Bitcoin

Grayscale has failed to convince the Securities and Exchange Commission (SEC) to accept its spot Bitcoin ETF application. Following months of negotiations and campaigning to kindly persuade regulators, the fund will now take legal action against the commission. Why the Rejection? According to the SEC’s filing on Wednesday, Grayscale failed to prove that its product could protect investors, or prevent market manipulation. “As the Commission has explained, an exchange that lists bitcoin-based ETPs12 can meet its obligations…  by demonstrating that…

MicroStrategy – the world’s largest corporate holder of Bitcoin – recently cast another $10 million towards its digital asset position. That brings the company’s total stash up to 129,699 Bitcoin. In a tweet on Wednesday, MicroStrategy CEO Michael Saylor revealed that his company had purchased another 480 Bitcoin. Those Bitcoin were purchased at an average price of $20,817 per coin, totaling a 10 million dollar purchase. That’s one of the best bargains the company has received on a Bitcoin buy…

Famous investor and life coach Robert Kiyosaki tweeted this morning that he was waiting for Bitcoin to dip to $1,100. While there is evidence that the celebrity author intended to tweet “$11,000”, several Bitcoin enthusiasts still don’t agree with his analysis.   Typo or  Impossible Prediction? The author of ‘’Rich Dad, Poor Dad’’ took to social media around 1:30 am UTC to share his “buy-the-dip” plans. Robert Kiyosaki has long been a crypto proponent and Bitcoin bull. However, despite his position…

Grayscale – the world’s largest Bitcoin fund – will see its Bitcoin Spot ETF application approved or denied by next week. Ahead of the Security and Exchange Commission (SEC)’s decision, CEO Michael Sonnenshein has issued a reflection letter to investors. He details the progress they’ve made with the transition, including thousands of SEC-directed letters from investors encouraging its acceptance. A Drawn-Out Battle In his letter shared on Monday, the CEO reminds investors that GBTC was designed to be an ETF…

America’s Libertarian party – the nation’s third-largest political party – made a statement on Sunday that possibly signals support for cryptocurrency. The tweet advocated for the “separation of money and state” as an “imperative” for individual freedom. “A decentralized, immutable currency that scales and is salable over time and space will combat the power of the regime,” it reads. The statement seems to highlight properties for which Bitcoin is often praised. The primary cryptocurrency is known for being the first…

The increasing pressure for Bitcoin (BTC) miners to sell their holdings could further exacerbate the bear market. American multinational investment bank JPMorgan Chase strategists said in a note on June 24. Led by Nikolaos Panigirtzoglou, the strategists believe miners are selling their BTC holdings to cover operations costs. According to the strategists: Offloading of Bitcoins by miners, in order to meet ongoing costs or to deliver, could continue into Q3 if their profitability fails to improve. Panigirtzoglou and his team…

The electricity consumption of Bitcoin mining companies has plunged significantly in the wake of the intensifying crypto winter. Crypto analyst Digiconomist revealed this news in its Energy Consumption Indices for Bitcoin (BTC) and Ethereum (ETH). According to the BTC index, the electricity consumption of Proof-of-Work (PoW) miners has plunged nearly 36% in under two weeks. Specifically, BTC’s energy use fell from 204.50 TWh on June 11 to 131.68 TWh on June 23. Despite declining by over a third, BTC’s energy…

Following Bitcoin’s steep price collapse starting in May, the mining industry has been significantly less profitable. Data has now surfaced that miners sold more than 100% of the Bitcoin they generated last month. Miners Capitulating According to a report from Arcane Research published on Monday, miners have held on to most of their accumulated coins since the beginning of the year. Selloffs were only roughly 30% of productions from January through April. That changed quickly in May, with the number…

Ethereum co-founder Vitalik Buterin called out the popular Bitcoin price-analyst “Plan B” on Tuesday. He mocked the analyst’s trademark Stock-to-Flow (S2F) price prediction model, suggesting that it was irresponsible to share from the start. S2F ‘Not Looking Good’ In a tweet hours ago, Vitalik posted a picture of Bitcoin’s price plotted against the S2F model. “Stock-to-flow is really not looking good now,” he commented. With Bitcoin’s recent declines, the price has deviated even further from Plan B’s more bullish modeling…