On-chain data shows short-term Bitcoin (BTC) holders have been offloading to long-term holders, a characteristic of an inevitable uptrend.
The Bitcoin community is now working on introducing smart contracts-like functionalities and exploring innovations like OP_CAT, which proposes a network software upgrade to boost the Bitcoin blockchain programmability.
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether.
While Bitcoin appears relatively balanced between long and short positions, Ethereum price weakness has dampened market confidence.
New Bitcoin addresses have been shrinking in the recent past, an indication more users are opting to tap on spot BTC ETFs for easier liquidity and enhanced security.
Bybit has announced a 2% cashback in USDT for all users, who spend crypto or fiat using the exchange’s Bybit card.
The general interest in Bitcoin skyrocketed following the approval of eleven spot BTC ETFs in the United States in January this year. The lower chances of approval of a spot ETH ETF in the United States are not helping Ether’s case.
Institutional demand for Bitcoin has driven the recent bullish narrative, a month after the fourth BTC halving event.
CME Group aims to tap into the growing interest in Bitcoin among major players in the financial sector to establish a regulated marketplace that offers users direct exposure to the kingcoin.
Interactive Brokers, one of the leading global electronic brokers based in the United States, is expanding its presence in the crypto industry with the rollout of digital asset trading services to British customers through its UK unit.
President Nayib Bukele leads an administration with a specialized “Bitcoin Office” managing mining operations. The government reports El Salvador now holds 5,750 BTC, valued at around $354 million.
The partnership is a promising development for both Tether and RAK DAO. By combining their expertise and resources, they aim to empower individuals and businesses in the region to utilize the power of blockchain technology.
Bitcoin mining firms have reportedly been turning off unprofitable mining rigs since the fourth Bitcoin halving.
While it is not certain if Bitcoin price will climb to $90,000 soon, the cryptocurrency has managed to stay above the crucial support levels of $60,000 in the current cycle.
“It’s the million-dollar question in crypto right now – when will retail traders come back?” said Michael Rinko, an analyst at Delphi Digital.