JP Morgan Says BTC Selloff Might Worsen if Miners Continue Offloading

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…

Bitcoin Miners Are Dumping Their Bitcoin After the Crash: Report

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…

Vitalik and Plan B Butt Heads Over the Stock-to-Flow Model

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…

The Top 10 Hurdles Before Bitcoin Goes Mainstream: Michael Saylor

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.…

What is Web 5? Jack Dorsey’s Alternative to Web 3

On June 10th, Jack Dorsey announced a new project being built by Block’s bitcoin-focused business unit, TBD. That project is known as “Web 5” – a so-called “extra decentralized web” that “puts you in control of your data and identity.” What could the Block Head have in mind with this new creation? Also, what happened to Web 3? A Decentralized Data Storage Solution When Jack Dorsey announced Web 5 over Twitter, he said it would be Block’s “most important contribution…

Bitcoin Consumes 55 Times Less Energy than Traditional Banking, New Studies Show

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 is Still Hiring and HODLing Bitcoin During Bear Market, says CEO

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…

Binance Resumes Bitcoin Withdrawals Following Alleged Network Backlog

After a brief and jarring freeze of funds on Binance, users may once again withdraw their Bitcoin from the exchange. However, users with pending withdrawals from before the pause will have to resubmit their requests. In a tweet on Monday morning, Binance announced that it had temporarily suspended BTC withdrawals on the Bitcoin network. This was reportedly due to a “stuck on-chain transaction,” which the exchange needed to actively solve. The event caused a stir among the crypto community, who…

Bitcoiners Aren’t Happy With the Lummis-Gillibrand Crypto Bill

Much of the crypto community was appreciative of the crypto regulation bill that senators Cynthia Lummis and Kirsten Gillibrand tabled last week. However, a particular subset – especially diehard Bitcoiners – aren’t entirely happy with how it treats Bitcoin or altcoins. Mike Cargile Political candidate Mike Cargile believes the bill vastly understated the inherent potential of Bitcoin. By forcing it to be under the government of either the SEC or CFTC, he thinks it limits Bitcoin’s potential as a “currency.”…

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