Category: Bitcoin News

After the global COVID-19 pandemic of March 2020, something interesting took place. There were many interesting and terrible things that happened. One of the most interesting was a shift from crypto exchanges seeing net inflows almost every month to watching the BTC amount in exchange accounts steadily get smaller.

According to a report by crypto analytics firm Glassnode, Bitcoin net outflows have been an average of 96,200 coins per monthly for the past two-years. This has caused exchanges’ cumulative Bitcoin balances to reach’multiple-year lows’. They have fallen to their lowest level since august 2018.

Recent outflows have been mainly coming from a few familiar suspects: Binance and Bitstamp, Bittrex Coinbase, Gemini, Coinbase, Gemini and Kraken. (However, Binance and Gemini’s balances have increased noticeably over the past two-years, despite recent downtrends, mainly at the expense Coinbase.

Glassnode says that this is a sign that Bitcoin is moving away from exchanges to addresses that purchase Bitcoin periodically but don’t spend them – in other words, HODLers. These “accumulation addresses” can be owned by individuals, companies, or custodians. This category includes the Luna Foundation Guard, which bought $1.4 billion in BTC to back its algorithmic stablecoin. MicroStrategy subsidiary MacroStrategy also falls under this category.

However, this category doesn’t include all Bitcoin whales. Since late January, so-called shrimps have been taking in more coins than they share in circulation.

Glassnode reports that since December 1st, the balances of such accumulation addresses-both shrimps and whales-have increased by 217,000 BTC (nearly 10 billion). It was between $49,000 to $50,000 back then, but it is now just below $46,000.

The price has fallen over the same period, despite the fact that HODLing is increasing. It is best to not read too much into this, as net outflows or accumulation are only two data points of many (includes the amount people feel confident investing amid rising consumer prices). The price picture can also change by shifting comparison dates.

Glassnode argues that the daily amount of Bitcoin that is being accumulated is far greater than the new BTC created. It states that the scarcity and pristine nature Bitcoin as collateral might be back in the forefront.

Thailand’s financial regulators are taking measures to stop cryptocurrency payments being used for goods and services. They cite a variety of economic and financial threats. The Securities and Exchange Commission of Thailand (SEC) published rules to discourage digital asset providers from supporting and offering such services.

After discussions with the Bank of Thailand (BOT), the Bank of Thailand decided to move forward with digital assets. During these discussions, the two institutions agreed on the necessity of adopting regulations that preserve the stability of the country’s economy and prevent risks for citizens and businesses. These risks included price volatility, money laundering, and leakage of personal data.

In the future, the Thai SEC will closely monitor providers in this sector to ensure they do not offer digital assets as payment methods. The new regulations do not intend to prevent crypto trading or investing. According to the regulator:

All digital asset business owners must not offer services or act in any way that encourages or supports the payment of goods or services with digital assets.

The commission stated that companies should not create systems or tools to facilitate cryptocurrency payments. The commission stated that if a crypto platform discovers that clients are using trading accounts to pay, they must inform the customers and take further action, such as temporary suspension or termination.

According to the SEC, the new rules will go into effect April 1, 2022. The SEC stated that companies providing services subject to the restrictions will have 30 days for compliance.

The SEC and BOT announced their plans to regulate crypto payments in January. This regulatory update is in spite of previous attempts to facilitate these payments in Thailand, a popular tourist spot. The tourism industry met recently with central bank officials to discuss alternative payment options, including crypto, for Russian tourists whose country was placed under sanctions following its invasion of Ukraine.

Many industries have seen innovation over the years, which has led to increased customer demand and exponential growth. These industries are due to the tireless efforts of professionals and individuals who have brought about a creative revolution within their niches. This is exactly what Ash WSB did when he entered the constantly-evolving crypto financial industry. Many were eager to get into the crypto space, with the advent of NFTs, DeFi, Play-to earn, and blockchain development. Not everyone has the right knowledge or insights to succeed in this field.

Ash WSB is a way to provide value and make the journey to cryptocurrency easy for his followers by providing information. He believes in Bitcoin and has invested heavily in it. He loves sharing his knowledge and gaining experience in the industry to make a greater impact on the crypto community. He is grateful for his ideas, which have helped him build an online community of 400K people on Twitter. He is determined to exceed their expectations and keep learning new things to add value to them.

Ash WSB is proud to have a community that embraces cryptocurrency and uses it in their daily lives. This will help crypto become more mainstream in the future. This passionate contributor to crypto values value creation and is an influential influencer who wants to reach as many people as possible to help the space.

Ash WSB was asked about the future for crypto and mentioned that decentralized apps have had a significant impact on bridging lucrative activities via DeFi or Web3.0.

As central parties have been relaxed to allow yield earning and play-to-earn without personal identity, opportunities have opened up to a wider audience. This concept has been in use since 2021, but has yet to see the peak of innovation. Ash WSB believes that DeFi and Web3.0 will be the future of growth, self-sovereignty, and creative freedom.

Bullish exuberance about bitcoin reaching the elusive $100,000 milestone was fever-pitch. JPMorgan released a poll on Monday that showed the coin ending the year at half of the amount. This shifts the sentiment.

As part of its macroeconomic outlook for the year, the investment bank conducted a survey of 47 clients from December 13 to January 7.

This resulted in 41% of clients seeing the world’s most valued cryptocurrency ending the year at $60,000, an increase of 46% over Monday’s price. Only 5% of clients expect bitcoin to reach $100,000 by the end of the year.

Bitcoin has had a rough ride thus far, as all cryptocurrencies have faced selling pressures following a Federal Reserve that was hawkish.

Bitcoin fell below $40,000 on Monday, before rebounding to above $41,000. Bitcoin is now down 11% from its November record high of $69,000 and around 40% below where it was at the beginning of the year.

Nonetheless, many, including El Salvador’s bitcoin-loving president Nayib Bukele are optimistic that bitcoin will surpass $100,000 by 2022.

JPMorgan November 2021 stated that bitcoin could rise to $146,000 over the long-term if it’s volatility abates and institutions begin to prefer it to gold in their portfolios. This is 256% more than the current price of bitcoin. According to the bank, a price of $73,000 seems reasonable for 2022.

According to the bank, Bitcoin’s volatility is four to five times greater than gold. This would need to drop dramatically before institutional investors can plow in.

However, a new member joined the $100,000 bandwagon this Year. Goldman Sachs stated that bitcoin could reach this level, but only if it keeps taking market share from gold.

Sahil Gupta, a former SpaceX intern, continues to believe that Elon Musk the centibillionaire is Satoshi Nakamoto (the pseudonymous founder of Bitcoin).

Gupta stated that he now believes that Musk is behind Bitcoin in a recently published post on the popular blogging site Medium. Gupta’s conviction was strengthened by a call with Sam Teller (the former chief of staff for Musk), which he had in 2017.

Gupta had asked Teller if Musk was actually Satoshi. Teller replied in ambiguity, which made matters more confusing.

For 15 seconds, there was silence. Teller then said, “Well, what can you say?” It was not a paraphrase. Actual words.

Gupta also briefly worked at Tesla in 2018 and made headlines for his original post, which went viral in 2017.

Because of his extensive experience in economics and cryptography, he speculated that Musk could have written the Bitcoin whitepaper. This South African native was one of the co-founders PayPal.

Musk is proficient at the C++ programming language that Satoshi used for the original Bitcoin software.

2014 saw Satoshi make a brief internet return to discredit the Newsweek article that claimed Dorian S. Nakamoto, a Japanese-American man, was the Bitcoin creator. He simply stated that it wasn’t him. Musk tweeted about the incident a week following its reappearance at the P2P Foundation website.

@X4NWO Now that Satoshi Nakamoto is known, it seems like the case is closed.

– Elon Musk (@elonmusk). March 14, 2014

It is not necessary to convince the general public. An survey was conducted in May and found that more than half of Australians believe that Musk is Satoshi.

Musk denies creating Bitcoin

Musk claimed that he did not invent Bitcoin, but he did not deny it in a tweet in 2017 to respond to Gupta’s theory. However, this did nothing to end the speculation.

It’s not true. It was a gift from a friend that I received a portion of a BTC several years ago, but I have no idea where it is.

– Elon Musk (@elonmusk). November 28, 2017

Musk is a proponent of sustainable energy, so it is unlikely that he will create a cryptocurrency that consumes a lot of electricity but leaves a large CO2 footprint.

Tesla began accepting Bitcoin in March. However, it suspended payments in its largest cryptocurrency due to environmental concerns. This caused a huge price drop.

The centibillionaire, 50, has also repeatedly stated he prefers Dogecoin to Bitcoin for payments.

It is unlikely that Musk created Bitcoin, despite compelling arguments for the theory.