Autor Cointelegraph By William Suberg

Canadian Bitcoin ETF adds 6.9K BTC in one day as GBTC discount hits record low

Canadian Bitcoin ETF adds 6.9K BTC in one day as GBTC discount hits record low

Uverejnil používateľ | máj 13, 2022 |

Bitcoin (BTC) descending to $24,000 has cost its largest institutional investment vehicle more than the average hodler.According to data from on-chain monitoring resource Coinglass on May 13, the Grayscale Bitcoin Trust (GBTC) is now trading at a nearly 31% discount.Grayscale CEO: Investors are “waiting for things to settle down”Amid ongoing market volatility this week, GBTC has seen its fledgling recovery fall flat on its face — for the time being.The so-called GBTC premium, long in negative territory and thus a discount in practice, has now reached its lowest ever.As of May 13, the discount was 30.6%, meaning that shares in GBTC traded at almost one third below the Bitcoin spot price (referred to as net asset value, or NAV).The figures mark a distinct turnaround for the premium, which in mid-April had managed to rise to a 21% discount.Overall, however, GBTC has long traded at a discount amid ongoing attempts by Grayscale to convert it to an exchange-traded fund (ETF). “It took clarity and conviction to set up GBTC, and now Grayscale is demonstrating courage and commitment in their campaign to convert GBTC into a Spot Bitcoin ETF. They deserve your support,” MicroStrategy CEO, Michael Saylor, argued this week, inviting Twitter followers to demand that U.S. regulators green-light the plans.Such a move would be unprecedented in the United States, where the Securities and Exchange Commission (SEC) has lagged behind other countries’ authorities in approving a Bitcoin spot-based ETF.Despite the turbulence, meanwhile, Grayscale CEO, Michael Sonnenshein, remained as optimistic as ever on GBTC and institutional demand for Bitcoin exposure.“I think that some investors are likely waiting for things to settle down,” he told CNBC in an interview on May 12.“I do think when things settle down and crypto starts to find its footing you will see some of those more institutional buyers starting to step in and some have already indicated that they are in fact starting to take buys at these levels.”GBTC premium vs. asset holdings vs. BTC/USD chart. Source: CoinglassPurpose Bitcoin ETF sees record daily buyOver the border in Canada, the world’s first Bitcoin spot ETF has conversely benefited from the week’s trading conditions.Related: Why the world needs a spot Bitcoin ETF in the US: 21Shares CEO explainsThe Purpose Bitcoin ETF added 6,903 BTC in a single day on May 13, marking its biggest single-day buy-in in its history.Purpose now has 41,620 BTC under management, beating its previous 36,322 BTC high set in March this year.Purpose Bitcoin ETF BTC holdings vs. BTC/USD chart. Source: CoinglassThe jump accompanied the launch of Australia’s first spot ETFs, one of which, the Cosmos-Purpose Bitcoin Access ETF (CBTC), bought shares in the Canadian Purpose offering.Important to note: Yesterday two Bitcoin ETFs did launch in Australia. One of them, the Cosmos-Purpose Bitcoin Access ETF ($CBTC) is getting exposure to BTC by buying shares of the Canadian #Bitcoin Purpose spot ETF. So the latter is now essentially reflecting two ETFs.— Jan Wüstenfeld (@JanWues) May 13, 2022The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

Uverejnil používateľ | máj 13, 2022 |

Terra (LUNA), the in-house token of Blockchain protocol Terra, is undergoing major changes which are causing intrigue and despair in equal measure.Data released on May 13 confirms that overnight, the embattled cryptocurrency’s supply expanded to an eye-watering 6.9 trillion LUNA.6,900,000,000,000 LUNA, almost zero valueAfter a tumultuous week in which Terra attempted to rescue LUNA along with its failing United States dollar stablecoin, TerraUSD (UST), things have gone from bad to worse.Despite huge sales of BTC and loans to prop up the market, both tokens have continued to hemorrhage value.At the time of writing, LUNA/USD traded at an almost imperceptible average of $0.00005474 at the time of writin, according to data from CoinMarketCap. To the dismay of those hoping to long at previously already low levels, LUNA could not stop its decline, and the latest measures by Terra appear to have exacerbated the situation.Supply increases, which began in earnest on May 8, took a turn for the nonsensical in recent days in a move reminiscent of hyperinflationary fiat currencies.On May 11, 1.8 billion LUNA was minted and added to the existing 764 million supply. If that were not enough, May 12 saw 185 billion more tokens appear.Finally, on May 13, Terra minted 6.7 trillion LUNA — an increase of 3,483% at once.RIP pic.twitter.com/LXfx1ngu2A— hodlonaut ⚡ (@hodlonaut) May 13, 2022“There’s bitcoin, and there’s shitcoins,” popular commentator Hodlonaut, creator of Bitcoin cultural resource Citadel21, responded during the May 12 print.After the total LUNA supply hit 6.9 trillion, Hodlonaut drew a line under the altcoin’s existence.Worse than OneCoin?As spectacular as the inflation is, LUNA’s collapse is what is drawing the most attention, as older market participants compare the events to the demise of crypto Ponzi schemes such as BitConnect and OneCoin.Related: Bitcoin price sees ‘hell of a reversal candle’ as 168,000 BTC leaves exchangesDavid Hoffman, co-founder of crypto newsletter Bankless, laid out the scale of the LUNA implosion versus BitConnect with a comparative market cap chart.LUNA vs. BitConnect market cap chart. Source: David Hoffman/ Twitter“LUNA really is the biggest cluster i’ve ever seen in crypto,” popular trader MDXCrypto continued:“worst than Bitconnect, worst than Onecoin, worst than Axie, worst than them all.”As Cointelegraph recently reported, Terra has pledged to revive the entire ecosystem, nonetheless shutting down the LUNA blockchain completely hours later.“Even if LUNA and UST survive this episode, in the long run there must be some genius protocol changes effected to bolster market confidence that the marketcap of LUNA will always exceed the UST float,” Arthur Hayes, former CEO of derivatives platform BitMEX, wrote in the first of a series of blog posts on stablecoins, titled “Luna Brothers, Inc.” released May 13:“I have no idea how to accomplish this.”LUNA/USD, having been pulled from major exchange Binance, traded at $0.0077 on Bitfinex at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.LUNA/USD 1-hour candle chart (Bitfinex). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price sees 'hell of a reversal candle' as 168,000 BTC leaves exchanges

Bitcoin price sees 'hell of a reversal candle' as 168,000 BTC leaves exchanges

Uverejnil používateľ | máj 13, 2022 |

Bitcoin (BTC) came back with a vengeance on May 13 as bulls stepped in to take the market to near $31,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin RSI stays firmly oversoldData from Cointelegraph Markets Pro and TradingView confirmed 24-hour gains of 30% for BTC/USD in the aftermath of the Terra debacle.After “kissing” its realized price at $24,000, Bitcoin showed no taste for fresh bearishness as record on-chain volume combined with coins leaving exchanges en masse.On May 11 and May 12 alone, exchange balances declined by over 24,335 BTC, according to data from on-chain analytics platform CryptoQuant covering 21 major platforms.Outflows were much higher at nearly 168,000 BTC over the same period, but inflows from those seeking to sell were equally intense as panic set in over Terra’s LUNA and TerraUSD (UST) tokens, as well as largest stablecoin Tether (USDT).Bitcoin exchange netflows chart. Source: CryptoQuantAs LUNA went to nearly zero and its blockchain was halted, Bitcoin nonetheless strengthened as the immediate impact of the instability waned.”This is a hell of a reversal candle,” popular trader and TradingView author CryptoBullet reacted as part of Twitter comments. #BTC $BTCThis is a hell of a reversal candleDragonfly Doji on the highest Volume of the year+ bullish divergence on RSIBounce scenario still in play https://t.co/wzTt56053P pic.twitter.com/1mL8QsTGAP— CryptoBullet (@CryptoBullet1) May 13, 2022Bitcoin’s relative strength index (RSI) referred to by CryptoBullet measured 31 at the time of writing, still in oversold territory and its lowest since January.BTC/USD 1-day candle chart (Bitstamp) with RSI. Source: TradingView$14,000 still on the table?As the dust settled on Terra, LUNA and UST, however, not everyone was convinced that the worst was over.Related: 3 reasons why bears aim to pin Bitcoin below $30K for this week’s BTC options expiryAmong them was the official @Bitcoin Twitter account, which like several others noted that even the week’s lows did not represent a “classic” maximum drawdown versus all-time highs.”The $BTC all-time high is $68,990. An 80% draw-down is $13,798. $27k is about halfway there,” it posted on the day.”This is Bitcoin. Be prepared.”Data from on-chain analytics firm Glassnode meanwhile put the latest BTC price dip in historical context.Bitcoin drawdown from all-time highs chart. Source: GlassnodeAs Cointelegraph reported, MicroStrategy, the company with the largest Bitcoin treasury, hinted that it would buy into any significant weakness toward $20,000 in an attempt to support the market.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin could target $32K, says trader as LUNA crashes below one penny

Bitcoin could target $32K, says trader as LUNA crashes below one penny

Uverejnil používateľ | máj 12, 2022 |

Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY looms large as BTC recoversData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $29,500, holding higher after the Wall Street open.The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what analysts believed was conviction over lower levels not returning.Bitfinex longs even managed to set a new all-time high in leverage on the da. In the meantime BTCUSD longs are skyrocketing on @bitfinex pic.twitter.com/BC7pTZOPLR— Paolo Ardoino (@paoloardoino) May 12, 2022There are two possibilities with this chart:1. It’s just noise.2. The Bitfinex longers are absorbing all the capitulation and gearing up for massive upside.Take your pick.$BTC pic.twitter.com/NlujLGkED1— Miles J Creative (@JohalMiles) May 12, 2022

“Indices should be bouncing, through which we could be getting some more relief on the Crypto markets here,” Cointelegraph contributor Michaël van de Poppe forecast in one of his latest tweets. “If we break through $29.6K, we’ll probably see a slight short squeeze towards $32K regions for Bitcoin.”Van de Poppe also highlighted U.S. dollar strength as a factor to keep an eye on regarding Bitcoin’s next move.The U.S. dollar index (DXY), inversely correlated with Bitcoin, was in no mood for correction as it began building on twenty-year highs after a brief dip on May 11.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewLUNA craters to within an inch of zeroFar more shocking than any BTC price move, however, were events at Blockchain protocol Terra.Related: Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’The firm’s in-house token, LUNA, having lost 97% of its value, proceeded to sink below a single U.S. cent on the day, marking a decisive moment in its swift disintegration.As turmoil over the fate of sister token, TerraUSD (UST), continued, LUNA markets appeared to lose all faith, with executives then halting the Terra blockchain altogether.The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDKTerra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.— Terra (UST) Powered by LUNA (@terra_money) May 12, 2022

LUNA/USD did manage to stage a form of recovery, climbing to $0.014 per token at the time of writing. LUNA/USD 1-minute candle chart (Binance). Source: TradingVIewLargest stablecoin Tether (USDT), which had seen its dollar peg shaken amid the mayhem, meanwhile moved closer to regaining it, trading at $0.997.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin 'kisses' $24K realized price after 2nd highest seller losses in history

Bitcoin 'kisses' $24K realized price after 2nd highest seller losses in history

Uverejnil používateľ | máj 12, 2022 |

Bitcoin (BTC) bounced past $28,000 during May 12 after repeating a chart structure not seen since March 2020.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC seller losses spiralData from Cointelegraph Markets Pro and TradingView continued to track BTC/USD as it briefly fell to just under $24,000 on Bitstamp.A strong reversal then sent the pair several thousand dollars higher in minutes, with consolidation then taking hold to see it trade at around $27,000.The bounce zone was significant, constituting Bitcoin’s so-called realized price — the sum total of all unspent transaction outputs (UTXOs).The last time that BTC/USD tested realized price was during the COVID-19 cross-market crash in March 2020.”Bitcoin basically kissed the realized price ($24k). $BTC is cheap,” Checkmate, lead insights analyst at on-chain analytics firm Glassnode, noted on Twitter. Bitcoin realized price vs. BTC/USD chart. Source: GlassnodeCheckmate added that realized losses — investors selling BTC while being underwater versus their cost price — had also spiked to its second highest daily levels ever at around $2 billion.Bitcoin realized losses chart. Source: Checkmate/ TwitterAs Cointelegraph reported, liquidations had also mounted over the previous 24 hours, passing $1.2 billion across crypto.Tether peg crawls back into viewThe other main topic of the day, stablecoins, meanwhile began to divide opinion on the outlook for Bitcoin itself.Related: Avalanche drops 30% on fears Terra’s LFG will dump AVAX nextAs largest stablecoin Tether (USDT) saw its U.S. dollar peg slip, two camps emerged, one accusing Tether of malpractice and another confident that the peg would soon be restored — unlike that of imploded U.S. dollar stablecoin, TerraUSD (UST).”The USDT peg is restoring already, which is a good sign,” Cointelegraph contributor Michaël van de Poppe wrote in one of many tweets on the day.”People shouldn’t compare $USDT with $UST as those are completely different, although the reaction on the markets are because of tremendous fear levels. Still looks like capitulation to me.”Commentator WhalePanda furthered the sentiment, warning of “peak FUD” from what he and others called “Tether truthers.”People confusing $USDT and $UST and panicking.People don’t understand the difference between an under collaterized algorithmic stablecoin and a backed stablecoin.Panic dumping $USDT for $USDC and plain old $USD.Peak fud time.Warning: this post will attract “Tether truthers”— WhalePanda (@WhalePanda) May 12, 2022USDT/USD traded at 2% below dollar parity at the time of writing.USDT/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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