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Bitcoin whales continue to accumulate despite BTC price holding above $50K https://cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k
https://cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k
<p>The number of whale addresses holding Bitcoin (<a href=”https://cointelegraph.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/bitcoin-price-index/amp”>BTC</a>) have hit a new all-time high, the latest data shows. This can be considered bullish, particularly as the price of BTC <a href=”https://cointelegraph.com/news/bitcoin-hits-a-new-high-of-51-3k-as-analyst-declares-historic-parabolic-advance” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-hits-a-new-high-of-51-3k-as-analyst-declares-historic-parabolic-advance/amp”>is showing staying power above&nbsp; $50,000</a>.</p><p>The increase in the number of whales indicate that high-net-worth investors are actively accumulating Bitcoin as the bull market continues.</p><figure><img src=”https://s3.cointelegraph.com/uploads/2021-02/e9bdaa22-685a-4747-bc7e-fb6e2f4f970c.jpeg” alt title><figcaption><em>Number of addresses holding $1m Bitcoin. Source: Glassnode</em></figcaption></figure><h2>Why is the rising number of whales important?</h2><p>During bull cycles, the price of Bitcoin could be at risk of a severe sell-off if whales begin to sell or take profit on large positions.</p><p>When this happens, it creates a massive downturn because the overleveraged futures market begins to fall, seeing cascading liquidations.</p><p>But when whales continue to accumulate, as the on-chain data shows, the foundation for an extended rally strengthens.</p><p>Analysts at Glassnode explained that there are now 94,000 BTC addresses holding over $1 million worth of Bitcoin. They <a href=”https://twitter.com/glassnode/status/1361948460061237249?s=20″ target=”_blank” rel=”noopener nofollow”>said</a>:</p><blockquote>”ATH: There are now more 94,000 #Bitcoin addresses holding at least $1 million worth of $BTC. The steep increase in mid December marks the point when BTC crossed $20,000 – making all early miner addresses (50 BTC rewards) millionaire addresses.”</blockquote><p>Meanwhile, researchers at <a href=”http://whalemap.io/” target=”_blank” rel=”noopener nofollow”>Whalemap</a>, a data analytics platform that tracks whale activity, spotted a similar trend.</p><p>The researchers said that in previous bull cycles, the number of addresses holding between 1,000 and 10,000 BTC decreased. But, during the recent bull cycle, the number of whales have noticeably spiked. They <a href=”https://twitter.com/whale_map/status/1362031054165540870?s=21″ target=”_blank” rel=”noopener nofollow”>said</a>:</p><blockquote>”An interesting macro cycle : Number of addresses holding between 1,000 and 10,000 BTC has been decreasing during the last bull run, but this time it’s only picking up to speed. The second picture also shows where exactly these wallets are acquiring their BTC.”</blockquote><figure><img src=”https://s3.cointelegraph.com/uploads/2021-02/66e65a09-ba35-4c81-b35f-03b3e400c128.jpeg” alt title><figcaption><em>Bitcoin whale inflows. Source: Whalemap</em></figcaption></figure><h2>Ideal short-term scenario is for the futures market to deleverage</h2><p>Currently, Bitcoin has the components to see a continuation of the ongoing rally. Whales are buying, the trading volume is rising in general, and there is <a href=”https://cointelegraph.com/news/blackrock-has-started-to-dabble-in-crypto-says-cio” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/blackrock-has-started-to-dabble-in-crypto-says-cio/amp”>large institutional interest</a> in Bitcoin.</p><p>However, there is one major risk in the market and that is the overleveraged futures market. As of Feb 18, the futures funding rate for both Bitcoin and Ether surpassed 0.15%.</p><p>The normal funding rate for cryptocurrencies is around 0.01%. When the funding rate spikes, it signals that the majority of the market is buying or longing.</p><p>The problem occurs when Bitcoin or Ether (<a href=”https://cointelegraph.com/ethereum-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/ethereum-price-index/amp”>ETH</a>) sees a minor drop. Since the market is highly-leveraged, it can cause an intensified downturn, often resulting in a steep correction.</p><p>Due to the high funding rates, the probability of a correction in the near term remains high. Considering that the crypto market often sees corrections during the weekend, a pullback in the next few days remains likely despite the bullish market structure of BTC and ETH.</p><template data-name=”subscription_form” data-type=”markets_outlook”></template><p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Thu, 18 Feb 2021 09:00:00 +0000 Joseph Young
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https://cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k
bitcoin
btc price
whales
ethereum price




Russian crypto mining firm scrambles to meet foreign demand https://cointelegraph.com/news/russian-crypto-mining-firm-scrambles-to-meet-foreign-demand
https://cointelegraph.com/news/russian-crypto-mining-firm-scrambles-to-meet-foreign-demand
<div><img src=”https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvYzM0NjYyZjItYmFlNy00NzUxLWI1MTktNzVlZjA4MGY4ODUwLmpwZw==.jpg” class=”ff-og-image-inserted”></div><p>Global cryptocurrency mining operators are increasingly moving their equipment to Russia and the Commonwealth of Independent States as they chase lower energy prices.</p><p>Igor Runets, founder and CEO of Russian crypto mining firm BitRiver, <a href=”https://www.kommersant.ru/doc/4694242″ target=”_blank” rel=”noopener nofollow”>told</a> local news agency Kommersant Thursday that the company is actively building up its power capacity to meet increasing demand from American and European investors.</p><p>According to the executive, BitRiver has run out of spare capacity at its data centers, having fully reserved all of its power for the next 18 months. During this period, the company expects to co-locate mining equipment of total mining power estimated at 1 GWh.</p><p>BitRiver, which operates the largest colocation services for Bitcoin (<a href=”https://cointelegraph.com/bitcoin-price-index”>BTC</a>) mining in Russia and the CIS region, is now building two new data centers in Russia, including an 80 MWh facility in Krasnoyarsk and a 300 MWh center in the Republic of Buryatia. The company expects to deploy 100 MWh by fall 2021, meeting only half of expected demand.&nbsp;</p><p>The CEO noted that the growing demand is mainly coming from the United States and Europe, with investors partly moving their operations from China, Africa and Latin America, seeking lower energy prices. But the main reason for the increasing demand is the ongoing crypto rally with prices hitting new records, Runets stated. BitRiver has been already aggressively tapping the demand, <a href=”https://cointelegraph.com/news/russia-has-imported-its-largest-bitcoin-miner-batch”>setting up a massive batch of Bitcoin miners</a> in December 2020.</p><p>Nikita Vassev, founder of CIS mining market-focused forum TerraCrypto, said that many miners are actively moving their operations from China and the U.S. to CIS countries. The exec suggested that the growing demand is coming from investment strategies intending to distribute power among different continents. Vassev said that mining operations in the U.S. and Canada are more expensive due to logistics and energy costs.</p><p>Amid a parabolic spike in mining-generated rewards, crypto mining has become more popular than ever, which has caused a significant surge in crypto’s energy consumption. As previously reported, Bitcoin energy consumption has been at its <a href=”https://cointelegraph.com/news/surge-in-bitcoin-energy-consumption-sparks-debate-in-crypto-community”>highest historical levels since late 2020</a>, with the estimated annual consumption level staying above 75 TWh for a record period of time.</p><template data-name=”subscription_form” data-type=”markets_outlook”></template><p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Thu, 18 Feb 2021 08:46:00 +0000 Helen Partz
en
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https://cointelegraph.com/news/russian-crypto-mining-firm-scrambles-to-meet-foreign-demand
Cryptocurrencies
Bitcoin Regulation
Mining
Russia
Investments
Energy




Europe’s most successful soccer club just got a cryptocurrency sponsor https://cointelegraph.com/news/europe-s-most-successful-soccer-club-just-got-a-cryptocurrency-sponsor
https://cointelegraph.com/news/europe-s-most-successful-soccer-club-just-got-a-cryptocurrency-sponsor
<div><img src=”https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvM2RlN2MyYTktOTA5MC00NWFmLTliNDAtNjZlMWY5ZDVkZjk2LmpwZw==.jpg” class=”ff-og-image-inserted”></div><p>The normalization of cryptocurrency advertising took another leap forward this week as Europe’s most successful soccer club announced a partnership with a Turkish Bitcoin (<a href=”https://cointelegraph.com/bitcoin-price-index”>BTC</a>) trading platform.</p><p>Rangers Football Club, Europe’s most trophy-laden team with 115 competition wins to its name, will partner with <a href=”https://cointelegraph.com/news/how-did-the-turkish-crypto-ecosystem-survive-2020″>Turkish</a> cryptocurrency exchange Bitci Technology. The partnership will run until the end of the 2022–2023 season, and will see the Bitci brand appear on the club’s strip. The club will also launch its own <a href=”https://cointelegraph.com/news/fc-barcelonas-13m-token-sale-sold-out-in-less-than-2-hours”>fan token</a> as part of the deal.</p><p>The official Twitter account for the club announced the news on Feb. 17, <a href=”https://twitter.com/RangersFC/status/1361971242300018688?s=20″ target=”_blank” rel=”noopener nofollow”>stating</a>:</p><blockquote>“<a href=”https://twitter.com/hashtag/RangersFC?src=hashtag_click” target=”_blank” rel=”noopener nofollow”>RangersFC</a> are delighted to announce an exciting new Official Partnership with Bitci Technology, in a wide-ranging agreement that will see the <a href=”https://twitter.com/bitcicom” target=”_blank” rel=”noopener nofollow”>@bitcicom</a> brand appear on the Rangers First Team shorts, through until the end of the 2022/23 season.”</blockquote><p>Founded in 1872, Rangers is one of Europe’s oldest and most successful soccer teams. Although the club plays in the lesser-known Scottish Premiership, Rangers regularly attracts in excess of 50,000 fans to its stadium every week. Rangers supporters clubs have popped up i Sudan, Australia, Spain, the United States, and beyond. </p><p>Rangers marketing director, James Bisgrove, celebrated the partnership, noting the positive impact it stands to have on commercial revenue, stating, “It will have an immediate and positive impact on the continued growth of commercial revenues.”</p><p>Bitci Technology founder Çagdaş Çağlar predicted the <a href=”https://cointelegraph.com/news/paris-saint-germain-and-juventus-fan-tokens-rally-80-to-160-after-listing”>symbiotic relationship</a> between cryptocurrency and the sports industry stood to benefit both parties in the long run:</p><blockquote>“We believe that blockchain technologies will become a crucial part of the sports industry in the near future. Sports clubs that are capable of seeing the importance of this trend today will attain a great advantage in the future.”</blockquote><template data-name=”subscription_form” data-type=”markets_outlook”></template><p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Thu, 18 Feb 2021 08:39:34 +0000 Greg Thomson
en
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https://cointelegraph.com/news/europe-s-most-successful-soccer-club-just-got-a-cryptocurrency-sponsor
Football
Europe
Sport




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