Lưu trữ cho từ khóa: Bitcoin

Bitcoin (ký hiệu: BTC, ) là một loại tiền mã hóa, được phát minh bởi một cá nhân hoặc tổ chức vô danh dùng tên Satoshi Nakamoto dưới dạng phần mềm mã nguồn mở từ năm 2009. Có thể được trao đổi trực tiếp bằng thiết bị kết nối Internet mà không cần thông qua một tổ chức tài chính trung gian nào.

Bitcoin ra đời đầu tiên, được sử dụng rộng rãi nhất trong thanh toán điện tử và là vua của thị trường tiền mã hóa trong hàng chục nghìn đồng tiền khác nhau. Các doanh nghiệp có xu hướng muốn thanh toán bằng Bitcoin để giảm thiểu chi phí.

Phân tích

GME and KITTY tokens form God candles but gains could be brief

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The GME crypto token formed a God candle on Sep. 6 after Roaring Kitty made a surprise return to X ahead of GameStop’s earnings.

GME (GME) surged to a high of $0.0052, its highest swing since June 24, and 93% above its intraday low. It has risen by 168% from its lowest level in August, making it one of the best-performing cryptocurrencies in the market. Its market cap jumped to over $32 million.

GameStop’s stock also rose by over 3.7%, even as a sea of red spread in the market, with the Dow Jones and Nasdaq 100 indices falling by 0.90% and 2.43%, respectively. Bitcoin (BTC) dropped to $53,000 while the market cap of all coins fell below $2 trillion.

This performance happened after Keith Gill, popularly known as Roaring Kitty, returning to X, sending the post below. The thinly traded Roaring Kitty (KITTY) token also formed a God candle, rising by over 65%. A God candle is a sudden bullish candlestick that catches traders off guard.

Gill is one of the more popularized traders due to his role in the meme stock frenzy in 2021. Most recently, in May, he returned to the market, pushing meme companies like GameStop, AMC, and Faraday Future sharply higher.

Gill’s return is notable because it happened as GameStop prepares to publish its financial results on Sept. 10. Analysts have low expectations for the company as its business continues slowing down. The average estimate among analysts is that its revenue dropped from over $1.1 billion in Q2’23 to $895 million this year.

The company is facing major headwinds as more gamers opt to buy games and consoles online and as operations costs rise. 

It remains unclear whether the GME and KITTY tokens will sustain the ongoing rally. Historically, such gains have been short-lived. In May, the GME token rose from $0.0035 to $0.029 after Roaring Kitty’s return, only to erase all those gains within a few days. It dropped to a record low of $0.0017 in August.

Similarly, KITTY surged to $0.093 amid the hype and then fell by almost 100% to a low of $0.0013 in August. 

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CleanSpark and MARA stocks form rare pattern as BTC hits 54k

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Popular Bitcoin mining stocks have formed the rare death cross pattern, pointing to more pain ahead.

CleanSpark and Marathon Digital have formed a death cross

Marathon Digital, the largest mining company in the industry, dropped to $13.75 on Sep. 6, its lowest swing since December of last year. It has fallen by 60% from its highest point this year, erasing over $4 billion in value.

Similarly, CleanSpark shares crashed to $8.39, the lowest point since February, and are 66% below their highest level this year. Its market cap dropped from $5 billion in March to $2 billion.

Other Bitcoin (BTC) mining stocks, such as Riot Platforms, Core Scientific, Cipher Mining, and Argo Blockchain, have also continued to fall.

Most notably, Marathon Digital and CleanSpark have formed a death cross pattern, where the 200-day and 50-day moving averages have crossed each other. In most periods, this pattern leads to more downside.

Marathon Digital stock | Source: TradingView

A notable example of this is Riot Platforms, which formed a death cross on April 9. Since then, the stock has dropped by 40% and is hovering at its lowest point since March 2023, making it one of the worst-performing mining stocks this year.

Bitcoin is also nearing a death cross

These mining stocks are crashing due to a combination of two factors: low Bitcoin prices and weak production.

Bitcoin dropped below $55,000, reaching its lowest point since Aug. 7. It has fallen by 25% from its highest point this year and by 15% from its August high.

Bitcoin’s sell-off may continue as it has formed a series of lower lows and lower highs. It is also close to forming a death cross, indicating that bears have taken control. A drop below last month’s low of $49,000 could signal further downside.

Bitcoin price chart | Source: TradingView

Bitcoin mining companies are also producing fewer coins than they did in August because of the halving event. Marathon Digital produced 673 coins in August, down from 692 in July and 850 in April.

Similarly, CleanSpark produced 478 coins in August after producing 721 in April while Riot Platforms mined 322 coins in August from the previous month. Other mining companies have seen a similar drop in production.

Therefore, a combination of lower Bitcoin prices and weak production suggests that their revenue will continue to decline, while the mark-to-market value of their holdings will also drop. Marathon Digital, Riot Platforms, and CleanSpark hold 25,000, 9,334, and 7,052 coins on their balance sheets.

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Bitcoin and altcoins rise as NFP data point to a large rate cut

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Cryptocurrency prices rose slightly after the U.S. published another weak nonfarm payroll report.

Bitcoin (BTC) rose to $56,500 while Ethereum (ETH) jumped to $2,400 on Friday, Sept. 6.

In the latest report, the Bureau of Labor Statistics showed that the economy added 142k jobs in August, lower than the median estimate of 164k. The bureau also revised the July figure from 114k to 86k. On Sept. 5, a report by ADP showed that the private sector created just 99,000 jobs in August. 

The unemployment rate slipped to 4.2% from the previous 4.3%, while average hourly earnings rose by 3.8%.

These figures indicate that the labor market is not performing well, as companies remain concerned about the economy. The manufacturing sector, in particular, is struggling, as reports from the Institute of Supply Management and S&P Global showed it remained in contraction mode in August. According to the BLS, 24,000 jobs were lost during the month. 

As a result, the NFP data suggest that the Federal Reserve may cut interest rates at its meeting on Sept. 18. There is a likelihood it could deliver a substantial rate cut of 0.50%, which explains why government bond yields have retreated. The 10-year yield fell to 3.75%, while the 30-year dropped to 3.9%.

Implication for cryptocurrencies

Bitcoin price | Chart by TradingView

In theory, cryptocurrencies and other risky assets perform well when the Fed is cutting interest rates. A notable example occurred in 2018 when the Fed raised rates from 1.25% in March to 2.50% in December, causing Bitcoin to fall by over 84% between its highest and lowest levels.

Bitcoin then rebounded by over 350% in 2019 as the Fed slashed rates by 0.75%. A similar trend occurred in 2020 at the onset of the pandemic when the Fed cut rates to zero.

At that time, Bitcoin rose to a record high of $69,000 before plunging in 2022 as the bank hiked rates.

A likely reason for this trend is that investors tend to have a higher risk appetite in low-interest-rate environments. If the Fed cuts rates, there is a possibility that some of the trillions of dollars in money market funds will rotate to risk assets like stocks and crypto.

However, there is a risk that Bitcoin and other cryptocurrencies could retreat since the rate cut has already been priced in by market participants.

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Theo Crypto News

Bitcoin

Venezuelan opposition leader hails Bitcoin as a ‘lifeline’

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María Corina Machado discussed Bitcoin’s role in helping Venezuelans combat hyperinflation and economic collapse in an interview.

Machado discussed the economic challenges faced by Venezuelans in a recent interview with Alex Gladstein of the Human Rights Foundation, published in Bitcoin Magazine. They talked about how Bitcoin (BTC) acts as a financial hedge for citizens under the Chávez and Maduro regimes.

Machado pointed out that the national currency, the bolívar, has been hit by inflation, losing 14 zeros since 1999. She described Bitcoin as a “lifeline,” allowing Venezuelans to bypass government-controlled exchange rates and preserve and recover their wealth.

“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.”

María Corina Machado

Venezuela’s economic turmoil

Machado’s remarks come amid widespread economic turmoil, where inflation peaked at 1.7 million percent in 2018, crippling the economy despite Venezuela’s vast oil reserves. 

Bitcoin has emerged as a tool of resistance, providing a way for citizens to protect their savings and fund their escape from the country.

In the aftermath of Venezuela’s presidential election in July 2024, which saw protests against Nicolás Maduro’s re-election, the Venezuelan government blocked access to Binance and other online platforms, including X (formerly Twitter). Binance confirmed the access issues but assured users their funds were safe. 

The government also ended using its state-backed cryptocurrency, Petro, amid scandals and inefficiencies. 

Fellow opposition figure Leopoldo Lopez also praised crypto in 2023, particularly stablecoins, in overcoming financial censorship and volatility. Despite Maduro’s control over the banking system, Lopez noted that crypto was used to distribute aid to healthcare workers during the pandemic, benefiting 65,000 people

Looking forward, Machado envisions Bitcoin becoming a part of Venezuela’s national reserves, helping rebuild the nation’s economy and ensuring financial autonomy as the country recovers from years of dictatorship. 

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Bitcoin

Alan Howard’s son secures $25m for crypto venture fund

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Daniel Howard and Bhavin Vaid have launched Halo Capital, a $25 million venture fund focused on early-stage crypto projects across the digital asset ecosystem.

Daniel Howard, son of British hedge-fund billionaire Alan Howard, and colleague Bhavin Vaid have raised $25 million for Halo Capital, a new venture-capital fund focused on early-stage projects in the digital-asset sector, Bloomberg has learned.

While both Howard and Vaid declined to disclose Halo’s investors and partners due to privacy concerns, Howard acknowledged that his family background plays a role but stressed that Halo’s unique approach is key to attracting investors.

The New York-based fund will invest across the digital ecosystem, the report says, adding that the scope of interests includes Bitcoin-centric products as well as decentralized artificial intelligence.

“Our ability to take a differentiated approach, and a research and data-driven one, is going to be vital.”

Bhavin Vaid, Halo Capital co-founder

Halo focuses on distinctive approach

Halo has already invested in several projects, including Bima Labs, the developer of the Bitcoin-backed stablecoin USBD, and Andrena, a wireless internet provider focused on developing a protocol for decentralized physical infrastructure networks to provide broadband. The fund also recruited 20 partners to advise it and its portfolio companies.

Emphasizing the need for a research-driven approach, Vaid noted that “a lot of the existing funds in the space are potentially just biased, based on other investments they might have made over the past three to five years.”

Alan Howard, already a prominent crypto backer, helped establish Brevan Howard’s crypto arm, BH Digital, in 2021. In mid-July, crypto.news reported that Brevan Howard Asset Management’s crypto fund saw a 20% gain in the first half of 2024, driven by increased institutional interest amid rising crypto prices.

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Bitcoin slips below $57k, fear and greed index points to more downside

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Bitcoin price continued its slow retreat after the weak US jobs report and as the crypto fear and greed index dropped to the fear zone.

Weak US jobs data

Bitcoin (BTC) dropped to a low of $56,800 after ADP published a weak private payrolls report. According to the company, the American economy created just 99,000 jobs in August, the lowest increase in over two years. The figure was much lower than the median estimate of 144k.

On Wednesday, Sep. 4, a separate report by the Bureau of Labor Statistics revealed that the number of job vacancies fell to 7.7 million in July, the lowest number since 2021. 

Therefore, there is a risk that the BLS will publish another weak nonfarm payroll report on Friday. Economists expect the numbers to show that the unemployment rate remained at 4.3% as the economy added 164k jobs.

These numbers suggest that the Federal Reserve will likely deliver a rate cut later this month. This serves to explain why the US dollar index has retreated to $101.18 while the yield curve has disinverted. 

In theory, these numbers should be bullish for Bitcoin and altcoins like Ethereum (ETH) and Solana (SOL). For example, stocks and cryptocurrencies rallied to record highs when the Federal Reserve started cutting in 2020.

Crypto fear and greed index slips

Bitcoin’s price retreat happened as a sense of fear spread in the crypto industry. The closely watched crypto fear and greed index dropped to the fear zone of 34, its lowest level in over a month.

A likely reason for this fear is the ongoing concern over a recession in the United States, following a series of weak economic numbers.

Additionally, Bitcoin demand among institutional investors has waned, with spot Bitcoin ETFs experiencing outflows for the past seven consecutive days. They have lost over $802 million in assets during this period, according to SoSoValue. Ethereum ETFs have also had net outflows of $562 million since inception.

Bitcoin’s weak technicals

Bitcoin price | Chart by TradingView

Bitcoin has also shown some weak technical indicators, and the situation may worsen. It has formed a series of lower highs at $73,800, $72,000, and $70,000. There are also signs that it will form a death cross as the 50-day and 200-day Exponential Moving Averages are about to cross each other.

Golden and death crosses are some of the most feared patterns in technical analysis. Bitcoin formed a golden cross in October 2023, leading to a 170% surge to a record high of $73,800. It also dropped by over 67% when it formed a death cross in January 2022.

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Bitcoin

Spot Bitcoin and Ethereum ETFs see 2nd consecutive day of joint outflows streak

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Spot Bitcoin and Ethereum exchange-traded funds in the United States continue their streak with a second consecutive day of joint outflows this week.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $37.29 million in net outflows on Sep. 4, marking the sixth consecutive day of outflows. Notably, the outflows from these ETFs were 87% lower than the $287.78 million outflows experienced the previous day—their highest outflows since May 1.

Grayscale’s GBTC led the lot with $34.2 million leaving the fund, pushing its total outflows to date to $19.93 billion. Moreover, Fidelity’s FBTC and VanEck’s HODL also logged outflows of $7.6 million and $4.9 million respectively.

These outflows were offset by Bitwise’s BITB, which saw $9.5 million in inflows on the day. 

The largest spot BTC fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained neutral on the day, along with the seven remaining BTC ETFs.

The total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.41 billion on Sep. 4, down from $1.56 billion the previous day. At the time of writing, Bitcoin (BTC) was up 1.5% over the past day, trading at $57,077 per data from crypto.news.

However, the crypto asset has dropped by 4% over the past week, remaining within the same range it has held since February.

Bitcoin investors, tired of the extended period of stagnant price movement, were initially hopeful for a possible bull run spurred by the Federal Reserve’s expected interest rate cuts this month.

However, Bitfinex analysts warned this week that rising recession concerns could lead to a more significant market correction. They estimate Bitcoin could decline by 15%-20% if the rate cuts happen alongside a recession, potentially bringing the price down to the $40,000-$50,000 range.

Meanwhile, the nine spot Ether ETFs also remained bearish, with a net outflow of $37.51 million on Aug. 4, according to SoSoValue. Grayscale’s ETHE saw $40.6 million in outflows, while Grayscale Ethereum Mini Trust recorded $3.1 million in inflows.

The remaining seven spot ETH funds stayed neutral.

The total trading volume for the nine Ether ETFs fell to $145.86 million on Sep. 4 from $163.5 million on Sep. 3. At the time of publication, Ethereum’s (ETH) price rose by 1.4%, exchanging hands at $2,403.

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Anchorage announces custody support for Bitcoin L2 Stacks

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Digital asset bank Anchorage has taken a major step in expanding its institutional custody services into the Bitcoin layer-2 ecosystem through a partnership with Stacks.

Stacks (STX) is a leading L2 solution on Bitcoin (BTC) that recently marked a huge milestone with its Nakamoto upgrade. This partnership makes Stacks the first platform to integrate Anchorage Digital Bank N.A., offering STX holders access to custody services.

In an announcement on Sept. 4, Anchorage Digital announced that it had added crypto custody support for STX, marking its official entry into the Bitcoin L2 ecosystem.

“Layer 2s like Stacks are advancing a new vision for the Bitcoin ecosystem—and institutions are taking notice. As the crypto ecosystem continues to expand, we are committed to providing safe, secure, and regulated access to innovative networks like Stacks. We’re pleased to offer access to qualified custody for Stacks via Anchorage Digital Bank N.A.”

Nathan McCauley, chief executive officer and co-founder of Anchorage Digital

The growing Bitcoin L2 ecosystem

Bitcoin continues to dominate the market as the top digital asset, with institutional demand spiking in recent months. Part of this recognition and demand has come amid new opportunities through layer-2 networks – a market ecosystem on Bitcoin that experts predict is a major opportunity.

Top venture capital firms have backed several Bitcoin L2 projects. According to a recent report, more than $94.6 million, or 42.4% of investments in the L2 space, went to projects building Bitcoin L2 solutions in the second quarter of 2024.

As more projects look to enhance Bitcoin’s scalability and help expand BTC utility, the market is eyeing new use cases. Stacks, which launched its mainnet in 2021, is one of the projects experts say could unlock an ecosystem with an estimated latent capital of over $800 billion.

The project’s Nakamoto upgrade is crucial to the unlocking of decentralized finance applications on Bitcoin. Its sBTC token will be crucial in Bitcoin DeFi, gaming, and other applications.

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Altcoin

Switzerland’s fourth-largest bank ZKB launches crypto services

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Zurich Cantonal Bank, Switzerland’s fourth-largest bank, has launched crypto trading and custody services, expanding its financial offerings.

Zurich Cantonal Bank, Switzerland‘s fourth-largest bank, has officially entered the crypto market, offering its clients the ability to trade and store Bitcoin (BTC) and Ethereum (ETH).

In a Sept. 4 press release, the bank said the new offering is integrated into its existing digital platforms, including ZKB eBanking and ZKB Mobile Banking. The bank has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to execute crypto trades, the press release reads.

Alexandra Scriba, head of institutional clients & multinationals at ZKB, says customers and third-party banks will not need their own wallet and do not have to worry about storing their private keys, as the bank will handle both processes.

ZKB’s entry into the crypto space is not just limited to its own clients as the bank is also offering a business-to-business solution that enables other Swiss banks to provide crypto trading and custody services. Per the press release, Thurgauer Kantonalbank, a Swiss cantonal bank, has become the first partner bank to adopt this service.

The latest move is continuation of ZKB’s latest efforts to foray into the crypto market as in recent years, the bank explored blockchain technology extensively, including its participation in the issuance of the world’s first digital bond on the SIX Digital Exchange in 2021 and its role as joint lead manager in a 2023 Swiss National Bank pilot project for issuing digital bonds with central bank digital currency.

ZKB’s initiative comes amid a broader expansion of crypto services among Swiss financial institutions. In late June, crypto-friendly bank Sygnum, based in Zurich, extended its business-to-business services to over 20 entities, including PostFinance, ZugerKB, and LuzernerKB, allowing a significant portion of the Swiss population to access crypto markets.

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