One Bitcoin user pays over $3 million in fees for a single transaction

A Bitcoin user appears to have accidentally paid a transaction fee of more than $3.1 million today, setting a new record for US dollar value for a Bitcoin transaction, more than six times the previous record about the $500,000 fee paid in September.

The transaction was made at 16:59 Thailand time, paying 83.65 BTC (3.1 million USD) to transfer 55.77 BTC (2.1 million USD). The pre-transaction balance was 139.42 BTC ($5.2 million), with users overpaying 120,528 times, according to Bitcoin explorer Mempool.

The address used to make the payment was activated earlier today, making three Bitcoin transactions before the fourth incurred a record fee. The receiving address is also relatively new, available since October 16.

The transaction was mined by AntPool at block 818,087, according to blockchain explorer Blockchair.

Source: Blockchair

Paxos’ $500,000 fee was returned

The previous record $500,000 fee paid in September was later identified by cryptocurrency services provider Paxos as a “fat finger” overpayment. F2Pool, the mining company supporting that transaction, has agreed to refund fees to Paxos.

The entity behind this latest transaction fee is still unknown. It’s also unclear whether AntPool would be willing to come to a similar agreement.

Is Bitcoin's long-term outlook brighter than you imagined?

Is Bitcoin’s long-term outlook brighter than you imagined?

As the current cycle becomes the longest bear market in cryptocurrency history, many Bitcoin holders have no choice but to wait. At some point, it seemed like the worst was over.

But almost every time it looks like that, another pullback occurs. As a result, the broader cryptocurrency market capitalization has struggled to break out of the $1 trillion range.

Recently, Bitcoin reclaimed $27,000 and maintained this level as of press time. However, Santiment revealed there could be another correction, as market participants may engage in another round of profit-taking.

Huge potential for BTC

But on the positive side, whales have been accumulating BTC and USDT. Normally, Bitcoin accumulation tends to go up.

Additionally, as stablecoin accumulation like USDT increases, it means market participants have large purchasing power, which could benefit BTC in the long run.

Bitcoin Highest On-Chain profit loss mark in p months - Source Santiment
Bitcoin Highest On-Chain profit loss mark in p months – Source: Santiment

The metric used to evaluate Bitcoin’s long-term prospects is the Market Value to Real Value (MVRV) ratio. The MVRV ratio is the ratio of a cryptocurrency’s market capitalization to its actual value.

While it helps provide information about a trader’s buying and selling behavior, it can also help identify tops and bottoms. At the time of this writing, the 7-day MVRV rate had increased to 1.96%. This is due to the recent increase in BTC price.

However, a price correction could cause the metric to drop to zero. If this happens, whales and stablecoin holders in waiting could increase the buying pressure on BTC. This will therefore lead to another price increase.

Another indicator to pay attention to is idle circulation. At the time of writing, Bitcoin’s 90-day dormant circulation has dropped to 3,147. This metric looks at the performance of coins that have not moved in a long period of time.

Bitcoin 90-Day Dormant Circulation - Source Santiment
Bitcoin 90-Day Dormant Circulation – Source: Santiment

The decline in inactive circulation implies that most long-term holders have refrained from selling. If that remains the case, Bitcoin could perform excellently in the coming months/years.

Long term holder equipped and ready

Interestingly, Bitcoin’s 90-day Average Coin Age (MCA) has increased since August. MCA is the average value of all coins on the blockchain, calculated by average purchase price.

The explanation for this increase is that market participants have significantly stored Bitcoin in cold wallets.

With the price of BTC noticeably flat, one could interpret this to mean that holders are equipped to engage in major trading activity whenever the bull market returns.

Long-term holder of Bitcoin - Source Santiment
Long-term holder of Bitcoin – Source: Santiment

Andrew Kuznetsov, co-founder and CTO of Islam Coin, talked about the potential of Bitcoin. According to Kuznetsov, the halving in April 2024 could push Bitcoin to a new all-time high (ATH).

Bitcoin is about to form a death cross

Bitcoin is about to form a death cross

In a recent development, Bitcoin (BTC) has attracted the attention of the cryptocurrency space as it moves towards a worrying market pattern: the Death cross. Analyst Benjamin Cowen shared his insights on this model.

Death cross, a market chart pattern indicating price weakness, occurs when a short-term moving average falls below a long-term moving average.

Specifically, Cowen emphasized that historically, Bitcoin has typically rallied as it approached the death cross, and was followed by declines marked by lower highs.

Cowen explains that these market indicators, especially the 50-day and 200-day moving averages, are lagging patterns.

Short-term moving average falls below Bitcoin price's long-term moving average - Source Benjamin Cowen
Short-term moving average falls below Bitcoin price’s long-term moving average – Source: Benjamin Cowen

This lag often leads to price increases before the death cross and declines after the golden cross, creating an “unpredictable” cycle in the cryptocurrency market.

Notably, BTC’s recent rally, while looking promising, resulted in lower highs, reinforcing Cowen’s analysis of the current downtrend.

As traders and enthusiasts closely monitor BTC movements, Cowen’s insights provide valuable perspectives on current market speculation.

This analysis by Cowen highlights the complex interaction between market indicators and investor behavior in the cryptocurrency sector. As BTC enters this critical phase, it continues to attract global attention as a barometer of growing momentum in the digital asset space.

SEC prepares to approve Ethereum Futures ETF

SEC prepares to approve Ethereum Futures ETF

The SEC is poised to approve the first Ethereum Futures ETF, a move that could make significant changes to the ecosystem for both Ethereum and broader crypto assets.

The SEC has been heavily criticized for publicly discounting crypto assets but if this news is true then this could change people’s views towards the regulatory giant.

This news is indeed good news for cryptocurrency investors as many are expecting the Bitcoin ETF to be approved soon.

The Ethereum Futures ETF, introduced by Valkyrie, is expected to launch on October 3 or 4. With this big step, investors will be able to buy and sell Ethereum directly through the traditional stock market. system, the same way they trade stocks of companies like Apple or Tesla.

The market has reacted positively as the Ethereum Futures ETF has created positive waves in the market. Within just 20 minutes of the news being released, the price of Ethereum increased by 11%, reaching $1,717, rebounding from the drop that occurred earlier in the day.

Community reaction to the news was mixed. Many people believe that this leaked news could be a trap to sell short positions.

Meanwhile, the SEC’s move in the area of litigation is quite notable and could be a sign of the agency accepting crypto assets to revive the sagging economy. Notably, other players in the industry, such as ProShares, Volatility Stocks, Bitwise, and Roundhill, have also submitted applications for Ethereum-based ETFs.

It is also important to note that the Ethereum Futures ETF has all the value injection capabilities of Ethereum. ETH has been struggling to maintain support at $1700 at the moment. However, Ethereum’s market capitalization is at $192 billion and is expected to reach another level once the ETF is approved.

Now, all eyes are on the SEC giving spot Bitcoin ETFs the green light, as it will inject new money into the system by giving large institutions the opportunity to enter the market without fear.

Will it take Bitcoin 5 years to reach its all-time high

Will it take Bitcoin 5 years to reach its all-time high

Bitcoin recovered from falling to $17,700 and back above $20,000. The $20,000 level is considered an important psychological level for Bitcoin price. Despite BTC’s recovery, analysts believe the largest cryptocurrency could take years, if not months, to reach a new all-time high.

During the ongoing bear market, MVRV (365D) is considered a key metric to determine the cycle bottom for Bitcoin. Market Value to Real Value (MVRV) is simply a ratio that compares the market capitalization and actual capitalization of BTC to know when the asset is trading below its “fair value.” MVRV has been used to identify market tops and bottoms in previous cycles.

Santiment, a cryptocurrency analysis platform tracks BTC MVRV (365D) and helps analysts identify BTC’s bottom in a cycle. In January 2015, Bitcoin MVRV (365D) dropped to -56.85%, marking the end of the bear market. During the next BTC cycle in December 2018, the index dropped to -55.62%, another bottom for BTC and the beginning of a new cycle.

In June 2022, MVRV (365D) is down -50.09%. Currently, this index is at -48.23%. This leads analysts to conclude that the worst may be behind us and Bitcoin price may have begun to recover from its bottom.

Bitcoin MVRV 365 days - Source: Santiment
Bitcoin MVRV 365 days – Source: Santiment

There is a renewed optimism among traders on cryptocurrency exchange platforms. Bitcoin advocates read positive signs on the asset’s network on July 4, 2022. Traders’ optimism is typically high around the holidays, and Bitcoin price has begun to consolidate after hit $20,000.

Interestingly, huge amounts of Bitcoin appeared on cryptocurrency exchanges on July 4, 2022, indicating traders’ optimism and expectations of a bullish rally in the asset’s price.

Bitcoin long on exchanges - Source Santiment
Bitcoin long on exchanges – Source: Santiment

BigCheds, a cryptocurrency trader and analyst, asked its Twitter followers whether Bitcoin price will reach its next all-time high in five years. More than 71% of poll participants responded in the affirmative, revealing a long-term bearish outlook for Bitcoin.

Reasons to invest in Bitcoin

Reasons to invest in Bitcoin

Nowadays, society is increasingly developing, the technology era is exploding along with payment methods, e-commerce is also increasingly popular and used by people because it is quick and convenient. Thanks to the development of e-commerce, the electronic currency bitcoin is also increasingly developing because the features of this currency are considered most suitable for this form and are considered compatible. future in the field of e-commerce. This currency is also receiving great attention from investors because bitcoin investment is the investment channel that brings the highest profits today.

Reasons to invest in Bitcoin

Bitcoin is currently considered an investment channel that brings extremely large profits to investors. Bitcoin is not managed by any intermediary, users can buy and sell bitcoin directly with each other, which helps minimize costs and is faster than other forms. On the other hand, the policies of major economies in the world towards this currency are also increasingly relaxed. In some countries, many businesses have accepted bitcoin payments as a common form of payment. Bitcoin accounts also have a very high level of security, ensuring asset safety for investors.

Bitcoin achieved high growth

The reason for the strong growth in the bitcoin investment market is due to fluctuations in the foreign currency market when the Federal Reserve increased interest rates, causing some foreign currencies to depreciate, causing investors’ demand for bitcoin to increase. investment increases. Along with rising inflation in many countries, bitcoin is gaining attention because it is a currency not produced by banks or financial institutions. The number of bitcoins created is limited and only about 21 million. bitcoin so inflation is impossible.

Benefits from Bitcoin

Since its appearance until now, the price of bitcoin has always fluctuated constantly, but in the current period, the exchange rate of bitcoin as well as the bitcoin investment market is achieving a significant growth. Many investors earn a huge profit when seizing the opportunity. The value of bitcoin is based on the consequences of the law of supply and demand because the number of bitcoins created is limited, so when people’s demand for use and ownership is increasing, it means the price of bitcoin is also increasing. increase. Although there have been warnings and even major exchanges have been infiltrated by hackers, due to high demand, bitcoin’s exchange rate has skyrocketed. And according to experts, the price of bitcoin will continue to increase.