Cryptocurrency
Unknown Bitcoin Whale transfers $2.2 billion worth of BTCs
Investors or traders who own a large number of Bitcoins are typically called Bitcoin whales.
A BTC whale moved an estimated $2.24 billion worth of BTC with a transaction cost less than $7, according to reports by Whale alert, a BTC whale tracker.
Each BTC transaction was done separately to unknown BTC wallets, containing a stack of 27,000 and 40,000 BTCs, and about six BTC wallets were used to facilitate the BTC transactions.
These further elaborates the advantage BTC transactions have over conventional transfer systems such as transfers through commercial banks that may attract up to 1% or more of the amount being used to facilitate the transaction.
READ ALSO: Bitcoin has halved, what happens next?
“This (referring to the last 27,635 bitcoin transaction) and other recent large #BTC transactions are likely the change of the transactions,” Whale Alert explained.
In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
Presently Bitcoin is still trading below the resistance level of $9500.
READ ALSO: BTC whales control the BTC market, at the highest levels
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;
“As of June 2020, roughly 18.6 million Bitcoins have been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date.
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“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.”
Cryptocurrency
Best time to make money trading BTCs
Midweek had more volatility in the BTC market than the beginning or end of the trading week.
Most BTC investors and crypto traders are changing their methods of trading BTCs in 2020, preferring to trade around the American trading session because of the high price volatility that occurs at the start of New York stock market trading time, about 2.30 pm local time.
Data seen on Twitter feeds show that price volatility for the world’s flagship currency by market capitalization is highly correlated with the opening of American financial markets.
In addition, other trading sessions like the London and Asian financial market openings have considerably little impact on BTC’s price volatility.
“Can we just halt $BTC trading during Asia + Euro hours,” a crypto trader, Hsaka, said uploading evidence, which relates to the previous few days on U.S. exchange, Coinbase.
Can we just halt $BTC trading during Asia + Euro hours. pic.twitter.com/X6hp6y9jMC
— Hsaka (@HsakaTrades) July 3, 2020
The data may have unearthed changing tendencies among BTC traders, possibly due to the increasing prevalence of institutions within the market.
Furthermore, Skew.com, a crypto analytic firm, found out that the midweek had more volatility in the BTC market than the beginning or end of the trading week. Weekends were also observed to be quiet.
Meanwhile, data from Glassnode, a data analytic firm, showed that about 1.8 million Bitcoins are held in miner wallets around 10% of the supply (18.5million BTC). However, around 1.73 million belong to first-time miners (7+ years) and are most likely lost. That leaves only 70k BTC in the hands of current mining pools.
1.8M $BTC are held in miner wallets – around 10% of the #bitcoin supply.
However, around 1.73M belong to very early miners (7+ years) and are most likely lost.
That leaves only 70k BTC in the hands of current mining pools.
Track miners' balance live 👇https://t.co/5EIY4nDmq2 pic.twitter.com/PqM1iwZ544
— glassnode (@glassnode) July 3, 2020
Cryptocurrency
USDC Treasury Transfers 20,000,000 USDC to Unknown Wallet
According to data from Coinmarket cap, the digital coin has experienced growth exponentially.
As global investors seek the next big thing in the crypto asset space, fast-growing cryptocurrency, USDC, a stablecoin project founded by Circle and Coinbase, just released a whopping 20 million digital coins to an unknown wallet. This is according to Whale Alert, an advanced blockchain tracker, and analytics system.
READ ALSO: Tether, the most promising stable coin, now the third most valuable cryptocurrency
🚨 🚨 20,000,000 #USDC (20,000,000 USD) transferred from USDC Treasury to unknown wallet
— Whale Alert (@whale_alert) July 3, 2020
Crypto lovers seem to be trooping to stablecoins lately, as USD Coin’s (USDC) market cap broke the $1 billion market capitalization threshold for the first time since the stablecoin was launched in October 2018.
READ ALSO: These coins are currently trading close to their ICO prices
Quick Fact: USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open source project bootstrapped by contributions from Circle and Coinbase. USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC:1 USD ratio.
Things you must know: Investors of stablecoins, such as USDC, make money by earning dividends from the newly created digital coins being given to them for holding such stablecoin stock.
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According to data from Coinmarket cap, the digital coin has experienced growth exponentially.
USDC, the second-largest USD-pegged stablecoin after Tether (USDT), is ranked the 18th largest cryptocurrency by market cap, with a daily trading volume of $246 million.
Cryptocurrency
Earning BTCs without Having To Pay Money
BTC Miners help in facilitating BTC transactions and the provision of security on the blockchain network.
BTC miners, hard work seems to be paying off, with billions of dollars going to their coffers, Data obtained from Glasscode showed that BTC miner revenue (“Thermocap“) is now at $17.5 billion USD. This metric is used as a lower bound for the capital inflow into an asset.
Cumulative #Bitcoin miner revenue ("Thermocap") is now at $17.5 billion USD.
This metric is used as a lower bound for the capital inflow into an asset.
Comparison of Thermocaps since 2018:$BTC: $12.6B$ETH: $4.9B$LTC: $932M$BCH: $810M
Live charts: https://t.co/KMutpZkM4X pic.twitter.com/YL9rEYDqfU
— glassnode (@glassnode) July 3, 2020
Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the blockchain network rewards BTC miners via transaction fees and subsidies. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction.
READ ALSO: QKC: fastest rising crypto asset in 30 days, gains 100%
Metric Description
Aggregate security spends, or “Thermocap“, is the aggregated amount of coins paid to miners and serves as a proxy to mining resources spent. It serves as a measure of the true capital flow into Bitcoin and is computed as the aggregate Coinbase transactions multiplied by the price in USD at the time they were mined.
Quick fact; BTC Miners help in facilitating BTC transactions and provision of security on the blockchain network. The importance of BTC miners can’t be underestimated as they perform these functions, by solving computational tasks which permit them to chain together blocks of transactions
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By mining BTC, you can earn a BTC without having to pay money for such. BTC miners collect BTC as a reward for completing “blocks” of confirmed transactions which are added to the blockchain network.
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Akinwunmi Olumayowa
June 23, 2020 at 10:36 pm
Thank you for the update Sir. You are really doing a great work.