Welcome to a different thrilling day on the earth of Bitcoin! Buckle up as we dive into the most recent happenings which are shaking up the crypto area. First up, we’ve got some intriguing information from Cointelegraph that reveals a staggering 75% of all Bitcoin has been HODLed for over six months. Sure, you heard that proper! Regardless of Bitcoin’s latest drop of 21% from its all-time excessive, the vast majority of Bitcoin held in wallets hasn’t budged an inch. In accordance with the on-chain knowledge from Glassnode’s Hodl Wave chart, it is a important enhance from only a week in the past when solely about 45% of the BTC provide was dormant for at the least six months. If you happen to’re curious to know extra, take a look at the total article here.
However that’s not all! In a fairly quirky flip of occasions, an AI startup named Osmo is trying to reply the age-old query: What does Bitcoin scent like? Sure, you learn that proper! This bold undertaking goals to teleport digital scents, and whereas it’d sound like one thing out of a sci-fi film, the expertise may probably assist detect ailments like most cancers. If you wish to know extra about this olfactory journey, head over to Cointelegraph’s article here.
Now, let’s speak about Bitcoin ETFs. In accordance with one other Cointelegraph article, Bitcoin bulls ought to keep away from MicroStrategy’s new leveraged ETF. The ETF, launched by Defiance ETFs, takes on pointless dangers and is more likely to underperform in comparison with spot Bitcoin. With a whopping $22 million in quantity on its first day, the Defiance Every day Goal 1.75X Lengthy MSTR ETF goals to offer 175% lengthy day by day focused publicity to MicroStrategy’s inventory. Nevertheless, seasoned traders may wish to assume twice earlier than diving in. For extra insights, learn the total article here.
In additional bullish information, Bitcoin is hinting at an upward value part, with metrics aligning on the $60.6K stage that merchants are wanting to beat. As the value motion confirmed energy on August 18, Bitcoin sought to reclaim the $60,000 mark. Information from Cointelegraph Markets Professional and TradingView revealed native highs of $60,271 on Bitstamp. For these within the technical evaluation, you possibly can learn extra about it here.
In the meantime, crypto analyst Benjamin Cowen has some ideas on Bitcoin dominance, suggesting it could not return to the lofty heights of 70% once more. Cowen predicts a goal of 60% dominance, explaining that in main altcoin seasons, Bitcoin’s market cap ratio tends to say no however step by step returns after the breakdown. For a deeper dive into this evaluation, take a look at the article here.
Switching gears to mining information, Hut 8 Corp. reported a staggering $71.9 million loss in Q2 2024, regardless of a 72% surge in Bitcoin mining income. The corporate’s income rose to $35.2 million, however a major loss was attributed to truthful worth changes of digital property. CEO Asher Genoot stays optimistic in regards to the firm’s restructuring efforts and upcoming initiatives. You’ll find the total report here.
In an analogous vein, TeraWulf reported a 21% drop in Bitcoin mining however managed to surpass income estimates in Q2. The corporate mined 699 BTC, down from final 12 months’s numbers, however its income of $35.6 million exceeded expectations. TeraWulf can also be specializing in a large-scale HPC and AI undertaking, which may place it for future development. For extra particulars, learn the article here.
Lastly, in a bullish twist for Bitcoin adoption, the Norwegian authorities has elevated its sovereign fund’s BTC publicity. The Norges Financial institution Funding Administration fund has upped its holdings to 2,446 BTC, marking a 62% enhance within the first half of 2024. This transfer signifies a rising acceptance of Bitcoin as a professional asset. For all of the juicy particulars, take a look at the article here.
And there you could have it, people! A whirlwind tour of at the moment’s Bitcoin information. From HODLing to revolutionary AI tasks and ETF discussions, the crypto world is buzzing with exercise. Keep tuned for extra updates and hold your crypto recreation robust!
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