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Cryptocurrency

13,000 BTC wallets are now worth more than $1,000,000

BTCs moving from the investment bucket into the trading bucket could become a crucial source of liquidity.

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Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Data obtained from a crypto analytic firm, Glassnode revealed that 13,000 BTC wallets are now worth at least $1,000,000, showing the numbers of BTC whales are increasing on a daily basis.

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With more people looking to trade bitcoin, which is only becoming scarcer following the recent halving, BTCs moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,” Chainalysis researchers wrote.

READ ALSO: Over 900,000 active Bitcoin wallets push transactions to 3-year high 

Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;

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“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date.

“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.”

At the time this report was drafted, Bitcoin was still trading below the $9200 resistance levels, as investors, traders keep buying BTCs below these support levels.

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READ MORE: BTC whale steps in to buy larger stacks of Bitcoin, at a discount of $8,850

Recall that Glasscode, recently said, “the price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales.”

“However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” it added.

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It’s also important to note that BTC whales tend to sell their huge stacks of BTC on the bitcoin market when crypto exchanges are quiet in order to attract attention, the CEO of on-chain analysis provider, CryptoQuant, Ki Young Ju, who had been studying BTC’s trend had said.

 

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Olumide Adesina a French-born Nigerian, is an Investment Pro at Nairametrics Financial Advocates Limited. He is a Certified Investment Trader, with more than a decade working expertise in Financial Analysis & Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017

The fast-growing altcoin has a block period of 1 minute, and the total supply is unlimited.

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The world of cryptocurrency got another shocker as a fast-growing altcoin gained 50% some hours ago, the highest single-day percent gain since 2017. This was captured by a leading crypto researcher, Ryan Watkins.

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Data from Coinmarketcap shows that the cryptocurrency is the 27th most valuable crypto asset, with a market capitalization of $528.3 million.

Quick fact: Dogecoin is a type of digital coin that is decentralized, and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

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“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation,” said Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm, Delphi Digital.

Global search interest on “How to buy a dogecoin” has also skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days, according to 12-month Google Trends data analyzed by CoinDesk.

Some of the videos on TikTok, a newly popular social media platform, garnered more than 100,000 “likes,” while all videos with the “dogecoin” hashtag amassed several million.

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Cryptocurrency

Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

The Fund’s shares, Arcoin can be transferred in peer-to-peer transactions. 

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As many institutional investors and global banks search for regulated crypto assets to invest in, Arcoin created by Arca Labs seems to solve such needs. 

The ArCoin is built on the Ethereum blockchain and represents stakes in Arca’s U.S. Treasury Fund, which is regulated by the American Securities and Exchange Commission. Also, it is made up of 80% U.S. Treasury securities. 

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The Arca’s U.S. Treasury Fund can be traced through a customized platform, which enables peer-to-peer transactions. However, for the time being, ArCoin is unavailable on any major securities exchanges. 

In a prospectus filed with the SEC in April 2019 for the then-developing ArCoinArca explained that: 

“In the future, Arca UST Coins may be tradeable on a public decentralized or centralized electronic exchange platform that is registered with the SEC as an alternative trading system (“ATS”), although there is no guarantee any such systems or platforms will be available.” 

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Quick fact; The Fund’s shares (“ArCoins” or “shares”) can be transferred in peer-to-peer transactions on Ethereum, an open, public, distributed ledger that is secured using cryptography (referred to as a “blockchain”).

Ethereum records transactions between two parties in a verifiable and permanent way referred to as “immutability.” 

There are no share certificates, and because the shares can be transferred in peer-to-peer transactions using Ethereum’s technology, the shares are characterized herein as “digital securities.” For more information, including the costs and risks of effecting transactions on Ethereum, see “Peer-to-Peer Transactions,” “About the Digital Securities” and “Risks of Digital Securities. 

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In addition, Jerald David, president of Arca Capital Management, which oversees Arca Labs, explained to Cointelegraph of their intentions in using Treasury-based assets:  

“We wanted to create an instrument that invests in traditionally lower-volatility assets and the U.S. Treasury’s were an ideal choice from that perspective.” 

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Cryptocurrency

BTC whale moves 10,250 BTC valued at $95,000,000

A BTC whale is an individual or business entity owning around 1000 BTC or more.

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BTC whale moves 10,250 BTC valued at $95,000,000

BTC whales have been active lately since the last BTC halving unfolded, showing a large amount of transactions taking place lately in the BTC market.

According to data obtained from BTCBlockbot, an unknown BTC whale moved 10,250 BTC ($95M) in block 637,996 estimated to be roughly worth about $95million dollars, this transaction took place, less than 24 hours ago.

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Global investors and traders are still dipping their toes in the BTC market to see how this situation unfolds. While it is difficult to predict market movements, BTC whales have always shown historically that they often determine BTCs trend.

Quick fact; At the BTC market, investors or traders who own a large amount of bitcoins are typically called Bitcoin whales. This means a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

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READ MORE: BTC whale steps in to buy larger stacks of Bitcoin, at a discount of $8,850

As BTC whales accumulate bitcoins, Bitcoins circulating supply reduces, and this can weaken any bearish trend bitcoin 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.

“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales,” Glassnode noted.

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“However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” it added.

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