March 8, 2021

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Crypto News of the Day (10.4.) | The number of bitcoin whales reaches 2 years of ATH and other news

4 min read
Crypto News of the Day (10.4.) | The number of bitcoin whales reaches 2 years of ATH and other news

Here you can find an overview of the most important events that took place during the last day in the cryptoworld.

Markets

After a few days of growth, there was a sharp drop on the cryptotryes. Bitcoin is now again under $ 7,000, currently the price is around $ 6,900, which is a fall of more than 5%. The Altcoins are even worse, with declines of over 10% and still continuing.

You can monitor the current cryptocurrency prices – here.

Cryptocurrency

According to data provided by Glassnode, the number of Bitcoin addresses that hold more than 1,000 BTC (approximately $7 mln at current prices) has recently reached a two-year high. This indicates that the leading cryptocurrency is in the middle of the next accumulation phase. Glassnode also noted that Bitcoin addresses with 1 BTC had recently reached yet a new all-time high. There are now 802,715 wallets that were fortunate enough to accumulate the whole Bitcoin. The total supply of the world’s leading cryptocurrency is limited to 21 mln BTC. It is also worth noting that the number of addresses with at least 1 BTC has been consistently making new highs since March 22. 

A whale has just moved 49,342 BTC, worth $361M, for a measly fee of $0.50. However, some have noticed that identical amounts have been circulating around various wallets recently.  The reasons for the move, however, are unclear. The BTC seems to be cycling through many different wallets almost immediately after it is received. The bottom line is—somebody is clearly shuffling BTC around in many wallets, although it is unclear for what purpose.

The recent Bitcoin Cash (BCH) block reward halving has wreaked havoc on the cryptocurrency’s hash rate. As a result, launching a 51% attack on BCH currently costs less than $10,000 per hour, raising concerns regarding the security of the network. In response to BCH’s block rewards dropping from 12.5 BCH to 6.25 BCH, many miners appear to have migrated their hash power to the Bitcoin (BTC) network.According to f2pool, BCH hash rate dropped from nearly 4,200 pentahashes per second (PH/s) to as low as 720 PH/s within two days of the halving taking place. Over the past five hours, the Bitcoin Cash hash rate has more than doubled from the local low to hover at 1,600 PH/s.

The sudden dip in hashrate has also left BCH highly exposed to the threat of 51% attacks — with Crypto51 estimating that it would cost $9,130 per hour to launch an attack on the Bitcoin Cash network using rented hashpower.

Cryptocurrency exchanges, Banks

BitMEX parent company HDR Global Trading Limited has become a partner of nonprofit Shadowserver Foundation. HDR will sponsor the nonprofit by offering $400,000 over the next four years. Shadowserver Foundation is an organization that collects and analyzes data on malicious activity on the Internet. HDR has become a member of the nonprofit’s industry alliance aimed at improving the Internet security.

BitMEX co-founder and CTO Samuel Reed commented:

Shadowserver is an extremely highly regarded player in the botnet defence community. They work tirelessly and make a tangible difference to ensure the Internet is more secure for all users. Cross-industry collaboration is going to be essential to the future security of the Internet at large, and not least the cryptocurrency industry. We’re keen to play our part championing security over the long term by supporting such a brilliant organisation.

Blockchain, Technology

The CEO of Tesla and SpaceX, one of the most famous entrepreneurs of the modern world, might be sharing his take on the consequences of the coronavirus pandemic and the fact that the US Fed Reserve is printing another giant sack of USD to support businesses. Meanwhile, the situation for average Americans is getting worse.  This week, 6.6 mln more people filed their jobless claims.

Some economists are warning that the US is heading for another Great Depression. The one that happened in 1929-1930 may seem like child’s play next to this one. Crypto influencers and VC investors, such as Anthony Pompliano, and even some politicians are betting on Bitcoin, saying that it is a good store of value right now.

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