Crypto News
“Discover How Bitcoin Whale Numbers are Plummeting to Record Lows in 2020”
The number of Bitcoin (BTC) whales, or wallet addresses holding 1,000 or more BTC, hit its lowest level since August 2019 on Sunday. There were 2,027 whales on Sunday, February 19, according to crypto analytics service Glassnode; the last time their number dropped this low was August 5, 2019, when they numbered 2,023. Owning that much Bitcoin at its current price of around $25,000 represents a sizeable show of faith in the digital currency, with each whale holding almost $2.5 million in Bitcoin. The number of whales peaked in February 2021 at just under 2,500 but has declined steadily since then. This trend comes despite a market rally that occurred between February and March 2022, when the number of whales jumped from 2,117 on February 21 to around 2,286 on March 23.
The same trend doesn’t appear among so-called mega whales, those holding more than 10,000 BTC, representing an investment of over $250 million at current prices. There are just 117 mega whales, fairly close to the historical highs of 123 in November 2022, and 126 in October 2018. Their behavior has historically been much less correlated with the price of BTC.
However, the number of smaller investors in BTC, wallets holding over one coin, has gradually increased over the past five years with some dips, despite the dramatic changes in the price of the digital currency we’ve seen in the time period. The number of wallets holding more than one BTC currently sits at 982,000, a solid rise from around 814,000 around his time last year, and 788,000 in February 2020.
The news comes as the price of BTC has rallied during 2023, after falling abruptly in the latter part of 2022 following the high-profile collapse of crypto exchange FTX. Bitcoin’s price has risen from $16,542 on January 1 to around $24,900 at the time of writing, an increase of over 40%.
This article discusses the decline in the number of Bitcoin whales, or wallet addresses holding 1,000 or more BTC, which has hit its lowest level since August 2019. Despite the market rally that occurred between February and March 2022, the number of whales has continued to decline. Additionally, the number of mega whales, those holding more than 10,000 BTC, and smaller investors in BTC have also been discussed. The news comes as the price of BTC has seen a significant rally in 2023.
#Bitcoin #Cryptocurrency #BTCWhales #CryptoExchange
You can read more about this topic here: Decrypt: Number of Bitcoin Whales Drops to Lowest Level Since 2019
The post “Discover How Bitcoin Whale Numbers are Plummeting to Record Lows in 2020” first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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