Bitcoin Miners’ Record Earnings with Runes Launch
Author: Michelle Lazo
Bitcoin Whales Increase Holdings with $1.2B Purchase During Dip
As Bitcoin experienced a dip below $60,000, significant investors seized the opportunity, fueling a rapid market rebound. According to IntoTheBlock, large holders, known as whales, increased their BTC holdings by 19,760 coins, valued at over $1.2 billion, at an average price of $62,500 on Friday.
Whales, influential players in the crypto market, are closely watched for their buying and selling patterns, often signaling market movements. Their accumulation during dips historically precedes price surges, suggesting a bullish sentiment.
This surge in whale activity contrasts with earlier in the week when investors hesitated to capitalize on market weakness. The subsequent rebound past $65,000, following airstrikes in Iran, was partly attributed to spot BTC buyers.
Bitcoin’s consolidation around $60,000 comes ahead of its halving event on April 20, reducing miner rewards and curbing token issuance. Despite uncertainties, opportunistic buying between $60,000-$62,000 levels indicates underlying market support.
David Han from Coinbase (NASDAQ:COIN)Institutional notes the dual role of Bitcoin as both a risk asset and a safe haven, contributing to directional uncertainty amid market fluctuations.
Featured Image: Freepik
Bitcoin Steady Amid Geopolitical Tension, Halving Nears
Bitcoin bounced back from sharp losses triggered by escalating geopolitical tension, regaining ground as the situation eased. After plummeting over 6% to $59,643 earlier on Friday, the digital asset stabilized around $64,450 as of 8:53 a.m. in London. Other cryptocurrencies like Ether, Solana, and Dogecoin also found stability.
Israel’s retaliatory strike on Iran, following Tehran’s recent rocket and drone attacks, rattled global markets. However, reports reassuring the safety of nuclear facilities in Isfahan helped alleviate some concerns. Traditional safe-haven assets like bonds, gold, and the dollar pared gains, while stocks and US equity futures recovered from session lows.
Amidst the Middle East conflict, the spotlight remains on Bitcoin’s halving event scheduled for later on Friday, which will reduce new token supply.
Historically, halvings have driven up the price of Bitcoin. However, this time, Bitcoin hit a record high in mid-March prior to the event, raising questions about whether its potential impact has already been factored into the market.
Stefan von Haenisch, head of trading at OSL SG Pte, noted that ongoing Israel-Iran violence could create a “general risk-off sentiment across crypto.” Nonetheless, he believes it would require a “significant move lower” to reverse the bullish sentiment surrounding the halving.
Analysts at JPMorgan Chase & Co. and Deutsche Bank AG have suggested that the quadrennial halving is already largely priced in by investors. Ahead of the event, a group of three-month-old spot-Bitcoin exchange-traded funds in the US have witnessed five consecutive days of net outflows.
Featured Image: Freepik
Decade-Old Dogecoin Wallet Misses Out on Millions
In the volatile world of cryptocurrency, timing is everything. A recent example highlights the missed opportunities faced by some traders, particularly one long-time Dogecoin investor.
This investor, whose wallet had been accumulating DOGE since 2013, made a crucial decision to sell their tokens in late 2023, just before a significant price surge. Let’s delve into the details.
Initially investing a modest $146.87 in late 2013, the wallet amassed over 274,000 DOGE. Throughout 2014, further investments totaling around $5,000 were made, culminating in a final investment of $195.61 in early 2015.
During the subsequent years of dormancy, DOGE experienced a meteoric rise, particularly in 2021, fueled by social media hype and Elon Musk’s endorsements. At its peak, the wallet’s holdings soared to over $4 million.
However, the crypto market downturn in 2022 and 2023 saw DOGE’s value plummet by over 90%. Despite signs of recovery, the wallet’s owner chose to liquidate all tokens on Oct. 28, 2023, generating proceeds of $370,000.
Unfortunately, this timing proved suboptimal, as DOGE rallied soon after. Year to date, DOGE has surged over 60%, and since the sale date, it has soared more than 120%, reaching a peak of 23 cents in 2024.
Had the wallet held onto its tokens, it would have garnered an additional $450,000 in gains. Selling at the 2024 peak could have resulted in total proceeds of $1.25 million, underscoring the missed opportunity for significant profit.
Featured Image: Freepik
Copyright © 2012. 007 Stock Chat, LLC