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
World’s biggest sovereign wealth fund now owns cryptos
Norwegian Government Pension Fund owns almost 600 Bitcoin through its investment holdings.
The world’s largest sovereign hedge fund, the Norwegian Government Pension Fund, also known as the Oil Fund, in a report credited to Arcane Research disclosed that the fund owns almost 600 Bitcoin (BTC) through its investment holdings.
Arcane Research analysis data revealed the Oil Fund had 577.6 BTC through its investment in business intelligence firm MicroStrategy.
This puts the company’s portfolio in BTC at around $6.3 million. The Norwegian Government Pension Fund owns a 1.51% stake in MicroStrategy.
READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you
What we know: The Norwegian Government Pension Fund, has over $1 trillion in assets, including 1.4% of all global stocks, making it the world’s biggest sovereign wealth fund. It is not unlikely that the fund has garnered indirect BTC exposure via other investments, in addition to it’s exposure to BTC via MicroStrategy.
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset trading firm, gave vital insights on why BTC is now regarded as a treasury asset. She said:
“In the past few months, gold saw a new all-time high of $2072, which is about 42.6% in the last decade. Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin. Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”
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She spoke about the initial skepticism that traditional banks, companies, and global financial regulators had on bitcoin, which looks to be changing now, saying:
“The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works. In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space.
“In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.”
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Bitcoin’s primary advantage: BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects the asset against value dilution
Cryptocurrency
Bitcoin mining difficulty reach an all-time high
Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high
It is a lot harder now to be a Bitcoin miner. Data from Glassnode, a crypto analytic firm, showed Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high.
#Bitcoin mining difficulty increased today by 11.3%, hitting a new all–time high!
It is the 3rd largest positive adjustment in the past two years.
Live chart: https://t.co/rAbIw8seYy pic.twitter.com/buzjPJJ0mP
— glassnode (@glassnode) September 20, 2020
Its recent all-time high is attributed to the 3rd largest positive adjustment in the past two years.
Quick fact: Bitcoin’s mining difficulty is best defined as the measure of how difficult it is to work for mining rewards or earning BTC.
READ: Ethereum Miners earn a staggering $1 million in 1 hour
Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.
BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
Explore the Nairametrics Research Website for Economic and Financial Data
Meanwhile, BTC has performed well over the past few weeks, maintaining its position above $10k after testing this price level several times earlier in the year. It hasn’t dropped below $11k since the price started climbing in late July.
Despite these gains, it has continued to struggle to surpass the new psychological barrier of $11k. However, ongoing bullish sentiment, as evidenced by on-chain data, suggests that many investors would continue to support a price above this level.
Cryptocurrency
Crypto: UniSwap gives each owner over $2,000
Uniswap has a circulating supply of 110 million coins and a max supply of 1 billion coins.
Uniswap only unveiled its new token is fast gaining traction in the crypto-verse since its debut last Wednesday.
The project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September an amount now worth over $2,000.
Uniswap at the time this report was drafted traded at $5.46 with a daily trading volume of $2,146,342,877. UNI gained 428.9% in barely four days when it traded $1.03 on September 17th.
READ: CBN reduces MPR to 12.50%, holds other metrics
It has a circulating supply of 110 million coins and a max supply of 1 billion coins.
Coinbase an American based crypto exchange that is usually very choosy on listing newly created altcoins added UNI to its Pro trading platform just hours after its debut.
What you should know: Uniswap is a decentralized exchange protocol built on the Ethereum network.
READ: Tether mints over a billion dollars worth of USDT
Uniswap has no book or any centralized platform for executing trades. Uniswap allows users to trade without a middle man or third party, with a high degree of decentralization and censorship-resistance.
How Uniswap makes money: Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.
READ: Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity
Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
The fees are distributed according to each liquidity provider’s share of the pool.
Explore the Nairametrics Research Website for Economic and Financial Data
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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.