#BTC

Statistics from Coinglass indicate liquidations of $1 billion in the last 12 hours, with $483 million in BTC and $300 million in Ethereum. Some market analysts are identifying potential incidents that may have instigated this downfall: The Wall Street Journal has noted that SpaceX liquidated $373 million in Bitcoin across 2021 and 2022, and Tesla has divested more than 30,000 BTC (75% of its stake) for $936 million in Q2 of 2022. The investment holding company China Evergrande Group has filed for bankruptcy. It was rumored that Tether had backed a portion of its USDT using commercial papers from this entity. Sellers sprang into action shortly after. With Bloomberg announcing that the SEC is slated to approve the first-ever Ethereum-based ETF futures by October, Ethereum's market value promptly surged by 11%.

In a three-month span beginning in March 2023, the FBI shifted gears in their investigations involving digital currencies. Those efforts have led to the confiscation of an estimated $1.7 million in cryptocurrencies such as BTC, ETH, USDT, XMR, and DAI. Some of these were traced back to Binance-affiliated wallets. Notably, the Eastern District of Virginia saw the most substantial single seizure of 428.5 ETH.

"Simply put, no. Bitcoin raises concerns among both local and European regulators. Our primary business demands our focus, and it wouldn't be rational to jeopardize it by engaging with a high-risk asset like Bitcoin," says Mykhailo Rohalskyi. He believes that cryptocurrency lacks advantages over fiat money, apart from the potential to sidestep local currency regulations. Speaking on Ukraine's crypto landscape, the Monobank co-founder added: "I'm skeptical about the widespread acceptance of cryptocurrencies in our country. The approach of the National Bank of Ukraine to crypto regulation remains uncertain."

Coingecko has just unveiled a report that details the countries where mining 1 BTC could be either a lucrative venture or a costly mistake. For example, mining a Bitcoin in Lebanon would cost only $266 in electricity, while the same task in Italy would run a shocking $206,000, or 783 times more. Out of the top 10 nations with the highest electricity costs, 9 are European.

According to Kaiko, BTC and ETH have recorded their lowest 90-day price volatility compared to oil in many years, a mark last reached in 2016. Right now, Bitcoin's volatility sits at 35%, Ethereum's at 37%, while oil's is higher at 41%. Experience tells us that after such periods of quiet , a significant move often follows. Judging by Bitcoin's recent dynamics, it appears such a shift might be kicking off.