The crypto community is looking into three key dates this month that could profoundly impact the trajectory of the crypto market and the wider United States macroeconomic environment this year. 

On July 13, the monthly Consumer Price Index (CPI) and data relating to inflation will be released to the public. On July 26-27, a decision will be made as to whether to hike interest rates further, while on July 28, the United States Q2 2022 Gross Domestic Product (GDP) estimates will tell us whether the country is in a technical recession.

July 13: Inflation marker, CPI

Micahel van de Poppe, CEO and founder of crypto consultancy and educational platform EightGlobal, told his 614,300 Twitter followers on July 4 that it’s “all eyes on the CPI data next week,” adding bullish forecasts for Bitcoin should it flip above its $20,000 price point.

Co-founder of The Crypto Academy, known on Twitter as ‘Wolves of Crypto’, told his followers to keep an eye out for the date, adding that CPI going lower than expected “could be the catalyst for a dead cat bounce” for Bitcoin.

“All eyes on CPI numbers on July 13th. If CPI comes in lower, that will be the catalyst for a dead cat bounce.”

CPI is one of the benchmarks for gauging how inflation progresses by measuring the average change in consumer prices based on a representative basket of household goods and services.

Continued rising inflation could impact demand for cryptocurrencies, with consumers needing to spend more to get by than before.

Interestingly, while Bitcoin was created amid high inflation following the 2008 Global Financial Crisis, and touted as an inflation hedge due to its fixed supply and scarcity, recent years have seen the cryptocurrency perform in line with traditional tech stocks, being less than inflation-proof.

The next scheduled release of the CPI is expected on July 13, 2022, by the U.S. Bureau of Labor Statistics.

According to Trading Economics, the current consensus on the June inflation rate, or CPI, is 8.7%, slightly higher than May’s 8.6%.

July 26-27: Fed interest rate hike

After raising interest rates by 75 basis points in June, one of the most significant monthly increases in 28 years, interest rates are expected to increase further following the Federal Open Market Committee (FOMC) meeting later this month.

Interest rate hikes are one of the primary tools used by the Federal Reserve and the U.S. Central Bank to manage inflation by slowing down the economy. Increased interest rates lead to increases in borrowing costs, which can discourage consumer and business spending, and lending.

It can also place downward pressure on higher-risk asset prices, such as crypto, as investors can start to earn decent returns just by parking their money in interest-bearing accounts or low-risk assets.

This month, the FOMC is expected to decide whether to impose a 50 or 75 basis point hike. Charlie Bilello, founder and CEO of Compound Capital Advisors, placed his bets on the higher amount.

July 28: Are we in a recession?

On July 28, the U.S. Bureau of Economic Analysis (BEA) will release an advance estimate of the United States’ GDP for the second quarter of 2022.

After registering a -1.6% GDP decline in Q1 2022, Atlanta Federal Reserve’s GDPNow tracker is now expecting a -2.1% decline in GDP growth for Q2 2022.

A second consecutive quarter of GDP decline would place the United States into a “technical recession.”

Related: On the brink of recession: Can Bitcoin survive its first global economic crisis?

Should the United States economy be officially labeled as a recession, which is expected to begin in 2023, Bitcoin will be facing its first-ever full-blown recession and is likely to see a continued decline alongside tech stocks.

Silver lining?

Despite the gloomy macro forecasts, some of crypto’s leading pundits view the recent macro-catalyzed crypto market crash as an overall positive sign for the industry.

Crypto expert Erik Voorhees, the co-founder of Coinapult and CEO and Founder of ShapeShift, said the current crypto crash is “least worrisome” to him, as it is the first crypto crash to result from macro factors outside of crypto.

Alliance DAO core contributor Qiao Wang made similar comments to his 131,200 followers, noting that this is the first cycle where the main bear case was an “exogenous factor.”

“People who are worried about crypto because of macro realize how bullish this is right?”

“This is the first cycle where the main bear case is an exogenous factor. In previous cycles, it was endogenous, e.g., Mt.Gox (2014) and ICOs (2018),” he explained.




Cointelegraph By Felix Ng

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Institutional investors loaded up on a record $51.4 million worth of investment products offering exposure to shorting the price of Bitcoin (BTC) last week.

According to data from the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, there was $64 million worth of inflows for digital asset products between June 27 and July 1, with short BTC funds representing 80% of that figure.

U.S.-based investors accounted for the lion’s share of inflows at $46.2 million, with short-BTC investment products in solid demand after ProShares launched the first-ever U.S.-based short Bitcoin exchange-traded fund (ETF) on June 22. The ETF trades under the ticker BITI and offers shorting exposure via futures contracts.

“This highlights investors are adding to long positions at current prices, with the inflows into short-Bitcoin possibly due to first-time accessibility in the US rather than renewed negative sentiment.”

CoinShares also noted that institutional investors from Brazil, Canada, Germany, and Switzerland snapped up a combined $20 million worth of crypto investment products. Sweden partially offset that figure with $1.8 million worth of outflows.

Short BTC products have now seen year-to-date inflows totaling $77.2 million, with that figure placing it behind only multi-asset products and Solana (SOL) products, which have posted $213.5 million and $110.3 worth of inflows so far in 2022.

Looking at the inflows for other digital asset products, those offering exposure to Ether (ETH) generated $4.9 million, marking the second consecutive week of inflows after a lengthy 11-week trend of shedding. However, year-to-date ETH funds are still down with $450.9 million worth of outflows.

The remainder of the inflows was spread across multi-asset funds at $4.4 million, while SOL, Polkadot (DOT), Cardano (ADA), and BTC products also posted minor inflows of $1 million, $700,000, $600,000, and $600,000 respectively.

Related: CoinShares acquires French crypto asset manager Napoleon AM

The surge in short BTC fund inflows last week also follows from the prior week when there was $423 million worth of outflows for digital asset products, the highest amount ever on CoinShares’ records. Notably, short BTC funds escaped the carnage that week, posting $15.3 million worth of inflows, while BTC products saw significant outflows of $453 million.


Cointelegraph By Brian Quarmby

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The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized.

The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland.

Daily cryptocurrency market performance. Source: Coin360

Meanwhile, crypto investors seem to be waiting for clues from the U.S. equities markets and the U.S. dollar.

Bitcoin’s correlation coefficient with the dollar in the week ending July 3 slumped to 0.77 below zero, the lowest level in seventeen months. The majority of the analysts surveyed by JP Morgan expect the dollar to end at or below the current price levels of about 105. Any weakness in the dollar could be beneficial for Bitcoin.

Could bulls start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The failure of the bears to extend Bitcoin’s decline below $19,637 suggests a lack of sellers at lower levels. The bulls will now attempt to push the price back above the resistance at $19,637.

BTC/USDT daily chart. Source: TradingView

If that happens, the BTC/USDT pair could rise to the 20-day exponential moving average ($21,255). This level could again act as a stiff resistance but if bulls clear this hurdle, the pair may rise to the overhead zone between $22,000 and $23,362.

A break above this zone could open the doors for a possible rally to the 50-day simple moving average ($25,710). The bulls will have to overcome this barrier to signal a potential trend change.

On the contrary, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains bearish and traders are selling on rallies. That could increase the possibility of a retest of the critical support at $17,622. If this support cracks, the decline could extend to $15,000.

ETH/USDT

Ether (ETH) slipped below the psychological level at $1,000 on June 30 but the bears could not capitalize on this weakness. This suggests that bulls are buying on dips.

ETH/USDT daily chart. Source: TradingView

The bulls will now try to push the price above the 20-day EMA ($1,192) and gain the upper hand. If they do that, the ETH/USDT pair could rise to $1,280 and then to the 50-day SMA ($1,535). This level could again act as a strong resistance. The bulls will have to propel the price above $1,700 to signal the start of a new up-move.

Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and bears are selling on rallies. The bears will then try to sink the price below $998 and challenge the critical support at $881.

BNB/USDT

The buyers have successfully defended the support at $211 since June 29, indicating strong demand at lower levels. The bulls are presently attempting to push Binance Coin (BNB) above the 20-day EMA ($231).

BNB/USDT daily chart. Source: TradingView

If they succeed, it will suggest that the BNB/USDT pair may have bottomed out at $183. The buyers will then attempt to drive the pair to the 50-day SMA ($266). A break and close above this resistance could signal a potential change in trend.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally. The bears will then again try to sink the price below $211 and gain the upper hand.

XRP/USDT

XRP has been trading inside a symmetrical triangle pattern, indicating indecision among the bulls and the bears. The symmetrical triangle usually acts as a continuation pattern but on some occasions, it also behaves as a reversal pattern.

XRP/USDT daily chart. Source: TradingView

The price has rebounded off the support line of the triangle and the bulls will attempt to push the XRP/USDT pair above the 20-day EMA ($0.33). If they succeed, the pair could rise to the resistance line of the triangle.

A break and close above this level could suggest the start of a new up-move. The pair could then rally to $0.48.

Another possibility is that the price turns down sharply from the 20-day EMA and breaks below the support line of the triangle. That could pull the pair down to the critical support at $0.28. If this level cracks, the next stop could be $0.23.

ADA/USDT

Although Cardano (ADA) has been trading near the $0.44 level since June 30, the bears have not been able to pull and sustain the price below the support. This suggests that bulls are buying the dips toward $0.44.

ADA/USDT daily chart. Source: TradingView

The buyers are currently attempting to push the price above the 20-day EMA ($0.48). If they accomplish this task, the ADA/USDT pair could rise to the 50-day SMA ($0.51). This is an important level to keep an eye on because a break and close above it could suggest that the bears may be losing their grip.

Alternatively, if the price turns down from the moving averages, it will suggest that bears are active at higher levels. The sellers will then try to sink the pair below $0.44 and challenge the critical level at $0.40.

SOL/USDT

Solana (SOL) has been trading just below the 20-day EMA ($35) for the past few days but the bears have not been able to capitalize on this weakness. This suggests a lack of sellers at lower levels.

SOL/USDT daily chart. Source: TradingView

The buyers will now attempt to push the price above the 20-day EMA. If they can pull it off, the SOL/USDT pair could rise to the 50-day SMA ($40). A break and close above this resistance could open the doors for a possible rally to the psychological level at $50.

On the other hand, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on minor rallies. The bears will then try to pull the pair below $30. If they do that, the pair could decline to $27 and then to $25.

DOGE/USDT

Dogecoin (DOGE) has been clinging to the 20-day EMA ($0.07) for the past few days. This suggests that the bulls are buying the intraday dips as they expect a move higher.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, indicating that the selling pressure may be reducing. The bulls will attempt to push the price above the 50-day SMA ($0.07) and challenge the immediate resistance at $0.08. If this level is crossed, the DOGE/USDT pair could rise to $0.10.

On the contrary, if the price turns down from the current level or the 50-day SMA, it will suggest that the bears are defending the moving averages with vigor. The sellers will then try to sink the pair below $0.06 and gain the upper hand.

Related: Hodlers and whales: Who owns the most Bitcoin in 2022?

DOT/USDT

Polkadot (DOT) has been trading between $7.30 and $6.36 since June 30. This suggests that bulls are buying at lower levels but the bears have not allowed the price to rise above the range.

DOT/USDT daily chart. Source: TradingView

Although the downsloping 20-day EMA ($7.52) indicates advantage to sellers, the positive divergence on the RSI indicates that the bearish momentum could be weakening. If buyers drive the price above the 20-day EMA, the DOT/USDT pair could rally to the 50-day SMA ($8.63).

This bullish view could be invalidated if the price turns down and plummets below the crucial support at $6.36. If that happens, the pair could resume its downtrend toward the next support at $5.

LEO/USD

The bulls and the bears are battling it out for supremacy near the resistance line of the descending channel. UNUS SED LEO (LEO) dipped to the 20-day EMA ($5.65) on July 2 but the bulls successfully defended the level.

LEO/USD daily chart. Source: TradingView

The buyers are again attempting to clear the resistance line of the channel. The rising 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If the price sustains above $6, the LEO/USD pair could pick up momentum and rally to $6.50. Above this level, the rally could extend to the pattern target at $6.90.

Contrary to this assumption, if the price once again turns down from $6, it will suggest that bears are aggressively defending this level. The bears will then attempt to sink the pair below the 20-day EMA. If they manage to do that, the pair could slide to the 50-day SMA ($5.30).

SHIB/USDT

Shiba Inu (SHIB) has been trading close to the psychological level at $0.000010. This suggests that the bulls are attempting to form a higher low near this support.

SHIB/USDT daily chart. Source: TradingView

The 20-day EMA ($0.000010) is flat and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above the 50-day SMA ($0.000010), the SHIB/USDT pair could rally to $0.000012. This level could again act as a stiff barrier but if cleared, the pair could rise to $0.000014.

Conversely, if the price turns down from the moving averages, the bears will try to pull the pair below $0.000009. If they succeed, the pair could retest the critical support at $0.000007.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


Cointelegraph By Rakesh Upadhyay

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Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.

BTC/USD 1-hour candle chart. Source: Tradingview.com$20,000 briefly reappears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $20,085 on the day, its best performance since June 30.

The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls. 

Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.

“Bitcoin has successfully created Bullish Divergence on the Daily Time Frame for the first time since breaking below $20,000,” popular analyst Matthew Hyland noted.

On-chain analytics resource Whalemap meanwhile confirmed that whales buying coins at $19,200 had once again provided support for the market.

As Cointelegraph reported, whales had expressed a keen interest in levels immediately below $20,000, conspicuously not choosing to wait until much-vaunted levels at $16,000 and below appeared.

“Flipping $19.5K is a trigger for Bitcoin,” Cointelegraph contributor Michael van de Poppe added.

Altcoins meanwhile made the most of Bitcoin’s spike, with Ether (ETH) rising almost 6% to pass $1,100.

ETH/USD 1-hour candle chart. Source: Tradingview.com

Others in the top ten cryptocurrencies by market cap broadly saw daily gains of around 5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By William Suberg

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Multichain, a cross-chain platform, has announced the integration of the Bitcoin-based (BTC) smart contract protocol Rootstock (RSK) blockchain into its ecosystem. This will allow users to exchange Ether (ETH), USD Coin (USDC), Binance USD (BUSD) and other assets between RSK, Ethereum and BNB Chain.

According to Monday’s announcement, the integration is a major milestone for Multichain because it opens up access to decentralized finance (DeFi) on Bitcoin. This addition will allow users to take advantage of RSK’s security and functionality.

The integration will enable RSK to bring Bitcoin to Multichain’s ecosystem while also providing access to new markets and use cases for its users. The RSK sidechain is the first Bitcoin-based sidechain to be incorporated into Multichain. It has a unique place in the world of Bitcoin enthusiasts as well as with EVM-powered DeFi.

The company said its integration with Rootstock is meant to provide fundamental benefits to builders utilizing RSK. They won’t have to spend resources building bridges to capital and addressable markets, for example. They will also have a quicker time marketing for new platforms based on RSK. 

Users may start bridging their ETH, USDC, BUSD, BNB, WBTC, and DAI between RSK’s network and Ethereum. Multichain will add additional chains and tokens to the RSK network in the coming weeks and months. RSK co-founder Diego Gutiérrez Zaldívar stated:

“RSK is home to the fastest-growing DeFi for Bitcoin ecosystem with protocols that are built to last and provide real solutions to the issues users face in centralized finance.”

The anyCall interoperability protocol has been updated by Multichain, which allows cross-chain communications and name contracts. It will be a valuable instrument for building cross-chain decentralized apps on Rootstock and other supported networks.

Related: DeFi crypto wallet aims to decentralize inheritance of crypto and NFTs

Rootstock, the brainchild of Bitcoin Core developer Sergio Lerner, saw several years of development before its initial mainnet launch in January 2018. “Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch,” blockchain engineer Albert Szmigielski stated in a 2016 blog post.


Cointelegraph By Arnold Kirimi

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Bitcoin (BTC) is for everyone: toddlers, kids, hard rockers and even racing pigs. At the “Bitcoin Adventure” held in Avon Valley, near Bristol, Bitcoiners and hobbyists shared their knowledge, quips and personal journeys down the Bitcoin rabbit hole despite the predictably wet United Kingdom weather. Better still, Bitcoin’s “toxic maximalism” was MIA.

A world-first for a Bitcoin meetup, the “Adventure” took place at a wildlife park. So while some of the U.K.’s household name Bitcoiners headlined the main stage, the 250 attendees who bought tickets, (payment in BTC, naturally) could also play with the park’s furry Bitcoiner mascots: petting goats, cuddling rabbits and spectating pig racing. 

The day’s adventure laid out. Source: Cointelegraph

Organizer DB told Cointelegraph that the “Aim was to create a family-friendly Bitcoin event to bring people together from across the U.K., to share ideas and learn in a relaxed, family environment.” 

“Although confident it could be a success, this was stepping into the unknown in many ways. However, the positive feedback from all involved has been incredible and the event exceeded our expectations.”

From Zoomers to Boomers—and with a gender balance that most Bitcoin meetups can only aspire to—the Bitcoin Adventure was a grassroots display to compliment the decentralized movement. There were zero corporate sponsors, “shadowy super coders” or bad actors using Bitcoin to bewilder the banks — there were only “people giving up their time to educate others.”

In fact, the slipperiest customers were probably the mob of mischievous meerkats:

For some punters, the Bitcoin Adventure was a day to lose their Lightning Network virginity. Bars accepted Bitcoin over the Lightning Network using CoinCorner point of sale (PoS) devices—of Bitcoin #LightningLunch fame—while QR code stickers with “free sats here” were hidden around the wildlife park. Plus, Bitcoin stickers, novelty socks and even cufflinks could be bagged for a few Satoshis. 

Ben Arc of LNBits, a self-proclaimed Bitcoin FOSS (free open sourced software) hobbyist, delivered a  stimulating presentation on open source tools. He could be found tinkering away on LN hardware devices and QR code readers, on hand to answer questions no matter how dippy or detailed. 

The day’s talks ranged from lessons on multi-signature wallets, thanks to Neil Woodfine of Unchained Capital to the risks and rewards of Bitcoin mining from analyst and miner, Jason Deane; and popular podcaster Daniel Prince and Nathan Day topped off proceedings with a discussion about Bitcoin, homeschooling and travel. Their kids then “stormed the stage” to answer questions. 

“World schooling for Bitcoiners” talk. Source: Cointelegraph

Jordan Walker, CEO of the Bitcoin Collective (the U.K.’s first Bitcoin conference) and event MC, mingled among those new to the digital, decentralized currency. And while the over 18s congregated at the bar to pay for pints using the Lightning Network and discuss the day’s finer details, kids had a wealth of Bitcoin-themed activities to keep them occupied and entertained. Organizer DB explains:

“Learning through play for children is important and Bitcoin Ballers, Zebedee, Gamertron and Robotechy gave children the opportunity to have fun and learn about Bitcoin.”

Coach Carbon, the Bitcoin football coach behind Bitcoin Ballers was helping toddlers to teenagers “get off zero” with an inflatable football goal. Elsewhere, Bitcoin gaming and even “explaining Bitcoin using playdoh” were featured as child-friendly Bitcoin presentations. Education for kids is a growing subset of Bitcoin learning as more and more authors and educators create content with their offspring in mind.

The team from Bitcoin Racing showcased one of the fastest-moving advertisements for Bitcoin and El Salvador. Bitcoin “minors” took to the driving seat of the Citroen C1 adorned with an El Salvador flag that will be racing around the United Kingdom in the coming months:

Arguably, the Adventure’s highlight and the hidden gem was Roger 9000, a vivacious Bitcoin musician. The one-man band rounded off the day by rocking out to Satoshi-inspired songs. Lyrics included “Bitcoin is the love machine,” while the song “Alle Canada,” is a battle cry for the Bitcoin-backed trucker protests in North America. 

As the sun set on the inaugural event, many attendees pitched tents in the campgrounds. For organizer DB, the plan is to “let the dust settle, sit down in the coming weeks and run through the day—what we could have done differently and what we could improve on.” 

“We will then put the wheels in motion for The Bitcoin Adventure 2023″.

Let’s hope that by next summer’s Bitcoin Adventure, there will be no more signs of a bear meerkat. 




Cointelegraph By Joseph Hall

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One of the main features of the Bitcoin blockchain is its transparency. Bitcoin lets anyone see every transaction that has ever been made on its network and check the balance of every address out there. Because of this transparency, we’re able to know who owns the most Bitcoin (BTC) in 2022.

It’s important to look at who owns the most BTC, as the cryptocurrency’s supply is limited to 21 million coins. In February, Kim Grauer, director of research at blockchain forensics firm Chainalysis, told Cointelegraph that an estimated 3.7 million BTC have been lost, effectively deflating the cryptocurrency’s circulating supply.

Experts estimate that as Bitcoin’s adoption rises, demand for it will skyrocket. As 3.7 million coins are estimated to be lost and a significant amount is being held on-chain by early investors, what may follow is a supply shock. Such a shock could only materialize if demand skyrockets in the future.

Those who own the most Bitcoin are set to greatly benefit from such a shock. Moreover, a significant supply being held by one entity is seen as a risk because if that entity ends up selling its war chest on the market, it could lead to a significant downside.

Who owns the most Bitcoin?

The entity that is widely acknowledged to hold the most Bitcoin is the cryptocurrency’s creator, Satoshi Nakamoto. Nakamoto is believed to have around 1.1 million BTC that they have never touched throughout the years, leading to several theories regarding their identity and situation.

A significant amount of analysis has been put into determining how many coins Nakamoto actually has. After bringing BTC into existence by mining the genesis block, Nakamoto mined a significant number of blocks through their hardware at the time, with each block coming with a 50-BTC reward.

Nakamoto always used different Bitcoin addresses and disappeared back in 2010. It’s unclear how many blocks they mined as other early adopters got in on the action rather early as well. Lower estimates point to Nakamoto having around 750,000 BTC.

While the exact holdings of Nakamoto aren’t completely clear, those of publicly traded companies, governments, funds and other transparent organizations are.

Public and private company holdings

Over time, several organizations have added Bitcoin to their balance sheets. The most notable is business intelligence firm MicroStrategy, which accumulated 129,218 BTC after first investing in the cryptocurrency in August 2020.

The company’s CEO, Michael Saylor, has doubled down on the company’s Bitcoin strategy throughout the bear market, saying MicroStrategy plans to hold BTC “through adversity.” In early 2021, possibly thanks to influence from Saylor, electric car maker Tesla also invested in Bitcoin, risking $1.5 billion to buy 43,200 BTC.

According to Bitcoin Treasuries, a website tracking the Bitcoin held by publicly traded firms, other companies that have Bitcoin on their balance sheet include Core Scientific, BTC Miner Marathon Digital Holdings, fintech giant Square, crypto exchange Coinbase and crypto investment firm Galaxy Digital.

Thomas Perfumo, head of business operations and strategy at Kraken, spoke to Cointelegraph regarding companies’ cryptocurrency holdings:

“All companies should have an open mind towards Bitcoin, but they should consider what represents the best interests of their shareholders. At Kraken, we hold cryptocurrencies as a treasury asset.”

Perfumo added that Kraken also offers employees the option to take “as much of their salary in crypto as they would like via a payroll solution we call Sidemoon.” He added that a “significant number” of Kraken’s employees take advantage of the solution.

Public companies are estimated to have a total of 268,271 BTC, equivalent to over 1.27% of Bitcoin’s total supply. Over the years, however, several private companies have also revealed they hold BTC.

The private companies with the largest amounts of BTC are the firm behind the EOSIO software Block.one, which holds 140,000 BTC, the Tezos Foundation, which holds 17,500 BTC, and Stone Ridge Holdings Group, with 10,000 BTC. MassMutual comes next, with 3,500 BTC.

In total, private companies reportedly have 202,068 BTC. Speaking to Cointelegraph, Bill Barhydt, CEO of crypto investment firm Abra, noted companies should invest in BTC but opt for the “right size” for their treasuries. Barhydt added:

“Companies with a long-term time horizon should consider putting even more of their liquid assets into Bitcoin and Ethereum.”

The CEO revealed Abra holds Bitcoin by likening it to companies known to have invested in the cryptocurrency, including Tesla. Per his words, as accounting rules in the United States are “fixed and modernized, it will become even easier to replicate” what companies like these are doing.

Countries that own the most Bitcoin

There are several countries holding Bitcoin as well. Most have gotten their hands on the flagship cryptocurrency by seizing it, but these holdings are often quickly sold in auctions to private investors.

El Salvador is the country holding the most Bitcoin, with 2,301 BTC in its treasury. The country adopted the cryptocurrency as legal tender in September 2021 and has invested in it numerous times. It’s planning on creating a Bitcoin City, using power from a volcano.

In April 2022, Finland was reported to be holding 1,981 BTC confiscated during criminal investigations with plans to auction off the funds later on in the year. At the time of writing, no report suggesting the funds have been auctioned emerged.

Ukrainian civil servants have provided data through Opendatabot showing they have owned a total of 46,351 BTC as of April 5, 2021. These declarations came as property disclosure requirements imposed on public officials, meaning they’re the holdings of individuals and not the government itself.

Similarly, Georgian parliament members are said to collectively hold 66 BTC, although the funds belong to private individuals and not the government.

Bitcoin fund holdings

Cryptocurrency investment funds allow investors to gain exposure to their underlying assets without dealing with them. In practice, this means gaining exposure to a cryptocurrency like Bitcoin without having to deal with public or private keys.

Funds add more Bitcoin in response to investor inflows and divest of their holdings as investors withdraw. The largest fund holding Bitcoin is Grayscale’s Bitcoin Trust, which has 643,572 BTC, equivalent to over 3% of the cryptocurrency’s circulating supply. Next is CoinShares, which holds around 42,980 BTC through XBT Provider’s exchange-traded products.

Ahead of this month’s crypto market sell-off, the Purpose Bitcoin ETF was the largest exchange-traded fund by BTC holdings. The sell-off saw the fund’s holdings drop from 47,818 BTC to 23,307 BTC between June 16 and 17, a staggering 51% drop. The fund’s holdings are still estimated to be above those of 3iQ’s CoinShares Bitcoin ETF, which has an estimated 12,115 BTC.

Largest individual Bitcoin holdings

Bitcoin addresses are pseudonymous, which means that while we easily see what addresses have the most Bitcoin in them, we can only identify who’s behind each one through extensive blockchain analysis or if the entity behind them comes forward.

Data from BitInfoCharts shows that the top Bitcoin wallets belong to cryptocurrency exchanges, which means they hold the assets of various users who choose custody of their funds on exchanges. Data shows there are five Bitcoin addresses with between 100,000 and 1 million BTC in them. Four of these have been identified and belong to exchanges.

Bitcoin holder composition. Source: BitInfoCharts

While it’s possible to see how many addresses hold how much BTC, this doesn’t exactly answer the question of what individuals have the largest Bitcoin holdings. Analyzing the market and individuals’ statements, however, provides us with various clues.

Changpeng Zhao, founder and CEO of leading cryptocurrency exchange Binance, was said to have a net worth of $96 billion in January 2022, with this estimate reportedly not including holdings of Bitcoin and BNB.

The CEO has said numerous times that he holds no fiat currencies, which would imply significant BTC and BNB holdings. While exact figures aren’t known, it’s rather safe to assume Zhao is among those holding a significant amount of Bitcoin.

Other well-known large Bitcoin holders are Tyler and Cameron Winklevoss, who invested the millions they earned from their lawsuit against Facebook into cryptocurrencies and became the first Bitcoin billionaires. The duo was rumored to at one point own 1% of all Bitcoin in circulation.

Silicon Valley-based venture capital investor Tim Draper is known to have purchased at least 30,000 BTC back in 2014, buying the coins from an auction held by U.S. authorities after seizing the funds from the now-defunct darknet marketplace Silk Road.

Other individuals believed to have large amounts of BTC include Digital Currency Group CEO Barry Silbert, FTX CEO Sam Bankman-Fried, Saylor, and Coinbase CEO Brian Armstrong. Their exact holdings — if they even hold Bitcoin — are unknown.

Bitcoin hodler growth and its supply

As the number of Bitcoin holders out there grows, the available supply of the cryptocurrency goes down, potentially leading to the aforementioned supply shock. Kraken’s Perfumo noted that the magic of crypto is that any individual has complete flexibility in managing their crypto custody.

Abra’s Barhydt said that investors in Bitcoin and Ether (ETH) should have a minimum time horizon of five to seven years or longer and should “assume that those funds are locked up for at least five years, given the volatility inherent in valuing exponentially growing technologies.”

Assuming funds are locked up would add to the potential supply shock. Kent Barton, tokenomics lead at ShapeShift DAO, told Cointelegraph that bear markets “have historically been an excellent time to purchase Bitcoin at relatively low prices,” even though there are no guarantees prices will ever rise again.

During bull markets, Barton said it’s important to “take a certain percentage of your risk off the table,” as moving some BTC to fiat when prices are high “means that you’ll be in a better position to weather the next bear market and have dry powder to buy Bitcoin at low prices.” Barton added:

“On a very long-term timeframe, Bitcoin continues to serve as a potential hedge against the dollar collapsing.”

Whether Bitcoin is a good investment or not depends on who you ask. The currency can neither be debased through inflation nor can its transactions be censored by a central authority. To some of its holders, prices are almost irrelevant as long as these and other qualities are maintained.


Cointelegraph By Francisco Rodrigues

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Major European digital asset manager CoinShares is finalizing the acquisition of the French fintech firm Napoleon Group despite the ongoing market decline.

CoinShares announced on July 4 that the firm has acquired Napoleon Asset Management, a digital asset management subsidiary of Napoleon Group.

CoinShares previously entered into a sale and purchase agreement (SPA) to acquire the entire issued share capital in Napoleon Crypto SAS for 13.9 million euros ($14.5 million) in November 2021.

The latest acquisition came shortly after the French financial regulator, Autorité des Marchés Financiers (AMF), authorized the acquisition of Napoleon AM on June 28. CoinShares subsequently proceeded with the transaction pursuant to the terms set out in the group SPA on June 2022.

Paris-based Napoleon AM was launched after completing an Initial Coin Offering (ICO) in late 2018, raising over $10 million through the sale of NPX tokens. The firm has received the Alternative Investment Fund Manager (AIFM) license and became one of the first European asset managers to be financed by an ICO and incorporated under French law.

In late 2019, Napoleon AM launched a regulated Bitcoin (BTC) fund, the Napoleon Bitcoin Fund.

The acquisition of Napoleon AM allows CoinShares to offer AIFM-compliant products and services, in addition to being a major issuer of crypto exchange-traded products in Europe. The license enables the firm to provide market services across the European Union, expanding CoinShares’ products with algorithmic trading and artificial intelligence tools developed by Napoleon AM.

The transaction is yet another piece of evidence that CoinShares continues scaling despite the ongoing market decline, CoinShares CEO Jean-Marie Mognetti told Cointelegraph, stating:

“CoinShares continues to grow despite market conditions. The bear market is an opportunity to solidify positions and build new products and services.”

According to the CEO, having an AIFM-regulated entity in CoinShares’ group is important because it’s “one of the most demanding licenses.”

Related: BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M

“CoinShares has always been at the forefront of regulation, it is a strong advocate of regulation in the digital asset industry and has an extensive list of regulated products and services,” Mognetti added.


Cointelegraph By Helen Partz

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Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led to Crypto Twitter pointing out the “irony” as Schiff’s prediction for Bitcoin (BTC) came true for his own traditional bank.

Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements, which further impacted the customers as they lost access to their accounts following a subsequent freeze.

While acknowledging that “customers may lose money,” Schiff stated that he was unaware of the regulatory minimums and was not presented with any form of legal notice prior to the abrupt closure. He added:

“It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.”

As a witness to what many consider an epic plot twist, the crypto community took the opportunity to explain the importance of Bitcoin in reinventing the core of traditional finance.

Bitcoin podcaster Stephan Livera, too, chimed in on the development as he said, “He’s (Schiff) been a #bitcoin skeptic since $17.50 (it’s currently $19,100).” The sudden closure of Schiff’s bank in Puerto Rico reignited the discussions around Bitcoin’s resistance to judicial supremacy. 

“The irony here is priceless,” added @HodlMagoo while others rhetorically helped Schiff find a promising alternative to traditional finance, asking “Do you understand why you need bitcoin now?”

On the other end of the spectrum, Puerto Rico has been receptive to crypto acceptance in the region. On April 20, Puerto Rico authorities became the fourth jurisdiction in America to award a money transmitter license to Binance.US, a United States-based subsidiary of crypto exchange Binance.

While the crypto community empathizes with Schiff and the bank’s customers for their losses, the episode further cements Bitcoin’s position as the ultimate replacement of traditional finance.

Related: Deutsche Bank analysts see Bitcoin recovering to $28K by December

Analysts from Deutsche Bank forecasted BTC prices to rebound back to $28,000 by the end of the year despite an ongoing bear market.

Analysts Marion Laboure and Galina Pozdnyakova envisioned the Standard and Poor (S&P) to rebound back to its January levels, which in turn, could result in a 30% increase in Bitcoin’s value from current levels midway through 2022 — bringing up its price to the $28,000 mark.




Cointelegraph By Arijit Sarkar

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Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”

In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.”

The decision to suspend withdrawals is a screeching U-turn. Reportedly, Vauld boasted $1 billion assets under management in May this year, while on June 16, a company email stated that business would “continue to operate as usual.” Just 18 days later, the company is exploring “potential restructuring options.”

On June 21, CEO Darshan Bathija tweeted that Vauld had cut its team by 30% — the first sign that the company was under duress. Separately, Bathija also stressed that Three Arrows Capital (3AC) was an early investor in the company, but had exited in late 2021.

The statement from Vauld suggests that “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” were reasons behind their decision to freeze customers’ money.

Nonetheless, 3AC’s demise is cited and considered a significant contributor to capitulation among centralized finance (CeFi) companies. 3AC had substantial exposure to Luna Classic (LUNC), which blew up in spectacular fashion, reducing 3AC’s holdings from $560 million to $670. 

Indeed, Vauld follows in the footsteps of large CeFi platforms such as Celsius, Voyager and BlockFi. Voyager explicitly blamed 3AC for their recent decision to freeze customers’ funds and BlockFi is close to a $240 million deal with FTX following financial difficulties, while plans to salvage Celsius from bankruptcy were recently shared by lead investor BnkToTheFuture.

For crypto investigative journalist Otterooo, Vauld’s strife is more motivation for investors to hold their own keys. Holding onto one’s private keys is a guiding principle of crypto investing: If you do not hold your own keys, you do not own your coins.

As Cointelegraph reported in a March 2021 press release, Vauld boasted double-digit interest rates on popular stablecoins such as Tether (USDT) and Dai (DAI), while Bitcoin (BTC) interest could reach 7.23%. In effect, in “lending” your cryptocurrency tokens to Vauld, you would generate a yield. However, the company effectively owns your assets.

Vauld’s interest rates from March 2021. Source: Vauld

The rates were competitive with lenders and interest bearers such as Celsius, BlockFi and Nexo — one of which continues to function. Nexo tweeted that there may be delays to customer transactions due to Independence Day in the United States. 




Cointelegraph By Joseph Hall

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