The amount of 'saved Bitcoin' (coins being kept at a single wallet address for at least two years) has reached a new all-time high.
According to data compiled by the analytics firm Glassnode, these coins total over 49% percent of the total Bitcoin supply, which comes to 9.45 million BTC. Nearly half of all Bitcoin's are in the hands of long term investors.
The previous record amount of saved Bitcoin was set between the end of 2020 and the start of 2021. This coincides with the start of the bull market that year - with the rising price being driven by a lack of people willing to sell their BTC.
So far, we're seeing a similar path ahead now, as Bitcoin and the rest of the cryptocurrency market appear to be beginning a price recovery cycle.
Since the beginning of this year, bitcoin has increased by almost 40%. and is hanging around $23,000 -reclaiming a price not seen since August 2022.
Last week it became official that the majority of Bitcoin holders have made a profit at current prices.
So far, are bullish, according to a majority of analysts.
However, you may not be feeling it yet - the first few months of 2023 are anticipated to be slow, followed by a large increase in the price of BTC in the second half of the year.
Will Bitcoin repeat its traditional cycle of crashes, followed by setting a new all time high? That would mean Bitcoin breaking the $70,000 ceiling.
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Author: Justin Derbek
New York News Desk
For those of us who have been around awhile, it takes more than another bear market to change our long term expectations for cryptocurrencies.
I've been through three crashes - the first one really had me questioning things, the second time I was more willing to ride it out, 'hopeful but not certain' was my outlook on crypto's future. In both cases the crashes were followed by hitting new all time highs, and this pattern wasn't new, it's what Bitcoin historically had always done, and more recently, the top altcoins were included as well.
So, this time around I feel like I'm just waiting... for our largest bull run yet. Not wondering if it's coming - waiting for it to get here.
Some of the Biggest Names in Investing and Wall Street are Quietly Preparing for a Crypto Boom...
Thankfully, it looks like I'm not the only one making this prediction. In fact, the biggest firms from the world of investing and Wall Street seem to be anticipating this too.
Keep in mind, the firms I'm about to mention don't throw millions at something because one or two executives believe it will pay off - before they invest, teams of analysts with specialists covering multiple aspects, and algorithms pumping out multiple models of possible outcomes, are involved.
Let's look at some of what is happening quietly behind the scenes right now - and ask yourself: does it seem like they see something coming?
Major Investment Firms:
Between just these 2 firms you're looking at over $2 TRILLION in assets under management, twice the size of the entire crypto market currently.
When these firms enter a sector, countless smaller ones follow.
Payment Processors:
The big 3 are all in.
In addition to this, both Visa and Mastercard will expand their current role of providing cards that allow people to spend crypto anywhere that accepts their credit cards. This has become a standard offering from most major exchanges now, and accounts for over $1 billion in transactions for Visa alone.
Start-Ups:
When it comes to startups, those that truly serve a purpose are not struggling to find funding. Here are some of the projects that held investment rounds over just the last month - all hit their targets:
● Aztec Network, an Ethereum security layer geared towards privacy, successful raised $100 million in a round led by prominent venture capital firm Andreessen Horowitz (a16z), with participation from A Capital, King River, and Variant, and others.
There's only one reason any firm would be investing in new companies that could still be years away from seeing profits - again, the long term outlook.
The Path from Here, to There...
The road from bear to bull market is surprisingly short and straight - plus, following the collapse of FTX, a come-back for crypto also means washing off some of the mud currently splattered on crypto's public image. But all of this is doable, here's how it will go;
Crypto regulations are coming, discussing if you're for or against this is officially a waste of time - we're getting them.
However, the industry has gotten smarter over the last few years and regulations no longer mean a 'crack down' on crypto.
As politicians began considering passing finance laws specific to crypto assets, the crypto industry became major Washington DC influencers, and almost overnight began supporting pro-crypto politicians campaigns at such large amounts that crypto is outspending the industries that have typically spent the most for decades, the defense industry and pharmaceutical companies.
Until recently we were truly were at risk of tech-illiterate politicians passing poorly-written regulations that could bring everything to a halt, that no longer longer seems possible. This level of involvement has given the industry a place at the table with lawmakers.
If you're outside of the US thinking this doesn't involve you, I wouldn't count on that. Some regulations will address the situation FTX is in, requiring exchanges to prove the assets they hold and auditing their total value regularly. It wouldn't surprise me if US companies and investors could only do business with foreign firms that follow similar guidelines - setting a standard that will quickly become global.
Over the span of just a few days: Crypto's current public image gets fixed as politicians pat themselves on the back for 'fixing crypto' with 'new investor protections'. The largest investment firms have citied the lack of these regulations as the only reason they haven't yet gotten involved - so now the floodgates open.
I believe the next bull market doesn't just set new all-time highs for the top cryptocurrencies, but does it at record speed as well - Bitcoin gaining $10,000 per week for 5 weeks would get us past it's previous high, and it wouldn't surprise me if that's how it went.
Remember - there's never been so many people and companies aware of what a Bitcoin bull run can do, and it will be a lot harder to justify sitting it out.
In Closing...
There's nothing fun about a bear market, except looking forward to it ending. Based on current indicators, it seems we may have a lot to look forward to!
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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News
There are more than 900,000 wallets with at east 1 full Bitcoin in them, according to data from the blockchain explorer Glassnode.
In addition to this, wallets holding at least 0.1 BTC are also at an all-time high.
This reflects that investors are taking advantage of the current bear-market low prices, as they continue to accumulate Bitcoin with a plan to hold it for months, or even years.
Bitcoin's price is 72% below its historical maximum reached 10 months ago in November 2021, at almost USD 69,000.
If you believe Bitcoin will return to previous highs (as it always has), then you understand why someone would want to take advantage of the current price.
In 2021, while Bitcoin's price was on the rise with heavy demand fueling price gains, the number of wallets holding 1 Bitcoin actually declined.
But as you can see from the chart, the amount of 1 or more Bitcoin has been steadily increasing throughout 2022... as the price dropped.
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| Wallets Holding 1BTC or more on the rise (yellow) while price declines (black) |
These are the smart traders. Those with experience learn to buy at the bottom, and sell at the top.
As Wall Street traders continue to cross over into crypto, it's no surprise that we're seeing more experienced investors in the crypto market. Where many see a 'crash' they see an 'entry point'.
Remember Warren Buffet's famous piece of advice - “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - in other words, buy when everyone else is selling.
But even with a record number of savvy traders, there isn't enough of them to move Bitcoin's price upwards, but they do probably deserve some credit for Bitcoin staying stable in its current $18k - $21k range. So far, when Bitcoin has gone below $20k, it soon finds people ready to buy.
A return to a bull market will be fueled by tens of thousands of people buying hundreds of dollars' worth of Bitcoin, not hundreds of people buying thousands worth.
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Author: Justin Derbek
New York News Desk
Both the stock and cryptocurrency markets are reacting to today's news that US Federal Reserve will increase interest rates by 0.75%. The measure is aimed at controlling inflation, which remains at its highest levels since the early 1980s, and is seen as evidence that the maintains flexibility and hasn't felt the need to implement more drastic measures, at least yet.
Fed Chairman Jerome Powell pointed out that there are recent indicators that both consumption and production have decreased, but added that the unemployment rate has remained low and that job growth in the first half indicates that we are not in a recession.
Following the news Nasdaq gained about 4%, the S&P 500 gained around 2.5%, and Bitcoin surpassed both easily with gains of over 8% at the time of publishing.
The company needed a good day following a 21% loss yesterday, today they gained half of that back.
It's been hell-week for Coinbase - first came news that SEC is closely monitoring Coinbase's operations to determine if the exchange has allowed its users to trade tokens that could be considered unregistered securities. Coinbase denied that it lists securities for trading and stated on its blog that it reviews "every digital asset before it is made available on our exchange, a process that the SEC itself has reviewed."
Then ARK Investments, managed by Cathie Wood, dumped $658 million worth of Coinbase shares, removing it entirely from their portfolio.
They end the day at $58.49 - still, the overall picture isn't great when taking in to account that they launched April 2021 at $400.
But remember - a return of the crypto bull market and setting a new Bitcoin all time high could send Coinbase back to the $300-$400 range shockingly fast, as their holdings triple in value and increased trading activity would once again have them making millions in exchange fees.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
Bitcoin currently has the attention of analysts around the world, as they question if this rally has momentum, and where it could take prices.
The price of Bitcoin jumped over 7% over the past 24 hours, breaking $24,000 to peak at $24,264. It has been floating around the upper $23k-$24k range since - this comes after lingering in the $19k-$21k range for weeks
At time of publishing BTC is down from outperforming most other tokens and advancing to the highest levels since the largest crypto plummeted to as low as $18,000 from $30,000 in a severe selloff in mid-June.
A bad month means many traders simply aren't in the mood for a rally, "There's no indicator/signal/expert on the planet that will end with me dumping more money into Bitcoin. Talk to me in like... November, maybe" said one user in a crypto traders telegram community.
Nonetheless, top analysts at crypto intelligence firm Glassnode are confirming “Numerous signals indicate that genuine bottom formation could be underway” adding that “Bitcoin prices have now traded below the Realized Price for over a month, with many signals that a deep and complete capitulation has occurred.”
Bitcoin must break out above the $25,000 resistance level, and see a moving average convergence divergence (MACD)—which is a technical indicator—above zero each day in addition to a positive weekly signal.
This together with which momentum indicator like stochastics showing a number above 20% would make the odds of a run to $29k-$30k range possible.
If we see both of these today,
While the return of the bull market may not be 'close' - there's some signs that it is indeed coming.
We're not alone, many analysts see a positive future ahead, such as senior analyst of Bloomberg's Commodities Division, Mike McGlone, who says "bitcoin could initiate one of the largest bull markets in history."
Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign, it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered to be HODLing, and waiting for the bull market to return.
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| via CryptoQuant: Amount of Bitcoin available on exchanges. |
In fact, the supply of BTC being traded on exchanges hasn't been this low in 3 years.
Traders are still on-edge from recent market chaos, the 'Fear & Greed Index' currently rates the Bitcoin market as one with 'Extreme fear' meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy.
Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse. They leveraged their funds through multiple DeFi platforms, concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.
However - they've spent the last week paying off large portions of those debts and now is no longer at high risk of liquidation
So for now, it appears we won't be seeing any additional over-leveraged crypto platforms collapse.
Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto. These fears are shared with the world and come from an economy struggling to grow, out of control inflation, rising gas costs, and global conflict.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
JPMorgan is telling clients that getting in to Bitcoin at current prices could have major upside for them down the line. The bank believes bitcoin is undervalued by 28% and has set a price target of $38,000 for the coin, which is currently fluctuating at about $29,000.
"We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds" they wrote.
Last summer, JPMorgan began offering six crypto funds to its wealth management clients, allowing them to diversify their portfolios with bitcoin exposure.
Bitcoin sank below $26,000 for the first time since December 2020 earlier this month.
"We see upside for Bitcoin and crypto markets in general going forward" says strategist Nikolaos Panigirtzoglou.
But the pain isn't limited to crypto, as seen last week when the NASDAQ 's market lost more than Bitcoin. In both cases, inflation fears are being blamed.
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Author:
New York News Desk
Breaking Crypto News
Get $40 Bitcoin for $20 NOW: Click here!
The market's anxieties about the impact of inflation on the economy were heightened this week by the quarterly results of major retail chains, which showed smaller earnings than expected. This uncertainty was mirrored not only in the department store industry, but also in other sectors of the economy, putting downward pressure on stock prices.
This week's publication of Target's quarterly financial results started the rough week for many NADAQ listed. The disappointing numbers reaffirmed the trend of consumers focused on spending on essentials like food, and holding off on things like televisions and bicycles. Target's sales and profitability fell short of expectations, and their stock plunged 25% on Wednesday as a result of the earnings decrease, which was even more severe than Walmart's.
The first warning came with Walmart's quarterly financial statements on Tuesday, which revealed a large dip in profits, triggering a stock price slump that began on Tuesday and has yet to stop.
Walmart began the week at $150/share and is ending it at $118. Target began the week at $220 and is ending it at $152.
The end result (as time of writing) is Bitcoin losing -1.62% this week, and NASDAQ down -3.79%
The "realized price" is a well known metric among Bitcoin price analysists, and is calculated by dividing the sum of the values of all coins at the time they were last moved, by the circulating supply. Analysis company Glassnote points out as the 'realized price' approaches, traders buy without hesistation because they believe they can be confident that Bitcoin is undervalused at the moment.
The current realized price is $24,000, but traders haven't allowed it to get that low - $26,513 is the lowest BTC has gone during the current downtrend. "This may be due in part to the general market awareness of its (realized price) existence" said Glassnode.
"BITCOIN CRASHING. Great news" Rich Dad Poor Dad author Robert Kiyosaki tweeted last week, adding "Once I know bottom is in I back up the truck. Crashes are the best times to get rich."
We do have enough information where I can say with confidence - this is just another standard dip. One of the larger ones, but the kind we've had before. By that I mean, the kind where we go on to set new all time highs when it's all over.
So play it smart from here, because the right moves made now will pay off large than those done in a bull market. You want to ride the trade you make from the bear market, into the bull market.
On that note, if you're newer to crypto and want a simple, low risk way to get those big future payouts. you want to be dollar cost averaging. It's an insanely simple method, and makes it where you don't need to be right about every move you make. Read about it here, or watch a video on it here.
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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News
5 weeks ago when #bitcoin broke $40k @jpmorgan said it could break $125k!
— Crypto Press Association® ✪ (@TheCryptoPress) February 8, 2021
The following week it dropped to $31k and thats all they needed to turn sour and say it may NEVER pass 40k again.
...it’s $43k now.
LESSON: Old banking / Wall Street experience means nothing in #crypto pic.twitter.com/EfSNcoZBxp
If you're like me you still cringe a little when you read a headline like this, I think I'm still traumatized by Tom Lee, Mike Novagratz, and John McAfee's 2017 appearances on CNBC where they seemingly pulled (ridiculously high) numbers out of a hat and read them on-air as their 'expert prediction' - they repeated this weekly for almost an entire year... then the entire market crashed.
So still take this with a grain of salt - but so far, analyst Willy Woo has correctly predicted the bull run we're in right now, and if his predictions remain true for the next year all Bitcoin owners are going to be very happy.
In the first week of October he stated "In my last update the latest impulse was still forming with an expectation that it would be a bullish buying impulse based on early signs of hidden accumulation being seen on exchanges. This has correctly played out.
We are now coasting upwards with no new changes in the short term on-chain structure. I remain bullish and am awaiting any new changes.
Keen observers will notice there is a bullish supporting trend-line in coin movements forming, which I’ll highlight below." Woo also stated "The next 3 months: Coin supply has dried up while demand dominates."
This was in October - so that 3rd month is right now, and his description of today's market is accurate.
Looking Ahead: Bitcoin at $200,000 by The Beginning Of 2022...
Today's market is strong and could act as the solid launching pad we need to take us to the moon.
The current average price a Bitcoin holder paid is $7,456, which is the average of the different lots of BTC, valued at the price they had the last time they were moved "you're all geniuses" he says, pointing out that the average investor has already doubled their investment.
