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Bitcoin: Are the 3 ETFs affecting Grayscale’s dominance in the market?

Grayscale was in the news this week after the fund manager’s Grayscale Bitcoin Trust (GBTC) dipped significantly against net asset value (NAV) with a record low of negative 14.31%. Much of this could be a result of the underlying asset’s downward trend which saw Bitcoin drop by roughly 8% before the weekend.  Data from YCharts […]

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Bitcoin may be stuck below $11k but its adoption is unhindered, here’s why

The crypto market saw a relatively stable week as Bitcoin continued its quest towards $11k. However, it has not been easy for BTC to surpass this level as every time it reaches close to $11k, the selling pressure pushes the price of the asset down. Even though the resistance was strong at $11,000, data suggests […] The post Bitcoin may be stuck below $11k but its adoption is unhindered, here’s why appeared first on AMBCrypto.

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MicroStrategy Gives Companies Indirect Access to BTC

The bitcoin space is being infiltrated by institutional players everywhere, the biggest one as of late being MicroStrategy, which has invested in more than $400 million in BTC over the past month. MicroStrategy Is Pushing the BTC Envelope MicroStrategy claimed that it was purchasing the BTC as a means of protecting itself against a weakening US dollar. Many now view bitcoin as something that can keep their wealth safe during times of economic strife. What’s interesting, however, is that several institutional platforms have also wound up investing in MicroStrategy, which has indirectly given them access to crypto. Some of these…

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Is Bitcoin’s volume spike hinting at possible OTC deals?

The rally is over and it is time for a correction. Ever since the beginning of September, the crypto market has been witnessing a long, overdue correction. This has resulted in the overall market cap to fall from $386.63 million to $334.28 million. Whereas the largest digital asset, Bitcoin has lost almost 13% of its value since the beginning of the month. As BTC cruises along with the $10k price level, the volume has also shown some signs of changes. As per data provided by analytics firm Arcane, the downward trend of real bitcoin volume stopped last week with the…

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Bitcoin’s price correction rewrites its relationship with the alts

The cryptocurrency market has been a great place for traders, until recently. Over the weekend there was a major correction setting in the market, that changed the existing trends in the market. As Bitcoin’s price crumbled under $12k, the unprecedented pressure in the market pushed its value briefly under $10k. The lowest price level seen by BTC during the course of correction was $9,825. However, the price managed to surpass the $10k price level and was currently trading at $10,175. Even though BTC lost nearly 13% of its value over the past week, the new consolidation point has been looked…

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Equinor to support Bitcoin mining in US with repurposed natural gas 

The international energy company, Equinor plans to repurpose gas flaring from U.S oil fields to support Bitcoin (BTC) mining, according to a new report from Arcane, a cryptocurrency market research hub.  Arcane Research said that it received screenshots from Equinor’s blog that detailed the company’s plans to use natural gas, instead of flaring it, in order to generate electricity. Gas flaring is a process often used by oil extraction firms that involves burning of excess gas, released during oil extraction operations.   The report highlighted Equinor’s understanding of the cryptocurrency mining industry which consumes a lot of electricity to power its…

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Grayscale’s Litecoin and Bitcoin Cash Trusts Trade for Tremendous Premiums

This week data from Arcane Research shows there’s been massive demand for Grayscale’s recently launched publicly traded crypto trusts. Following the trusts getting DTC eligibility last monday LTCN (litecoin) shares have been selling for a 753% premium while BCHG (bitcoin cash) shares have sold for a 351% premium. Grayscale Investments’ Litecoin Trust (LTCN) and Bitcoin Cash Trust (BCHG) are seeing intense demand since the official launch this past Monday. According to statistics from Arcane Research, LTCN was selling for a 753% premium while the BCHG trust was selling for a 351% premium. Trading of both trusts didn’t really pick up…

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Bitcoin [BTC] On-Chain Analysis Shows Bull-Run Fails to Please Hodlers

Bitcoin [BTC] price closed at an all-time second-highest on the monthly scale in July 2020. In previous times, the price was above current levels only for small periods of time; during the bull-run of 2017 and briefly around the $14,000 top in Bitcoin. #Bitcoin buys not in profit marked red pic.twitter.com/FKKFD2LpEL — Crypto₿ull (@CryptoBull) August 1, 2020 The on-chain metrics no. of UTXO Realized Price Distribution (URPD) shows that, Less than 10% of the $BTC supply was last moved at prices above $11,000. The research reveals that the maximum number of Bitcoins have been moved in the $7,000 – $10,000…

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Bitcoin Exchange Reserves Drop to a 12-Month Low Fueling Bullish Optimism

The number of bitcoin held on exchanges has touched a 12-month low, as bitcoin exchange balances have reached levels not seen since June 2019. According to onchain statistics, there’s more than 2.6 million BTC held on global trading platforms worldwide. Data from a number of sources show that the bitcoin (BTC) held on exchanges has dropped to a low not seen in over a year. This statistic gives crypto proponents bullish optimism, as the last time BTC exchange balances were this low the price of bitcoin (BTC) jumped very close to the $13k range last summer. As of July 30,…

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