Bitcoin whales have been steadily accumulating the cryptocurrency over the past 30 days. According to data from Santiment, these entities have purchased over 90.000 BTC since June 8. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Whales continue to accumulate bitcoins
📍Whales have accumulated 90.000 bitcoins in the last month. According to data from Santiment, Bitcoin whales have accumulated 90.000 units of the cryptocurrency since June 8. This amount of bitcoins is worth more than $2.520 billion, the platform said.
The price of Bitcoin in the last month has fluctuated between $25.000 and $31.000. Currently, BTC is trading on the market at a value of $ 30.500 dollars per unit.
On the other hand, the same platform reveals that around 13,02 million bitcoins, which represent around 67% of the Bitcoin in circulation, are in the hands of entities and large investors, who are known in the crypto industry as “whales.”
Analysts believe that the general optimism surrounding Bitcoin, due to filings for a spot Bitcoin ETF by BlackRock and other fund managers with the SEC, could be fueling the appetite of large investors to accumulate more units of the cryptocurrency now that its price is trading at a 55% discount from its all-time high seen in November 2021, when it reached a value of $68.789 per BTC.
MicroStrategy shares rise
📍MicroStrategy shares gained 1,13% on Tuesday following positive expectations from Berenberg Capital regarding the Bitcoin halving. Berenberg Capital, one of Europe's largest private banks, believes that the Bitcoin halving could trigger a rise in the shares of MicroStrategy, which is the public company that currently holds the largest amount of bitcoins.
According to the bank's strategists, MicroStrategy shares, which are currently trading at $412 on the market, can rise to $430. The bank believes that the price of Bitcoin can repeat the historical pattern of recovery that it has maintained in each halving, both before and after the event. If the price of Bitcoin goes up, the price of shares of companies related to the cryptocurrency is also likely to go up, and as mentioned above, MicroStrategy is the largest institutional investor in Bitcoin. Currently, this company owns 152.333 BTC, valued at more than $4.620 million dollars.
Berenberg Capital's positive expectations pushed MicroStrategy shares up 1,13% on Tuesday. According to Nasdaq data, MSTR closed at $412,30, reflecting a gain of $4,59 from its previous close.
Source: Nasdaq
MicroStrategy is the business intelligence company of Michael Saylor, one of the biggest proponents of Bitcoin. The Bitcoin halving is an event that occurs on the network approximately every 4 years, according to the Bitcoin protocol, and which reduces by half the block reward that miners receive when mining a block on the blockchain.
Zapple Pay is compatible with Nostr
📍Zapple Pay, the new app that allows you to enable bitcoin “zaps” through emojis. It was created by two developers following Apple’s restrictions on the decentralized social networking app Damus in its app store, due to the use of “zaps,” a mechanism that allows payments with Bitcoin and Lightning Network, which, according to Apple, violated its policies and terms of use.
Benthe Carman, one of the developers of the new app, explained that Zapple Pay allows users to make “zaps” with just react to a post with an emoji and that this does not violate Apple's policies. Zapple Pay is compatible with any Nostr-based application.
Chinese people travel to Hong Kong to buy cryptocurrencies
📍A report from the Financial Times says Chinese citizens are flocking to Hong Kong stores to buy cryptocurrencies. The British newspaper highlighted that many cryptocurrency trading transactions occur in offline stores located in the special administrative region of China. Let us recall that the country maintains a series of restrictive policies regarding cryptocurrency trading and negotiation, forcing its citizens to look for alternatives if they want to access this class of assets.
A cryptocurrency investor told the newspaper that he travels to Hong Kong almost every month to buy crypto assets, such as the stablecoin USDT, in physical stores. The investor, who asked to remain anonymous, stressed that cryptocurrencies have great utility for making cross-border transactions and payments.
Likewise, the founder of OTC exchange Crypto HK, Merton Lam, told the Financial Times that before China closed its doors to cryptocurrencies, Chinese people accounted for only 5% of his platform's customers. Today, this reality has changed and Chinese citizens now account for close to 50% of its customers, he said.
Despite restrictions imposed by the Chinese government on cryptocurrencies, Hong Kong is trying to boost its economic and technological development by adopting favorable laws for these assets. Local authorities are creating a friendly regulatory environment that allows cryptocurrencies and crypto-related businesses to flourish.
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IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
