On-chain data shows the Bitcoin NVT golden cross has now entered into the “sell” zone, something that could be bearish for the price of the crypto. Bitcoin NVT Golden Cross Surges, Now Has A Value Of 2.44 As pointed out by an analyst in a CryptoQuant post, this sell signal might lead to BTC’s price dropping in the next ten days. The “Network Value to Transactions ratio” (NVT ratio) is an indicator that’s defined as the market cap divided by the transacted volume in a specific period. What this metric tells us is how the value of Bitcoin currently compares with the investors’ ability to transact coins, and thus if the crypto is undervalued or overvalued right now. One application of this ratio … [Read More...]
Bitcasino to Use Estonian ESTCube-2 Satellite to Send Bitcoin into Space
Press Release: Bitcasino will use the Estonian satellite organization ESTCube-2 to send one Bitcoin into Space in 2023 29th August 2022, TALLINN, Estonia – The world’s first licensed Bitcoin-led casino operator, Bitcasino, has partnered with ESTCube-2 to send one bitcoin to space in 2023, giving all its players the chance to be a part of this groundbreaking experience. By playing all of their favorite games on the platform, Bitcasino is giving its players the chance of a lifetime to send their crypto assets to Earth’s outer orbit, becoming part of the satellite’s mission. Everyone can join Bitcasino on this adventure, with the cryptocurrency set to orbit the Earth until the end of the satellite’s lifetime, when it will then help fund the next ESTCube science project. The ESTCube Project … [Read More...]
Grayscale Liquidation Could Unleash A Bitcoin Armageddon
The FTX Contagion effects do not even stop at the largest institutional Bitcoin product on the market, the Grayscale Bitcoin Trust (GBTC). As a result of the bankruptcy of Sam Bankman-Fried’s crypto exchange, the discount to the NAV of Grayscale’s GBTC fund has fallen to around -40%. As recently as the end of 2020, GBTC was trading at a premium of +40%. However, in January 2021, the trend reversal occurred when Grayscale’s Bitcoin fund traded at a discount for the first time. Since then, GBTC has been on a downward slide. Bitcoin GBTC. Source: CNN Business GBTC’s largest owners include Cathie Wood’s ARK Invest (0.85%), Horizon Kinetics (0.34%), Simplify Asset Management (0.06%) Systelligence (0.04%), Parkwood (0.04%), Emerald … [Read More...]