Welcome to a different thrilling day on this planet of Bitcoin! Buckle up as we dive into the most recent happenings which are shaking up the crypto area. 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 keeping with the on-chain knowledge from Glassnode’s Hodl Wave chart, it is a vital enhance from only a week in the past when solely about 45% of the BTC provide was dormant for no less than six months. In case you’re curious to know extra, try the total article here.
However that’s not all! In a slightly quirky flip of occasions, an AI startup named Osmo is making an attempt to reply the age-old query: What does Bitcoin odor 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 may 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 keeping with one other Cointelegraph article, Bitcoin bulls ought to avoid 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 supply 175% lengthy day by day focused publicity to MicroStrategy’s inventory. Nevertheless, seasoned buyers may need to suppose twice earlier than diving in. For extra insights, learn the total article here.
In additional bullish information, Bitcoin is hinting at an upward worth section, with metrics aligning on the $60.6K stage that merchants are desperate to beat. As the worth motion confirmed power on August 18, Bitcoin sought to reclaim the $60,000 mark. Knowledge from Cointelegraph Markets Professional and TradingView revealed native highs of $60,271 on Bitstamp. For these within the technical evaluation, you possibly can 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, try 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 truthful worth changes of digital belongings. CEO Asher Genoot stays optimistic in regards to the firm’s restructuring efforts and upcoming initiatives. You’ll find the total report here.
In an analogous 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 yr’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 may place it for future progress. 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 legit asset. For all of the juicy particulars, try the article here.
And there you’ve it, people! A whirlwind tour of immediately’s Bitcoin information. From HODLing to progressive AI initiatives and ETF discussions, the crypto world is buzzing with exercise. Keep tuned for extra updates and preserve your crypto recreation sturdy!
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