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BTC

Bitcoin  

#BTC

BTC Price:
$23,387
Volume:
$11 B
All Time High:
$68,781
Market Cap:
$451 B


Circulating Supply:
19,281,631
Exchanges:
196
Total Supply:
19,281,631
Markets:
3700
Max Supply:
21,000,000
Pairs:
5314



  BTC PRICE


The price of #BTC today is $23,387 USD.

The lowest BTC price for this period was $0, the highest was $23,387, and the current live price for one BTC coin is $23,387.31228.

The all-time high BTC coin price was $68,781.

Use our custom price calculator to see the hypothetical price of BTC with market cap of XRP or other crypto coins.


  BTC OVERVIEW


The code for Bitcoin is #BTC, and the symbol for #BTC is .

Bitcoin is 14.1 years old.


  BTC MARKET CAP


The current market capitalization for Bitcoin is $450,945,525,481.

Bitcoin is ranked #1, by market cap (and other factors).


  BTC VOLUME


The trading volume is huge today for #BTC.

Today's 24-hour trading volume across all exchanges for Bitcoin is $10,831,666,874.


  BTC SUPPLY


The circulating supply of BTC is 19,281,631 coins, which is 92% of the maximum coin supply.

A highlight of Bitcoin is it's limited supply of coins, as this supports higher prices due to supply and demand in the market.


  BTC EXCHANGES


BTC is well integrated with very many pairings with other cryptocurrencies and is listed on at least 196 crypto exchanges.

View #BTC trading pairs and crypto exchanges that currently support #BTC purchase.


  BTC RESOURCES


Websitebitcoin.org
Whitepaperbitcoin.org/bitcoin.pdf
Redditr/bitcoin


  BTC NEWS


Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Tim...

    The last two mining difficulty changes on the Bitcoin network have driven difficulty to an all-time high, causing a decrease in hashrate and block interval speed. Before the latest difficulty retarget increase of 4.68%, block intervals were faster than the 10-minute average, at approximately 8 minutes 54 seconds to 9 minutes 31 seconds. However, since the change, block times have slowed, with statistics showing durations of 10 minutes 44 seconds to 10 minutes 36 seconds.Slower-Than-Average Block Intervals May Lead to Decrease in Bitcoin Mining Difficulty ??The next mining difficulty change is slated for Feb. 12, 2023. At the time of writing, metrics indicate the difficulty could drop as low as 5.6% below the current rate. The decline in estimated mining difficulty for Bitcoin is due to slower-than-average block intervals. Prior to the last two difficulty increases, block times were faster, leading to the increases. Currently, data shows that block times have slowed since the last difficulty change, with times ranging from 10 minutes 44 seconds to 10 minutes 36 seconds. Bitcoin's hashrate has been below average, with an average of 279 exahash per second (EH/s) over the past 2,016 blocks. As of 11:30 a.m. ET on Feb. 4, 2023, statistics show the hashrate at 258 EH/s. On Feb. 1, 2023, the total hashrate dropped to 217 EH/s after reaching a peak of 279 EH/s the previous day. The hashrate then increased, reaching 309 EH/s on Feb. 2, before declining 16.50% to its current level of 2... read More



Debate Intensifies Over Significance and Implications of Ordinal Inscrip...

    During the past two weeks, members of the cryptocurrency community have discussed the non-fungible token (NFT) concept known as Ordinals. Since the 3.96 MB block (#774,628) was mined, there has been a significant increase in Ordinal inscriptions on the Bitcoin blockchain.Ordinal Inscriptions on Bitcoin Blockchain Spark Debate Among Crypto Community The controversial NFT concept known as Ordinals, which uses the Bitcoin blockchain to mint inscriptions, has been a highly topical subject recently. Since its introduction, there has been a marked increase in the number of inscriptions being added to the Bitcoin blockchain in a permissionless manner. This includes JPEG images, NFTs from other blockchains like Bored Apes, and even a DOOM video game file. The biggest surprise was when the Luxor mining pool mined a 3.96 MB block (#774,628) that contained Ordinal inscription #652, a JPEG image of a wizard. Since that block was mined, the number of Ordinals minted has increased further and the mint rate has grown significantly since the project's inception. According to statistics from Dune Analytics, until Jan. 20, 2023, there were fewer than 10 Ordinals minted daily. By Jan. 22, the number rose to 36. On Jan. 29, 2023, there were over 100 mints, and the next two days saw numbers just under 75. After the Luxor block with inscription #652 was produced, the number of mints surged to 420 on Feb. 2, 2023, and the next day saw 203 Ordinal inscriptions. There have also been a number of lar... read More



Marathon Digital Discards HODL Strategy: Sells BTC After More Than 2 Yea...

    Marathon Digital Holdings - one of the leading bitcoin miners - mined 687 BTC in January 2023, a 45% increase compared to the last month of 2022.  However, the company shifted from its non-selling strategy, parting with 1,500 BTC to cover operational expenses. Change of Plans Marathon started the year by producing 687 BTC in January, a significant increase compared to 475 BTC in December 2022. Fred Thiel - Chairman and CEO - explained that the better results resulted from the 'team's ability to work in tandem' with the new hosting provider in McCamey, Texas.  'We believe the improvements in our operational efficiency, along with the proactive measures we have taken to strengthen our balance sheet, have placed Marathon in a strong position to achieve our growth and operational targets in 2023,' he stated. However, bitcoin's price surge during the first month of 2023 pushed Marathon to sell 1,500 BTC of its holdings. The generated funds will cover operating expenses and will be used for general corporate purposes. This is the first time since October 2020 that the firm has decided to cash out a portion of its stash. Its total ownings stand at 11,418 BTC, of which 8,090 BTC (around $190 million at current prices) are unrestricted. In addition, Marathon ended the month with $133.8 million in unrestricted cash on hand. The company aims to optimize its mining performance throughout 2023 and install around 23 exahashes of computing power by the middle of the year... read More



Shiba Inu Explodes 11%, Bitcoin Stalls at $23K (Weekend Watch)

    Bitcoin was quite volatile after the US Federal Reserve announced the latest interest rate hike, which ultimately resulted in tapping a new 5-month high. Since then, though, the asset has calmed at around $23,000. Several altcoins have outperformed it in the past 24 hours, including Shiba Inu, which has soared by double digits. Bitcoin Drops Back Down to $23K Despite losing some ground at the end of January, BTC still closed it well in the green, posting its best month since October 2021 with gains of roughly 40%. February started on a calmer note, with the cryptocurrency sitting below $23,000. All eyes were on the Federal Reserve on February 1 when it concluded its first FOMC meeting of the year, increasing the key interest rates by 25 basis points. Bitcoin didn't react at first, unlike previous hikes, and just dipped to $22,800 later. However, the bulls stepped up in the following hours and pushed the asset north hard, gaining over $1,500 at one point and registering its highest price tag since mid-August. However, BTC failed to continue upwards despite another attempt to decisively overcome $24,000 and fell back down to around $23,000, where it's currently situated as well. Its market cap is still around $450 billion, but its dominance over the alts is down by over 1% in the past week or so to 41.6%. BTCUSD. Source: TradingView SHIB Takes the Main Stage Most altcoins have posted more impressive gains in the past 24 hours, led by Shiba Inu. The second-largest memecoin has s... read More



Craig Wright's Case Against Bitcoin Developers Headed to Full Trial

    Tulip Trading – a Seychelles-based company founded by Craig Wright – has successfully brought its case against multiple Bitcoin developers to trial in the United Kingdom.  Wright’s firm alleges that these developers owe “fiduciary duties,” or “duties of care” to police and control the Bitcoin network.  The Duties of Bitcoin Developers The ruling, handed down on February 3, marks a successful appeal from Tulip to the U.K. Court of Appeals to overturn a decision previously dismissed in March 2022.  Initially, a judge had ruled against Tulip on the merit of its claim, arguing that “there was no realistic prospect of establishing that the facts pleaded amount to a breach of fiduciary or tortious duty owed by the defendants to Tulip.” Among the 16 named defendants were Bitcoin Core’s former lead maintainer Wladimir Jasper van der Laan, “Bitcoin Jesus” Roger Ver, and the Bitcoin Association for BSV. When the court overturned the ruling on Friday, it determined that Tulip’s claims present a “serious issue to be tried,” rather than a “fanciful prospect of success.” A full trial is now expected early next year in London.  As listed in the court documents, Tulip had four main grounds for appealing their case. These included the facts that the case applied to a developing area of the law, and that the judge was wrong to assume Tulip had no real prospect of proving it... read More



Bitcoin Taps 5-Month Highs, Fed Hikes Rates as Expected, Optimism (OP) L...

    The past seven days saw the total cryptocurrency market capitalization increase by around $35 billion, and the industry continues to recover from the multitude of bankruptcies in 2022. Some argue that the pace of the recovery is slowing down and that this might be the cause for another bearish reversal. Others are making a bullish case because they expect the US Federal Reserve to pivot in its monetary policy and to slow down in increasing interest rates. This is supported by this week's FOMC meeting when the Fed hiked the rates with 25 basis points - exactly as many expected. This had a positive impact on the markets as a whole. Bitcoin soared to a high above $24,000 for the first time since August 2022, while the rest of the market also rallied. There's been a correction since, and at the time of this writing, BTC trades at around $23,500, charting an increase of 2.7% for the week. That said, the increase in BTC's dominance has been slowing down for the past couple of weeks, indicating that altcoins are starting to catch up. Some of the coins with larger capitalization, such as Fantom (FTM), are up 30% on the weekly. ATOM is up 15%, while Avalanche is up 17.4%. The field of decentralized finance is also on the rise, with Ethereum layer-two scaling solution Optimism leading the charge. Its native cryptocurrency - OP - is up a whopping 45% in the past seven days alone, bringing its total gains to more than 230% for the month. All in all, the predominant market sentiment has a... read More



Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead ...

    Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today's U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000. Ethereum was also in the red, giving up a five month peak in the process.Bitcoin Bitcoin (BTC) fell lower on Friday, as market volatility rose ahead of the latest U.S. non-farm payrolls (NFP) report. Following a high of $24,091.54 on Thursday, BTC/USD dropped to an intraday low of $23,390.38 earlier today. Friday's fall comes as BTC bulls were unable to sustain a breakout of a key resistance level at $24,000. One of the reasons behind this was the 14-day relative strength index (RSI), which also failed to break out of a recent ceiling at 74.00 As of writing this, the index is now tracking at 69.48, which is slightly above support level at the 68.00 mark. Should this floor fail to hold during today's session, then there is a strong chance that BTC will move below $23,000. Ethereum In addition to BTC, ethereum (ETH) also retreated from recent gains, with prices giving up a five month high. ETH/USD surged to a peak of $1,704.46 on Thursday, which was its highest point since September 13. However, with the NFP fast approaching, market momentum has marginally moved, with ETH falling to a low of $1,634.22 earlier in the day. Looking at the chart, the sell off also coincided with the RSI hove... read More



South African Retailer Pick n Pay Now Accepting Payments via BTC at All ...

    Pick n Pay, one of South Africa's leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay's customers can now buy items such as groceries, airtime and electricity tokens. Using BTC for Everyday Purchases Just a few months after it began accepting bitcoin payments at selected outlets, the South African retailer, Pick n Pay (PNP) now reportedly accepts bitcoin at its more than 1,500 stores across the country. According to reports, PNP customers can now buy groceries, airtime and electricity using the bitcoin lightning network. As reported by Bitcoin.com News in Nov. 2022, the South African retail giant's acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct Authority (FSCA)'s decision to declare crypto a financial product. Before that, PNP said it had experimented with BTC payments at one of its staff canteens in 2017. While the experiments were successful the retailer said using the technology was at that time seemingly not cost-effective. BREAKING: 🇿🇦 One of South Africa's largest retailers, Pick n Pay, now officially accepts #Bitcoin and Lightning payments in ALL of its over 1,500 stores 🙌 - Bitcoin Magazine (@BitcoinMagazine) February 1, 2023 Reacting to the announcement, Crypto QR, a South Africa-based crypto payments firm, saluted PNP's move which allows residents to use bitcoin for everyday purchases. 'Good news, eve... read More



Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still St...

    Bitcoin price is correcting gains below the $24,000 zone. BTC is holding the $23,250 support and might attempt another increase in the near term. Bitcoin is correcting gains from the $24,250 resistance zone. The price is trading above $23,250 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $23,250 support zone. Bitcoin Price Remains Supported Bitcoin price attempted an upside break above the $24,000 resistance zone. BTC spiked above the $24,250 level, but there was no upside continuation. A high was formed near $24,282 before there was a downside correction. The price declined below the $24,000 level. There was a move below the 50% Fib retracement level of the upward wave from the $22,752 swing low to $24,282 high. However, the bulls seems to be active above the $23,250 support zone. Bitcoin price is still trading above $23,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $23,300 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $22,752 swing low to $24,282 high. An immediate resistance is near the $23,950 level. The next major resistance is near the $24,250 zone. A clear move above the $24,250 resistance might start a decent increase. Source: BTCUSD on... read More



Robert Kiyosaki Discusses Why Gold, Silver, Bitcoin Are Rising Higher

    The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has shared his view on why the prices of gold, silver, and bitcoin are rising higher. Noting that silver is cheap right now, Kiyosaki urged investors to buy a silver coin and start getting richer.Robert Kiyosaki Bullish on Gold, Silver, Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts on why the prices of his top three investment picks - gold, silver, and bitcoin - are going up. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted a question Tuesday asking why gold, silver, and bitcoin are going higher. He then answered his own question, stating that it is because the poor and middle class in the U.S. are getting poorer and deeper into debt. 'Please don't get poorer,' he stressed, urging investors to buy at least one silver coin that costs only $30 right now to start getting richer. The famous author previously explained that he expects gold, silver, and bitcoin owners to get richer when the Federal Reserve pivots and prints trillions of 'fake' dollars. Noting that the stock market will crash and send the prices of gold and silver higher, he predicted that gold will soar to $3,800 while silver will rise to $75 this year. 'If Fed continues raising in... read More



Bitcoin Will Not Be an Effective Money, Says Ray Dalio

    Ray Dalio – founder of Bridgewater Associates – doubts Bitcoin’s ability to work as money, and thinks it receives outsized attention compared to the size of its market cap.  That said, the billionaire believes the existing monetary system is “in jeopardy,” due to excessive money printing by central banks globally.   Bitcoin: Not Related to Anything In an interview with CNBC’s Squawk Box on Thursday, Dalio said that while Bitcoin has accomplished “amazing” things over the past 12 years, it ultimately has “no relation to anything.” “It’s a tiny thing that gets disproportionate attention,” he said. “The value of Bitcoin is less than a third of the value of Microsoft stock.” The investor added that industries like Biotech are far more interesting than Bitcoin and that the latter cannot be an “effective money” – whether as a store of wealth or a medium of exchange.  This criticism is nothing new: Multiple central bankers including former Fed chair Ben Bernanke, and Riksbank – the central bank of Sweden – argue that Bitcoin’s price volatility makes it a poor value preserver and ineffective tool for trade. Supporters of the asset argue that Bitcoin’s long-term performance provides evidence to the contrary, and that its fixed supply could make it a global store of value within a decade.  In fact, Dalio concedes the unlimited sup... read More



Bitcoin Records Largest Mined Block to Date, 4 MB Block Containing NFT C...

    Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the Bitcoin-issued non-fungible token (NFT) has generated significant discussion.Small Block Advocates Speak Out Against the 4 MB Bitcoin Block With NFT Inscription On Feb. 1, 2023, the Luxor mining pool mined the largest block (#774,628) ever recorded on the Bitcoin network, approximately 3.96 MB. The coinbase parameter of the block contains a message indicating its discovery by Luxor. The mining pool also took to Twitter to inform the community about the discovery and the reason for the large size of the block. 'Last night, Luxor harnessed its magic energy and freed an ancient wizard from his cosmic cage where he had been trapped for many epochs,' the mining pool tweeted. 'Keen observers of the chain of time may have noticed a 4 MB anomaly, unlike anything seen before. Will there be others?' The tweet also included an image of the 'Taproot Wizard,' an Ordinal inscription #652, attached to the block. Taproot, a feature applied to the Bitcoin network on Nov. 12, 2021, was activated at block height 709,632 and brought several new benefits to BTC users. A 3.96 MB block #774628 has been just added to Bitcoin by @LuxorTechTeam exploiting buggy Taproot! The previo... read More



Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $2...

    Bitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision. On Wednesday, the central bank moved to increase rates by 25 basis points, while signaling that further hikes could be on the cards. Ethereum also rallied, with prices nearing $1,700. Bitcoin Bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August. The move came as the Federal Reserve opted to increase interest rates by 25 basis points in its latest policy meeting. As a result, BTC/USD rose to an intraday high of $24,167.21, less than 24-hours after it was trading at a low of $22,877.75. Thursday's surge saw the world's largest cryptocurrency climb to its strongest point since August 16, when prices reached a peak of $24,448. This took place as the 14-day relative strength index (RSI) moved away from a recent floor at 68.00, and is now tracking at 74.10. Should price strength continue on this course, a resistance level of 77.00 will likely be a target for current bulls. Ethereum Ethereum (ETH) also made significant gains in the last 24 hours, as traders pushed prices close to the $1,700 mark. Following a low of $1,566.86 on Wednesday, ETH/USD raced to a peak of $1,689.07 earlier in today's session. This rally in price saw ethereum move to its highest mark since September 12, when ETH reached a top at $1,761. Looking at the chart, today's five-month high came as ETH broke out of its long-ter... read More



Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since No...

    On-chain data shows the Bitcoin short-term holder profit-taking has reached high levels not seen since the November of 2021. Bitcoin Short-Term Holder SOPR Has Shot Up Recently As pointed out by an analyst in a CryptoQuant post, a near-term top usually becomes more probable when this trend forms for BTC. The relevant indicator here is the 'Spent Output Profit Ratio' (SOPR), which tells us whether the average Bitcoin investor is selling at a loss or at a profit right now. When the value of this metric is greater than 1, it means the holders as a whole are realizing some profit on their selling currently. On the other hand, values below the threshold suggest the overall market is selling at some loss at the moment. Naturally, the indicator having a value exactly equal to 1 would suggest the average investor is just breaking even right now as the total amount of profits being realized in the market is equal to the losses currently. The SOPR here covers the entire market, but the metric can also be modified to cover only certain segments of the market. One major part of the sector is made up of the 'short-term holders' (STH) which is a cohort that includes all investors that acquired their coins within the last 155 days. Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin SOPR specifically for these STHs over the last several years: As displayed in the above graph, the 30-day MA Bitcoin STH SOPR had been below a value of 1 throughout the 2022 bea... read More



Nigerian Crypto Users and Enthusiasts Dismiss 100% BTC Premium Claims

    Nigerian blockchain and crypto enthusiasts have said recent reports suggesting that local residents are paying a premium of almost 100% on top of the prevailing price of bitcoin 'are totally false.' They argue that such reports are based on a claim that is being propagated by persons who do not fully grasp the dynamics in the country and should therefore be ignored.Supposed 100% BTC Premium Generates Global Interest Some Nigerian crypto and blockchain users and enthusiasts have said recent reports suggesting that the value of BTC on local crypto exchanges is nearly double the prevailing U.S. dollar value are totally false. According to the users, the reports are based on tweets posted by social media users who do not fully understand how Nigerian residents use local crypto exchange platforms. Look how much Nigerians are paying for #Bitcoin right now on @paxful pic.twitter.com/WxAam58mWR - 🧡NEEDcreations is stacking sats & jamming to EDM (@NEEDcreations) January 30, 2023 The pushback by the Nigerian enthusiasts and influencers came as the claim, which was reportedly sparked by a single tweet, continues to generate interest among bitcoiners. In their initial tweet thread, the user shared a screenshot which suggested that Nigerians are buying one BTC on the peer-to-peer platform Paxful at $47,924. The user also claimed that the recent cash withdrawal restrictions imposed by the Nigerian central bank have seen many residents swap their naira for BTC. This has helped pus... read More



Bitcoin Soared to 5-Month High Above $24K Following Fed's Interest Rate ...

    Although BTC didn't react at first to the US Fed interest rate spike, the asset went on a roll hours later, registering a new highest price level in over five months. Most altcoins have charted even more impressive gains on a daily scale, with ETH soaring to $1,700 earlier. Bitcoin Spiked Above $24,000 The primary cryptocurrency closed its best January since 2013, marking a monthly increase of almost 40%. This came as the asset finally broke above $17,000 at the start of the year and jumped to almost $23,000 by the end of the month. However, there were some expectations of enhanced price volatility yesterday - February 1 - as the US Federal Reserve was scheduled to conclude its first FOMC meeting of the year. Most estimations showed that the central bank will increase the interest rates by 25 basis points, which is typically regarded as bullish for the risk-on assets given the previous hikes of 75 points. The Fed followed through, bringing the interest rates to 4.75%, and Powell suggested that there could be just a couple more increases. BTC didn't react at first, but the landscape changed in the following hours. The asset first dipped below $23,000 before it shot up to $24,350 (on Bitstamp). This became its highest price tag since mid-August 2022. Bitcoin has lost some value since that local peak but still trades well in the green on a daily scale. As such, its market cap has touched $460 billion, and its dominance over the alts sits tight at 42.2%. BTCUSD. Source: TradingVi... read More



Bitcoin Price Rally Post Fed Rate Hike Could Gather Momentum, Here's Why

    Bitcoin price is rising and gaining pace above the $23,500 resistance. BTC climbed to a new yearly high after the fed increased rates by 25bps. Bitcoin is up over 3% and there was a clear move above the $23,800 resistance. The price is trading above $23,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $23,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally further if it stays above the $23,500 support zone. Bitcoin Price Rips Higher Bitcoin price formed a base above the $22,500 support zone. BTC started a fresh increase and was able to clear the $23,200 resistance zone. Later, the fed announced a small rate hike as expected, sparking bullish moves in btc. The price gained pace for a move above the $23,500 resistance. There was a break above a major bearish trend line with resistance near $23,100 on the hourly chart of the BTC/USD pair. It even pumped above the $24,000 resistance zone and traded to a new yearly high at $24,282. It is now correcting gains and traded below $24,000. There was a move below the 23.6% Fib retracement level of the upward move from the $22,753 swing low to $24,282 high. Bitcoin price is now trading above $23,500 and the 100 hourly simple moving average. An immediate resistance is near the $24,100 level. The next major resistance is near the $24,250 zone. A clear move above the $24,250 resistance might send the price further higher. Source: BTCU... read More



Are Nigerians Really Buying Bitcoin For As High As $34,000?

    Over the last couple of weeks, reports have emerged that crypto users in Nigeria have been buying bitcoin (BTC) for a pretty hefty premium. On the surface, it may seem that these reports are accurate, but they are essentially wrong, and this report will address how. Nigerians Are Not Buying Bitcoin For $34,000 The reports that have emerged have claimed that Nigerians are currently buying bitcoin at a price of $34,000. These reports take into account the fact that the digital asset is currently selling for over 17 million Nigerian Naira on P2P platforms (which is the only way Nigerians can buy and sell crypto, by the way) but they then U.S.e the official central bank rate of $1 to 459.89 Naira to arrive at the $34,000 figure.  Now, as previously mentioned, this might seem right on the surface but it is not, and that is because there are currently two different U.S. dollar rates in the country. The central bank rate and the black market rates differ widely. As of February 1, the black market rate for the U.S. dollar to Naira is around 750 which is what the broader population of the country uses. If the price of BTC is converted using the official central bank rate, then it is at the $34,000 figure. But since citizens can literally not get dollars in the country except for official purposes and international school fees payments, and even then it can be a nightmare, the black market rate is what residents of the country go with.  Using this black market rate, you will... read More



FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here's Why

    Bitcoin is shaking off sellers of January 30, price action on late February 1 shows. The FED Raises Interest Rates The spark in BTC demand is because of Federal Reserve (FED) Chair Jerome Powell’s comments on the general economy and the central bank's monetary policy stance going forward.  In recent months, Bitcoin and crypto prices have been sensitive to inflation readings. News that inflation fell in December 2022 triggered a bull run, with analysts predicting the end of the FED’s hawkish regime in early February. Surprisingly, after the FED raised rates, pushing the current fund rate to 4.75%, BTC and crypto prices fell. It was until an hour later when Jerome Powell took to the podium in a highly anticipated presser.  Minutes after the chair began speaking, BTC prices rallied from $22,780 to over $23,500, adding about 3.5%. The chair’s comments on inflation and labor expectations and the route the central bank plans to take in the next few months triggered demand across the financial markets, including Bitcoin.  Most importantly, Powell relayed what was mostly expected by traders and investors. The chair confirmed that inflation has been improving, decreasing in most core sectors, excluding housing. In December, when inflation dropped to 6.5%, it was the sixth consecutive time the critical metric has been tapering after peaking in mid-2022. While dropping inflation is welcomed, the FED chair said the central bank needs to see more evide... read More



How Bitcoin Reacted to January's Highly Anticipated FOMC Meeting

    Following another Federal Open Markets Committee (FOMC) meeting on Wednesday, the Federal Reserve agreed to raise its benchmark interest rate by 25%. Bitcoin did not react with its usual fervor to the news, continuing to trade slightly above $23,000.  The rate hike brings the Fed’s benchmark rate between 450 and 475 basis points – its highest level since late 2007. The 25-point raise was in line with market expectations, and milder than December’s 50-point hike.  Bitcoin traded for roughly $23,000 prior to the announcement and saw little action in its aftermath. It briefly rose to $21,150, only to return to $23,050 at writing time.  Bitcoin is up 37% since last month after rallying alongside tech stocks in response to bullish inflation data from December.  With inflation on the way down, market participants began to suspect that the Fed may be prepared to “pivot” – slowing down or reversing its interest rate hikes, thus making investment easier.  Indeed, the S&P 500 is up 6% since early January, while NASDAQ is up 11%. However, the Dow Jones Industrial Average fell by about 1% on the day Nevertheless, the Federal Reserve has made no indication that it plans to lower interest rates in the near future. A JP Morgan analyst called on the Fed to stop hiking entirely last month but still expects more interest rate increases until May, at which point the Fed may hold rates over 5% until the end of 2023.  Bitcoin /US... read More



Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede

    Bitcoin price closed the January monthly candle with the largest climb since the 2021 bull market ended. Considering the macro conditions and risk of recession, the market remains skeptical of further upside. However, the monthly candle structure also closed with three extremely bullish Japanese candlestick patterns, which could suggest that a bullish stampede is on the way. Why Bitcoin Bulls Could Be Ready To Stampede Bitcoin might be an asset unlike any other, but it is measured using the same price and time axis on charting software, using candlesticks, bar charts, and other chart styles. The use of Japanese candlesticks provides information on each session's open, high, low, and close. Highs and lows are represented by wicks, also called shadows. Open and closes make up the candle's 'real body.' Depending on how these candles form by themselves or within a larger pattern can tell a lot about what might happen next in the market. The majority of Japanese candlestick patterns come in one, two, or three-candle structures, each with unique names to explain what's going on during the pattern. Understanding what's going on within the pattern provides a potential outcome based on probabilities. The more these signal stack up and cluster together, the more powerful the underlying message the patterns are sending the market. It is for this exact reason why last night's BTCUSD monthly close is worth paying attention to. BTCUSD Monthly: A Tale Of Three Bullish Candlestick Patterns ... read More



Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Ma...

    Bitcoin has returned to a consolidation state as the macroeconomic dust settles in the coming days. The number one crypto by market capitalization rallied for most of January and is now entering a new month with market expectations of higher profits.  As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement in the last 24 hours. The cryptocurrency still records some profits in the previous seven days at 2%. Other digital assets in the top 10 experienced similar price action except for Cardano (ADA) and Dogecoin (DOGE), which continue to see high profits over the same period.  BTC Price Bottom Confirmed By Fundamentals? Per a recent report from Ark Invest, Bitcoin (BTC) recently experienced its second-worst price drawdown since its inception. The cryptocurrency lost over 70% of its value from an all-time high of $69,000, crashing into a two-year low at $15,800.  This level coincides with the 2018 all-time high region that peaked at $20,000 and preceded a 77% drawdown to a $3,000 low. Bitcoin bounced into price discovery after experiencing this crash, suggesting that $15,800 will be critical support for future downside pressure.  Ark Invest argues that Bitcoin is more robust today and has better fundamentals to continue its uptrend. The BTC Hashrate, the computational power generated by Bitcoin miners, reached an all-time high at 272 exahashes/second in its twelve consecutive years on the rise.  The market cost basis for the BTC supp... read More



Lebanon Devalues its Currency by 90%, Snowden Believes Bitcoin Fixes Thi...

    Lebanon is adopting a new official exchange rate, devaluing its local currency by nearly 90%. The new rate is set at 15,000 Lebanese pounds against the U.S. dollar, according to a January 31 report, which cited a statement from the country's central bank governor, Riad Salameh. This marks a significant shift from the old rate of 1,507 Lebanese pounds per dollar. The official Lebanese currency has been pegged to the dollar at that rate since 1997. Salameh stated that commercial banks in Lebanon 'will see the part of their equity that is in pound decrease' once the new official exchange rate is implemented. He added that to cease the impact of the new development, the banks would be given five years 'to reconstitute the losses due to the devaluation.' Lebanon's Financial Woes The Lebanese pound started to devalue in 2019 due to the country's years-long major economic crisis and the probability that its government will default on maturing national debt obligations. In a bid to tackle the country's paralyzing financial crisis, Lebanese banks restricted ordinary citizens from freely accessing their dollar savings, but the move worsened the situation. The decision to devalue its currency is in line with a draft agreement reached with the International Monetary Fund (IMF) last year that could enable the country to receive a bailout from the organization to tackle its financial crisis. However, the change is not expected to solve one of the most crucial aspects of the situation - lim... read More



Bitcoin and Ethereum Whale Activities Plummets, Are Whales Getting Bored...

    Over the past few weeks, Bitcoin and Ethereum have moved significantly, initiating a bull run. While the rally seems to be nonstop, one thing worth noting is that the frontline cryptos seem to be lagging behind at the backend. On Tuesday, On-chain analysis platform Glassnode reported that whale participation on Bitcoin and Ethereum is fading away. The Bitcoin amount of supply last active for 3-5 years has recorded a two-year low. Glassnode added that total Ethereum wallets holding 10,000 ETH tokens and above have also plummeted to a 1 month low.  Bitcoin And Ethereum Whale Activities Drops As reported by Glassnode, Bitcoin’s 3-5-year supply had dropped to a two-year low, at 2,144,828.279 BTC, lower than its previous low, which was around 2,144,844.528 BTC. Ethereum whales have also followed suit. The number of wallets holding 10,000 ETH and more dropped to a one-month low of 1,194 ETH. The lowest level recorded before this figure was 1,195 ETH which was seen as of January 30, 2023. Following the Glassnode report, communities in the crypto market are beginning to wonder and suggest that whales might be getting bored. However, Bitcoin and Ethereum are part of the crypto assets that have gained significantly since the beginning of the year.  Bitcoin, in particular, after dropping by over 50% from its all-time high amid the crypto winter, is beginning to indicate a rebound as it has recently crossed the $23,000 mark. Similarly, Ethereum, after dropping nearly ... read More



Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead o...

    Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal Open Market Committee (FOMC) meeting results. Many are expecting that the U.S. Federal Reserve will increase rates by 25 basis points, taking current rates to 4.75%. Bitcoin was in the green on Wednesday, as prices rose above $23,000.Bitcoin Bitcoin (BTC) was back above $23,000 in today's session, as traders turned their attention to this afternoon's FOMC meeting. After recording a low of $22,874.43 on Tuesday, BTC/USD moved to an intraday high of $23,225.02 earlier today. Today's move saw the world's largest cryptocurrency briefly move past an interim ceiling at the $23,200 level. However, with volatility today higher due to the Fed meeting, prices have since moved back below this point and are currently trading at $23,045.02. This took place as the 14-day relative strength index (RSI) continued to hover close to a floor at 68.00 As of writing, the index is tracking at 69.83, and could remain around this mark until after the Fed meeting concludes. Ethereum Ethereum (ETH) rose marginally higher on Wednesday, with prices moving closer to the $1,600 zone. ETH/USD rose to a peak of $1,598.52 earlier in the day, which comes following a move to a bottom at $1,569.04 the day prior. Like with bitcoin, ETH bulls were unable to push prices above resistance, with earlier momentum easing as of writing. From the chart, it appears that the shift in sentiment has come as the RSI was unable to move past... read More



Bitcoin Recorded its Best January in 10 Years With a 39.6% Monthly Surge

    Despite the highly bearish 2022 and the negative predictions for the new year, bitcoin prove all the critics wrong in January, increasing its USD value by almost 40%. Thus, this became the asset's best-performing January since 2013. 10 Years Later - Massive Gains 2022 turned out to be one of the worst years for bitcoin in terms of price action as the entire industry deteriorated amid massive collapses. It all started with the Terra ecosystem implosion mid-Year, followed by numerous bankruptcy filings from companies with exposure to LUNA and UST. The sector was finally starting to recover at the end of the year when FTX went down in an even more spectacular fashion. Being one of the giants in the field until November, the contagion spread viciously, and the ripple effects were felt almost everywhere. Focusing back on bitcoin, it plummeted below $16,000 for the first time in about two years. Just for reference, it traded above $46,000 on January 1, 2022. As such, it finished last year with a drop of 65%, even though it added around a grand by the end of it. The first week of the new year was somewhat similar, with BTC standing quiet below $17,000. However, the asset finally broke above that coveted line on January 9 and has never looked back since. Just the opposite, it surged by double digits and charted a 5-month high at $24,000 during the past weekend. Despite losing some value in the next two days, bitcoin still managed to close the month at around $23,000 - a 39.66% increa... read More



Bitcoin Stable Amid $23K Ahead of First FOMC Meeting of 2023: Market Wat...

    The first US FOMC meeting is scheduled to conclude today, and expectations suggest that the Fed will raise the interest rates with another 25 basis points. Amid the growing anticipation, bitcoin, and most of the crypto market, stand calmly, but history shows that there might be a lot of volatility later in the day. Calm Before the Storm? The primary cryptocurrency tapped a five-month peak at just inches away from $24,000 on Sunday evening but was stopped before having the chance to reclaim that level shortly after. The subsequent rejection pushed the asset south hard, and BTC found itself slipping by over $1,500 to a multi-day low of $22,400 (on Bitstamp). The bulls came back to play a day later and helped bitcoin recover some ground. As such, it spiked back to $23,000 and has spent most of the last 24 hours around that line. All eyes from the financial markets today are on the conclusion of the first FOMC meeting of the year. In just a few hours, Fed Chair Jerome Powell is expected to announce the latest interest rate hike of 25 basis points. Given the historical relationship between these events and BTC, it's safe to assume that there will be more price fluctuations during the day. BTCUSD. Source: TradingView Altcoins Stand Quiet As Well Even the typically more volatile alternative coins are quite stagnant on a 24-hour scale. Ethereum spiked above $1,600 earlier today amid news concerning the Shanghai update but retraced shortly after and currently sits beneath that level. ... read More



Time To Sell Bitcoin And Crypto? 'Big Short' Michael Burry Tweets 'Sell'

    Just hours before the U.S. Federal Reserve's interest rate decision today, legendary trader Michael Burry issued a warning for the financial market that could affect Bitcoin and crypto as well. The 'Big Short' investor tweeted a single word today, 'Sell.' Sell. — Cassandra B.C. (@michaeljburry) February 1, 2023 Burry is known for being one of the few experts who predicted the subprime mortgage crisis from 2007-2010. He shorted the mortgage bond market in 2007 by swapping CDOs and made big profits. Already on Jan. 23, Burry shared a chart of the market from the dot-com crash on Twitter and said 'maybe.' He seemed to be circling a dead cat bounce, where the S&P 500 index rallied 20% over the turn of the year from 2001-2002 before falling another 30%. Today's latest tweet can be interpreted that Burry is currently expecting a similar scenario, presumably triggered by today's announcement of the Fed rate decision in the U.S. and the subsequent FOMC meeting where Fed Chairman Jerome Powell will talk about the latest data and expectations. Given Bitcoin's correlation with the S&P 500 and macroeconomic influence, Burry could also be sending a warning signal to crypto investors. The S&P 500 and Bitcoin have rallied sharply from their lows since inflation data has come down sharply in recent months. However, an unexpected Fed decision could be a dagger. Nevertheless, it is also important to point out that Burry has not always been right with his forecasts in the past. In fact... read More



Tesla's SEC Filing Shows Bitcoin Fair Market Value of $191 Million

    Tesla's latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company's bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk's electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin.Tesla's Digital Assets and Its Bitcoin's Fair Value Elon Musk's electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday. The filing shows that the fair market value of Tesla's BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin.com News previously reported. 'As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,' the company detailed, elaborating: The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively. The filing also notes that during the two years ended Dec. 31, 2022, Tesla 'purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets.' The electric car company invested $1.5 billion in bitcoin in Q1 2021 but sold 75% of its holdings in Q2 2022. The company also accepts the meme cryptocurrency dogecoin (DOGE) for some me... read More



Bitcoin Price At Risk of Downside Thrust Before Fresh Increase

    Bitcoin price is rising and approaching a major hurdle at $23,250. BTC remains at a risk of more downsides before it could start a fresh increase to $25,000. Bitcoin is attempting a fresh increase above the $23,000 resistance zone. The price is trading below $23,200 and the 100 hourly simple moving average. There is a key rising channel forming with support near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline again if it fails to climb above the $23,250 resistance zone. Bitcoin Price Faces Hurdle Bitcoin price extended its decline below the $23,000 support zone. BTC even tested the $22,500 support zone. A low was formed near $22,519 before the price started a fresh increase. There was a move above the $22,650 and $22,800 levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $23,951 swing high to $22,519 low. It is now consolidating above the $23,000 level. Bitcoin price is still trading below $23,200 and the 100 hourly simple moving average. It seems to be facing a strong resistance near the $23,250 zone. Besides, there is a key rising channel forming with support near $23,000 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $23,200 level and the 100 hourly simple moving average. The next major resistance is near the $23,250 zone. It is close to the 50% Fib retracement level of the downward move from the $23,951 swing high to $22,519 low. Source: BTCUSD o... read More



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