would see significant upward pressure after the halving. This suggests that the reduction in BTC supply could push its price to new highs during this period.

Furthermore, the report revealed that several crypto analysts predict that the post-halving rise in Bitcoin’s price would be less notable than the initial pre-halving surge that saw Bitcoin’s price reach new highs of over $73,000.

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Bitcoin cryptocurrency exchange Cryptocurrency news

London Stock Exchange Embraces Digital Assets by Accepting Crypto ETN Applications

In a pivotal announcement, the London Stock Exchange (LSE) announced its intention to accept Bitcoin and Ethereum exchange-traded note (ETN) applications, signaling a significant shift towards the integration of digital currencies into traditional financial markets.
LSE Announces Acceptance of Crypto ETNs

The launch of the Bitcoin (BTC) and Ethereum (ETH) ETNs on the LSE platform marks a crucial development for investors seeking regulated pathways into the rapidly evolving crypto sector. These instruments are designed to track the price movements of Bitcoin and Ethereum, creating a link between the dynamic prices of cryptocurrencies and the traditional stock market structure.

“The proposed Crypto ETN: (a) is physically backed, that is, without leverage; (b) has a market price or other measure of the value of the underlying that is reliable and publicly available”, highlights the focus on security and transparency of this innovative product. The fact sheet details also emphasize the protection of assets through cold storage, thereby increasing investor confidence in the sustainability and security of these offerings against online risks.

This decision by the LSE to adopt crypto ETNs reflects the evolving regulatory landscape and the growing acceptance of crypto assets in the financial sector. This comes after the UK Financial Conduct Authority (FCA) indicated its openness to cryptocurrency-related ETNs.

Mikkel Morch, founder of digital asset investment fund Ark36, spoke to Bitcoin.com News, stating that the rise in Bitcoin prices to all-time highs coincides with the FCA facilitating the introduction of crypto-connected exchange-traded products.

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Bitcoin Energy – Earn Bitcoins Fast

Bitcoin Energy is a leading financial institution established by a team of experienced and specialized venture capitalists, traders, investors and financial planners with an global outreach. With a length and depth of experience in operational strategies of global stock markets, forex, investment opportunities, liquidity and cash , our dynamic traders embrace upon the institutional strength and objective to continuously seeking the best opportunities and deliver the outmost leading returns to our investors.

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Foreign exchange market in the most liquid financial market in the world having a daily turnover of over the 1.5 trillion dollars (spot, forward and option transaction) it provides an excellent opportunity for online investing. As per the Euromoney FX Survey (May 2006) top 10 foreign exchange banks? transaction represents more then 60% of global FX deals. The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily.

Name PlansDetailsMinimumROIPlan status
Started Plan7500% after 2 days300 USD/0.005 BTC7500%Avalible
Normal Plan 17500% after 36 hours6,000 USD/0.1 BTC7500%Avalible
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Vip Plan7500% after 12 hours60,000 USD/1 BTC7500%Avalible

There are three main reasons to participate in the Forex market: One is to facilitate an actual currency exchange, whereby an international corporation, for instance, may convert profits earned in foreign currencies back into its domestic currency. Hedging is another common commercial use of the forex market — corporate treasurers and money managers routinely use the FX market in order to hedge against unwanted exposure to future price movements in the currency market.

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Bitcoin cryptocurrency exchange Cryptocurrency news

Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.

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cryptocurrency exchange Cryptocurrency news

Japan to introduce major cryptocurrency tax reforms in 2024

In a recent cabinet meeting held on December 22, the Japanese government finalized the draft cryptocurrency tax reform for fiscal year 2024. This reform comes with a significant change that affects companies that hold crypto assets. The change eliminates the period-end mark-to-market tax that previously applied to companies holding crypto assets issued by third parties (virtual currencies).

As a result, companies will now only pay taxes on profits from the sale of virtual coins and tokens, aligning with the tax system for individual investors. This change aims to ease the tax burden on companies involved in holding and operating crypto assets.

Japan ends cryptocurrency tax on unrealized gains

The revision changes the scope of application of the end-of-period mark-to-market adjustment under the Corporate Tax Law. Previously, companies recorded profits or losses based on the difference between the market value and the book value of crypto assets at the end of the fiscal year. The new policy excludes this valuation at market price if the asset is assumed to be held continuously.

The tax reform responds, in part, to a request submitted by the Japan Crypto Asset Business Association (JCBA) for the 2024 tax reform. The change will promote the growth of Web3, support domestic startups using blockchain technology and attract projects international.

Last year’s tax reform exempted only virtual currencies issued by companies themselves from taxes at the market price. However, growing calls for equal treatment for cryptocurrencies issued by other companies influenced this year’s review.

Will this boost cryptocurrency adoption in Japan?

The 2024 tax reform draft also includes plans to reduce income tax and residence tax by 40,000 yen per person starting in June 2024, tax reductions for companies, and the establishment of a new tax system for sectors strategic and innovation. This is likely to result in a substantial decline in revenue of 3,874.3 billion yen for national and local governments, making it the third largest decline since fiscal year 1989.

The bill requires approval from the House of Representatives and the House of Councilors.

This tax reform marks a crucial step in the introduction of separate taxes (20%) and loss carryover deductions, meeting the wishes of cryptocurrency investors. However, discussions regarding the calculation of profits and losses on crypto asset transactions, including the imposition of a flat tax on the conversion of crypto assets into legal tender, and the consideration of “pass-through” deductions for three years from of the following year, are left for future deliberations. . The development of the corporate tax system is expected to stimulate active discussions on future tax reforms in the crypto space.

Japan has always maintained a friendly approach to cryptocurrencies and therefore remains the preferred destination for cryptocurrency companies. The country has made crucial reforms in a timely manner. Earlier this year, Japan allowed venture capital firms to invest directly in cryptocurrencies.