Blockpro

Bitcoin Miners Enter Accumulation Phase: A Look at Potential New All-Time Highs Bitcoin miners appear to have embarked on a new accumulation phase, positioning themselves to capitalize on several emerging catalysts. This strategic move reflects growing confidence in Bitcoin’s long-term value and could potentially drive the cryptocurrency to unprecedented heights. According to Valentin Fournier, Lead Analyst at BRN, mining firms are not only accumulating mining rewards but are also actively purchasing Bitcoin directly from the market to increase their reserves. Fournier noted that miners have triggered the Hash Ribbon signal, a long-term bullish indicator that suggests the end of miner capitulation and an increase in mining power . A notable example is MARA , formerly Marathon Digital, which recently announced the acquisition of an additional $100 million worth of Bitcoin. This behavior indicates a strong belief in Bitcoin’s future value. F ournier highlights that several strong ...

Elon Musk Comments on Bitcoin’s Future Following Donald Trump’s Speech at Bitcoin 2024 Conference Recently, Elon Musk has once again captured attention by sharing his current perspective on Bitcoin and cryptocurrencies. This came in the wake of Donald Trump’s highly anticipated speech at the Bitcoin 2024 Conference, held on Saturday in Nashville, Tennessee. Elon Musk, CEO of Tesla and SpaceX, recently addressed his views on Bitcoin and other cryptocurrencies during an appearance on the X Takeover podcast, hosted by Tesla Owners Silicon Valley . When asked about his stance on cryptocurrencies, Musk made it clear that he does not plan to actively promote them. “I’m not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it’s not me,” Musk said. Despite his reserved stance on actively endorsing Bitcoin and other digital assets, Musk showed a certain fondness for Dogecoin, the meme-inspired cryptocurrency he significantly popularized in 2021 . “I do thin...

Fold Plans to Go Public via SPAC: A Major Move for the Bitcoin Community Fold, a Bitcoin rewards app, has announced its intention to go public through a merger with a Special Purpose Acquisition Company (SPAC) . The SPAC, FTAC Emerald Acquisition Corp., is listed on Nasdaq and sponsored by seasoned SPAC manager Betsy Cohen. T he proposed deal, which implies a $365 million valuation for Fold, is expected to close in the fourth quarter of 2024, subject to regulatory and shareholder approvals. Fold allows users to earn Bitcoin cashback on everyday purchases from retailers such as Amazon, Uber, and Starbucks . Additionally, the app offers a debit card that provides Bitcoin rewards for transaction s . Integrated with the Bitcoin Lightning Network, Fold includes features like recurring Bitcoin purchases, earning Bitcoin for paying bills such as mortgages and rent, rounding up purchases into Bitcoin, and storing funds in insured accounts . These features aim to make Bitcoin accessible to a ...

A Sleeping Giant Awakens: A Bitcoin Wallet Worth $60 Million Moves After 12 Years of Inactivity In the often mysterious and fascinating world of cryptocurrencies, there are events that astonish even the most seasoned observers . Recently, one such event occurred when a Bitcoin wallet, untouched for nearly twelve years, suddenly came to life . This wallet, which originally received 1,000 Bitcoin worth about $12,000 in 2012, has now transferred these digital coins, currently valued at over $60 million, to a new address. The transfer, first detected by Whale Alert, a platform for monitoring large cryptocurrency transactions, took place on Sunday and marked the wallet’s first transaction in over a decade . On-chain data reveals that the wallet received the Bitcoin 11 years and 9 months ago and had not made any outgoing transactions until this Sunday. Notably, the transaction was initially broadcast over the network on January 19, 2024 , indicating a significant delay between the broadcast...

Blockchain Boom: ‘Onchain’ Searches Soar as DEX Trading Peaks In recent weeks, the search interest for the term “onchain” on Google has reached an impressive peak. The search interest score for “onchain” has surged from around 19 at the beginning of 2024 to an all-time high of 100 in July, marking a fivefold increase . This notable rise signals a growing public interest in blockchain technologies, highlighting a rapid escalation in attention toward the topic. This surge in search interest coincides with record-breaking trading volume ratios between decentralized exchanges (DEXs) and centralized exchanges (CEXs). The DEX-to-CEX trading volume ratio hit a new peak of 13.76% in July 2024 , reflecting a significant shift in trading preferences toward decentralized platforms. A key driver behind this increase could be Coinbase’s recent “Onchain Summer” promotion . As one of the largest and most recognized cryptocurrency exchanges globally, Coinbase’s focus on onchain activities has the...

Revolut’s Game-Changing Move: Fintech Giant Secures UK Banking  With this license, Revolut is poised to position itself not just as an innovative financial service provider but also as a serious contender in the traditional banking sector . Revolut’s CEO, Nik Storonsky, expressed pride in reaching this achievement and underscored the company’s vision to become the bank of choice for customers in the United Kingdom. “We are incredibly proud to reach this important milestone in the journey of the company,” Storonsky stated. “We will ensure we deliver on making Revolut the bank of choice for UK customers.” However, the PRA’s approval comes with certain restrictions. During what is termed the “mobilization” phase, Revolut will initially operate with a deposit limit of £50,000 (approximately $64,000) per customer . This precautionary measure allows the company to finalize its banking processes and ensure compliance with regulatory standards before fully launching its banking servic...

Riot Platforms Boosts Capacity with $92.5 Million Block Mining Acquisition Riot Platforms has made a significant move to expand its mining operations with the $92.5 million acquisition of Block Mining, a Kentucky-based bitcoin miner . This strategic acquisition is designed to boost Riot’s mining capacity and enhance its national presence. The deal immediately adds 60 megawatts (MW) of operational capacity to Riot’s portfolio. The company plans to further expand Block Mining’s two sites, aiming to reach a total of 110 MW by the end of 2024 . This expansion will increase Riot’s total potential power capacity to an impressive 2 gigawatts (GW). Jason Les, CEO of Riot Platforms, highlighted that this acquisition not only broadens their operational footprint but also accelerates the growth of Block Mining in Kentucky. With the potential to scale up to over 300 MW, Riot is set to advance towards its ambitious growth target of 100 exahashes per second (EH/s). The acquisition was structured w...