The Bitcoin Briefing, 29 August 2024
After a short summer hiatus, your Bitcoin Briefing is back! What a time to be reporting on the world of Bitcoin with divisive speculation on the future price.
Bitcoin Market News
Bitcoin Positioned for Rally Amid Increasing Global Liquidity According to Analysts
Bitcoin might be on the verge of a significant upswing as global liquidity looks to be on the rise. Several macroeconomic analysts say positive economic fundamentals and policy changes may be primary drivers of the rally. Goldman Sachs economists reduced the odds of a US recession from 25% to 20%.
Read more on Techopedia
Bitcoin Investors Turn Cautious as Speculative Appetite Wanes
According to a recent report by Glassnode, Bitcoin investors show a reduced appetite for speculation amid a state of equilibrium across on-chain activity and perpetual futures markets. The report highlighted a decline in profit and loss-taking activities, with perpetual funding rates returning to neutral levels. This suggests a significant decrease in speculative interest among market participants, regardless of the instrument or crypto.
Crypto Miners Brace For Impact of Rate Cuts
Analysts at Hashrate Index believe that the Federal Reserve's anticipated rate cuts are “already priced in based on signals from treasury markets and the yield curve,” suggesting that a low interest rate environment could boost Bitcoin prices by increasing liquidity and reducing bond volatility. However, they also highlight the uncertainty introduced by potential unexpected events. Recent market volatility has shown the effectiveness of strategies like dollar-cost averaging and time-weighted average price for managing risk and smoothing out price fluctuations.
Semler Scientific Buys 83 Bitcoin, Reaching 1,012 BTC Total
Semler Scientific, a medical technology company specialising in chronic disease management, has increased its Bitcoin portfolio by purchasing 83 BTC for $5 million. This brings the company’s total Bitcoin holdings to 1,012 BTC, accumulated at a total cost of $68 million, including fees. With this new purchase, Semler Scientific ranks 17th globally among public companies holding Bitcoin, surpassing Bit Digital, Inc.
Bitcoin Trends
$1B Worth Of Bitcoin Sold Off Ahead Of Nvidia Earnings Is 'Technical'
Kelly Greer of digital asset company Galaxy Digital sees the Bitcoin BTC/USD plunge below $60,000 as a “technical sell-off” ahead of Nvidia’s earnings call. Greer discussed the potential impact of Nvidia’s upcoming earnings report on Bitcoin’s market dynamics. She noted that over $1 billion worth of BTC were sold by Nvidia, with more than 17,000 coins involved. Greer attributed this to poor liquidity conditions, which she believes are currently at their worst.
BlackRock and Grayscale ETFs Hold Nearly 3% of All Circulating Bitcoin
Asset managers BlackRock and Grayscale now hold almost 3% of the circulating supply of Bitcoin in their U.S. spot Bitcoin ETFs after inflows picked up over the past week. BlackRock's iShares Bitcoin Trust (IBIT) now holds 357,736.76150 BTC, while Grayscale's GBTC holds 227,712.3295 BTC. In addition, Grayscale holds a further 5,962 BTC in its Digital Large Cap Fund and 32,692.0926 BTC in its Grayscale Bitcoin Mini Trust.
Thai Authorities Raid Illegal Bitcoin Mine Linked to Power Outages
Thai authorities raided an illegal Bitcoin mining operation in Ratchaburi, a town near Bangkok after residents reported persistent power outages since mid-July. Unlawful Bitcoin mining has become widespread in Southeast Asia, where miners take advantage of lower electricity costs while avoiding the high expenses associated with the energy-intensive process. In Malaysia, illegal mining operations have stolen over $723 million worth of electricity since 2018, prompting authorities to destroy over $1.2 million worth of mining equipment.
Is the Bitcoin Bull Cycle Over?
After reaching new all-time highs earlier this year, Bitcoin has entered a multi-month period of choppy price action, leading many to wonder if the bull cycle is over. This article dives deep into key metrics and trends to understand if the market is just cooling off or if we've already seen the peak for this cycle.
Bitcoin Remains On Top As Altcoin Season Fails To Gain Traction
The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, peaking at the $64,790 mark. This surge was mirrored across the altcoin landscape, with several cryptocurrencies, including TRON, Avalanche (AVAX), and Chainlink (LINK), recording impressive gains ranging from 20% to 30% within just seven days. Despite these gains among widespread altcoins, Bitcoin continues to dominate the entire market.
Bit of Bitcoin fun
FBI Will "Neither Confirm Nor Deny" The Existence Of Bitcoin-Creator Satoshi's Records
The United States Federal Bureau of Investigation (FBI) has reportedly responded to a Freedom of Information Act (FOIA) request from a journalist implying that Bitcoin creator Satoshi Nakamoto was a “third party individual” for whom it could neither confirm nor deny it had records. The plot thickens…
