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Last time this on-chain trend occurred, Bitcoin rallied over 4,000%

Last time this on-chain trend occurred, Bitcoin rallied over 4,000%

Last time this on-chain trend occurred, Bitcoin rallied over 4,000%

Although Bitcoin has stalled dramatically since February’s $10,500 peak, data shows that large cryptocurrency investors have been unfazed. So unfazed, in fact, that they’ve begun to accumulate more and more BTC, stacking coins in seeming preparation for a bull run.

Data shared by crypto analytics provider Glassnode on Apr. 9 indicates that the number of Bitcoin wallets with over 1,000 coins has seen large growth since December, rising from ~1,750 then to ~1,840, levels not seen since the previous halving in 2016, which came prior to Bitcoin’s 4,000 percent rally from $500 to $20,000 over two years.

The number of $BTC whales continues to grow, hitting 2-year highs – the last time we saw this many during an accumulation phase was in 2016.

This becomes interesting when we compare it with the last #Bitcoin halving.

— glassnode (@glassnode) April 9, 2020

Although not exactly an indicator of future market directionality, many see the trends in holdings of large cryptocurrency players as a good sign of what’s to come, as they’re considered “smart money” that has a good handle on what’s next.

Glassnode explained further:

“The number of whales (i.e. entities with at least 1000 BTC) increased leading up to last month’s market crash, and accelerated during and after the crash. This suggests that larger market players are accumulating BTC, providing an optimistic sign.”

The firm further elaborated that the simple fact that such strong accumulation is taking place in such an “uncertain market environment” is a fair sign that there’s growth ahead for the Bitcoin market.

Notably, this comes just weeks after CryptoSlate reported that from “Black Thursday” on Mar. 12 to Mar. 17, ETH whale addresses (top 100 holders) have “turned to accumulate,” adding 150,000 coins (then valued at $20 million, now valued at $24 million) to their holdings.

It makes sense why the number of whale addresses is swelling: there is tangible evidence to suggest that institutional players are starting to enter back into the crypto-asset markets, despite the drop sustained in March.

Fidelity Digital Assets — the crypto services division of Wall Street giant Fidelity Investments, a firm with trillions under management — has confirmed it has seen an uptick in interest over recent weeks.

Speaking to Frank Chaparro of The Block, a spokeswoman for the firm said that:

“From a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. […] And in recent weeks, we’ve seen more momentum across our business.”

The reporter’s sources confirmed this, purportedly stating that Fidelity’s cryptocurrency arm has been fielding an increase in “inbounds from pension funds, family offices, and macro global hedge funds” as investors look for better ways to invest amid the ongoing coronavirus outbreak.

There’s also adoption in terms of large companies delving into creating crypto- and blockchain-based products. But that’s a story for another time.

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A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. He has since joined this industry as a full-time content creator, focusing on written content and visuals. Aside from working with other leading trade publications, Nick is a part-time creative at HTC’s Bitcoin division, EXODUS. He is based in Canada, where there is an apparent lack of industry events.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.


Author: AuthorNick Chong Twitter LinkedIn Analyst @ CryptoSlate

Oil prices rise to "very, very close" Saudi-Russian agreement

Oil prices rise to "very, very close" Saudi-Russian agreement

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by Gina Lee – Oil prices in Asia recovered from a dramatic 8% drop in Tuesday's last session.

International benchmark futures were up 2.43% to $ 34.11 at 03:52 CET, while futures on the US lead rose even more 4.17% to $ 27.15.

The head of the Russian Direct Investment Fund told CNBC at night that his country and Saudi Arabia were "very, very close" to an agreement on production restrictions.

"I think the entire market understands that this agreement is important and that it will bring a lot of stability, so much important stability to the market, and we are nearing a conclusion," added Kirill Dmitriev, head of the Russian sovereign wealth fund, in the interview .

Andrey Kostin, Managing Director of VTB Bank (MCX :), joined Dmitriev when he said in a CNBC interview: “Russia is definitely very keen to stabilize oil prices and … there is the political will. Nobody has an interest in low oil prices. Neither the United States, Russia, nor the Saudis. From this point of view, I think that a sensible agreement should be reached at the end of the day. "

But even though the OPEC + members are reportedly preparing for a virtual meeting on Thursday, investors are still concentrating on whether the two producing countries can reach an agreement on production cuts in the face of falling demand.

This Saudi-Russia divide is really the key to reaching an agreement, ”Herman Wang, editor-in-chief of S&P Global Platts Middle East and OPEC, told CNBC.

"Apart from whether the US will participate or not," he said. "If Saudi Arabia and Russia don't pull together, there's no deal at all," he added.

Note: Here it goes to the page with the commodity futures prices, here to the oil price chart, here to the technical oil price overview page and here to the individual oil price contracts. All energy prices in the overview can be found here. You can exchange opinions, thoughts and knowledge in our oil price forum. You can find the most important economic events of the day in our economic calendar.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.


Oil prices rise to "very, very close" Saudi-Russian agreement

Crypto News Today

Cryptocurrencies represent an internet-based medium of exchange that takes advantage of cryptographical functions in order to conduct financial transactions. They leverage blockchain technology to achieve decentralization, immutability, and transparency.

According to the latest crypto news, there are thousands of cryptocurrencies in existence. However, the most popular ones include Bitcoin, Ethereum, Ripple, Binance Coin, Bitcoin Cash, Tezos, Tron, Litecoin, and EOS, acquire more than 80% of the total market cap.

Decentralized cryptocurrencies such as Bitcoin, have one substantial advantage – no single authority can control them. Instead, they are governed by an algorithm that’s pre-programmed and defined. This takes away the human factor and makes the entire network transparent and immutable.

Cryptos can be sent directly between two parties, in a rapid and cheap process, compared to traditional bank transfers. Since there is no central authority or a middleman, the users can go through the process without having to worry about complying with different rules.


Author: Jordan Lyanchev

Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes

Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes

Another week, another round of Crypto Tidbits. Bitcoin has effectively been flat on the week, recently returning to around where it started the week after briefly interacting with the ever-important $7,400 resistance. Altcoins, interestingly, came into their own this week, with Ethereum, Link, Tezos, EOS, among other top altcoins posting double-digit percentage gains in the past seven days.

Bitcoin’s stagnation over the past week comes as the stock market has mounted a strong comeback, with the S&P 500 rallying 12% from last Friday’s close to Thursday’s close despite 6.6 million new unemployment claims in the U.S. and the ongoing coronavirus outbreak.

Despite the non-action, analysts are still bullish on BTC and the rest of the cryptocurrency market. In fact, as reported by NewsBTC previously, BitMEX CEO Arthur Hayes said that while he could see Bitcoin revisiting $3,000, his year-end price target “remains $20,000,” which is 180% above the current price.

As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision:

“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”

  • Crypto Industry Sees Layoffs: The Bitcoin community and broader crypto space have not been spared in the recent economic carnage. According to a “100% user-generated” list of companies on recruiting/job site Candor,, crypto mining firm Bitfarms, and mining hardware manufacturer Bitfury are among the firms in this industry that have begun to lay off staff over the past few weeks. Outside of this, one of the original crypto companies, Factom, has purportedly gone into liquidation, despite securing millions of dollars worth of funding over the past five years and garnering a grant from the U.S. Energy Department.
  • Ethereum DeFi Has Seen Stellar Growth: In a report published April 9th, blockchain analytics site DappReview revealed that transaction volume across Ethereum-based DeFi projects has increased by nearly 800% when comparing Q1 2020’s metrics to that of Q1 2019. Much of this growth was attributed to projects like Maker and Compound — which offer decentralized loans and stablecoin solutions — and derivatives providers like Synthetix and Augur. This growth comes as crypto upstart Thesis and other partners are soon to release tBTC — a project that will act as a decentralized representation of Bitcoin on the Ethereum blockchain. Analysts expect for the launch of this project to boost DeFi adoption, with both ETH  and BTC holders
  • Bitcoin Cash & Bitcoin SV See Block Reward Halvings: Both Bitcoin Cash and Bitcoin SV have seen their block reward halvings pass in the past 72 hours. As a result, both networks saw their hash rates and difficulty drop. The halving resulted in an instant 50% reduction in mining revenues for those operating on the BCH and BSV chain, forcing operators running on tight margins to turn off their machines or mine on other networks. Fewer machines mean fewer computers processing blocks, resulting in slower transactions.
  • South Korea Launches Digital Currency Project: On Monday, South Korea’s central bank, the Bank of Korea, revealed that it has launched a pilot program for testing a digital won, which is slated to run to December 2021.  A release outlining this move said the program will determine if there are a legal case and ample technical capability to launch a digital currency in South Korea. This comes just six weeks after the South Korean National Assembly passed legislation that will provide a comprehensive framework for the regulation and legalization of cryptocurrencies and Bitcoin exchanges.
  • Twitter CEO & Bitcoin Bull Jack Dorsey Pledges $1 Billion to COVID-19 Relief: Jack Dorsey announced in a Twitter thread this week that Yesterday, Dorsey announced in a Twitter thread — it’s quite fitting, I must say — that he will be “moving $1 billion of my Square equity,” which purportedly corresponds with around 28% of his total wealth, to a LLC called “Start Small” to “fund global COVID-19 relief.” Start Small existed prior to this outbreak, but this is the first time it has seen mainstream attention. The Bitcoin bull intends to allocate the rest of the donation to the promotion of Universal Basic Income and girl’s health and education, calling both issues critical.
  • Fidelity Sees Growth In Crypto Demand: Fidelity Digital Assets — the crypto services division of Wall Street giant Fidelity Investments, a firm with trillions under management — has confirmed it has seen an uptick in interest. Speaking to Frank Chaparro of The Block, a spokeswoman for the firm said that:

    “From a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. […] And in recent weeks, we’ve seen more momentum across our business.”

Photo by Sandro Katalina on Unsplash


Author: Nick Chong

Bitcoin’s Next Boom Has Already Begun

Bitcoin’s Next Boom Has Already Begun

Bitcoin and cryptocurrencies have returned to the spotlight in recent weeks, despite the bitcoin price crashing along with traditional markets last month.

Governments and central banks around the world have moved to flood the market with freshly-minted cash to fight the economic devastation wrought by the coronavirus pandemic just as bitcoin investors brace for a highly-anticipated supply cut.

Now, after courts in India reversed a near two-year effective bitcoin ban in March, bitcoin trading in the country is exploding—pushed higher by a country-wide economic slump and a coronavirus-induced lockdown.

Bitcoin and cryptocurrency interest in India is soaring amid economic stagnation and a nationwide … [+] coronavirus-induced lockdown.

MORE FROM FORBESFormer Hedge Fund Billionaire Picks Bitcoin Over Gold, Treasuries And The DollarBy Billy Bambrough

Bitcoin and crypto banking services platform Cashaa India saw its trading volume rocket by 800% in the two days after the ban on the country’s banks facilitating cryptocurrency transactions was lifted.

India’s bitcoin and crypto ban was originally brought in to calm over-eager investors who were at risk of losing money to the myriad of scams that plagued the market in 2017 and 2018. Indian crypto exchanges were adding up to 300,000 new customers every month before the crackdown, it’s been reported.

Since the ban has been lifted, a survey carried out by peer-to-peer bitcoin marketplace Paxful found three in every four people in India with some understanding of cryptocurrencies have invested in them.

“India has proved itself as a center for innovation, and we’re excited to see the growth and discoveries they will bring to the [bitcoin and crypto] industry,” said Paxful chief executive Ray Youssef, adding: “India has a lot of potential in all aspects of growth.”

As India struggles with record high unemployment, likely to be significantly worsened by the coronavirus pandemic, the survey also revealed people in India believe cryptocurrencies could spur job creation and economic activity.

India’s national 21-day lockdown ends on April 14 but a number of state governments have urged prime minister Narendra Modi to extend it—potentially making the country’s economic crisis more dangerous than the coronavirus pandemic itself.

A recent study found over half a billion people around the world could be pushed into poverty by the economic fallout from the spreading coronavirus pandemic.

Elsewhere, bitcoin and cryptocurrencies have seen a surge of interest around the world since the coronavirus crisis began, causing some traders and investors to recall bitcoin’s epic 2017 rally.

In 2017, the bitcoin price climbed from under $1,000 per bitcoin at the beginning of the year to around $20,000 by December, largely driven by retail investors and so-called fear of missing out as early bitcoin adopters became overnight millionaires.

Some of the world’s biggest bitcoin and crypto exchanges have reported an influx of new users since the coronavirus shutdowns started.

MORE FROM FORBESThis Could Be The Biggest Ever Month For Bitcoin And CryptoBy Billy Bambrough

The bitcoin price has weathered the coronavirus storm more-or-less intact, up around 40% on this … [+] time last year despite some wild swings over the last month.

Away from India’s booming bitcoin interest and the coronavirus pandemic’s economic crisis, bitcoin and crypto investors have a lot to feel bullish about.

“Almost every disruptive benefit of bitcoin is surfacing today: asset scarcity in a world of fiat dilution, self-sovereign capital ownership amidst government overreach of civil liberties, cross-border payment transfers during system outages and [fears of] contagious paper money [in] China,” said Tom Lombardi, director at investment management company Wave Financial.

“All of this occurring on the heels of massive support and bitcoin application development from Fidelity, Square, Revolut, the highly anticipated Bakkt App, a subsidiary of ICE and the NYSE that’s partnered with Starbucks, and India lifting the crypto trading ban.”

A survey of major bitcoin investors showed most were upbeat at the beginning of the year, with the bitcoin price expected to soar to over $20,000 per bitcoin in 2020.


Author: Billy Bambrough

Last time this on-chain trend occurred, Bitcoin rallied over 4,000%

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