Connect with us
nairametrics
UBA ads

Cryptocurrency

There Are Now 1800 BTC Whales

From a macro level, this increase in the number of BTC whales can be considered bullish.

Published

on

BTC Whales, Bitcoin is scarce, entities, individuals hold for long term

At the BTC market, BTC whales have been increasing at a steady pace after Bitcoin’s recent halving, as data seen from Glassnode show that there are currently more than 1,800 Bitcoin (BTC) whales.

UBA ADS

Quick fact about BTC whales: 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.

Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC expecting a bull market. Eichholz explained:

“Where did all these new whales come from? Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.”

GTBank 728 x 90

READ ALSO: 83% of BTCs addresses are smiling to the Bank 

From a macro level, this increase in the number of BTC whales can be considered bullish.

onebank728 x 90

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.

Download the Nairametrics News App

According to Glassnode:

app
GTBank 728 x 90

“While there is no single explanation of what caused these large holders to withdraw their BTC from exchanges, [Bitcoin exchange outflows] suggests that whales may have used Black Thursday as an opportunity to get in at the bottom and then withdraw their bitcoin to HODL for the longer term in anticipation of the next Bull Run.”

Patricia

Olumide Adesina a French-born Nigerian, an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. He is a Certified Investment Trader, with more than a decade working expertise in 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]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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.

Published

on

A Mysterious Bitcoin Whale Causes Brief Panic Sell Offs at Bitcoin’s Market, The odds against Bitcoin, Goldman Sachs says Bitcoin is not an investment asset, BTC whales control the BTC market, at the highest levels 

Most BTC investors and crypto traders are changing their methods of trading 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.

UBA ADS

In addition, other trading sessions like the London and Asian financial market openings have considerably little impact on BTC’s price volatility.

READ ALSO: How BTC Whales can push BTC market value to $1 trillion

“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.

GTBank 728 x 90

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.

onebank728 x 90

Download the Nairametrics News App

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.

app
GTBank 728 x 90

Patricia
Continue Reading

Cryptocurrency

USDC Treasury Transfers 20,000,000 USDC to Unknown Wallet

According to data from Coinmarket cap, the digital coin has experienced growth exponentially.

Published

on

Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

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

UBA ADS

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

GTBank 728 x 90

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.

Download the Nairametrics News App

onebank728 x 90

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.

app
GTBank 728 x 90
Patricia
Continue Reading

Cryptocurrency

Earning BTCs without Having To Pay Money

BTC Miners help in facilitating BTC transactions and the provision of security on the blockchain network. 

Published

on

dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

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. 

UBA ADS

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.  

GTBank 728 x 90

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 

Download the Nairametrics News App

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. 

onebank728 x 90

Patricia
Continue Reading