Bitcoin’s (BTC) ordinal volume has exploded by a staggering 2,834% in the second quarter of 2023, according to the blockchain intelligence platform DappRadar. DappRadar notes in a new quarterly report that Bitcoin ordinal volume increased from $7.18 million in Q1 to $210.7 million in Q2. Bitcoin ordinals allow users to inscribe digital assets such as […]
The post Bitcoin (BTC) Ordinal Volume Explodes by a Staggering 2,834% in 2023 Q2, According to DappRadar appeared first on The Daily Hodl.
Since Binance and Coinbase were sued for offering unregistered securities, the longtime Bitcoin advocate has tweeted posts promoting a focus on BTC development.
Long-time Bitcoin (BTC) advocate Jack Dorsey has found himself in a Twitter war with several crypto industry pundits after he responded with “yes” to a question asking if Ether (ETH) was a security.
The comment caught the attention of Udi Wertheimer, a Bitcoin Ordinals developer at Taproot Wizards, who inferred Dorsey was a “clown” in a tweet on June 6.
In response, Dorsey tweeted, “ETH is not a security? Teach me wizard,” which prompted Wertheimer to share a five-year-old video of the United States Securities Exchange CommissionChair Gary Gensler stating that ETH was now “sufficiently decentralized” and wasn’t a security.
clowns. pic.twitter.com/S8AiJwuMem
— Udi Wertheimer (@udiWertheimer) June 6, 2023
However, Gabor Gurbacs, strategy adviser to stablecoin issuer Tether and investment management firm VanEck, weighed in on Wertheimer’s comment, stating that Ethereum’s recent transition to proof-of-stake may have re-triggered securities laws.
The online scuffle comes in light of the SEC filing lawsuits against cryptocurrency exchanges Binance and Coinbase on June 5 and 6 for allegedly offering tokens considered to be unregistered securities.
Dorsey also tweeted and implied approval of a screenshot of a post by Coinbase CEO Brian Armstrong in 2015, where he referred to altcoins as a “distraction” and that Coinbase should instead “be focused” on Bitcoin.
— jack (@jack) June 6, 2023
Dorsey continued on his pro-Bitcoin tweeting streak and retweeted a video of Jack Mallers — CEO of Bitcoin Lightning application Strike — calling out Armstrong for choosing to prioritize altcoins over building on Bitcoin and the Lightning Network.
Related: Jack Dorsey tips pro-crypto candidate Robert Kennedy to win presidency
When Dorsey was in charge of Twitter in 2021 the company sold 140 Ethereum-based nonfungible tokens (NFTs) but he rejected investing in Ether at the time.
Dorsey also downplayed Ethereum’s development in August 2021 when he claimed that Ethereum alone wouldn’t be able to disrupt big tech.
Dorsey recently provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network that integrates Bitcoin Lightning-based payments on the “Damus” platform.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
Previously unrecognized Ordinals inscriptions will be indexed by the protocol following the upgrade, which will allow them to be traded.
Developers behind the Bitcoin Ordinals protocol have rolled out a new upgrade that aims to cure over 71,000 invalid or “cursed” inscriptions — allowing them to be traded.
“Cursed inscriptions” was the name given to inscriptions that were created by incorrect use or intentional misuse of opcodes to create inscriptions, which led to them becoming invalid and unrecognized.
On June 4, developers, including Twitter user Raphjaph, revealed the Ordinals protocol was upgraded to version 0.6.0, which would be the first step in indexing the previously unrecognized inscriptions.
Just released a new version of ord (0.6.0), which implements the first steps in recognizing more types of inscriptions (cursed inscriptions). Additionally you can now pass in RPC credentials through command-line flags, environmental vars or a config file.https://t.co/Xi6C92cC6z
— raph (@raphjaph) June 4, 2023
The proposal to fix the issue was first s made in late April by Ordinals creator Casey Rodarmor to recognize these cursed inscriptions and convert them to “blessed” ones.
The upgrade introduced support for a subset of the different types of cursed inscriptions. It does this by setting a block activation height where specific types of previously invalid inscriptions would start being indexed as normal positive inscriptions.
Ordinals influencer LeonidasNFT explained that these would be added to the list of tradable indexed Ordinals, stating:
“This is important because over 70k existing but invalid inscriptions are now supported which means that once marketplaces upgrade to v0.6.0 you will be able to start trading them.”
He added that everyone holding cursed inscriptions “should expect the negative inscription numbers to be shifted.”
Version 0.6.0 of the Ordinals Protocol just went live!
— Leonidas.og (@LeonidasNFT) June 4, 2023
Here is everything you need to know about this major update:
Many previously unrecognized inscriptions are now indexed by the Ordinals Protocol as "Cursed Inscriptions". This is important because over 70k existing but… pic.twitter.com/Mh1pArg2p9
Bitcoin Ordinals are nonfungible asset artifacts that enable inscribing data onto the smallest division of a Bitcoin, a satoshi.
The protocol was launched in January by Casey Rodarmor, and the following month saw the inscription hype take off as thousands of them were imprinted on the Bitcoin blockchain, causing congestion and spikes in transaction fees.
Ordinals inscriptions have been considered similar to NFTs regarding rarity and collectability. Users are after a unique slice of data permanently etched onto the Bitcoin blockchain so these early or converted inscriptions on satoshis could become valuable at a later period.
Related: Ordinals good or bad for Bitcoin? Supporters and opposers raise voices
According to Dune Analytics, 10.8 million ordinal inscriptions have generated $45.5 million in transaction fees since the craze began earlier this year.
On May 28, Rodarmor announced he was stepping down and passing the reins to Raphjaph.
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.
According to a report compiled by @dgtl_assets of Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20, representing an increase of 700% from April 20 and 831% from April 1, respectively. An analysis shows that despite continued interest in Bitcoin NFTs, the overwhelming majority of Bitcoin Ordinals has since shifted to text-based inscriptions, compared to a somewhat equal balance of text and image inscriptions from February to April.
As explained by cross-chain wallet BitKeep, Bitcoin Ordinals "is a numbering system that assigns a unique number to each individual SAT [Satoshi, or 1/100 million of a Bitcoin], enabling its tracking and transfer." Combined with the Inscription process, which adds an additional layer of data to each Satoshi, this allows users to mint unique digital assets on the Bitcoin blockchain.
In contrast to traditional NFTs, which are built using smart contracts and hosted on solutions such as IPFS, BitKeep developers explained that "Ordinals reside entirely on the Bitcoin blockchain and do not require a sidechain or separate token."
In January 2023, Web 3.0 developer Rodarmor released the Bitcoin Ordinal theory framework. On top of this, Web 3.0 developer domo created the BRC-20 Bitcoin token standard in March 2023 that employs both Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on Bitcoin.
Since then, over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens created, boasting a total market cap of $612.5 million. On May 20, cryptocurrency exchange OKX announced the listing of the ORDI BRC-20 token, the most popular in such category with a market cap of over $300 million.
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
Zero-knowledge proofs could be a viable means to address recent network congestion and high fees on the Bitcoin blockchain.
The Bitcoin (BTC) network has faced a litmus test in recent weeks due to the increased demands of Ordinals and BRC-20 tokens being inscribed onto the preeminent blockchain.
The resulting increase in fees and transaction congestion has left the wider Bitcoin community frustrated, considering that some BRC-20 tokens involve meme tokens that have attracted billions of dollars in capital in recent weeks.
The Ethereum ecosystem has benefitted from the development of scaling solutions that have brought massive improvements in network capacity and processing ability. Zero-knowledge proofs (zk-proofs) in particular have grabbed headlines over the past few months, with a number of projects adopting the scaling technology.
Cointelegraph spoke exclusively to Eli Ben-Sasson, the co-founder of Ethereum-focused StarkWare and the pioneer of zk-STARKs (zero-knowledge Scalable Transparent Argument of Knowledge), to explore whether the technology could be the answer to Bitcoin’s latest challenge.
Zk-proofs are cryptographic protocols that allow a party to prove a statement or data is true without revealing any information. The technology assures privacy and security while adding capacity to blockchains in particular, by reducing the computational load needed to verify transactions and other data and information stored on chain.
Related: zk-STARKs vs. zk-SNARKs explained
The renowned mathematician and cryptographer credits Bitcoin for starting his journey of exploration around the promise of validity, cryptographic and zero-knowledge proofs to improve blockchain technology. Highlighting the "deeply entwined" nature of the scaling solutions and blockchains, Ben-Sasson summed up the potential for zk-proofs to benefit the Bitcoin network:
“Validity proofs and STARKs allow you in a very efficient way to use the integrity of math to extend the orbit of integrity that a blockchain covers to invite anyone to participate and add more capacity to the network.”
Bitcoin’s blockchain will continue to act as an inner circle of integrity, while zk-proofs extend the origin of integrity and bring in more capacity, creating what Ben-Sasson described as a "positive flywheel" effect:
“The more capacity you bring, the more social functions can be used, even if it's money, you can do micro payments, or you can add new things if you allow smart contracts. And then there's more trust in the system and it adds more value.”
Ben-Sasson reiterated his belief that the Bitcoin network could see greater integrity and efficiency from the mathematical benefits afforded by validity proofs. He added that the likes of Bitcoin developers Greg Maxwell, Gavin Andresen and Mike Hearn had been early proponents of STARK transparent proofs of validity and privacy, which do not require trusted setup and remain quantum secure.
Related: Ordinals and BRC-20 will disappear in a matter of months, says JAN3 CEO
The potential for Bitcoin, which first and foremost acts as decentralized hard money, to allow more general forms of computation and social functions remains a discussion point for its community. For Ben-Sasson, the potential of incorporating zk-proofs is clearly being driven by the demand in the market for extra functionality on top of Bitcoin that is being powered by BRC-20 tokens:
“For it (BRC-20) to really have the level of integrity that is offered by Bitcoin, there must be a hard fork that allows these things to be verified and validated and have the integrity of Bitcoin. And that's a huge decision and a huge debate point.”
As previously reported by Cointelegraph, ZeroSync Association is a newly formed startup that is developing zk-proof powered tools allowing users to validate the state of the Bitcoin network without having to download the blockchain or trust a third party for verification.
ZeroSync’s validity proof allows users to verify Bitcoin’s chain state instantly, removing the need to download over 500GB of blockchain data currently required to sync a Bitcoin node.
ZeroSync co-founder Robin Linus told Cointelegraph that its chain state proof does not solve network congestion directly, but would remove the need for users to download inscriptions that have been clogging up the Bitcoin blockchain.
However zk-proofs still hold promise in helping remedy current network congestion. Linus said ZeroSync has also developed a Bitcoin client-side validation protocol dubbed zkCoins, which allows processing up to 100 token transactions per second:
“It uses inscriptions, but the on-chain footprint is much lower than BRC-20, and it does not bloat the UTXO set.”
Linus added that a SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) verifier on Bitcoin’s main layer could enable an entire spectrum of scaling solutions including zk-rollups, trustless bridges to sidechains as well as the potential to peg BTC onto zkCoins to enhance privacy and increase throughput:
“It's fantastic to see that validity proofs are gaining more traction in the Bitcoin community now. People have already started discussing a new opcode on the bitcoin-dev mailing list.”
Linus also noted that other Bitcoin layer-2 scaling solutions such as the Lightning Network, Fedimint and Chashu, which are privacy-preserving custodians based on Chaumian eCash, have seen increased interest following network congestion driven by Ordinals and BRC-20 minting.
Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder
Bitcoin price giving up ground over the past week to slide below $28,000 has put bears in a better position for Friday's expiry.
The $900 million Bitcoin (BTC) weekly options expiry on May 12 might play a decisive role in determining whether the price will succumb below $27,000.
BTC bears will try to take advantage of macroeconomic headwinds, Silk Road coins' FUD, and uncertainty caused by Bitcoin’s transaction fee spike to pull Bitcoin's price down in the next few days.
The BTC/USD pair broke above $29,800 on May 6, but the tide quickly changed as the resistance proved stronger than anticipated.
The subsequent 8.2% two-day correction tested $27,400 support, favoring the thesis of sideways trading as investors evaluate the economic crisis dynamic and its potential impact on cryptocurrencies.
Meanwhile, Berkshire Hathaway owner and billionaire investor Warren Buffett is no longer optimistic about the U.S. economy’s growth. Such a pessimistic scenario for the global economy might explain why some Bitcoin traders decided to reduce exposure over the past week, greatly reducing the odds of breaking $30,000.
The open interest for the May 12 options expiry is $900 million, but the actual figure will be lower since bears were expecting sub-$28,000 price levels.
These traders got excessively optimistic after Bitcoin’s price rallied 11.2% between April 9 and April 14, testing the $31,000 resistance.
The 1.65 call-to-put ratio reflects the imbalance between the $560 million in call (buy) open interest and the $340 million in put (sell) options.
But if Bitcoin’s price remains near $27,500 at 8:00 am UTC on May 12, only $11 million worth of these call (buy) options will be available. This difference happens because the right to buy Bitcoin at $28,000 or $29,000 is useless if BTC trades below that level on expiry.
Below are the four most likely scenarios based on the current price action. The number of options contracts available on May 12 for call (bull) and put (bear) instruments varies, depending on the expiry price.
The imbalance favoring each side constitutes the theoretical profit:
This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.
For instance, a trader could have sold a put option, effectively gaining positive exposure to Bitcoin above a specific price. Unfortunately, there’s no easy way to estimate this effect.
Ultimately, after it became clear that the Bitcoin network was working as designed, the selling pressure dissipated, causing Bitcoin’s price to stabilize around $27,500. Nevertheless, traders should be cautious as the bears are still in a better position for Friday’s weekly options expiry, favoring negative price moves.
Related: PayPal’s crypto holdings increased by 56% in Q1 2023 to nearly $1B
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The BRC-20 token frenzy has seen the number of Ordinals inscriptions on the Bitcoin network soar 92% in just eight days.
The number of Ordinals inscriptions on the Bitcoin (BTC) network has witnessed another meteoric rise, almost doubling from 2.5 million to 4.78 million in just the last eight days.
While the Ordinals protocol was initially used to mint images as non-fungible tokens (NFTs), users began to realize that they could use text-based inscriptions to create fungible tokens in a similar way to those minted via the ERC-20 token standard on the Ethereum (ETH) network.
These text-based inscriptions, now popularized as the BRC-20 token standard, have been the main cause of the massive uptick in Ordinals inscriptions on the Bitcoin blockchain.
As highlighted by Glassnode co-founder and chief technology officer Rafael Schultze-Kraft on Twitter, text-based inscriptions are now the most popular form of Ordinals inscription, with more than 2.8 million text-based inscriptions as of May 5.
8/ In fact, text inscriptions are now the most prominent Ordinal inscription type in the #Bitcoin network.
— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023
Text: 2.8M
Images: 650k
Video: 1.8k
Audio: 347
Other: 19k
Inscriptions dashboard: https://t.co/YKwAbthEXL pic.twitter.com/O12MZj0qLT
More recent data from popular blockchain data hub Dune Analytics shows that since April 25, the overwhelming majority (99%) of all new Ordinals inscriptions have been text-based.
According to brc-20.io, a new tool that allows users to track BRC-20 tokens, there are currently a total of 14,200 new tokens hosted on the Bitcoin blockchain. Counted among the most popular Bitcoin-based tokens are “ordi”, “nals” and even a Bitcoin-based version of the now-notorious memecoin Pepe (PEPE) being listed at number 3 by total market cap.
While the total market cap of BRC-20 tokens currently hover around the $700 million mark, digital asset investment firm Galaxy Digital asserts that the market for “Bitcoin NFTs” may reach $4.5 billion by 2025.
Related: Bitcoin Ordinals community debates fix after inscription validation bug
The rise of Ordinals over the last few months has continued to spark debate around whether Ordinals are ultimately a positive for the Bitcoin ecosystem.
Some Bitcoin proponents, such as Dan Held, claim that Ordinals offers a wider spread of financial use cases for Bitcoin, while more hardline Bitcoiners argue that Ordinals stray from the original vision of Satoshi Nakamoto, who intended for Bitcoin to be used as an electronic, peer-to-peer cash system.
Meanwhile, miners have enjoyed an enormous influx of revenue due to the transaction fees related to the burst of new activity on the network.
Binance has announced its intention of implementing Lightning Network, a layer 2 Bitcoin scaling protocol, on its platform after experiencing an episode of congestion regarding withdrawals on the Bitcoin network. The exchange had to pause bitcoin withdrawals twice due to a large backlog of operations stuck as a consequence of high transaction fees. Binance Announces […]
A spike in transaction fees and repeated BTC withdrawal outages at Binance provide a fraught backdrop to a week of Bitcoin volatility triggers.
Bitcoin (BTC) starts a new week at the center of fresh crypto industry drama as the highest fees in two years pressure price action.
Downside volatility is greeting traders thanks to a full mempool, and explanations point the finger at multiple parties.
Largest exchange Binance is adding to the confusion, pausing BTC withdrawals several times over what it calls network “congestion.”
Amid the turmoil, BTC/USD is showing signs of strain, breaking down from $28,000 to threaten an exit of its broader trading range.
The events mark a flustered start to a week already full of potential BTC price volatility catalysts. These come in the form of macroeconomic data releases, including the Consumer Price Index (CPI), as well as Q1 earnings reports.
As Bitcoin network metrics begin to show the impact of current network activity, miners are still selling their holdings, data shows, leading analysis to conclude that the 2022 bear market is still in play.
Cointelegraph takes a look at these factors and more in the weekly rundown of what’s moving crypto markets.
Bitcoin is under pressure at the start of the week, but not for the usual reasons.
As BTC/USD dips to $28,000, observers are closely following events on-chain and at largest global exchange, Binance.
The latter has halted BTC withdrawals three times since the weekend, citing “congestion” on the Bitcoin network, while simultaneously moving a giant chunk of funds between wallets.
We’re aware that some data are showing a large volume of outflows from #Binance.
— Binance (@binance) May 8, 2023
This ‘outflow’ are actually movements between Binance hot and cold wallets due to the BTC address adjustments.
Binance’s moves came as large numbers of transactions entered the Bitcoin mempool, pushing already high fees even further into territory not seen in several years.
That had the unintended result of creating Bitcoin’s first-ever block in which miners earned more from fees than the block subsidy itself — 6.75 BTC versus 6.25 BTC, respectively.
Attention focused on Ordinals and even crypto investment giant, Digital Currency Group, as the source of the transactions. Later, market participants including researcher and investor Eric Wall revealed a potential source of the on-chain “spamming.”
tl;dr: a hex derivative (xen) that's notable for spamming EVM chains has pivoted to spamming bitcoin via the ordinals brc-20 protocol causing an otherside-like mint event pic.twitter.com/3u2KHNpEyu
— Eric Wall ♂️ Taproot Wizard #2 (@ercwl) May 7, 2023
Binance, meanwhile, came in for criticism from some of the industry’s best-known names over its policy.
“Bitcoin is not experiencing congestion. It's experiencing high demand,” core developer Peter Todd argued.
“binance can just allow users to specify what fee their willing to pay for withdraw, and pay that fee. It costs ~$5 to get an output in the next block. nbd Good chance @binance has a fractional reserve.”
Binance CEO, Changpeng Zhao, also known as “CZ,” indirectly referred to “BTC withdrawal issues” at the exchange, labeling them “FUD.”
“Bitcoin network fees are fluctuating, 18x in a month,” part of a Twitter post stated.
As the events unfolded, BTC price action felt the strain, with a short-timeframe downtrend continuing at the time of writing.
Analyzing trader behavior, monitoring resource Skew noted bid activity increasing on Binance as Bitcoin returned to the $28,000 mark.
$BTC Binance Spot
— Skew Δ (@52kskew) May 8, 2023
Update: spot buyers around $28K & likely to sell around $28.5K - $28.7K
Still decent bid depth here https://t.co/F1I9UhJETx pic.twitter.com/DSRTwfb5kK
Beyond the immediate events surrounding Binance and fees, market participants continue to eye important levels for BTC/USD.
As the pair trends below $28,000, popular trader Captain Faibik is eyeing $27,300 as a line in the sand.
$BTC Ascending Broadening Wedge Sill in Play..!!
— Captain Faibik (@CryptoFaibik) May 8, 2023
If Bulls can Successfully defend the 27.3k Support, it's likely that we'll see a Significant Bounce Back in the Coming days.#Crypto #Bitcoin #BTC #BTCUSDT pic.twitter.com/pwERANhUGE
A further tweet on the day highlighted a tightening wedge structure in place for Bitcoin, with the logical outcome in the form of a breakout now due.
Fellow trader Andrew meanwhile bet on the 50-day exponential moving average (EMA) as a potential support zone, this currently residing near $27,950 and already violated on shorter timeframes.
The day’s current low of $27,617 meanwhile marked Bitcoin’s deepest dip since April 26, per data from Cointelegraph Markets Pro and TradingView.
“BTC is retesting at .618 after the Binance FUD. This is another Bitcoin vs $BTC moment,” crypto educator Crypto Busy summarized, referring to Fibonacci retracement levels.
“Bitcoin as a network is always stable, but exchanges and wallets need more scalability solutions. $BTC as an asset is retesting due to selling pressure and FUD. Remember, not your keys, not your crypto!”
Turning to macroeconomic events, the week is set to be marked by the April print of the United States Consumer Price Index (CPI).
Due on May 10, CPI will be keenly scrutinized for signs that inflation is continuing to abate, potentially increasing the scope for lawmakers to slacken economic policy.
If there is one data release that could sink or ignite a stock rally, CPI would be a good candidate. Coming Wednesday 8:30 am ET.
— Chris Ciovacco (@CiovaccoCapital) May 7, 2023
In April, a slight dip below market expectations accompanied Bitcoin gunning for new ten-month highs.
CPI is just one of several important U.S. data sets due this week, however, with jobless claims and Producer Price Index (PPI) numbers set for release.
Four Federal Reserve speakers will take to the stage, while the week marks the last of the Q1 earnings reports by major corporations.
Key Events This Week:
— The Kobeissi Letter (@KobeissiLetter) May 7, 2023
1. CPI inflation data - Wednesday
2. PPI inflation data - Thursday
3. Jobless claims data - Thursday
4. Consumer sentiment data - Friday
5. Total of 4 Fed speakers this week
6. Last big week of Q1 earnings
RT & LIKE if you enjoy these weekly previews!
“Numbers are expected to be ‘Good looking,’ good numbers are expected by market and partly priced in,” crypto trading and analysis account Doctor Profit told Twitter followers about CPI in part of weekly updates.
CPI is known as a volatility catalyst across crypto, but this month, not everyone is predicting upside continuation, even in the event of positive numbers.
Among them is popular trader Aqua, who revealed a broader correction inbound for BTC/USD thanks to what he fears is “distribution” — tactical selling.
$BTC
— Aqua (@PayneResidence) May 8, 2023
This we take 24.8K nPOC soon, maybe, we have one more last upside squeeze if CPI data is good, CPI is in 2 days. But this here is looking more and more like a distribution and we are bound to see market correction in the coming weeks. #Bitcoin #BTCUSD #BTCUSDT #memecoin pic.twitter.com/n4Hp3LB97t
The upheaval caused by high fees is already having an impact on long-term Bitcoin metrics.
Among them is the network value to transaction (NVT) ratio, which on May 8 hit its highest levels in four years.
As confirmed by on-chain analytics firm Glassnode, NVT is now at levels not seen since 2019.
Created by statistician Willy Woo, NVT ratio measures the relationship between value moved on-chain and Bitcoin’s overall market cap.
“When Bitcoin`s NVT is high, it indicates that its network valuation is outstripping the value being transmitted on its payment network, this can happen when the network is in high growth and investors are valuing it as a high return investment, or alternatively when the price is in an unsustainable bubble,” Woo explains on his own data website, Woobull.
Cointelegraph has extensively covered both NVT ratio and its follow-up NVT signal metric, the latter containing important nuances which influence how NVT data is interpreted.
In a signal that Bitcoin miners continue to deal with the consequences of the 2022 bear market, BTC reserves they hold are at two-year lows.
Related: Watch these Bitcoin price levels next as BTC dips 3% in choppy weekend
As noted by on-chain analytics platform CryptoQuant, the amount of BTC in miners’ wallets is still trending downward, despite the recovery in BTC price seen through 2023.
“The return of miners' interest in holding bitcoins for a longer time will be one of the other valuable factors for the growth of the price counties, which is necessary to be attention to in the coming days on the market,” contributor Crazzyblockk wrote in one of CryptoQuant’s Quicktake market updates on May 1.
Miners currently hold 1,826,695 BTC as of May 8, data shows — the least since July 2021.
As Cointelegraph reported, miners faced considerable pressure during 2022, as BTC/USD fell to risk their cost basis outstripping any revenue earned by mining.
Last week, separate numbers revealed that since 2010, miner revenues have nonetheless totaled over $50 billion.
Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
A new token standard on Bitcoin (BTC) has taken off, sparking a flurry of new activity on the largest blockchain by market cap. BRC-20 is a new experimental token standard built for Bitcoin, created by a pseudonymous on-chain analyst who goes by Domo on Twitter. BRC-20s, which borrow Ethereum’s “ERC-20” name, use ordinals, or inscriptions […]
The post New BRC-20 Token Trend Goes Parabolic on Bitcoin (BTC) Network As Transactions Skyrocket Above 2,400,000 appeared first on The Daily Hodl.
