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