Bitcoin

Bitcoin ecosystem reinvigorated by memecoins, new protocols

Bitcoin miners’ revenue has reached all-time highs in part due to increased on-chain fees.

The Bitcoin ecosystem has witnessed a dramatic recovery as the market cap of BRC-20 tokens surpassed $4 billion shortly after their invention in January.

According to a Dec. 15 research report by cryptocurrency exchange Bitget seen by Cointelegraph, Bitcoin (BTC) miners’ earnings from on-chain fees have surged from 1.7% in August to 19.57% by November. Meanwhile, daily mining revenue from block rewards surged past $40 million in November. The namesake digital asset has gained 161% year-to-date.

Invented by Bitcoin developer Casey Rodarmor in January, BRC-20 tokens have surged in popularity as one of the largest technological advancements in a 15-year-old blockchain. Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin, enabling tracking and transfer. Combined with the inscription process, which adds a layer of data to each Satoshi, users can mint unique digital assets on the Bitcoin blockchain.

US dollar hits 4-month low as Bitcoin trader predicts 10% drop to come

Bitcoin stands to enjoy further relief if its standard relationship to DXY weakness holds firm as the dollar shrinks on Fed “pivot” bets.

Bitcoin (BTC) may enjoy a familiar tailwind in the coming weeks and even beyond if new macro forces continue to play out.

In a post on X (formerly Twitter) on Dec. 14, popular trader Crypto Ed, founder of trading group CryptoTA, eyed multimonth lows in United States dollar strength.

Bitcoin and dollar strength have in the past exhibited inverse correlation. While this has decreased recently , changes to U.S. macro policy are now broadly seen to boost Bitcoin but pressure the greenback going forward.

‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet

Bitcoin and altcoins are a sure-fire bet ahead of a “great pivot” by the Fed on interest rates in 2024, Hayes believes.

Bitcoin (BTC) and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says.

In a post on X (Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.

Going long crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues.

Blockstream targets continued Bitcoin miner surplus with Series 2 BASIC Note

Blockstream CEO Adam Back says 2023 presented a unique investment opportunity with Bitcoin’s price doubling amid low ASIC miner prices on secondary markets.

Blockstream will look to raise more capital to buy Bitcoin (BTC) mining hardware through a second series of its Blockstream ASIC (BASIC) Note offering, which aims to accumulate and sell ASICs based on the predicted demand for miners over the next two years.

Speaking exclusively to Cointelegraph, Blockstream CEO Adam Back highlighted a surplus of Bitcoin mining hardware on the secondary market as a critical driver for a second series of its investment offering.

Blockstream wound up an initial $5-million raise, which saw the firm purchase unused, boxed Antminer S19k Pro ASIC miners for $4.87 million. The company managed to secure the hardware, one of the Chinese manufacturer’s most popular miners, through SunnySide Digital.

Bitcoin bulls eye BTC price comeback as cash inflows echo late 2020

Bitcoin traders’ cold feet subsides as BTC price strength takes the market back to $43,000.

Bitcoin (BTC) is displaying fresh bull run signals as BTC price strength produces 7% daily gains.

Data from Cointelegraph Markets Pro and TradingView hints that upside momentum may continue as on-chain metrics reset.

Bitcoin “needed to cool off” after hitting $44,000 this month, analysis believes, and after a trip to near $40,000, conditions are improving.

More firms set to add Bitcoin to balance sheets after major rule change

The rules now allow crypto-holding companies to report their paper gains, not just losses, which industry observers say could give firms more confidence to buy.

Bitcoin (BTC) and crypto may soon see another mass wave of adoption by United States-based firms after a new accounting rule change that lets companies more accurately reflect the value of their crypto holdings.

Cory Klippsten, the CEO of Bitcoin-only exchange Swan Bitcoin, told Cointelegraph that Bitcoin-holding companies like MicroStrategy and Tesla, which both had to report impairment on their holdings, “can now more accurately reflect their Bitcoin investments’ true value.”

The new Financial Accounting Standards Board (FASB) rules released on Dec. 13 that come into effect in December 2024 see the estimated market value of crypto held by companies represented accurately on companies’ accounting books by allowing them to record when they’re holding assets at a gain.

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024: Bitwise

Bitwise isn’t alone in its bullishness on stablecoins with Circle CEO Jeremy Allaire predicting the explosive growth of the sector due to a “huge appetite” for digital dollars.

Bitcoin is poised to record a new all-time high of $80,000 in 2024, the same year stablecoins are set to collectively settle more money than payments giant Visa, says a Bitwise senior research analyst.

In a Dec. 13 post to X (formerly Twitter), Bitwise’s Ryan Rasmussen outlined ten bullish predictions for the crypto industry in 2024, with one of the major themes being the explosive growth of the stablecoin industry.

According to Bitwise, stablecoins will be used to settle more volume than Visa payments volume, describing the dollar and other asset-pegged tokens as one of crypto’s most “killer apps.”

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024 — Bitwise

Bitwise isn’t alone in its bullishness on stablecoins, with Circle CEO Jeremy Allaire predicting the explosive growth of the sector due to a “huge appetite” for digital dollars.

Bitcoin (BTC) is poised to record a new all-time high of $80,000 in 2024, the same year stablecoins are set to collectively settle more money than payments giant Visa, says a Bitwise senior research analyst.

In a Dec. 13 post on X (formerly Twitter), Bitwise’s Ryan Rasmussen outlined 10 bullish predictions for the crypto industry in 2024, with one of the major themes being the explosive growth of the stablecoin industry.

According to Bitwise, stablecoins will be used to settle more volume than Visa payments volume, describing the dollar and other asset-pegged tokens as one of crypto’s most “killer apps.”

Price analysis 12/13: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin and altcoins are trying to find support at lower levels, indicating that the sentiment remains positive, and that traders are buying the dips.

Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings.

However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity with dips being purchased and rallies being sold.

Cointelegraph contributor Marcel Pechman analyzed derivatives data and said that Bitcoin remains on track to hit $50,000 despite the recent correction. He added that chances of “cascading liquidations” were low as the correction seems to have been “primarily driven by the spot market.”

BTC price clears $41K as Bitcoin digests US macro data on Fed FOMC day

Bitcoin traders eye BTC price levels of interest as the U.S. PPI preserves the declining inflation narrative ahead of the Fed’s rates decision.

Bitcoin (BTC) recovered above $41,000 at the Dec. 13 Wall Street open as eyes focused on the United States Federal Reserve.

Data from Cointelegraph Markets Pro and TradingView showed BTC price strength gaining momentum on the latest U.S. macro data releases.

November’s Producer Price Index (PPI) print came in below expectations, further bolstering the extant narrative of declining inflation. The Consumer Price Index (CPI) print, while less encouraging, did not induce fresh pain for risk assets.