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While there have been different comments from analysts for the number one crypto currency, which has been in a downtrend recently, the on-chain data platform Glassnode analyst team shared that the current situation in Bitcoin shows that high volatility is at the door.

One of the tightest consolidations in the last 3 years

In Glassnode analysis, he stated that over the past seven days, Bitcoin has consolidated in the 3.4 percent range, which is the difference between the highs and lows. This marks one of the tightest consolidations in the past three years.

According to the analysis, it is possible to make a comparison between the consolidations observed in July 2020 and January 2023, as both examples were followed by significant market fluctuations. The company reported that, overall, the current situation in Bitcoin indicates that high volatility is imminent.

st. Fed may raise rates again this year, says Louis Fed chief

On the other hand, St. Louis Fed Bank President James Bullard said he believes the Fed is likely to make two more rate hikes this year. If realized, each would constitute a change of 25 basis points.

The Fed made two rate hikes in early February and early May. In both cases, Bitcoin reacted negatively with the drop in market value.

#btc #bitcoin

Balaji Srinivasan, who has been much talked about with her 1 million dollar Bitcoin prediction in the past months, once again made an important claim on Twitter and stated that the 2024 elections in the USA will proceed through Bitcoin.

Balaji Srinivasan, who has been much talked about with his 1 million dollar Bitcoin prediction in the past months, once again made an important claim on Twitter and stated that the 2024 elections in the USA will proceed through Bitcoin.

Balaji Srinivasan, who recently closed the 1 million dollar Bitcoin price claim and made a comment that Apple and Google could be dangerous about cold wallets, this time also mentioned the US presidential elections.

“Election fight will go through Bitcoin”

Expressing that one of the most important factors that will affect the US elections from his Twitter account, which has more than 900 thousand followers, will be Bitcoin, the former CTO of Coinbase used the following statements:

“If 2016 was the first Twitter election, then 2024 will be the Bitcoin election. One of the biggest factors in Obama's election in 2012 was Facebook. Many people saw Facebook and social media as a bubble at that time. In fact, Facebook was not at the center of the election.

But in 2016, Twitter was at the center. Because at that time, Twitter was not only a place for Trump to talk, but also an authority for Brexit, Bolsonaro and other right-left populist people. Good or bad, it had been a media-free domain that censored individuals and entities.

After 2016, governments started to take Twitter more seriously. The work to censor the platform has begun. With the acquisition of Elon Musk in 2022, this is somewhat reversed, but decentralized social media is still needed.

In 2023, we are talking about the USA becoming unable to pay. We're talking about the fiat currency crisis.

If you think that the hostility of the partisans is too much right now, imagine that the 'everything bubble' burst before the election. Imagine if a decree was issued allowing the confiscation of assets…

At that time, Bitcoin, which was seen as a bubble or a fad for a period, may also be the only subject of the 2024 election. It can be said that ‘the right to hold Bitcoin will not be taken from you’.”

#btc #bitcoin

“zk-SNARKs will be as important as blockchains in the next 10 years,” Ethereum co-founder Vitalik Buterin said at EDCON. said.

EDCON, the Ethereum developer conference held in Montenegro this year, has entered its third day. Vitalik Buterin, co-founder of Ethereum, took the stage on the second day of the event, which started on May 19 and will last until May 23.

In his talk titled “#Ethereum ’s three big technical challenges: Scalability, privacy and user security,” Buterin addressed zk-SNARKs*. “zk-SNARKs will be as important as blockchains in the next 10 years,” the co-founder said. said.

Buterin suggested in a blog post in 2021 that zk-SNARKs could help overcome the scalability and privacy problem.

EDCON is one of the largest gatherings of the Ethereum and blockchain communities. The conference was held in Paris in 2017, Toronto in 2018, Sydney in 2019, online in 2020-21, and San Francisco in 2022. More than 50 speakers attended this year, including Vitalik Buterin, Tim Beiko, Skylar Weaver, Balaji Srinivasan. EDCON hosted more than 100 thousand participants in 7 events held so far.

*zk-SNARK is a powerful encryption technology to prove something is true without providing more information.

#btc

#eth

#ethereum

Known as the world's largest Bitcoin event, the Bitcoin 2023 conference is held in Miami this year as well. Some US politicians also took part in the conference, which started on Thursday and will continue today. In addition, prominent company announcements increased hopes for the future of the industry. The highlights and conversations in Bitcoin 2023 were as follows:

The number of participants decreased due to the bear marketKnown as the world's largest Bitcoin event, the Bitcoin 2023 conference is held in Miami this year as well. Some US politicians also took part in the conference, which started on Thursday and will continue today. In addition, prominent company announcements increased hopes for the future of the industry. The highlights and conversations in Bitcoin 2023 were as follows:

The number of participants decreased due to the bear market

At the Bitcoin 2023 event, a significant decrease was observed in the number of participants compared to previous years. Dedicated entirely to Bitcoin, the conference attracted nearly 35,000 people last year, which featured speakers like NFL quarterback Aaron Rodgers and tennis legend Serena Williams, according to the event's website. Organizers stated that they expect 15,000 participants this year.

On the other hand, the conference features unique activations, participant experiences, politicians, business leaders and an agenda where the world's most influential people share their views on this technological and cultural revolution.

This year's event featured names such as US presidential candidate Robert F. Kennedy Jr., US Senator Cynthia Lummis, and Michael Saylor, chairman of MicroStrategy, the company with the largest Bitcoin reserves.

Who said what at the Bitcoin 2023 conference?

US Republican Senator Cynthia Lummis had a conversation with Perianne Boring, founder and CEO of the Digital Chamber of Commerce, during the Bitcoin 2023 event.

Topics of discussion were the importance of Bitcoin for U.S. national and energy security, and the upcoming legislation surrounding cryptocurrencies, blockchain-related technologies.

“Bitcoin is so aligned with American values that we need to make sure it is protected, nurtured and allowed to thrive in the US,” Lummis said. she said.

The Senator described the regulation of Bitcoin and related technologies as a matter of national security. Lummis stated that the US government has been irresponsible about debt and has positioned Bitcoin as a decentralized safety net for citizens.

US presidential candidate defends Bitcoin

US Presidential candidate Robert F. Kennedy Jr. As a presidential candidate at the Bitcoin 2023 conference, he made his public appearance for the first time and shared his own experiences with Bitcoin. The presidential candidate warned of how technology is enabling government totalitarianism around the world, and how he will protect the rights of Bitcoin users if elected president.

Outlining his vision to support Bitcoin and freedom in the US, Kennedy Jr. “Everyone is very passionate about Bitcoin, not just because it is a currency, but because it is an exercise in democracy.” used the phrases.

Kennedy also said, “As President, I will make sure that your right to hold and use Bitcoin is inviolable. I am a lifelong advocate of civil liberties, and Bitcoin is both an exercise and a guarantee of those freedoms.” said.

Also, Robert Kennedy Jr will be the first US presidential candidate in history to accept donations in Bitcoin for his campaign.

“I hope Indonesia will become a Bitcoin paradise in the future”

Indonesia's West Java Province Governor Ridwan Kamil and JAN3 CEO Samson Mow explained in a panel titled "Indonesian Bitcoin Mining Campaign" that the Indonesian government is exploring various ways Bitcoin can benefit its people in the country.

Overall, the speech showed that Governor Kamil is cautiously optimistic and sees Bitcoin as a potential game changer for his country's economy and people's livelihoods.

Kamil says he wants Bitcoin mining to flourish in his country, saying, “Bitcoin mining helps create affordable energy.” used the phrases.

Stating that they are preparing an exchange for Bitcoin in Indonesia, the governor said, “The new generation is buying Bitcoin as a reserve. I hope Indonesia will be a Bitcoin paradise in the future.” he said.

Support for Ordinals from Michael Saylor

An important step towards broad institutional adoption of Bitcoin has been taken in Mexico recently, with leading internet service provider Total Play integrating Bitcoin Lightning payments. This development comes just after MicroStrategy founder Michael Saylor announced his plans to use the Bitcoin Lightning Network in the corporate sector.

“We are diverting our cash flow to Bitcoin and now we are focusing on using Bitcoin, Lightning and other applications to grow our cash flow and buy more Bitcoins,” said Michael Saylor, chairman of MicroStrategy. he said.

At the Bitcoin 2023 event, a significant decrease was observed in the number of participants compared to previous years. Dedicated entirely to Bitcoin, the conference attracted nearly 35,000 people last year, which featured speakers like NFL quarterback Aaron Rodgers and tennis legend Serena Williams, according to the event's website. Organizers stated that they expect 15,000 participants this year.

On the other hand, the conference features unique activations, participant experiences, politicians, business leaders and an agenda where the world's most influential people share their views on this technological and cultural revolution.

This year's event featured names such as US presidential candidate Robert F. Kennedy Jr., US Senator Cynthia Lummis, and Michael Saylor, chairman of MicroStrategy, the company with the largest Bitcoin reserves.

Who said what at the Bitcoin 2023 conference?

US Republican Senator Cynthia Lummis had a conversation with Perianne Boring, founder and CEO of the Digital Chamber of Commerce, during the Bitcoin 2023 event.

Topics of discussion were the importance of Bitcoin for U.S. national and energy security, and the upcoming legislation surrounding cryptocurrencies, blockchain-related technologies.

“Bitcoin is so aligned with American values that we need to make sure it is protected, nurtured and allowed to thrive in the US,” Lummis said. she said.

The Senator described the regulation of Bitcoin and related technologies as a matter of national security. Lummis stated that the US government has been irresponsible about debt and has positioned Bitcoin as a decentralized safety net for citizens.

US presidential candidate defends Bitcoin

US Presidential candidate Robert F. Kennedy Jr. As a presidential candidate at the Bitcoin 2023 conference, he made his public appearance for the first time and shared his own experiences with Bitcoin. The presidential candidate warned of how technology is enabling government totalitarianism around the world, and how he will protect the rights of Bitcoin users if elected president.

Outlining his vision to support Bitcoin and freedom in the US, Kennedy Jr. “Everyone is very passionate about Bitcoin, not just because it is a currency, but because it is an exercise in democracy.” used the phrases.

Kennedy also said, “As President, I will make sure that your right to hold and use Bitcoin is inviolable. I am a lifelong advocate of civil liberties, and Bitcoin is both an exercise and a guarantee of those freedoms.” said.

Also, Robert Kennedy Jr will be the first US presidential candidate in history to accept donations in Bitcoin for his campaign.

“I hope Indonesia will become a Bitcoin paradise in the future”

Indonesia's West Java Province Governor Ridwan Kamil and JAN3 CEO Samson Mow explained in a panel titled "Indonesian Bitcoin Mining Campaign" that the Indonesian government is exploring various ways Bitcoin can benefit its people in the country.

Overall, the speech showed that Governor Kamil is cautiously optimistic and sees Bitcoin as a potential game changer for his country's economy and people's livelihoods.

Kamil says he wants Bitcoin mining to flourish in his country, saying, “Bitcoin mining helps create affordable energy.” used the phrases.

Stating that they are preparing an exchange for Bitcoin in Indonesia, the governor said, “The new generation is buying Bitcoin as a reserve. I hope Indonesia will be a Bitcoin paradise in the future.” he said.

Support for Ordinals from Michael Saylor

An important step towards broad institutional adoption of Bitcoin has been taken in Mexico recently, with leading internet service provider Total Play integrating Bitcoin Lightning payments. This development comes just after MicroStrategy founder Michael Saylor announced his plans to use the Bitcoin Lightning Network in the corporate sector.

“We are diverting our cash flow to Bitcoin and now we are focusing on using Bitcoin, Lightning and other applications to grow our cash flow and buy more Bitcoins,” said Michael Saylor, chairman of MicroStrategy. he said.

Saylor expressed the company's interest in the Ordinals protocol and its potential to foster software innovation within the Bitcoin community. Saylor said the discussions about Ordinals are important because “Bitcoin miners need to be successful in the long run.” He added that the development of applications that build on Bitcoin's functionality could also support its general adoption among firms and governments.

Company announcements that marked Bitcoin 2023

At the conference, some companies announced that they have formed partnerships to integrate Bitcoin Lightning payments. Highlights from the company announcements were as follows:

As every year, Strike CEO Jack Mallers was on the stage this year. Mallers announced that Bitcoin payment app Strike is now available in 65 more countries.

Mempool.space has developed a Bitcoin transaction acceleration service and announced that the service will be available by the end of this year.

Digital asset exchange IBEX Mercado has announced a partnership with Grupo Salinas, Mexico's 3rd largest conglomerate, to accept Lightning payments. The partnership began when Total Play, one of Mexico's largest internet providers, partnered with IBEX to integrate Bitcoin Lightning payments.

Mining device manufacturer MicroBT introduced the latest product of the WhatsMiner M50 series at Bitcoin 2023. The M50S++, M53S++ and M56S++ have impressive stats that maximize efficiency while also increasing potential environmental benefits.

Mining company Marathon announced that it has invested $1 million in Bitcoin development in collaboration with Brink.

Cash App, Lightning Labs and Lightspark executives discussed rolling out Bitcoin payments to the world.

David Marcus, the former chairman of PayPal, reiterated his enthusiasm for blockchain technology, stating that he will spend the rest of his life building on Bitcoin, specifically the Lightning Network.

#btc #bitcoin #cryptotaylan

Fred Thiel, CEO of Marathon Digital, one of the largest cryptocurrency mining companies in the USA and the world, said that the tax system that the Biden government wants to bring to miners will not work and companies can flee outside the USA. Thiel also stated that they have been researching some places outside the USA for a while.

Joe Biden's government, which reopened the issue of taxation of up to 30 percent according to the amount of electricity consumed by Bitcoin and cryptocurrency miners, has received an objection from Marathon, one of the largest mining companies in the USA.

In an exclusive interview with The Block, Marathon Digital CEO Fred Thiel stated that if such a law becomes official, companies will go out of the country and the government will be deprived of its current taxes:

“Bitcoin miners immediately leave the country. And that's what they're trying to do right now… We're also doing research. Taxing on electricity consumed does not mean providing more renewable energy. If you want to set up a solar or wind farm right now, there's a two-year waiting period to even get it hooked up. In addition, Bitcoin miners also provide incentives for people on renewable energy. Therefore, there is already a serious crowd here…”

“The bankers don't want us because…”

Stating that banking institutions and power plant companies do not want cryptocurrency miners, the CEO said:

“Banking institutions don't want us because miners don't need brokerages. It also doesn't want power plants. Because the need for them is dwindling in Texas right now. If mining facilities close today, the need for these gas and coal-fired power plants will increase again.”

Before the G-7 leaders meeting, which will be hosted by Japan, cryptocurrencies were discussed. T. Raja Kumar, Head of the Financial Action Task Force (FATF), calling on the G-7 countries to 'tackle the lawless crypto space', made striking statements.

Ahead of the upcoming G-7 summit, cryptocurrencies were on the agenda of the head of the Financial Action Task Force (FATF).

T. Raja Kumar, the leader of the international organization responsible for the fight against financial crime, urged the advanced economies of the G-7 to adopt the recommendations of the FATF, which aims to prevent illegal financial activities in the cryptocurrency space. The statement, titled “End to the lawless crypto space,” was published ahead of the G-7 summit, which will begin on May 19 in Hiroshima, Japan.

“Crypto arrangements” will be one of the main topics of the G-7 summit

During the meeting, crypto regulations were discussed between finance ministers and central bank governors of the G-7 countries.

Executives are expected to re-emphasize their support for stricter cryptocurrency regulations around the world during the upcoming summit.

The Financial Action Task Force (FATF) has urged countries to adopt a “rule of travel” that forces crypto service providers to collect and exchange transaction information above a certain limit to combat money laundering and terrorist financing involving digital assets.

“Unregulated areas in crypto should be addressed immediately”

Kumar noted that many countries around the world have made remarkable progress in the implementation of various standards. In addition, with regard to the implementation of the FATF's revised criteria for crypto assets, he noted that progress was relatively unsatisfactory. The President noted that an estimated 73 percent of countries are either non-compliant or only partially compliant with FATF standards.

Kumar underlined that “countries should immediately address unregulated areas that allow criminals, terrorists and ‘rogue states’ to exploit cryptocurrencies.”

According to analysts' estimates, the rate of illegal cryptocurrency transactions ranges from 0.1 percent to 15.4 percent. However, the FATF considers these statistics to have the potential to underestimate the true scope of the issue. Kumar noted that it is vital for collective success that the G-7 countries play a decisive role in fully implementing the FATF's global standards. #btc

Despite the price drops in 2022, the #Bitcoin mining difficulty, which continued to increase and broke records, made ATH again. Adjusted difficulty this morning was 49.55 trillion.

Bitcoin mining difficulty continues to break record after record regardless of whether the price rises or falls. Adjusted around 08:30 this morning, the new difficulty rose to 49.55 trillion, breaking a new record with an increase of 3.22 percent.

Finally, on April 20, the record-breaking difficulty was 48.71 trillion, while the adjustment on May 4 experienced a decline. However, this decline was short-lived and the new record was reached in about a month.

The #Bitcoin hash rate also broke the record at 354.55 exahash per second, reaching an all-time high.

As it is known, although many mining companies closed their shutters and unplugged their machines during the price drops last year, the difficulty continued to increase. The reason for this was that companies with good financial status continued to invest and increased the number of devices.

Recently, it has been stated that the new mining devices produced by the Bitmain company are much more efficient and produce more with less electricity. Mining companies such as RIOT and Marathon have also announced that they have activated these machines in recent weeks and that new devices have begun to be installed. #btc

#Litecoin has experienced and continues to experience a significant price increase since May 8th. The increase coincided with the fact that transaction fees in Bitcoin rose to $ 30, but while the fees were falling, the rise in #LTC continued. Cryptocurrency gained 25 percent in about a week, almost reaching $100 again.

One of the factors affecting this rise in Litecoin is thought to be the upcoming block reward halving. This event, also known as halving, happens every four years, just like Bitcoin. When halving occurs, the reward per block for Litecoin miners is halved. This means that the supply of new LTC decreases. The last halving in Litecoin took place on August 5, 2019. In this halving, the rewards have dropped to 12.5 LTC and will decrease to 6.25 LTC in the next halving, which is expected to take place on August 2, 2023. Therefore, after 77 days, daily LTC production will decrease to 3,600 LTC.

“Litecoin situation may reverse” warning

While the price increase is seen as the halving approaches, experts warn that this situation may reverse in the near future. Matrixport Research Manager Markus Thielen stated that, based on the trading patterns observed during the previous two halvings, the upcoming halving event could potentially have a negative impact on Litecoin. Thielen said that in both these events, Litecoin experienced a decline in the 50 days leading up to the halving.

Litecoin has a market cap of approximately $6.7 billion. This amount makes it the 11th largest cryptocurrency.

Ripple, whose lawsuit with the SEC has been going on for about 2.5 years, has recently announced that it has acquired Switzerland-based crypto company Metaco, while continuing its global operations. Ripple paid $250 million for Metaco.

San Francisco-based payments firm Ripple has announced that it has acquired Swiss-based crypto custody firm Metaco for $250 million.

“We expect demand to increase”

The well-known CEO of Ripple, Brad Garlinghouse, made a statement regarding the company's Metaco acquisition, saying that they expect the demands from corporate companies to increase even more in the coming period:

“Crypto markets are having a tough bear season, but we focused on infrastructure and did not feel much of the difficulties of this bear season. As a result, if you are creating a solution to a problem, there will definitely be demand. We expect the demands on the corporate side to increase further in the future.”

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It is important that it is based in Switzerland…

Garlinghouse, who was asked about the acquisition of a Swiss-based company by Ripple, which has been on trial with the SEC for more than 2 years, gave the following answer:

“The fact that Metaco is based in Switzerland and therefore not dependent on US regulators has increased our interest in the company. In markets outside the US, the regulatory pathways are clearer and clearer. It is this openness and clarity that enables companies to invest.”

The Ripple CEO also said that they are considering the company's IPO, but they are in no rush to do so.

Deal with cash and shares…

The Ripple company, which bought Metaco for $ 250 million, will also be able to provide services to store, issue and transfer tokenized assets. According to the agreement between the parties, the payment was made in cash and stocks. Thus, Ripple became the sole shareholder in Metaco.

Despite the price drops in #Bitcoin and #Ethereum , #crypto investors continue to withdraw their assets from exchanges. The latest research shows that the rate of Ether on exchanges has decreased by a record compared to the total supply and has reached an all-time low.

According to the latest information from on-chain data platform Santiment, small investors continue to withdraw their Ether from exchanges. Despite the price drops, it was noted that the number of #ETH on central platforms decreased, while it was stated that the figure corresponds to 10% of the total supply.

While it is stated that the rate of 10 percent is the lowest level of all time, it was informed that this rate was last reached in 2015, one year after the Ethereum ICO.

Staking and cold wallets…

The decrease in the number of Ether on the exchanges signals that investors are returning to cold wallet and staking. As it will be remembered, the number of Ether staked on May 9 also reached an all-time high. Even Binance CEO CZ claimed that this could bring a sharp rise in price.

Ether price, which has fallen by about 4% in the last 24 hours, is trading at about $ 1770 at the time of writing.

Santiment also stated that the rate of Bitcoin in the stock markets fell to the lowest level in the last 5.5 years. It was noted that only 5.84% of the total Bitcoin supply is on centralized platforms.

#Bitcoin price rose above $ 28 thousand and experienced a rapid rise, with the US inflation data coming below expectations. In the evening hours, the price fell below 27 thousand dollars with a sharp decrease within minutes.

The price movement in question came at 20.07 TSI and Bitcoin fell from $ 28 thousand 227 to $ 26 thousand 842. While questioning the reason for this decline in Bitcoin, the arrows once again pointed to the crypto intelligence company Arkham, but this time it was understood that the culprit was not Arkham, but the fall in price was caused by a mislabeling of a user using an alert bot via Arkham.

In the evening, 9,800 BTC worth $276 million came out of a wallet, and the Twitter account @1kbeetlejuice, a research analyst at The Block, reported this move as an exit from the US-controlled wallet. He supported this with screenshots from the Telegram bot seen below, but his tagging was wrong. After the notification, a pullback in Bitcoin price exceeding $ 1000 was recorded.

There was also a statement from Arkham on the subject. Arkham stated that users can only add and remove tags manually in their private accounts. The company stated that these labels were not made by the Arkham team and emphasized that there was no movement in Bitcoin wallets associated with the US government.

Bitcoin recovered a bit after all this, and the price is at $ 27,750 at 00:25 TSI.

The USA sold Bitcoin in March, giving the message that “more is on the way”

Bitcoins seized by US law enforcement in various operations are sold by auction or in different ways after a while. It is estimated that there are approximately 200 thousand BTC in this way under the control of the USA at the moment. Last March, it was announced that 9,800 BTC was sold in connection with a lawsuit. In the statement, it was noted that 41,500 BTC is also planned to be sold this year.