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Bitcoin absorbs more than $607 million every day. Will it triple after the halving?

Bitcoin (BTC) network analyst Willy Woo is sounding the bullish alarm, citing strong demand and declining supply as reasons for optimism. As for X, Woo noted that Bitcoin absorbs an average of $607 million per day as an asset in demand by new investors. In comparison, only $46 million in new supplies are being created through mining.

Bitcoin receives over $607 million in value every day. What happens after the halving?

The Bitcoin network is a proof-of-work platform that relies on miners for security and decentralization, making its transactions global and censorship-resistant. Although there are concerns about centralization, it appears that the extensive network of miners is more important to the platform, which explains its colossal appreciation.

Miners are rewarded with 6.25 BTC after each block, which is equivalent to around $46 million, after each 24-hour cycle. However, the fiat value, as expected, changes depending on spot rates.

Woo says growing demand, estimated at around US$607 million per day, considers changes to the realized limit. It is a metric that shows the total amount investors paid for the current BTC in circulation. The total value takes into account the purchase price of each one.

While useful, Woo notes that the threshold set, and therefore the level of demand injected into Bitcoin, is conservative. The weakness arises from the realized limit that only captures on-chain transactions.

It’s this shift in imbalance, Woo notes, that could drive prices even higher in the coming sessions. The on-chain analyst sees the current trend accelerating further ahead of the next Bitcoin halving scheduled for early April 2024.

Bitcoin halving occurs approximately every four years, reducing the new BTC created per block by 50%. The on-chain analyst believes that this decrease in supply, combined with the already strong demand, will drive up prices, quickly increasing the realized limit.

Reddit plans to go public and buy BTC and ETH

Woo’s optimism follows encouraging news that popular social media platform Reddit will invest some surplus cash into Bitcoin and Ethereum (ETH). Recent reports reveal that Reddit plans to go public and file for an initial public offering (IPO) this week.

The endorsement of cryptocurrencies by a major technology company shows growing institutional adoption, a net benefit for investor confidence. So far, Reddit’s IPO prospectus shows a 20% increase in revenue in 2023.

The platform also has more than 70 million daily active users. Based on this, once it goes public, a significant portion of the funds will likely be injected into BTC and ETH.

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Huobi Prepares to Launch Business Service in Hong Kong

Huobi HK will play an important role in making Hong Kong the world center of Web 3.0.

In the future, users will be able to buy, sell and hold major cryptocurrencies such as BTC and ETH, as well as other major cryptocurrencies listed on the independent index through Huobi HK.

Huobi aims to provide a great shopping experience for Web 3.0 users in Hong Kong.

Hong Kong has been gradually implementing crypto-friendly policies since last year and recently announced the introduction of “cryptocurrency regulations.”

second semester. from 2023.

As a cryptocurrency exchange with a decade-long history, Huobi is actively involved in developing and building Hong Kong’s Web 3.0 ecosystem.

It is worth noting that during this year’s Hong Kong Web 3.0 Carnival, Huobi became a major contributor to the first Hong Kong Web 3.0 Ecosystem Fund.

Furthermore, Huobi is actively preparing to apply for a cryptocurrency trading license in Hong Kong.

Huobi intends to open up the Hong Kong market in a regulated and compliant manner that will speed up the development of Hong Kong’s Web 3.0 ecosystem.

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NFT Lender BendDAO Liquidity Tested as ETH Reserves Fall

If you’re borrowing against the bored monkeys, you might want to keep your eyes peeled. Liquidity on the leading lending platform NFT BendDAO has been under a major stress test over the past 24 hours as ETH levels appear to be under pressure. To date, BendDAO’s ETH reserves have been replenished and are north of 800 WETH, however, many have noted that the lender has posted liquidity minimums of just 5 ETH, a dangerously low level for a lending platform of its nature.

BendDAO quickly appeared on the scene and spiced up the NFT conversation a bit, allowing users to leverage their first-rate NFTs as collateral; Let’s take a look at what we know about WETH lender reserves, what we’ve heard so far from the BendDAO team on the matter, and where we go from here.

Liquidity on high alert: how it happened

The often insightful research leader PROOF Collective @NFTStatistics.eth first published a report that gained traction on Crypto Twitter and the NFT community surrounding the issue, highlighting the issue when BendDAO’s liquidity dropped to just over 12 ETH:

He is well. Long discussion on the BendDAO situation:

1) They ran out of ETH. There is only 12.5 WETH in the contract. 2) What does it mean? People who have lent money to others through BendDAO to buy NFTs with leverage cannot withdraw their money. About 15,000 ETH was lent.


— NFTStatistics.eth (@punk9059) August 21, 2022

This conversation led to broader discussions about how the market reacts; Direct economics tells us that the threat of an imminent 100% APR would be powerful enough for many users to return collateral and replenish the DAO’s liquidity reserves. However, a downward spiral may begin if general market sentiment is bearish on NFT, as users will be less inclined to return their collateral if they believe the market will continue to move downwards.

BendDAO was quick to respond to settlement concerns, stating that they “underestimated how illiquid NFTs could be in a bear market when setting initial parameters” and proposing an emergency proposal to the DAO to improve liquidity parameters. This included adjusting the auction period, interest rate bases, settlement limits and the intention to continue the dialogue on the treatment of bad debts. That vote will likely pass.

It’s been an interesting ride over the past few days for holders of the BendDAO $BEND token. | Source: BEND-USDT at

how did we get here

BendDAO has been featured in many talking points among NFT circles lately, seemingly bridging the gap between DeFi and NFTs; The big bet here is whether BendDAO’s decision-making through future proposals will refine the mechanics of the lending process. In this case, the protocol is becoming an important piece of a growing ecosystem that has yet to prove its ability to weather major storms, but could still see substantial community involvement and interest.