A Bitcoin price correction down to $22,000 is becoming increasingly likely, as BTC derivatives have begun to exhibit bearish tendencie, Cointelegraph reports.
The price chart of Bitcoin leaves little doubt that investor sentiment has worsened since Grayscale’s much-hyped legal victory against the United States Securities and Exchange Commission on Aug. 29 and the SEC’s subsequent postponement of multiple spot BTC exchange-traded fund (ETF) requests.
The central question remains whether the prospects of an ETF can outweigh the growing risks.
Former SEC chair Jay Clayton suggested that U.S. securities regulators will likely approve a Bitcoin ETF during an interview with CNBC on Sept. 1, CryptoSlate reports.
Clayton nevertheless said he was not surprised that the U.S. Securities and Exchange Commission (SEC) had postponed decisions on various pending Bitcoin ETFs.
He went on to explain that “the job for the SEC is a challenging one.” Clayton explained that when cryptocurrency first emerged, the securities regulator had to handle offerings that were clearly not compliant with securities laws. But now, the SEC has to deal with broader crypto offerings, including some that have “clearly shown promise.”
Clayton declined to say whether he would approve a spot Bitcoin ETF if he remained in charge of the SEC but stated that Bitcoin is not a security.
Clayton also expressed optimism about upcoming ETF approvals in light of the fact that the SEC has previously approved Bitcoin futures ETFs
Bitcoin’s trading volume hit its lowest level in almost five years this month as investors keep waiting for reasons to jump back into the market, CNBC reports.
An analysis of CryptoQuant data from both spot and derivatives exchanges shows the total volume of bitcoin held on all exchanges fell earlier this month to its lowest level since 2018 and has struggled to rebound.
As of Aug. 26, bitcoin trading volume on all exchanges sat at 129,307 BTC, according to CryptoQuant. Earlier in the month, on Aug. 12, it fell to 112,317 BTC, its lowest level since Nov. 10, 2018. It’s now off the March high of 3.5 million BTC by about 94%.
Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.
However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.
“The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated.
The report identified Italy as the costliest country for household Bitcoin mining at $208,560.33 per Bitcoin. As of the time of publication, this indicates that the cost of mining one Bitcoin in Italy is the equivalent to the value of approximately eight Bitcoins.
Meanwhile, Lebanon’s household electricity rates allow individual miners to generate one Bitcoin for just $266.02. Based on this data, this is approximately 783 times cheaper than the cost to mine a Bitcoin in Italy, priced at $208,560.33.
Iran followed, with a production cost of $532.04 per Bitcoin. However, despite Iran legalizing Bitcoin mining in 2019, the country has since banned legal operations on several occasions, citing stress on energy grids during winter.
Source: Cointelegraph
In a bold and groundbreaking move, Michael Saylor’s MicroStrategy revolutionized corporate finance by embracing Bitcoin (BTC) as its primary treasury reserve asset in 2020.
This visionary decision, announced exactly three years ago, sent shockwaves through the business world, solidifying MicroStrategy’s position as a trailblazer in the realm of digital assets.
The move was made as part of MicroStrategy’s first-ever investment in Bitcoin, with the business intelligence firm acquiring 21,454 BTC for roughly $250 million, or $11,653 per coin.
MicroStrategy’s bet on Bitcoin can be characterized as a resounding success, demonstrated by substantial returns on investment and a notable positive influence on the company’s stock price.
Since August 10, 2020 – the day MicroStrategy unveiled its Bitcoin-focused strategy – MicroStrategy’s (NASDAQ: MSTR) shares surged 206%, from around $123 per share to today’s price of over $375 per share.
Source: Finfold
After years of rampant speculation and frantic tea-leaf reading by cryptocurrency fans—and Dogecoin fans in particular—tech billionaire Elon Musk coldly put to rest any prospects of Twitter (or X) launching its own crypto token, Decrypt reports.
The news came not in a formal announcement, or even a Twitter post, but in a reply to another user.
"Elon Musk and
