Bitcoin

The increasing pressure for Bitcoin (BTC) miners to sell their holdings could further exacerbate the bear market. American multinational investment bank JPMorgan Chase strategists said in a note on June 24. Led by Nikolaos Panigirtzoglou, the strategists believe miners are selling their BTC holdings to cover operations costs. According to the strategists: Offloading of Bitcoins by miners, in order to meet ongoing costs or to deliver, could continue into Q3 if their profitability fails to improve. Panigirtzoglou and his team…

The electricity consumption of Bitcoin mining companies has plunged significantly in the wake of the intensifying crypto winter. Crypto analyst Digiconomist revealed this news in its Energy Consumption Indices for Bitcoin (BTC) and Ethereum (ETH). According to the BTC index, the electricity consumption of Proof-of-Work (PoW) miners has plunged nearly 36% in under two weeks. Specifically, BTC’s energy use fell from 204.50 TWh on June 11 to 131.68 TWh on June 23. Despite declining by over a third, BTC’s energy…

Following Bitcoin’s steep price collapse starting in May, the mining industry has been significantly less profitable. Data has now surfaced that miners sold more than 100% of the Bitcoin they generated last month. Miners Capitulating According to a report from Arcane Research published on Monday, miners have held on to most of their accumulated coins since the beginning of the year. Selloffs were only roughly 30% of productions from January through April. That changed quickly in May, with the number…

Ethereum co-founder Vitalik Buterin called out the popular Bitcoin price-analyst “Plan B” on Tuesday. He mocked the analyst’s trademark Stock-to-Flow (S2F) price prediction model, suggesting that it was irresponsible to share from the start. S2F ‘Not Looking Good’ In a tweet hours ago, Vitalik posted a picture of Bitcoin’s price plotted against the S2F model. “Stock-to-flow is really not looking good now,” he commented. With Bitcoin’s recent declines, the price has deviated even further from Plan B’s more bullish modeling…

Popular instant messaging platform WeChat has warned Chinese users against using the app to process transactions involving digital assets. This warning is in line with the directive issued by the Chinese Government last May. The directive banned financial institutions from providing crypto-related services, and warned investors against speculative crypto trading.  Therefore, WeChat, China’s largest social media platform, declared that it would limit or ban accounts that trade crypto or NFTs. Recently, it updated its rules to state what transaction behaviors…

MicroStrategy CEO Michael Saylor recently described the ten things he believes are holding Bitcoin back from becoming a mainstream asset. Should these so-called “pain points” be met, they will each be “very bullish” for the Bitcoin industry. In an interview with Bloomberg on Friday, Saylor named wash trading as his first gripe. Since Bitcoin has no rules against this yet, traders can harvest tax gains through buying and selling their own Bitcoin. That is a no-no in traditional equities markets.…

New findings reveal that Bitcoin usage may have a smaller carbon footprint than the classical banking system.   Bitcoin's popularity has skyrocketed within the last few years as more institutions turn to cryptocurrency and the solutions it provides. However, despite its numerous advantages, the king crypto has come under fire for its massive energy consumption rates. The digital coin reportedly uses 122 TWh of electricity per year, more than is used by some countries, such as Finland.  How BTC’s Power…

Kraken CEO Jesse Powell recently affirmed that Kraken is at no risk of suffering any Celsius-style debt or liquidity crises. Rather, his exchange will stand out as one of the few that hire and stack Bitcoin during the bear market. Kraken: Staying Humble, Stacking Sats On Monday, a Twitter user asked Powell whether customers should fear any “risk of contagion” from bad debt in the crypto ecosystem. On Monday, crypto lending platform Celsius announced that it would freeze customers’ funds…

Eric Adams – the crypto-bullish mayor of New York City – stands against the proposed bill to ban carbon-based Bitcoin mining across the state. In a recent interview, he revealed plans to speak with Governor Kathy Hochul to encourage her to veto the bill. Reversing His Position? Speaking with the New York business paper Crain’s on Monday, the mayor claimed that the proposed ban could interfere with mining upstate. Considering that billions of dollars go into crypto already, he doesn’t…