Welcome to another exciting day in the world of Bitcoin! Buckle up as we dive into the latest happenings that are shaking up the crypto space. First up, we have some intriguing news from Cointelegraph that reveals a staggering 75% of all Bitcoin has been HODLed for over six months. Yes, you heard that right! Despite Bitcoin’s recent drop of 21% from its all-time high, the majority of Bitcoin held in wallets hasn’t budged an inch. According to the on-chain data from Glassnode’s Hodl Wave chart, this is a significant increase from just a week ago when only about 45% of the BTC supply was dormant for at least six months. If you’re curious to know more, check out the full article here.
But that’s not all! In a rather quirky turn of events, an AI startup named Osmo is attempting to answer the age-old question: What does Bitcoin smell like? Yes, you read that right! This ambitious project aims to teleport digital scents, and while it might sound like something out of a sci-fi movie, the technology could potentially help detect diseases like cancer. If you want to know more about this olfactory adventure, head over to Cointelegraph’s article here.
Now, let’s talk about Bitcoin ETFs. According to another Cointelegraph article, Bitcoin bulls should steer clear of MicroStrategy’s new leveraged ETF. The ETF, launched by Defiance ETFs, takes on unnecessary risks and is likely to underperform compared to spot Bitcoin. With a whopping $22 million in volume on its first day, the Defiance Daily Target 1.75X Long MSTR ETF aims to provide 175% long daily targeted exposure to MicroStrategy’s stock. However, seasoned investors might want to think twice before diving in. For more insights, read the full article here.
In more bullish news, Bitcoin is hinting at an upward price phase, with metrics aligning at the $60.6K level that traders are eager to beat. As the price action showed strength on August 18, Bitcoin sought to reclaim the $60,000 mark. Data from Cointelegraph Markets Pro and TradingView revealed local highs of $60,271 on Bitstamp. For those interested in the technical analysis, you can read more about it here.
Meanwhile, crypto analyst Benjamin Cowen has some thoughts on Bitcoin dominance, suggesting it may not return to the lofty heights of 70% again. Cowen predicts a target of 60% dominance, explaining that during major altcoin seasons, Bitcoin’s market cap ratio tends to decline but gradually returns after the breakdown. For a deeper dive into this analysis, check out the article here.
Switching gears to mining news, Hut 8 Corp. reported a staggering $71.9 million loss in Q2 2024, despite a 72% surge in Bitcoin mining revenue. The company’s revenue rose to $35.2 million, but a significant loss was attributed to fair value adjustments of digital assets. CEO Asher Genoot remains optimistic about the company’s restructuring efforts and upcoming initiatives. You can find the full report here.
In a similar vein, TeraWulf reported a 21% drop in Bitcoin mining but managed to surpass revenue estimates in Q2. The company mined 699 BTC, down from last year’s numbers, but its revenue of $35.6 million exceeded expectations. TeraWulf is also focusing on a large-scale HPC and AI project, which could position it for future growth. For more details, read the article here.
Finally, in a bullish twist for Bitcoin adoption, the Norwegian government has increased its sovereign fund’s BTC exposure. The Norges Bank Investment Management fund has upped its holdings to 2,446 BTC, marking a 62% increase in the first half of 2024. This move indicates a growing acceptance of Bitcoin as a legitimate asset. For all the juicy details, check out the article here.
And there you have it, folks! A whirlwind tour of today’s Bitcoin news. From HODLing to innovative AI projects and ETF discussions, the crypto world is buzzing with activity. Stay tuned for more updates and keep your crypto game strong!
The post Latest Bitcoin News Today: HODLing, ETF, and..SMELLING Woes? appeared first on Crypto Genius™.
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