Category: Bitcoin News

‘Strong Negative Correlation’ with BTC and USDt Activity: Glassnode

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Blockchain analytics provider Glassnode reported a “strong negative correlation” between Bitcoin’s and USDt’s activity over the last two years. In a Wednesday X post, Glassnode shared a comparison between Bitcoin’s (BTC) price and net flows of USDt (USDT) to exchanges starting in December 2023. According to the analysis, net outflows of USDT from exchanges coincided with increases in the price of BTC. “During euphoric phases, USDT typically flows out at –$100M to –$200M/day as investors lock in profits,” said Glassnode. “At the $126K peak [in October], net outflows reached >$220M…

Bitcoin Rally To $112K Depends On Four Catalysts

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Key takeaways: Bitcoin derivatives and cautious interest rate expectations keep sentiment restrained, yet improving liquidity conditions bolster upside potential. Regulatory easing and MSCI’s review of BTC-heavy firms could lift risk appetite, supporting a more constructive medium-term outlook for Bitcoin. Bitcoin (BTC) has been pinned below $92,000 since Thursday and is down 22% in the last 30 days, but the situation could change soon. Bulls expect multiple governments to expand their money supply to support their economies and rising fiscal deficits, while bears often cite softer labor indicators and mounting concerns…

Edel Finance-Linked Wallets ‘Snipe’ 30% Token Supply, Bag $11M: Bubblemaps

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Concerns are mounting over unusual activity surrounding the token launch of Edel Finance, a lending protocol focused on tokenized stocks and real-world assets (RWAs). Blockchain analytics platform Bubblemaps claimed in a Tuesday X post that a cluster of about 160 wallets accumulated 30% of the EDEL token supply, worth $11 million, during the launch earlier this month. The platform alleged the wallets were linked and funded in a coordinated fashion immediately before trading opened. “Edel Finance sniped 30% of $EDEL. Then tried to hide it behind a maze of wallets…

Bitcoin, Altcoins Bounce, But Bearish Downtrend Prevails For Now

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Key points: Bitcoin has been facing selling near $89,000, but the bulls have not given up much ground, suggesting a rally to $93,500. Several major altcoins have started a recovery, but they are likely to face selling at higher levels. Bitcoin’s (BTC) recovery is losing steam as bears attempt to sustain the price below the $88,000 level. Veteran trader Peter Brandt said in a post on X that BTC’s current recovery was a dead cat bounce. In comparison, network economist Timothy Peterson was slightly more optimistic. Peterson said in a…

Grayscale Files with SEC to List Zcash ETF

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Grayscale is aiming to convert its Zcash Trust into a spot exchange-traded fund in a move that could mark one of the first investment vehicles linked to a privacy coin. In a Wednesday filing with the US Securities and Exchange Commission, Grayscale submitted a Form S-3 registration statement, signaling its intention to convert its fund tied to Zcash (ZEC) into a spot ETF. The move followed Grayscale’s launch of other spot ETFs linked to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE), and XRP (XRP). Source: Grayscale The simplified…

Tether’s 116-Ton Gold Hoard May Be Moving the Market: Jefferies

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Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece. Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The investment bank added that Tether’s growing appetite for gold may be playing a larger role in the metal’s recent surge than previously assumed. According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and…

Bolivia To Integrate Crypto in Economic System

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The government of Bolivia will integrate cryptocurrencies and stablecoins into the financial system in a push to modernize the country’s economy, Bolivia’s economic minister, Jose Gabriel Espinoza, announced on Tuesday. Banks will be allowed to custody crypto on behalf of clients, enabling digital currencies to function as a legal tender for savings accounts, credit products, and loans, according to Reuters. “You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza said. The growth rate of crypto adoption by geographic region in 2024…

Thailand Orders World To Delete 1.2 Million Iris Scans

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Authorities in Thailand have officially requested World, a Sam Altman-backed digital identity project, to suspend operations and delete all user identification data. Thailand’s Economic and Social Development Board, the country’s strategic planning agency, has ordered World to delete iris scans of 1.2 million local users, according to a statement by the Ministry of Digital Economy and Society (MDES) on Monday. The order detailed that World’s iris scanning in exchange for its Worldcoin (WLD) token violated Thailand’s Personal Data Protection Act, which governs the collection, use and disclosure of personal data.…

Bitcoin Price Eyes $90,000 Zone for New Short Squeeze

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Bitcoin (BTC) hovered near $87,000 at the Wednesday Wall Street open as analysts eyed short liquidations. Key points: Bitcoin liquidity conditions analysis predicts a return toward $90,000 next. Range-bound short-term price moves see trader bets pile in either direction. US macro data gives stocks a modest boost but fails to sway crypto. Liquidity could see BTC “pulled up” toward $89,000 Data from Cointelegraph Markets Pro and TradingView showed flat BTC price action characterizing the day’s trading. BTC/USD one-hour chart. Source: Cointelegraph/TradingView A lack of volatility allowed liquidity to build either…

Who is Trump’s Crypto-Friendly Fed Pick?

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US President Donald Trump is slated to choose a new Federal Reserve chair by Christmas, and the frontrunner, Kevin Hassett, could be a boon for the crypto industry. Hassett is a White House economic adviser who has reportedly emerged as a strong candidate for the Fed chair position. He is the director of the National Economic Council and oversaw the digital asset working group directed by the White House earlier this year. Trump has been trying to increase his administration’s control over the Federal Reserve, the country’s central bank, thereby…