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Cryptocurrency

Less than 4 million Bitcoins available for buying

Bitcoin traded at $38,371.01 with a daily trading volume of $63.1 billion and is down 0.62% for the day.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

The market liquidity is tightening in the Bitcoin market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Paypal, Square, hedge funds, and so on.

According to Yann & Jan:

“Float in the network is drying up faster than ever.

“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).”

READ: Crypto market post all-time high, breaks past $1.15 trillion

READ: Why the CBN wielded the big stick on cryptocurrency transactions

The data from Glassnode explained the rationale for such difficulty in purchasing the most popular crypto asset.

“It is estimated that only 4.2M BTC or 22% of the total supply of BTC is in constant circulation and available for buying and selling. In other words, 78% of the circulating supply of BTC is considered illiquid.”

At press time, Bitcoin traded at $38,371.01 with a daily trading volume of $63.1 billion and is down 0.62% for the day.

READ: Bitcoin robbers transfer stolen BTCs worth $13.2 million

What you need to know

Only 21 million BTCs are ever going to be produced in total, and presently, there are about 18.9 million BTCs in circulation.

  • This shows a differential of about 2.1 million BTCs that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.
  • This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs.

READ: Bitcoin: The good, the bad, the future

bitcoin train

Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:

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“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Football-based Crypto, is world best performing Crypto in 7 days

Chiliz traded at $0.105397 with a daily trading volume of about $589 million.

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A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.

At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.

Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins

The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.

READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble

Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.

Football clubs are now using blockchain, to facilitate better experiences for their fans.

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

READ: Big whale makes biggest Bitcoin transfer worth $5.6 billion for just $18

Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.

Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

bitcoin train

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Cryptocurrency

Unknown entity moves $642 million worth of Bitcoin

The flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion.

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.

This is triggered by the relatively strong bullish momentum in the BTC market.

A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.

 

Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.

“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”

This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.

Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.

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