Price analysis 7/4: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized.The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland. Daily cryptocurrency market performance. Source: Coin360Meanwhile, crypto investors seem to be waiting for clues from the U.S. equities markets and the U.S. dollar. Bitcoin’s correlation coefficient with the dollar in the week ending July 3 slumped to 0.77 below zero, the lowest level in seventeen months. The majority of the analysts surveyed by JP Morgan expect the dollar to end at or below the current price levels of about 105. Any weakness in the dollar could be beneficial for Bitcoin.Could bulls start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe failure of the bears to extend Bitcoin’s decline below $19,637 suggests a lack of sellers at lower levels. The bulls will now attempt to push the price back above the resistance at $19,637.BTC/USDT daily chart. Source: TradingViewIf that happens, the BTC/USDT pair could rise to the 20-day exponential moving average (EMA) ($21,255). This level could again act as a stiff resistance but if bulls clear this hurdle, the pair may rise to the overhead zone between $22,000 and $23,362. A break above this zone could open the doors for a possible rally to the 50-day simple moving average (SMA) ($25,710). The bulls will have to overcome this barrier to signal a potential trend change.On the contrary, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains bearish and traders are selling on rallies. That could increase the possibility of a retest of the critical support at $17,622. If this support cracks, the decline could extend to $15,000.ETH/USDTEther (ETH) slipped below the psychological level at $1,000 on June 30 but the bears could not capitalize on this weakness. This suggests that bulls are buying on dips.ETH/USDT daily chart. Source: TradingViewThe bulls will now try to push the price above the 20-day EMA ($1,192) and gain the upper hand. If they do that, the ETH/USDT pair could rise to $1,280 and then to the 50-day SMA ($1,535). This level could again act as a strong resistance. The bulls will have to propel the price above $1,700 to signal the start of a new up-move.Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and bears are selling on rallies. The bears will then try to sink the price below $998 and challenge the critical support at $881.BNB/USDTThe buyers have successfully defended the support at $211 since June 29, indicating strong demand at lower levels. The bulls are presently attempting to push BNB above the 20-day EMA ($231). BNB/USDT daily chart. Source: TradingViewIf they succeed, it will suggest that the BNB/USDT pair may have bottomed out at $183. The buyers will then attempt to drive the pair to the 50-day SMA ($266). A break and close above this resistance could signal a potential change in trend.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally. The bears will then again try to sink the price below $211 and gain the upper hand.XRP/USDTXRP has been trading inside a symmetrical triangle pattern, indicating indecision among the bulls and the bears. The symmetrical triangle usually acts as a continuation pattern but on some occasions, it also behaves as a reversal pattern.XRP/USDT daily chart. Source: TradingViewThe price has rebounded off the support line of the triangle and the bulls will attempt to push the XRP/USDT pair above the 20-day EMA ($0.33). If they succeed, the pair could rise to the resistance line of the triangle. A break and close above this level could suggest the start of a new up-move. The pair could then rally to $0.48.Another possibility is that the price turns down sharply from the 20-day EMA and breaks below the support line of the triangle. That could pull the pair down to the critical support at $0.28. If this level cracks, the next stop could be $0.23.ADA/USDT Although Cardano (ADA) has been trading near the $0.44 level since June 30, the bears have not been able to pull and sustain the price below the support. This suggests that bulls are buying the dips toward $0.44.ADA/USDT daily chart. Source: TradingViewThe buyers are currently attempting to push the price above the 20-day EMA ($0.48). If they accomplish this task, the ADA/USDT pair could rise to the 50-day SMA ($0.51). This is an important level to keep an eye on because a break and close above it could suggest that the bears may be losing their grip.Alternatively, if the price turns down from the moving averages, it will suggest that bears are active at higher levels. The sellers will then try to sink the pair below $0.44 and challenge the critical level at $0.40.SOL/USDTSolana (SOL) has been trading just below the 20-day EMA ($35) for the past few days but the bears have not been able to capitalize on this weakness. This suggests a lack of sellers at lower levels.SOL/USDT daily chart. Source: TradingViewThe buyers will now attempt to push the price above the 20-day EMA. If they can pull it off, the SOL/USDT pair could rise to the 50-day SMA ($40). A break and close above this resistance could open the doors for a possible rally to the psychological level at $50.On the other hand, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on minor rallies. The bears will then try to pull the pair below $30. If they do that, the pair could decline to $27 and then to $25.DOGE/USDTDogecoin (DOGE) has been clinging to the 20-day EMA ($0.07) for the past few days. This suggests that the bulls are buying the intraday dips as they expect a move higher.DOGE/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, indicating that the selling pressure may be reducing. The bulls will attempt to push the price above the 50-day SMA ($0.07) and challenge the immediate resistance at $0.08. If this level is crossed, the DOGE/USDT pair could rise to $0.10.On the contrary, if the price turns down from the current level or the 50-day SMA, it will suggest that the bears are defending the moving averages with vigor. The sellers will then try to sink the pair below $0.06 and gain the upper hand.Related: Hodlers and whales: Who owns the most Bitcoin in 2022?DOT/USDTPolkadot (DOT) has been trading between $7.30 and $6.36 since June 30. This suggests that bulls are buying at lower levels but the bears have not allowed the price to rise above the range.DOT/USDT daily chart. Source: TradingViewAlthough the downsloping 20-day EMA ($7.52) indicates advantage to sellers, the positive divergence on the RSI indicates that the bearish momentum could be weakening. If buyers drive the price above the 20-day EMA, the DOT/USDT pair could rally to the 50-day SMA ($8.63). This bullish view could be invalidated if the price turns down and plummets below the crucial support at $6.36. If that happens, the pair could resume its downtrend toward the next support at $5.LEO/USDThe bulls and the bears are battling it out for supremacy near the resistance line of the descending channel. UNUS SED LEO (LEO) dipped to the 20-day EMA ($5.65) on July 2 but the bulls successfully defended the level.LEO/USD daily chart. Source: TradingViewThe buyers are again attempting to clear the resistance line of the channel. The rising 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If the price sustains above $6, the LEO/USD pair could pick up momentum and rally to $6.50. Above this level, the rally could extend to the pattern target at $6.90.Contrary to this assumption, if the price once again turns down from $6, it will suggest that bears are aggressively defending this level. The bears will then attempt to sink the pair below the 20-day EMA. If they manage to do that, the pair could slide to the 50-day SMA ($5.30).SHIB/USDTShiba Inu (SHIB) has been trading close to the psychological level at $0.000010. This suggests that the bulls are attempting to form a higher low near this support.SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.000010) is flat and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above the 50-day SMA ($0.000010), the SHIB/USDT pair could rally to $0.000012. This level could again act as a stiff barrier but if cleared, the pair could rise to $0.000014.Conversely, if the price turns down from the moving averages, the bears will try to pull the pair below $0.000009. If they succeed, the pair could retest the critical support at $0.000007.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.BTC/USD 1-hour candle chart. Source: Tradingview.com$20,000 briefly reappearsData from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $20,085 on the day, its best performance since June 30.The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls. Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.Not going to zero just yet #BTC pic.twitter.com/8KuliZn0QC— Material Scientist (@Mtrl_Scientist) July 4, 2022″Bitcoin has successfully created Bullish Divergence on the Daily Time Frame for the first time since breaking below $20,000,” popular analyst Matthew Hyland noted.On-chain analytics resource Whalemap meanwhile confirmed that whales buying coins at $19,200 had once again provided support for the market.Yep https://t.co/0SrIWe72OR— whalemap (@whale_map) July 4, 2022

As Cointelegraph reported, whales had expressed a keen interest in levels immediately below $20,000, conspicuously not choosing to wait until much-vaunted levels at $16,000 and below appeared.”Flipping $19.5K is a trigger for Bitcoin,” Cointelegraph contributor Michael van de Poppe added.Altcoins meanwhile made the most of Bitcoin’s spike, with Ether (ETH) rising almost 6% to pass $1,100.ETH/USD 1-hour candle chart. Source: Tradingview.comOthers in the top ten cryptocurrencies by market cap broadly saw daily gains of around 5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Multichain adds Rootstock to its blockchain bridge ecosystem

Multichain, a cross-chain platform, has announced the integration of the Bitcoin-based (BTC) smart contract protocol Rootstock (RSK) blockchain into its ecosystem. This will allow users to exchange Ether (ETH), USD Coin (USDC), Binance USD (BUSD) and other assets between RSK, Ethereum and BNB Chain.According to Monday’s announcement, the integration is a major milestone for Multichain because it opens up access to decentralized finance (DeFi) on Bitcoin. This addition will allow users to take advantage of RSK’s security and functionality.The integration will enable RSK to bring Bitcoin to Multichain’s ecosystem while also providing access to new markets and use cases for its users. The RSK sidechain is the first Bitcoin-based sidechain to be incorporated into Multichain. It has a unique place in the world of Bitcoin enthusiasts as well as with EVM-powered DeFi.The company said its integration with Rootstock is meant to provide fundamental benefits to builders utilizing RSK. They won’t have to spend resources building bridges to capital and addressable markets, for example. They will also have a quicker time marketing for new platforms based on RSK. Users may start bridging their ETH, USDC, BUSD, BNB, WBTC, and DAI between RSK’s network and Ethereum. Multichain will add additional chains and tokens to the RSK network in the coming weeks and months. RSK co-founder Diego Gutiérrez Zaldívar stated:”RSK is home to the fastest-growing DeFi for Bitcoin ecosystem with protocols that are built to last and provide real solutions to the issues users face in centralized finance.”The anyCall interoperability protocol has been updated by Multichain, which allows cross-chain communications and name contracts. It will be a valuable instrument for building cross-chain decentralized apps on Rootstock and other supported networks.Related: DeFi crypto wallet aims to decentralize inheritance of crypto and NFTsRootstock, the brainchild of Bitcoin Core developer Sergio Lerner, saw several years of development before its initial mainnet launch in January 2018. “Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch,” blockchain engineer Albert Szmigielski stated in a 2016 blog post.

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The UK ‘Bitcoin Adventure’ shows BTC is a family affair

Bitcoin (BTC) is for everyone: toddlers, kids, hard rockers and even racing pigs. At the “Bitcoin Adventure” held in Avon Valley, near Bristol, Bitcoiners and hobbyists shared their knowledge, quips and personal journeys down the Bitcoin rabbit hole despite the predictably wet United Kingdom weather. Better still, Bitcoin’s “toxic maximalism” was MIA. pic.twitter.com/7IOtpYuSDh— The Bitcoin Adventure (@TheBTCAdventure) July 3, 2022A world-first for a Bitcoin meetup, the “Adventure” took place at a wildlife park. So while some of the U.K.’s household name Bitcoiners headlined the main stage, the 250 attendees who bought tickets, (payment in BTC, naturally) could also play with the park’s furry Bitcoiner mascots: petting goats, cuddling rabbits and spectating pig racing. The day’s adventure laid out. Source: CointelegraphOrganizer DB told Cointelegraph that the “Aim was to create a family-friendly Bitcoin event to bring people together from across the U.K., to share ideas and learn in a relaxed, family environment.” “Although confident it could be a success, this was stepping into the unknown in many ways. However, the positive feedback from all involved has been incredible and the event exceeded our expectations.”From Zoomers to Boomers—and with a gender balance that most Bitcoin meetups can only aspire to—the Bitcoin Adventure was a grassroots display to compliment the decentralized movement. There were zero corporate sponsors, “shadowy super coders” or bad actors using Bitcoin to bewilder the banks — there were only “people giving up their time to educate others.”In fact, the slipperiest customers were probably the mob of mischievous meerkats:We’re ready to go…#Bitcoin accepted here. Thanks to @CoinCorner and @CoinCornerDanny . Fun for all the family #TheBitcoinAdventure! pic.twitter.com/ay8BPw02Ul— The Bitcoin Adventure (@TheBTCAdventure) July 2, 2022

For some punters, the Bitcoin Adventure was a day to lose their Lightning Network virginity. Bars accepted Bitcoin over the Lightning Network using CoinCorner point of sale (PoS) devices—of Bitcoin #LightningLunch fame—while QR code stickers with “free sats here” were hidden around the wildlife park. Plus, Bitcoin stickers, novelty socks and even cufflinks could be bagged for a few Satoshis. Be like @SophieNakamoto. Buy me pints with #bitcoin over the #lightningnetwork pic.twitter.com/G2Wouom7zD— Joe Hall (@JoeNakamoto) July 2, 2022

Ben Arc of LNBits, a self-proclaimed Bitcoin FOSS (free open sourced software) hobbyist, delivered a  stimulating presentation on open source tools. He could be found tinkering away on LN hardware devices and QR code readers, on hand to answer questions no matter how dippy or detailed. The day’s talks ranged from lessons on multi-signature wallets, thanks to Neil Woodfine of Unchained Capital to the risks and rewards of Bitcoin mining from analyst and miner, Jason Deane; and popular podcaster Daniel Prince and Nathan Day topped off proceedings with a discussion about Bitcoin, homeschooling and travel. Their kids then “stormed the stage” to answer questions. “World schooling for Bitcoiners” talk. Source: CointelegraphJordan Walker, CEO of the Bitcoin Collective (the U.K.’s first Bitcoin conference) and event MC, mingled among those new to the digital, decentralized currency. And while the over 18s congregated at the bar to pay for pints using the Lightning Network and discuss the day’s finer details, kids had a wealth of Bitcoin-themed activities to keep them occupied and entertained. Organizer DB explains:“Learning through play for children is important and Bitcoin Ballers, Zebedee, Gamertron and Robotechy gave children the opportunity to have fun and learn about Bitcoin.”Coach Carbon, the Bitcoin football coach behind Bitcoin Ballers was helping toddlers to teenagers “get off zero” with an inflatable football goal. Elsewhere, Bitcoin gaming and even “explaining Bitcoin using playdoh” were featured as child-friendly Bitcoin presentations. Education for kids is a growing subset of Bitcoin learning as more and more authors and educators create content with their offspring in mind.The team from Bitcoin Racing showcased one of the fastest-moving advertisements for Bitcoin and El Salvador. Bitcoin “minors” took to the driving seat of the Citroen C1 adorned with an El Salvador flag that will be racing around the United Kingdom in the coming months: The #bitcoin racing team were at the @TheBTCAdventure at @AvonValleyPark Flying the flag for #bitcoin and #ElSalvador !!@bitcoin_racing @jessicabukele @VanessInteriano pic.twitter.com/C37CeOxm8c— Daniel Prince (@PrinceySOV) July 3, 2022

Arguably, the Adventure’s highlight and the hidden gem was Roger 9000, a vivacious Bitcoin musician. The one-man band rounded off the day by rocking out to Satoshi-inspired songs. Lyrics included “Bitcoin is the love machine,” while the song “Alle Canada,” is a battle cry for the Bitcoin-backed trucker protests in North America. As the sun set on the inaugural event, many attendees pitched tents in the campgrounds. For organizer DB, the plan is to “let the dust settle, sit down in the coming weeks and run through the day—what we could have done differently and what we could improve on.” “We will then put the wheels in motion for The Bitcoin Adventure 2023″.Let’s hope that by next summer’s Bitcoin Adventure, there will be no more signs of a bear meerkat. 

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Hodlers and whales: Who owns the most Bitcoin in 2022?

One of the main features of the Bitcoin blockchain is its transparency. Bitcoin lets anyone see every transaction that has ever been made on its network and check the balance of every address out there. Because of this transparency, we’re able to know who owns the most Bitcoin (BTC) in 2022.It’s important to look at who owns the most BTC, as the cryptocurrency’s supply is limited to 21 million coins. In February, Kim Grauer, director of research at blockchain forensics firm Chainalysis, told Cointelegraph that an estimated 3.7 million BTC have been lost, effectively deflating the cryptocurrency’s circulating supply.Experts estimate that as Bitcoin’s adoption rises, demand for it will skyrocket. As 3.7 million coins are estimated to be lost and a significant amount is being held on-chain by early investors, what may follow is a supply shock. Such a shock could only materialize if demand skyrockets in the future.Those who own the most Bitcoin are set to greatly benefit from such a shock. Moreover, a significant supply being held by one entity is seen as a risk because if that entity ends up selling its war chest on the market, it could lead to a significant downside.Who owns the most Bitcoin?The entity that is widely acknowledged to hold the most Bitcoin is the cryptocurrency’s creator, Satoshi Nakamoto. Nakamoto is believed to have around 1.1 million BTC that they have never touched throughout the years, leading to several theories regarding their identity and situation.A significant amount of analysis has been put into determining how many coins Nakamoto actually has. After bringing BTC into existence by mining the genesis block, Nakamoto mined a significant number of blocks through their hardware at the time, with each block coming with a 50-BTC reward. Nakamoto always used different Bitcoin addresses and disappeared back in 2010. It’s unclear how many blocks they mined as other early adopters got in on the action rather early as well. Lower estimates point to Nakamoto having around 750,000 BTC. While the exact holdings of Nakamoto aren’t completely clear, those of publicly traded companies, governments, funds and other transparent organizations are. Public and private company holdingsOver time, several organizations have added Bitcoin to their balance sheets. The most notable is business intelligence firm MicroStrategy, which accumulated 129,218 BTC after first investing in the cryptocurrency in August 2020.The company’s CEO, Michael Saylor, has doubled down on the company’s Bitcoin strategy throughout the bear market, saying MicroStrategy plans to hold BTC “through adversity.” In early 2021, possibly thanks to influence from Saylor, electric car maker Tesla also invested in Bitcoin, risking $1.5 billion to buy 43,200 BTC.According to Bitcoin Treasuries, a website tracking the Bitcoin held by publicly traded firms, other companies that have Bitcoin on their balance sheet include Core Scientific, BTC Miner Marathon Digital Holdings, fintech giant Square, crypto exchange Coinbase and crypto investment firm Galaxy Digital.Thomas Perfumo, head of business operations and strategy at Kraken, spoke to Cointelegraph regarding companies’ cryptocurrency holdings:“All companies should have an open mind towards Bitcoin, but they should consider what represents the best interests of their shareholders. At Kraken, we hold cryptocurrencies as a treasury asset.”Perfumo added that Kraken also offers employees the option to take “as much of their salary in crypto as they would like via a payroll solution we call Sidemoon.” He added that a “significant number” of Kraken’s employees take advantage of the solution.Public companies are estimated to have a total of 268,271 BTC, equivalent to over 1.27% of Bitcoin’s total supply. Over the years, however, several private companies have also revealed they hold BTC.The private companies with the largest amounts of BTC are the firm behind the EOSIO software Block.one, which holds 140,000 BTC, the Tezos Foundation, which holds 17,500 BTC, and Stone Ridge Holdings Group, with 10,000 BTC. MassMutual comes next, with 3,500 BTC.In total, private companies reportedly have 202,068 BTC. Speaking to Cointelegraph, Bill Barhydt, CEO of crypto investment firm Abra, noted companies should invest in BTC but opt for the “right size” for their treasuries. Barhydt added:“Companies with a long-term time horizon should consider putting even more of their liquid assets into Bitcoin and Ethereum.”The CEO revealed Abra holds Bitcoin by likening it to companies known to have invested in the cryptocurrency, including Tesla. Per his words, as accounting rules in the United States are “fixed and modernized, it will become even easier to replicate” what companies like these are doing.Countries that own the most BitcoinThere are several countries holding Bitcoin as well. Most have gotten their hands on the flagship cryptocurrency by seizing it, but these holdings are often quickly sold in auctions to private investors.El Salvador is the country holding the most Bitcoin, with 2,301 BTC in its treasury. The country adopted the cryptocurrency as legal tender in September 2021 and has invested in it numerous times. It’s planning on creating a Bitcoin City, using power from a volcano.In April 2022, Finland was reported to be holding 1,981 BTC confiscated during criminal investigations with plans to auction off the funds later on in the year. At the time of writing, no report suggesting the funds have been auctioned emerged.Ukrainian civil servants have provided data through Opendatabot showing they have owned a total of 46,351 BTC as of April 5, 2021. These declarations came as property disclosure requirements imposed on public officials, meaning they’re the holdings of individuals and not the government itself.Similarly, Georgian parliament members are said to collectively hold 66 BTC, although the funds belong to private individuals and not the government.Bitcoin fund holdingsCryptocurrency investment funds allow investors to gain exposure to their underlying assets without dealing with them. In practice, this means gaining exposure to a cryptocurrency like Bitcoin without having to deal with public or private keys.Funds add more Bitcoin in response to investor inflows and divest of their holdings as investors withdraw. The largest fund holding Bitcoin is Grayscale’s Bitcoin Trust, which has 643,572 BTC, equivalent to over 3% of the cryptocurrency’s circulating supply. Next is CoinShares, which holds around 42,980 BTC through XBT Provider’s exchange-traded products.Ahead of this month’s crypto market sell-off, the Purpose Bitcoin ETF was the largest exchange-traded fund by BTC holdings. The sell-off saw the fund’s holdings drop from 47,818 BTC to 23,307 BTC between June 16 and 17, a staggering 51% drop. The fund’s holdings are still estimated to be above those of 3iQ’s CoinShares Bitcoin ETF, which has an estimated 12,115 BTC.Largest individual Bitcoin holdingsBitcoin addresses are pseudonymous, which means that while we easily see what addresses have the most Bitcoin in them, we can only identify who’s behind each one through extensive blockchain analysis or if the entity behind them comes forward.Data from BitInfoCharts shows that the top Bitcoin wallets belong to cryptocurrency exchanges, which means they hold the assets of various users who choose custody of their funds on exchanges. Data shows there are five Bitcoin addresses with between 100,000 and 1 million BTC in them. Four of these have been identified and belong to exchanges.Bitcoin holder composition. Source: BitInfoChartsWhile it’s possible to see how many addresses hold how much BTC, this doesn’t exactly answer the question of what individuals have the largest Bitcoin holdings. Analyzing the market and individuals’ statements, however, provides us with various clues.Changpeng Zhao, founder and CEO of leading cryptocurrency exchange Binance, was said to have a net worth of $96 billion in January 2022, with this estimate reportedly not including holdings of Bitcoin and BNB.The CEO has said numerous times that he holds no fiat currencies, which would imply significant BTC and BNB holdings. While exact figures aren’t known, it’s rather safe to assume Zhao is among those holding a significant amount of Bitcoin.Other well-known large Bitcoin holders are Tyler and Cameron Winklevoss, who invested the millions they earned from their lawsuit against Facebook into cryptocurrencies and became the first Bitcoin billionaires. The duo was rumored to at one point own 1% of all Bitcoin in circulation.Silicon Valley-based venture capital investor Tim Draper is known to have purchased at least 30,000 BTC back in 2014, buying the coins from an auction held by U.S. authorities after seizing the funds from the now-defunct darknet marketplace Silk Road. Other individuals believed to have large amounts of BTC include Digital Currency Group CEO Barry Silbert, FTX CEO Sam Bankman-Fried, Saylor, and Coinbase CEO Brian Armstrong. Their exact holdings — if they even hold Bitcoin — are unknown.Bitcoin hodler growth and its supplyAs the number of Bitcoin holders out there grows, the available supply of the cryptocurrency goes down, potentially leading to the aforementioned supply shock. Kraken’s Perfumo noted that the magic of crypto is that any individual has complete flexibility in managing their crypto custody.Abra’s Barhydt said that investors in Bitcoin and Ether (ETH) should have a minimum time horizon of five to seven years or longer and should “assume that those funds are locked up for at least five years, given the volatility inherent in valuing exponentially growing technologies.”Assuming funds are locked up would add to the potential supply shock. Kent Barton, tokenomics lead at ShapeShift DAO, told Cointelegraph that bear markets “have historically been an excellent time to purchase Bitcoin at relatively low prices,” even though there are no guarantees prices will ever rise again.During bull markets, Barton said it’s important to “take a certain percentage of your risk off the table,” as moving some BTC to fiat when prices are high “means that you’ll be in a better position to weather the next bear market and have dry powder to buy Bitcoin at low prices.” Barton added:“On a very long-term timeframe, Bitcoin continues to serve as a potential hedge against the dollar collapsing.”Whether Bitcoin is a good investment or not depends on who you ask. The currency can neither be debased through inflation nor can its transactions be censored by a central authority. To some of its holders, prices are almost irrelevant as long as these and other qualities are maintained.

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CoinShares acquires French crypto asset manager Napoleon AM

Major European digital asset manager CoinShares is finalizing the acquisition of the French fintech firm Napoleon Group despite the ongoing market decline.CoinShares announced on July 4 that the firm has acquired Napoleon Asset Management, a digital asset management subsidiary of Napoleon Group.CoinShares previously entered into a sale and purchase agreement (SPA) to acquire the entire issued share capital in Napoleon Crypto SAS for 13.9 million euros ($14.5 million) in November 2021.The latest acquisition came shortly after the French financial regulator, Autorité des Marchés Financiers (AMF), authorized the acquisition of Napoleon AM on June 28. CoinShares subsequently proceeded with the transaction pursuant to the terms set out in the group SPA on June 2022.Paris-based Napoleon AM was launched after completing an Initial Coin Offering (ICO) in late 2018, raising over $10 million through the sale of NPX tokens. The firm has received the Alternative Investment Fund Manager (AIFM) license and became one of the first European asset managers to be financed by an ICO and incorporated under French law.In late 2019, Napoleon AM launched a regulated Bitcoin (BTC) fund, the Napoleon Bitcoin Fund.The acquisition of Napoleon AM allows CoinShares to offer AIFM-compliant products and services, in addition to being a major issuer of crypto exchange-traded products in Europe. The license enables the firm to provide market services across the European Union, expanding CoinShares’ products with algorithmic trading and artificial intelligence tools developed by Napoleon AM.The transaction is yet another piece of evidence that CoinShares continues scaling despite the ongoing market decline, CoinShares CEO Jean-Marie Mognetti told Cointelegraph, stating:“CoinShares continues to grow despite market conditions. The bear market is an opportunity to solidify positions and build new products and services.”According to the CEO, having an AIFM-regulated entity in CoinShares’ group is important because it’s “one of the most demanding licenses.”Related: BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M“CoinShares has always been at the forefront of regulation, it is a strong advocate of regulation in the digital asset industry and has an extensive list of regulated products and services,” Mognetti added.

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Peter Schiff’s bank closure strengthens Bitcoin case for financial freedom

Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led to Crypto Twitter pointing out the “irony” as Schiff’s prediction for Bitcoin (BTC) came true for his own traditional bank.Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements, which further impacted the customers as they lost access to their accounts following a subsequent freeze.Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.— Peter Schiff (@PeterSchiff) July 3, 2022While acknowledging that “customers may lose money,” Schiff stated that he was unaware of the regulatory minimums and was not presented with any form of legal notice prior to the abrupt closure. He added:“It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.”As a witness to what many consider an epic plot twist, the crypto community took the opportunity to explain the importance of Bitcoin in reinventing the core of traditional finance. The irony of this is so hilarious!@PeterSchiff you do realize that if you had been using Bitcoin this would not have been possible!You should be loving decentralization https://t.co/cDCOWdMowL— Coach K (30% Crypto, 70% USDC) (@Coachkcrypto) July 4, 2022

Bitcoin podcaster Stephan Livera, too, chimed in on the development as he said, “He’s (Schiff) been a #bitcoin skeptic since $17.50 (it’s currently $19,100).” The sudden closure of Schiff’s bank in Puerto Rico reignited the discussions around Bitcoin’s resistance to judicial supremacy. “The irony here is priceless,” added @HodlMagoo while others rhetorically helped Schiff find a promising alternative to traditional finance, asking “Do you understand why you need bitcoin now?”On the other end of the spectrum, Puerto Rico has been receptive to crypto acceptance in the region. On April 20, Puerto Rico authorities became the fourth jurisdiction in America to award a money transmitter license to Binance.US, a United States-based subsidiary of crypto exchange Binance.While the crypto community empathizes with Schiff and the bank’s customers for their losses, the episode further cements Bitcoin’s position as the ultimate replacement of traditional finance.Related: Deutsche Bank analysts see Bitcoin recovering to $28K by DecemberAnalysts from Deutsche Bank forecasted BTC prices to rebound back to $28,000 by the end of the year despite an ongoing bear market.Analysts Marion Laboure and Galina Pozdnyakova envisioned the Standard and Poor (S&P) to rebound back to its January levels, which in turn, could result in a 30% increase in Bitcoin’s value from current levels midway through 2022 — bringing up its price to the $28,000 mark.

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Keys lost in the Vauld: Singapore crypto exchange freezes withdrawals

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.”The decision to suspend withdrawals is a screeching U-turn. Reportedly, Vauld boasted $1 billion assets under management in May this year, while on June 16, a company email stated that business would “continue to operate as usual.” Just 18 days later, the company is exploring “potential restructuring options.”On June 21, CEO Darshan Bathija tweeted that Vauld had cut its team by 30% — the first sign that the company was under duress. Separately, Bathija also stressed that Three Arrows Capital (3AC) was an early investor in the company, but had exited in late 2021.We’ve sent an email about this. We do not have direct exposure to 3AC or Celsius. Full disclosure: 3AC was a seed investor in us since 2020, who we facilitated a complete exit in Dec 2021.— Darshan Bathija (@darshanbathija) June 23, 2022The statement from Vauld suggests that “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” were reasons behind their decision to freeze customers’ money.Nonetheless, 3AC’s demise is cited and considered a significant contributor to capitulation among centralized finance (CeFi) companies. 3AC had substantial exposure to Luna Classic (LUNC), which blew up in spectacular fashion, reducing 3AC’s holdings from $560 million to $670. Indeed, Vauld follows in the footsteps of large CeFi platforms such as Celsius, Voyager and BlockFi. Voyager explicitly blamed 3AC for their recent decision to freeze customers’ funds and BlockFi is close to a $240 million deal with FTX following financial difficulties, while plans to salvage Celsius from bankruptcy were recently shared by lead investor BnkToTheFuture. For crypto investigative journalist Otterooo, Vauld’s strife is more motivation for investors to hold their own keys. Holding onto one’s private keys is a guiding principle of crypto investing: If you do not hold your own keys, you do not own your coins.VAULD closes withdrawals, undergoing debt restructuring another cefi lender bites the dustits a broken business modeleither withdraw today or spend years battling lawyers for YOUR MONEYDON’T BE STUPID ANON, withdraw to cold wallet NOWhttps://t.co/X3H8iLCuYi pic.twitter.com/hS2vv2IBJo— otteroooo (@otteroooo) July 4, 2022

As Cointelegraph reported in a March 2021 press release, Vauld boasted double-digit interest rates on popular stablecoins such as Tether (USDT) and Dai (DAI), while Bitcoin (BTC) interest could reach 7.23%. In effect, in “lending” your cryptocurrency tokens to Vauld, you would generate a yield. However, the company effectively owns your assets. Vauld’s interest rates from March 2021. Source: VauldThe rates were competitive with lenders and interest bearers such as Celsius, BlockFi and Nexo — one of which continues to function. Nexo tweeted that there may be delays to customer transactions due to Independence Day in the United States. 

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‘Wild ride’ lower for BTC? 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week still in holiday mode with United States financial markets off for Independence Day.The largest cryptocurrency, stuck below the increasingly daunting $20,000 mark, continues to feel the pressure from the macro environment as talk of lower levels remains omnipresent.After a quiet weekend, hodlers find themselves stuck in a narrow range while the prospect of a breakout to the upside appears increasingly hard to believe.As one trader and analyst singles out July 4 as the site of a “wild run to the downside” for crypto markets, the countdown is on for Bitcoin to weather the aftermath of the latest Federal Reserve rate hike.What else could the coming week have in store? Cointelegraph takes a look at the potential market-moving factors for the days ahead.BTC price bides its time over long weekendBitcoin emerged from the weekend unscathed, but the classic pitfalls of off-peak trading remain.The United States will not return to trading desks until July 5, providing ample opportunity for some classic weekend price action in the meantime.So far, the market has held off when it comes to volatility — with the exception of a brief spike to $18,800, BTC/USD has circled the area between $19,000 and $19,500 for several days.Even the weekly close provided no real trend change, as data from Cointelegraph Markets Pro and TradingView showed, with the psychologically significant $20,000 unchallenged.BTC/USD 1-week candle chart (Bitstamp). Source: TradingView“While below the range low we can expect a drop down to $18,000,” popular trading account Crypto Tony reiterated to Twitter followers as part of a fresh update on July 4:“Been a very boring few days in the markets, and this is classic for a mid range.”In terms of targets to the downside, others continued to eye the area around $16,000.In 2018, The Orange MA was the Bottom. In 2020, The Green MA was Bottom. Currently holding the Green MA (16-17K). If it breaks then there is a Possibility of Next Bottom Blue MA (12-13K) $BTC pic.twitter.com/rZILTAOlXf— Trader_J (@Trader_Jibon) July 3, 2022With no meaningful Bitcoin futures gap and flat performance on Asian markets, meanwhile, there was little to be had in terms of short-term price goals for short-timeframe traders.The U.S. dollar, meanwhile, continued to hold near twenty-year highs after returning from its latest retracement defiant.The U.S. dollar index (DXY) stood above 105 at the time of writing.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewGold nears “blast off” against U.S. equitiesWith Wall Street closed for Independence Day, U.S. equities can take a breather on July 4.For one popular chartist, however, attention is focusing on the strength of stocks versus gold (XAU) in the current environment. In a Twitter thread, gold monitor Patrick Karim specifically flagged the precious metal as being about to hit a historical “blast off” zone against the S&P 500 (SPX). After bottoming out at the end of 2021, the ratio of gold to the S&P has recovered throughout this year and is now about to cross a boundary, which has historically led to significant upside afterward.“Gold closing in on ‘blast off zone’ versus US equities. Previous take-offs have unleashed important gains for Silver & Miners,” Karim commented.The situation cannot be said to be the same in U.S. dollar terms, with USD strength keeping XAU/USD firmly in its place below $2,000 since March.Nonetheless, for silver fans, the implications are that even a modest push-through for the XAU/SPX ratio will bring significant returns.Note you won’t need to get back to previous 2011 highs for the #gold versus #spx ratio to have MUCH higher nominal prices for silver & miners.Think about that for a moment.— Patrick Karim (@badcharts1) July 3, 2022

The forecast again calls into question the extent of Bitcoin’s ability to break with macro trends. A breakout against BTC for gold would be the natural knock-on effect should Karim’s scenario play out, thanks to the ongoing correlation with equities.“After escaping the sideways pattern that had formed for a 1.5 year period, the correlation coefficient increased sharply to 86% vs S&P 500,” popular trader and analyst CRYPTOBIRB summarized over the weekend:“Now, at 0.78 ratio it remains strongly positive.”Fellow analyst Venturefounder noted that Bitcoin also remains tied to moves in the Nasdaq.Meanwhile #Bitcoin and #NASDAQ are still trending together.Note previous bottoms (Dec 2018 & Mar 2020) happened as #BTC and $QQQ correlation at peak, suggesting macro has always influenced BTC bottoms. We can predict more likely that macro calls bottom for BTC again this time. pic.twitter.com/szmS4c6WV8— venturef◎undΞr (@venturefounder) June 26, 2022

Against the dollar, Cointelegraph, meanwhile, reported that Bitcoin’s inverse correlation is now at 17-month highs.Crunch time for Hayes’ “wild ride to the downside”July 4, apart from being Independence Day, is being watched by one market player in particular as a public holiday like no other — at least for Bitcoin.With markets closed and BTC price action already teetering on the edge of support, Arthur Hayes, former CEO of derivatives platform BitMEX, has singled out this long weekend as one long day of reckoning for crypto markets.The reasoning seems logical. The end of June saw the Federal Reserve raise key rates by 75 basis points, providing fertile ground for an adverse reaction from risk assets. Low-liquidity “out-of-hours” holiday trading increases the potential for volatile price moves up or down. Combined, the cocktail, Hayes warned last month, could be potent.“By June 30 (second quarter end), the Fed will have enacted a 75bps rate hike and begun shrinking its balance sheet. July 4 falls on a Monday, and is a federal and banking holiday,” he wrote in a blog post:“This is the perfect setup for yet another mega crypto dump.”So far, however, signs of what Hayes says will be a “wild ride to the downside” have not materialized. BTC/USD has stayed practically static since late last week.The deadline should be July 5, as the return of traders and their capital could provide the liquidity needed to steady the markets as well as buy up any coins going cheap in the event of a last-minute downturn. Hayes added that his prior forecasts of BTC/USD bottoming at $27,000 and Ether (ETH)/USD at $1,800 already “lay in tatters” in June.Mining difficulty is still risingDespite considerable concern over miners’ ability to withstand the current BTC price downturn, Bitcoin’s network fundamentals remain calm.An impressive testament to miners’ resolve to stay on the network, the difficulty is not planning to reduce at the upcoming readjustment this week.After decreasing by a modest 2.35% two weeks ago, difficulty, which automatically rises and falls to take into account fluctuations in miner participation, will hardly change at all this time around.According to estimates from on-chain monitoring resource BTC.com, difficulty will even rise should current prices stay the same, adding 0.5% to what is a metric still near all-time highs.Bitcoin network fundamentals overview (screenshot). Source: BTC.comWhen it comes to miners themselves, opinions consider that it is the less efficient players — possibly newcomers with higher cost basis — who have been forced to exit.Data uploaded to social media by CEO of asset manager Capriole Charles Edwards last week put the production cost for miners en masse at around $26,000. Of that, $16,000 is electricity, meaning that miner overheads directly influence their ability to limit losses in the current environment.“We traded below Electrical Cost in June, however the floor has since dropped as inefficient miners capitulate,” Edwards noted.Bitcoin miner production cost chart. Source: Charles Edwards/ TwitterA sea of lowsBitcoin on-chain metrics pointing to record overselling is nothing new this year and in recent weeks especially. Related: Top 5 cryptocurrencies to watch this week: BTC, SHIB, MATIC, ATOM, APEThe trend continues in July, as the network returns to scenarios not seen since the aftermath of the March 2020 cross-market crash.According to on-chain analytics firm Glassnode, the number of coins being spent at a loss is now the highest since July 2020. Glassnode analyzed the weekly moving average of unspent transaction outputs (UTXOs) in a loss.Bitcoin UTXOs in loss chart (7-day moving average). Source: GlassnodeSimilarly, the percentage of UTXOs in profit hit a two-year low of just over 72% on July 3.Bitcoin % UTXOs in profit chart (7-day moving average). Source: GlassnodeBear markets can produce some welcome, if rare, silver linings. Bitcoin transaction fees, once painfully high during bullish periods of intense network activity, are now also at their lowest since July 2020. The median fee, Glassnode reveals, is $1.15.Bitcoin median transaction fee chart. Source: GlassnodeAs Cointelegraph reported, the same is true for Ethereum network gas fees.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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SBF denies FTX is eyeing distressed crypto mining companies

Sam Bankman-Fried, the founder of crypto exchange FTX, has calmed speculation that the company is exploring acquisitions of distressed crypto mining companies, clarifying on Twitter on Saturday that they “aren’t really looking into the space.”“Really not sure why the meme about FTX and mining companies is spreading, the actual quote was that we *aren’t* really looking into the space,” clarified Bankman-Fried on Twitter on July 2. Speculation that the company was on the lookout for mining firms came from an interview with Bloomberg on July 1, after the FTX founder said he did not want to discount the possibility of a “compelling opportunity” in the mining industry, stating: “There might come along a really compelling opportunity for us — I definitely don’t want to discount that possibility.”However, the quote appears to have been taken out of context, forcing SBF to clarify that the firm is “not particularly looking at miners” but is “happy to have conversations” with mining companies. er to be clear I said roughly “meh not particularly looking at miners, but sure, happy to have conversations with any companies” https://t.co/liHKS2y06Z— SBF (@SBF_FTX) July 1, 2022Bankman-Fried also stated during the interview that crypto miners had no fit into the company’s core strategy and that he saw no synergy from an acquisition standpoint.“I don’t see any particular reasons that we need to have, you know, an integration with a crypto miner.” “From a strategic perspective, there’s no particular obvious synergy necessarily from an acquisition standpoint,” he added.Mining loans under stressBankman-Fried was asked whether he was looking into mining firms amid a falling crypto market that has seen Bitcoin mining revenues fall sharply this year.At the same time, the Russian invasion of Ukraine has also caused energy costs to skyrocket — causing a dual impact on miners, small and large. Mining profitability, which is a measure of daily dollars per terahashes per second has reached lows not seen since October 2020, according to Bitinfocharts. At the time of writing, Bitcoin mining profitability is $0.0956 per day for 1Th/s, down 80% from the 2021 high of $0.464.A report from Bloomberg on June 24 revealed that there were as much as $4 billion in Bitcoin mining loans, with a growing number now underwater as Bitcoin and mining rig prices have fallen. Related: Bitcoin miner Mawson to defer all major capital expenditures until market conditions normalizeLast week, Cointelegraph reported that Bitcoin (BTC) mining revenue has been mirroring year lows not seen since mid-2021, with Bitcoin mining revenue dipping to $14.40 million on June 17.Data from Arcane Research in June found that the deteriorating profitability of mining has forced public miners to start liquidating their holdings. It revealed that several of these firms sold 100% of their BTC production in May — likely to cover operating costs and loan repayments.

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