Channel: Bitcoin News
Bitcoin miners are increasingly facing off against a new foe to contend with ahead of this weekâs halving: the AI boom. Bitcoin miners are largely centralized operations that mint new digital coins. To do so, a Monday report explains, they need to use a lot of computers and therefore energy. Meanwhile, the booming AI industry is also power-hungry. Both industries look to places like Texas, which has cheap energy and lots of land to build data centers.
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A significant decrease in the inactive supply of bitcoin that has not moved in over a year is indicative of long-term holders either continuing to trim their holdings or moving their assets off exchange, according to this week's Bitfinex Alpha report. "Fundamental to bitcoin price dynamics is this weekâs halving, which as it approaches, has seen a notable surge in bitcoin leaving centralized exchanges, and a decrease in the inactive supply of bitcoin that has not moved in over a year, to an 18-month low," Bitfinex analysts said.
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The smart money protocol Umoja has joined forces with the Bitcoin layer two (L2) initiative, Merlin Chain, to roll out a Bitcoin-based high-yield synthetic dollar. The newly introduced stablecoin is engineered to uphold a self-sustaining peg via transparent, onchain trading techniques developed by Umoja.
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Bitcoin-powered layer-one blockchain Core Chain is now letting investors stake their BTCâsomething that, historically, BTC holders havenât been able to do. Staking tokens reward users with a percentage yieldâoften in the single digitsâover a period of time. This has notoriously been exclusive to proof-of-stake blockchains. Traders on Bitcoin, which uses proof-of-work, havenât been able to stake their tokens.
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Grayscaleâs GBTC continued to report reductions in its bitcoin (BTC) reserves following two days of significant outflowsâa $55.1 million drop on Friday and a $36.7 million decline on Monday. The reduction continued into Tuesdayâs session with a $58 million decrease. Trading volume on Tuesday reached $2.45 billion, which was lower than the volumes recorded on Monday and Friday.
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The excitement surrounding the upcoming Bitcoin halving has led to a significant increase in Google searches for âBitcoin halving,â with interest reaching its highest point ever, more than double that of the last halving event in 2020, and is predicted to hit peak popularity. The halving event, which reduces the rewards miners receive by half, from 6.25 BTC to 3.125 BTC, is scheduled to occur around 4am UTC on April 20.
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Bitcoin experienced a 4% rally on April 18, bouncing back from just below $60,000 on April 17. CryptoSlate has identified $58.8k as a major support level â which is the short-term holder realized price (STH RP) that has previously acted as support during bull runs. If Bitcoin drops below the support level, it could signal a bearish trend, similar to the breach of STH RP in May 2021 that kicked off the bear market.
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Crypto derivatives exchange BitMEX has increased the leverage on its bitcoin perpetual swap, XBTUSD, from 100x to 250x ahead of the halving event. "The increased leverage came upon requests from traders to profit from the volatility as the next Bitcoin Halving happens," BitMEX said Friday. The bitcoin halving event is expected to occur within the next 24 hours and will reduce the issuance rewards for bitcoin miners from the current 6.25 BTC per block to 3.125.
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Bitcoinâs latest halving is now complete, seeing minersâ block subsidy rewards drop from 6.25 BTC to 3.125 BTC. Bitcoinâs fourth halving occurred at block height 840,000, ushering in a new epoch for the network. Hopes of many in the community that the halving would land on the memeable date of 4/20 failed to materialize for the U.S. market as miners appeared to ramp up their hash rate on the network ahead of the subsidy drop.
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Several Bitcoin mining firms listed on the Nasdaq stock exchange closed the trading week with a noticeable 24-hour increase in share prices in the lead-up to the Bitcoin halving event. On April 20, Bitcoin celebrated its fourth-ever halving event, and the date was likely firmly marked in the calendars of Bitcoin mining firms as it can significantly disrupt business operations.
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Bitcoin News pinned «We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Contact for promotions: @LevoBNTG»
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DAVE PORTNOY: đȘ I wouldnât buy Bitcoin at these levels. Iâm donât think I can stomach getting back in until itâs in the 40âs again
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Bitcoin advocates in Switzerland have initiated a campaign to trigger a National Referendum urging the Swiss National Bank (SNB) to include the flagship digital asset in its asset reserves. The campaign is spearheaded by Yves BennaĂŻm, the founder and chairman of 2B4CH, a nonprofit think tank, and enjoys support from Luzius Meisser, the chairman of asset manager Bitcoin Suisse.
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Bitcoinâs fourth halving introduced a long-term and a short-term shift in miner revenue composition as it reduced the amount of BTC rewarded to miners for each mined block by 50% â directly impacting miner incentives and, by extension, the broader Bitcoin economy. On April 19, just before the halving, transaction fees constituted 11% of total.
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The crypto market has mostly shrugged off last week's correction, but there's a possible catalyst ahead that could weigh on prices through the next few weeks, putting a rally higher in jeopardy. Mt. Gox, a crypto exchange that imploded due to a hack in 2014, is gearing toward distributing 142,000 bitcoin (BTC) worth roughly $9.5 billion and 143,000 bitcoin cash (BCH) worth $73 million to creditors, posing a substantial overhang on digital asset prices.
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Approximately $9.4 billion in cryptocurrency options are set to expire this Friday on the Deribit derivatives exchange. The majority of the options set to expire are bitcoin contracts, with a notional value of $6.35 billion. The put-call ratio ahead of Friday's end-of-month expiry is elevated at 0.68 â an increase in the amount of puts versus calls when compared to the previous week.
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Bitwise CIO Matt Hougan provided a comprehensive outlook on Bitcoinâs trajectory towards the 2028 halving, predicting a 50% decrease in volatility and heightened institutional investor engagement. Bitcoin (BTC) hit a new all-time high weeks before the 2024 halving in an unprecedented surge. Hougan believes this trend will continue post-halving and cause Bitcoinâs price to escalate dramatically, as it has in the past since its $13 valuation at the time of its first halving in 2012.
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