Bitcoin holders hit record high as crypto investors ‘buy the dip’
The number of Bitcoin wallet addresses connected to long-term holders of the digital currency was 545,115 on Monday, an increase of 16,445 since May 8
The number of Bitcoin wallet addresses has reached a record high, suggesting crypto investors have been content to ‘buy the dip’ and hold the digital currency following the recent market crash.
According to
a Coindesk report citing Glassnode data, the number of Bitcoin addresses in accumulation hit a record of 545,115 on Monday, an increase of 16,445 since May 8.
Addresses in accumulation are defined as those with at least two Bitcoin transfers and no spent funds, essentially indicating a long-term holder. These transfers must be larger than crypto ‘dust’ (very small amounts of leftover tokens) to be classed as accumulation.
Bitcoin, Ethereum decline as China’s crypto crackdown continues
The two major digital currencies suffered sharp falls on Sunday after a meeting of China s Financial Stability and Development Committee said the country s finance sector should “crack down on Bitcoin mining and trading behaviour”
Bitcoin and Ethereum were among the major cryptocurrencies suffering price declines over the weekend as fears over the ongoing crackdown on digital currencies in China continued to drive a downturn in the market.
The world’s two largest cryptos suffered sharp drops overnight following news on Sunday that Chinese crypto exchange Huobi has scaled back and suspended some of its services in the country in response to moves by regulators to clamp down on activities in the market.
Bitcoin recovery stalls as value dips back below US$40,000
In early deals in London, the digital currency was trading at around US$39,923, off its lows during Wednesday s selloff but still down over 12% for the week
The recovery of Bitcoin following Wednesday’s meltdown of the crypto markets appeared to have stalled on Friday morning.
In early deals in London, the digital currency was down 1.1% at US$39,923, giving it a market cap of US$747bn.
While Bitcoin is still trading solidly above the weekly low of around US$34,923 on Wednesday evening at the height of the selloff, the crypto’s value is still down around 12.5% since the start of the week and trading at its lowest levels since early February.
Bitcoin is still evolving into a store of value despite crypto market carnage
Analysts at digital asset manager CoinShares have said it is increasingly apparent that Bitcoin is becoming increasingly financialised, which in turn indicates its potential utility as a store of value
Bitcoin is steadily evolving into a store of value for investors despite concerns about its viability re-emerging in the wake of the recent crypto market crash, according to new research.
In a new report, analysts at digital asset manager CoinShares said the evolution of the digital currency made it “increasingly apparent that it…has potential utility as a store of value” as a result of it becoming “increasingly financialised as an asset”.
Bitcoin donations banned by Greenpeace amid environmental concerns
The environmental charity said it will be suspending a facility allowing its supporters to donate using the cryptocurrency amid growing awareness of the amount of energy used in its mining process
Environmental activist group Greenpeace has stopped accepting donations in Bitcoin amid growing concerns about the impact of mining the cryptocurrency on global carbon emissions.
In
FT report on Thursday, the group said it will be scrapping a facility that allows it to accept donations in Bitcoin, saying that while it had not been heavily used the environmental impact of the digital coin and its energy use made accepting the crypto untenable.