Bitcoin Supply On Crypto Exchanges Begins to Drop as BTC Reclaims $33k

Bitcoin supply on crypto exchanges has once again started to drop, almost equaling January lows Bitcoin outflows from exchanges have exceeded inflows by 2,333 BTC in the last 7 days Elon Musk and ‘The ₿ Word’ Bitcoin conference is one reason BTC is bullish once again Jack Dorsey stating that Bitcoin will be a big part of Twitter’s future, is another fundamental reason why Bitcoin is above $33k Bitcoin supply on crypto exchanges has once again started to decline and is on a path towards equaling low levels last witnessed…

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Tesla Will Most Likely Resume Accepting Bitcoin (BTC) – Elon Musk

Elon Musk has stated that Tesla will most likely resume accepting Bitcoin for car payments He pointed out that Bitcoin mining had shifted more towards renewables as China clamped down on coal-powered BTC mining within its borders Mr. Musk made the comments during ‘The ₿ Word’ virtual conference that was attended by Cathie Wood, Jack Dorsey, Elon Musk and moderated by Steve Lee Bitcoin is once again trading above $32k and could be due to the statements by Elon Musk The Founder of Space X and CEO of Tesla, Elon…

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Bitcoin’s Address Growth Plateaus as BTC loses $30k Support

The growth of Bitcoin addresses has hit a plateau phase Bitcoin’s daily active addresses have also dropped from April’s peak of 1.366 million There are currently 845k daily active Bitcoin addresses, a drop by 38% from the aforementioned peak Bitcoin has lost the crucial $30k support to post a local low of $29,278 A loss of the $28k support will open the door to more losses to $23k or even $24k The growth of addresses on the Bitcoin network has plateaued. This milestone was identified by Bitcoin and Crypto analyst,…

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Bitcoin Could Bottom at around $14k to $15k – BTC Analyst

Bitcoin could bottom at around $14k to $15k Bitcoin also has a probability of bottoming at the 50-week moving average The 50-week MA is providing support at current levels around $31k Whichever scenario plays out, beginning to accumulate Bitcoin is not a bad idea $31k is the Bitcoin level to watch during the weekly close Bitcoin could bottom out at around $14k to $15k. This is according to an analysis shared by veteran Bitcoin analyst, MagicPoopCannon, in which he stated the following. I know I haven’t said much lately, but…

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Bitcoin (BTC) Dips to $32.2k as US Consumer Index Increases By 5.4%

The US Consumer Index has risen by 5.4% in June from a year ago This increment is the highest annual rate increment since August 2008 The US consumer is paying more for goods and services as inflation bites News of the increased Consumer Index has caused Bitcoin to once again lose its $33k support to post a local low of $32.2k The US Bureau of Labor Statistics has just released June’s Consumer Price Index which indicates that it has risen by 5.4% from a year ago. According to their analysis,…

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Bitcoin’s Hash Rate Originating From China Falls Below 50%

Bitcoin miners based in China now control less than 50% of the total BTC hash rate Hash rate originating within China is dropping as the government continues to crack down on Bitcoin mining The United States is the biggest beneficiary of the migration of mining away from China Bitcoin’s hash rate has also started to rebound after the massive dip due to China reiterating its ban on BTC mining Bitcoin’s hash rate originating from China and its territories has dropped to less than 50% of the total global BTC network…

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BTC Analyst: Bitcoin is Decentralized Gold, it Removes Gold’s Failures

Willy Woo is of the opinion that Bitcoin is decentralized gold He also adds that over time, the gold standard has failed with the subsequent introduction of fiat Traditional gold is also centralized hence Bitcoin removes the failures of Gold Bitcoin’s $30k continues to be the level to watch moving forward Bitcoin’s $20k is the next level of macro support if $30k fails Veteran Bitcoin analyst, Willy Woo, is of the opinion that Bitcoin is not only digital gold but also decentralized gold. Mr. Woo shared his analysis of Bitcoin…

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Bitcoin Addresses Growth and Metrics ‘Look Terrible’ – BTC Analyst

Bitcoin’s daily active addresses have halved since BTC’s most recent all-time high of $64,854 Bitcoin whales who sold at the top in mid-April are yet to start accumulating BTC New address growth on the Bitcoin network has dropped to levels last seen in early 2018 All these metrics negate what some traders and analysts have been posting about Bitcoin having bullish on-chain metrics Bitcoin analyst and Founder of Capriole Investments, Charles Edwards, has identified several concerning metrics with respect to BTC’s daily active addresses and the growth of new addresses…

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Grayscale Selects BNY Mellon To Service its Bitcoin Trust & Future ETF

Grayscale Investments has entered an agreement with The Bank of New York Mellon Corporation, also known as BNY Mellon Effective Oct. 1st, BNY Mellon will become an asset servicing provider for the Grayscale Bitcoin Trust BNY Mellon will also provide transfer agency and ETF services for the Grayscale Bitcoin Trust once it gets converted into an ETF in the future As of March 31st, 2021, BNY Mellon had $41.7 Trillion in assets under custody and/or administration The Wall Street firm of Grayscale Investments has announced a new agreement with The…

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Bitcoin (BTC) Sentiment Remains Negative, Nears 3-year Lows

Crowd sentiment towards Bitcoin continues to dip to negative territory Bitcoin sentiment is at negative levels last witnessed in October 2020 At current rates, it could keep falling to negative levels last seen in June 2018 The Crypto fear and greed index is at 20, its lowest since April 2020 Bitcoin’s price action remains uneventful with $33k being the level to watch during the weekly close Crowd sentiment towards Bitcoin continues to tread in negative territory. This is according to an analysis shared by the team at Santiment who also…

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