Nigerians have turned to Bitcoin (BTC) and Stablecoins after the nation’s currency, Naira, tumbled against the dollar. Citizens of the most populous African nation sought refuge in Bitcoin as the currency went into freefall against the US dollar. Peer-to-peer exchange LocalBitcoins reported a 258% spike in Bitcoin purchases compared to last week’s data. The Naira […]
As Bitcoin continues to struggle, a recent report shows that large institutions have sold over 236,000 Bitcoins or $4.95 billion using current exchange rates in the last two months. The benchmark cryptocurrency currently trades down by about 70% from its all-time high recorded in November. Large crypto players like Luna Foundation Guard (LFG), Tesla, Celsius, […]
The customs service of Finland (Tulli) announced on Thursday that it had sold previously seized Bitcoin (BTC) tokens from a criminal case. The official statement noted: “During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state.” The announcement further detailed: “The realization concerned 1,889.1 Bitcoins. The state gained […]
In its recently released Q2 earnings report, Tesla revealed that it sold a large portion of its Bitcoin (BTC) holding and converted it to USD. In its report the behemoth electric vehicle manufacturer explained: “As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 […]
According to results from a recent Bitcoin (BTC) survey conducted by Forrester Consulting on behalf of crypto exchange AAX, sizable populations in developing economies top the trend in Bitcoin awareness and adoption. The survey detailed that 74% of consumers in markets within Africa, Latin America, the Middle East, and Southeast Asia were aware of Bitcoin, […]
Recently I went shopping at a gas station where everything was 75% off. I’m not in the habit of shopping at gas stations, because I drive a Tesla (which, incidentally, I bought with bitcoin). One of the great things about owning an electric car is you no longer have to worry about gas prices. It’s […]
As the price of Bitcoin (BTC) remains under bearish pressure, strategists at behemoth financial institution JP Morgan Chase & Co. have revealed that the cost of minting new Bitcoins has declined by almost 50% in the past month. In a note published by the Nikolaos Panigirtzoglou-led strategy department at JPM yesterday, the Bitcoin production cost […]
Reports show that Bitcoin (BTC) has become more closely tied to the US real or inflation-adjusted bond yield in recent times, with the two becoming increasingly polarized with each other. Currently, data from CoinDesk shows that the 90-day correlation coefficient between the flagship cryptocurrency and the yield on the 10-year US Treasury bond neared the […]
Latest on-chain reports from Glassnode show that cryptocurrency investors withdrew Bitcoin (BTC) at the most aggressive rate ever recorded in June, with exchange outflows topping 151,000 BTC worth over $3 billion. Notably, the number of active addresses has plunged by 13% since November 2021, following the commencement of the bear cycle. As of July 4, […]
