Bitpay Statistics Show the Use of Bitcoin for Payments Is Dwindling

bitpayThe use of bitcoin as a digital currency for payments has gone down significantly, according to the numbers stemming from Bitpay, one of the leading cryptocurrency payments processors. While most of the purchases were made with bitcoin back in 2020, this dominance has dwindled, opening the space for other tokens and currencies, such as ethereum […]

Polygon Gains Massive Edge As It Activates MATIC Burn Via Ethereum’s Groundbreaking EIP-1559

Polygon Gains Massive Edge As It Activates MATIC Burn Via Ethereum's Groundbreaking EIP-1559

At exactly 2:28:02 AM +UTC today, the Ethereum EIP-1559 upgrade went live on Polygon Mainnet in a rare moment of consensus among stakeholders bringing with it the burning of the native MATIC token and better fee visibility. Polygon, also known as “Ethereum’s internet of Blockchains” had not until now, had any coin burn mechanism for […]

Bitcoin & cryptocurrency news

Crypto Mining Hearing Memo Tainted With “Approximate” Data

Reading Time: 2 minutes A memo published in advance of a crypto mining hearing has highlighted the inaccuracies perpetuated by so-called studies The memo cited ‘research’ that cites “approximate figures” The report also doesn’t name any of the “external sources” from which it got its data The forthcoming congressional hearing over the impact of cryptocurrency mining is not one that the crypto industry is particularly looking forward to, and if the preliminary notes are anything to go by then it’s clear to see why. The 9-page memo released ahead of the hearing contains a number of statistics that paint the crypto mining space in

The post Crypto Mining Hearing Memo Tainted With “Approximate” Data appeared first on FullyCrypto.

Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to loss

A historically significant 30% of the Bitcoin supply is now held at a loss — and that has ended in a bullish rebound twice since March 2020.

Bitcoin (BTC) hodlers face a crucial week in more ways than one as $42,000 rekindles a familiar battle.

As noted by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.

Mixed opinions on rebound chances

Bitcoin’s descent from $69,000 to current levels — at one point over 40% — is nothing unusual, but for long-term investors, there is a specific reason to hope that current support holds.

Looking back at historical price performance, Glassnode reveals that once 30% of the supply goes “underwater,” price rebounds often occur.

“As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric,” staff explained in the latest edition of its weekly newsletter, The Week Onchain, describing bulls as “under siege.”

“This magnitude of ‘top heavy supply’ was defended in two instances in the last few years.”

These were the post-Covid market crash in March 2020 and summer 2021, in the aftermath of the China mining crackdown. The 30% in-loss level resulted in an upside impulse move for spot price in both instances.

Bitcoin percent of supply in profit annotated chart (screenshot). Source: Glassnode

Continuing, Glassnode acknowledged that the same result is nonetheless far from guaranteed this time around.

“The reaction from this level will likely provide insight into the medium-term direction of the Bitcoin market,” the newsletter continued.

“Further weakness may motivate these underwater sellers to finally capitulate, whereas a strong bullish impulse may offer much needed psychological relief, and put more coins back into an unrealized profit.”

Others were more optimistic, with fellow on-chain platform CryptoQuant expecting a bullish outcome.

“The bull run in July had just begun when it had previously risen to these levels. The bulls are aggressively preparing for the new run,” a blog post argued about the profit-to-loss ratio.

“A hodler-dominated market”

Earlier, Cointelegraph reported on the continued steely resolve by both long-term holders (LTHs) and miners when it comes to preserving their assets.

Related: What bear market? Current BTC price dip still matches previous Bitcoin cycles, says analyst

With short-term holders (STHs) — defined by Glassnode as coins moving in the past 155 days — staying low as a proportion of the overall supply, hope remains that the worst of the capitulation following all-time highs has been and gone.

“The supply held by this cohort sits at ~3 million BTC, a relative historical low, and a level that signifies a transition into a HODLer dominated market,” the newsletter continued.

“This has been in effect since the May 2021 deleveraging event. Low STH supply levels are typical of bearish trends, as old coins remain dormant, and younger coins are slowly accumulated by high conviction buyers.”

Bitcoin supply held by STHs vs. LTHs annotated chart (screenshot). Source: Glassnode

The post Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to loss appeared first on CoinRegWatch.

Robinhood on Listing More Cryptocurrencies: ‘It’s Important That We Get a Bit More Clarity From Regulators’

Robinhood on Listing More Cryptocurrencies: 'It's Important That We Get a Bit More Clarity From Regulators'Robinhood’s chief financial officer has revealed the popular trading platform’s crypto priority and the potential of listing more cryptocurrencies. “We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators,” he emphasized. Robinhood Waiting for Regulatory Clarity The chief financial officer (CFO) […]