Aurelia Butler

Nine years ago, on Jan. 19, 2016, the Washington Post published an article titled “R.I.P. Bitcoin. It’s time to move on,” declaring the end of Bitcoin when it was valued at nearly $400. Today, Bitcoin has defied this prediction, reaching an all-time high of $108,268 last December.Bitcoin historian Pete Rizzo highlighted this fact on X, sharing a screenshot of the 2016 article that reflected how the narrative around Bitcoin has dramatically shifted over the years. The article’s claim, made during a period of uncertainty for cryptocurrencies, highlights the stark contrast between past skepticism and current reality.Bitcoin has gone on an incredible journey since this call. From a value of $400 then, Bitcoin has skyrocketed significantly, currently trading above $103,000. Bitcoin has once again surpassed the $2 trillion milestone with a market capitalization of $2.05 trillion. This remarkable growth has been fueled by increasing adoption, institutional interest and a growing recognition of Bitcoin’s potential as a store of value.The Bitcoin outlook remains bullish; over the past few days, Bitcoin’s price action validated two key levels flagged by on-chain data – support at $89,000, while aligning closely with the Short-Term Holder Realized Price at $88,500 and resistance just below $98,000, the largest accumulation level above spot.Given Bitcoin’s recent correction, a significant proportion of froth has come out of the market, according to Glassnode, while demand remains relatively robust.This article was originally published on U.Today More

Per the data intelligence platform, SpaceX has seen the price of its Bitcoin stash grow from its all-time low of $134 million, scored on Nov. 29, 2022. The firm has continued to HODL its Bitcoin stash, surviving the multi-year consolidation of Bitcoin.With a spot Bitcoin ETF launched in January 2024 and the price of Bitcoin hitting multiple all-time highs, the SpaceX balance has skyrocketed. However, the firm’s BTC holdings are yet to reclaim their highest level of more than $1.6 billion.According to the Arkham data, SpaceX keeps custody of this BTC stash on Coinbase (NASDAQ:COIN) Prime. Since 2021, the firm has conducted more than 30 transactions, with Coinbase Prime the center point of all the transfers.SpaceX and even Elon Musk-owned Tesla (NASDAQ:TSLA) Inc. are poised to see additional profit in their respective Bitcoin bags with this price trend. As reported earlier by U.Today, the Tesla Bitcoin holdings retained the $1 billion threshold in November last year as BTC inked a new local high.At the moment, multiple institutional investors are entering the BTC market. BlackRock Inc (NYSE:BLK). raked in $527 million in its Bitcoin ETF product on Nov. 16, underscoring the massive interest in the offering.With this institutional adoption trend, SpaceX may see more of an uptick if it continues to HODL.This article was originally published on U.Today More

The cryptocurrency community met this tweet with a wave of enthusiasm mixed with puzzlement, guessing at the nature of this transaction.According to the data source mentioned above, the Royal Government of Bhutan has shoveled 633 Bitcoins valued at $64.57 million. The transaction was split as those Bitcoins were sent to three new blockchain wallets.As of now, the Bhutan government is a proud holder of $1.3 billion worth of Bitcoin – that is 11,055 BTC.Bhutan’s Bitcoin holdings are supported by its mining operations. In September last year, the country managed to generate between 55 BTC and 75 BTC on a weekly basis.The authorities believe that holding crypto reserves will help the region to enhance its economic resilience and increase its participation in Bitcoin mining.The cofounder and former chief executive of the Binance exchange, Changpeng Zhao (CZ), wrote an X post about this remarkable achievement for his brainchild (BNB), stating that Bhutan is a “beautiful and smart country,” and it has now adopted BNB.The newly elected U.S. president also promised to create a Strategic Bitcoin Reserve for the United States by purchasing Bitcoin over the next four years. He is taking office next week, and many are keeping their eyes on whether the BTC reserve will indeed be created. Currently, the U.S. government (the Department of Justice in particular) holds a whopping 69,370 Bitcoins worth $7,097,961,000 at writing time. These Bitcoins confiscated from a Silk Road hacker can be sold after recent permission given to the DOJ by the court. Bitcoiners are wondering if Trump will be able to prevent this, though the liquidation might happen before he is in power.This article was originally published on U.Today More

The asset manager, whose ETF started the year on shaky ground with an outflow of $332.6 million on Jan. 2, quickly recovered with three consecutive days of inflows. However, BlackRock has been lacking in consistency and volume so far this month.The renewed attention in BlackRock Bitcoin ETF might indicate a rekindling of interest by institutional players. Analysts believe these players might have decided to increase their position ahead of the new administration in the U.S.Notably, a new administration will be inaugurated on Monday, Jan. 20, and many crypto stakeholders anticipate a favorable shift in regulations. Prices could soar significantly if the new president signs an executive order that favors crypto, as many speculate.Ark had $155.4 million in inflows to complement BlackRock’s inflow. Others with inflows were Fidelity Investment’s FBTC, Bitwise’s BITB and VanEck’s HODL, with $4.4 million, $2.7 million and $5.7 million respectively.All other asset managers recorded zero inflows except Grayscale’s GBTC. A day after registering inflows, GBTC suffered an outflow of $70 million.This left the Bitcoin ETF market with a cumulative inflow of $626.1 million. The ETF market has now registered two consecutive inflows overall, and if momentum holds, it could close the week on a high to mark another three straight days of inflows.This article was originally published on U.Today More