Aurelia Butler

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    in Cryptocurrency

    Coinbase identified as largest Bitcoin holder globally

    Blockchain intelligence platform Arkham Intel, on Sept. 22, revealed that U.S.-based crypto exchange Coinbase currently possesses close to 1 million Bitcoins (BTC) in its wallets. The Bitcoin holding is valued at over $25 billion per the current market rates. It also constitutes almost 5% of all Bitcoin in circulation, an amount that would put Coinbase on par with the alleged holdings of Bitcoin’s elusive founder, Satoshi Nakamoto.As asserted by Arkham, Coinbase’s Bitcoin portfolio consists of a grand total of 947,755 BTC. To put things in perspective, the current circulating supply of Bitcoin is approximately 19,493,875, as recorded by the crypto price tracking platform CoinGecko. However, it’s critical to bear in mind that most of the coins belong to crypto exchange users, especially since Arkham highlighted that Coinbase utilizes around 36 million Bitcoin deposits and holding addresses, all of which the on-chain analysis platform consistently tracks and identifies.The data company also shared that Coinbase’s most substantial cold wallet contains 10,000 BTC, equating to about $265.8 million. Moreover, through an analysis of Coinbase’s financial reports, Arkham anticipates that the exchange might have additional Bitcoins that are yet to be labeled and remain unidentified.Furthermore, Arkham uncovered that Coinbase’s cryptocurrency portfolio extends beyond Bitcoin and includes many other digital currencies.The exchange reportedly houses close to 1.68 million Ether (ETH), which is valued at roughly $2.69 billion. Chainlink (LINK) is another cryptocurrency in Coinbase’s possession, with 68.59 million LINK tokens, estimated to be worth about $471 million. The exchange also holds 222 million USD Coin (USDC), a stablecoin pegged at a 1:1 ratio with the U.S. dollar, and a noteworthy 921,000 Binance Coin (BNB) valued at approximately $194 million.Meanwhile, the Bitcoin price has been holding steady in the wake of the decision by the Federal Open Market Committee (FOMC) not to hike interest rates. The coin made a near negligible gain of 0.1% in the last 24 hours and was trading at $26,599, with a trading volume of $26.5 billion at the time of going to press.This article was originally published on Crypto.news More

  • 138 Shares119 Views

    in Cryptocurrency

    Bitcoin (BTC) Dominance Rebounds to Year’s High: What Does It Mean?

    Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that Bitcoin holds. When Bitcoin’s dominance rises, it often indicates that investors are favoring Bitcoin over other altcoins. This could be due to a variety of reasons, such as increased confidence in Bitcoin’s stability, technological advancements, or significant news events related to Bitcoin.On the flip side, high dominance can spell a period of stagnation or decline for altcoins. If investors are flocking to Bitcoin, it might mean they are moving their funds away from altcoins, leading to potential price drops for these alternative cryptocurrencies.Source: Let’s delve into the recent price performance of Bitcoin. Over the past week, Bitcoin has shown mixed dynamics with a 50 EMA breakthrough and reversal below 200 EMA a few days after.Now, considering , which is often viewed as the leading altcoin, its price performance has been rather negative, reversing at local resistances and losing volatility. While Ethereum has its own unique features and use cases, its price often moves in tandem with Bitcoin. However, when Bitcoin’s dominance rises sharply, Ethereum and other altcoins might not see the same level of growth.Another factor to consider is the rising hashrate of . The hashrate is a measure of the computational power being used to mine and process Bitcoin transactions. A rising hashrate indicates increased network security and miner confidence in the profitability of mining Bitcoin. This could be another reason behind Bitcoin’s growing dominance.Historically, Bitcoin has gone through cycles of bull runs followed by bear markets, roughly every four years, often influenced by its halving events. If we are currently in a particular phase of this cycle, it could further explain the shifts in market dominance.This article was originally published on U.Today More

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    in Economy

    Italy criticises Germany for funding migrant charity groups

    Following reports in Italian media, a spokesperson for the German foreign ministry said on Friday that Berlin was implementing a parliamentary financial support programme for both civilian sea rescue and projects on land.”We have received several applications for funding. The review of the applications has already been completed in two cases,” the spokesperson told Reuters, saying the funding amounted to between 400,000 and 800,000 euros ($426,000-$852,160) for each project.Italy’s Crosetto told daily La Stampa that Rome regarded the German move as “very serious”, adding his government was instead committed to fighting the human smugglers he said should be treated as “international criminals.””Berlin pretends not to realise that, in doing so, it causes difficulties to a country that in theory should be a friend,” said Crosetto, a senior member of Prime Minister Giorgia Meloni’s Brothers of Italy party.Germany’s foreign ministry said rescuing people at sea is a “legal, humanitarian and moral duty”.Latest interior ministry data shows over 132,000 migrants have reached Italy by boat so far this year against around 69,000 in the same period of 2022.On Saturday, charity SOS Humanity said in a statement it would receive around 790,000 euros from the German government.Italy, which takes a hard-line against illegal immigration, said this week it would increase the number of detention centres to hold migrants ahead of their possible repatriation and lengthen the time they could be detained.The government also ruled they will have to pay to avoid detention while their request for protection is being processed, drawing strong criticism from human rights groups.($1 = 0.9388 euros) More

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    in Cryptocurrency

    How to buy Bitcoin in Dubai

    Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors.Continue Reading on Coin Telegraph More

  • 138 Shares119 Views

    in Cryptocurrency

    Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing

    In May 2021, Thevamanogari Manivel transferred funds to her partner Jatinder Singh’s Crypto.com account. However, the exchange detected that the bank account did not match the exchange account. Therefore, a refund was issued, but instead of refunding the 100 AU$ that the couple tried to put in, the exchange mistakenly sent 10.5 million AU$ to Manivel’s bank account. Continue Reading on Coin Telegraph More

  • 125 Shares119 Views

    in Economy

    China central bank adviser proposes structural reforms to revive economy

    Liu Shijin, a member of the People’s Bank of China’s (PBOC) monetary policy committee, told a financial forum in Shanghai that Beijing’s room for monetary policy easing was limited by widening interest rate differentials with the U.S. Fiscally, Chinese governments at various levels are under stress, he told the annual Bund Summit conference.”If China continues to focus on macro policies in its efforts to stabilise growth, there would be more and more side effects,” said Liu, vice president of the Development Research Center of the State Council.”More importantly, we will again miss the opportunity for structural reforms.”China’s post-COVID recovery has lost momentum amid weak consumption, falling exports and a deepening property debt crisis, and the economy is struggling despite a slew of monetary and fiscal measures to boost confidence. Liu proposed on Sunday a new round of structural reforms that could aid the economy immediately, while also injecting long-term growth momentum.They include demand-side reforms with a focus on giving migrant workers access to public services enjoyed by city dwellers, as well as supply-side reforms that involve igniting entrepreneurship in emerging industries, he said. China’s top economic planning body announced this month it would create a new department to help private businesses, as Beijing seeks to revive investor confidence hurt by government crackdowns on sectors ranging from the internet to private tutoring.Liu said on Sunday that China should give clearer recognition to private businesses’ status, both ideologically and politically. More