The number of Bitcoin whales has hit a new all-time high, signalling that BTC is still in an accumulation phase.

In recent weeks, the number of Bitcoin (BTC) addresses holding over 1,000 BTC — often referred to as “whales” — rapidly increased to around 2,088. This trend started shortly after Bitcoin price crashed to $3,600 in March.

The data is relevant because historical data suggests that aggressive accumulation by large investors is typically a sign of a new bull cycle.

Throughout the past six years, Bitcoin has seen periods of inverse correlation between whale accumulation phases and BTC price. Whenever the number of addresses holding substantial amounts of BTC dropped off, the price of BTC ... Read more »

Category: Analytics | Views: 47 | Added by: boss | Date: 26.08.2020 | Comments (0)

Three key macro factors raise the probability of a prolonged Bitcoin bull market, but a short term correction is very likely.

The price of Bitcoin (BTC) has increased by nearly 30% since late June, from $8,905 to just under $11,500 as of press time. Following the strong rally of the dominant cryptocurrency, three macro factors point at an optimistic medium-term trend. These macro factors hint at a positive medium-term to long-term price cycle but suggest that in the near term, momentum will fade and a consolidation phase will happen.

As Cathy Wood, CEO of Ark Invest, discussed on the In the Know podcast, there is technically little resistance between $13,000 and BTC’s all-time high of $20,000. Wood noted that BTC might s ... Read more »

Category: Analytics | Views: 128 | Added by: boss | Date: 26.08.2020 | Comments (0)

Bitmain Technologies Inc. said Monday that Nasdaq-listed Riot Blockchain is buying 8,000 of its Antminer S19 Pro bitcoin miners in a deal worth $17.7 million.

In a blog post, the Chinese crypto mining hardware maker stated that the machines will be delivered in batches of 2,000 over four straight months starting January 2021.

“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours, and we have witnessed and assisted them in building up a powerful mining operation in North America,” said Irene Gao, Bitmain’s Antminer sales director of NCSA Region.

“We believe this new purchase help will Riot expand a leading position in the market and ful ... Read more »

Category: News | Views: 41 | Added by: boss | Date: 26.08.2020 | Comments (0)