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Crypto analyst Bob Loukas has addressed growing concerns about Bitcoin's market performance. In a recent video analysis, he argues that the current consolidation phase is a precursor to a significant upward movement. Bitcoin has been languishing near its previous cycle's highs for eight months. This has sparked fear in the market. Traditional assets are thriving, with stocks and gold reaching new peaks, meanwhile, Bitcoin remains stagnant and altcoins are struggling. Loukas views this consolidation as bullish. "Eight months of consolidation is actually pretty bullish if the timing is right in the four-year cycle," he states, noting that sentiment has reset and fundamentals appear strong. The market is 23 months into its cycle since the November 2022 lows. Loukas points out that previous cycles took similar timeframes to reach new all-time highs. This cycle achieved that milestone in just 16 months, which he attributes to ETF-related news. Current market dynamics reflect a necessary reset, according to Loukas. He believes this allows for a rotation of coins from long-term holders to institutional players. "It's a matter of time more than anything else," he explains. Loukas remains optimistic about Bitcoin's trajectory. He cites massive institutional inflows and the market's resilience to large sell-offs as supporting factors and predicts a breakout within the next 90 days, potentially reaching between $120,000 and $180,000. The immediate future remains uncertain. Loukas suggests the market might trend sideways until after the US election in November. He expects significant movement to occur post-election, regardless of the outcome.

Ethiopia is quietly transforming into a major Bitcoin mining hub on the African continent. The country's abundant hydropower resources are being harnessed to fuel a growing crypto mining industry. Ethiopian Electric Power (EEP) has allocated 600 megawatts (MW) to Bitcoin miners operating within the country. This significant commitment places Ethiopia fourth globally in Bitcoin mining hash rate contribution, behind only the United States, Hong Kong, and Asia. Ethan Vera, co-founder and COO of Luxor Mining, recently toured state-approved mining facilities in Ethiopia. He reported that several hundred additional megawatts are expected to come online later this year. The Antminer S19J Pro is the preferred mining rig among Ethiopian operators. It boasts an efficiency of 30 J/TH and a hash rate capacity of approximately 100 TH/s per unit. Vera noted the impressive infrastructure surrounding these mining farms. Water walls have been installed to accelerate heat dissipation. However, the region's cold climate renders these cooling systems largely unnecessary for most of the year. Ethiopia's current mining capacity represents about 2.25% of the total Bitcoin hash rate. This makes it a significant player in the global crypto mining landscape. The country's rise as a mining hub began in the wake of China's 2021 ban on Bitcoin mining. Many Chinese miners relocated to Ethiopia, attracted by its abundant hydropower and favorable regulatory environment. Ethiopia Legalized Bitcoin mining in 2022. Since then, the government has been heavily funding infrastructure to boost the sector. The state's investment arm, Ethiopian Investment Holdings (EIH), lately signed a $250 million memorandum of understanding with West Data Group based in Hong Kong. This cooperation seeks to build infrastructure for operations involving data mining and artificial intelligence training. The International Trade Association claims Ethiopia has 5,250 MW of installed generating capability. Of this power, an astounding ninety percent comes from environmentally friendly hydropower plants. Despite this plenty, just half of Ethiopia's people have access to electricity. The government is eager to profit from the notable excess this leaves. Although plans call for selling extra electricity to surrounding nations, building transmission infrastructure is too expensive. One practical substitute that lets Ethiopia make use of its excess electricity without large infrastructure spending is bitcoin mining. Ethiopia is positioning itself as a major actor in the worldwide Bitcoin network as it keeps expanding its crypto mining industry. The nation's dedication to using its natural resources for this growing sector could have wide-ranging effects on its economy and the larger African tech scene.

Coinbase has finally bridged a significant technological gap. The cryptocurrency exchange now allows its users to send Bitcoin to Taproot addresses. This development comes after years of delay. On Tuesday, Coinbase announced the update. It enables millions of users to utilize Taproot's privacy and cost-saving features. The company stated this move is "creating access to more onchain destinations." The integration addresses long-standing user frustrations. Since Taproot's launch in November 2021, Coinbase users were unable to fully leverage the upgrade. Many users reported difficulties before this update, because sending Bitcoin to Taproot addresses often resulted in delays and failed transactions. Coinbase's latest move aligns with a shifting political landscape. Digital assets are gaining support across the political spectrum, and this bipartisan trend has influenced Coinbase's interactions with traditional financial institutions. Shan Aggarwal, Coinbase's vice president of corporate and business development, shared insights. In an interview with Decrypt at Messari Mainnet, he noted a change in conversations with big financial firms. These discussions have "taken a turn" in the past six to nine months. The new integration puts Coinbase on par with other platforms as OKX, Binance, and Kraken already offer this functionality. Taproot represents a significant milestone in Bitcoin's evolution. It's the largest upgrade since SegWit in 2017. The upgrade promised enhanced privacy, but Coinbase users were left waiting for years. Gregory Maxwell, a Bitcoin Core developer, proposed Taproot. The upgrade utilizes Schnorr signatures. These compress complex transactions into smaller, more efficient data packages. This compression reduces blockchain data storage. It improves scalability and lowers transaction fees. Taproot offers enhanced privacy features. Complex transactions, such as those requiring multiple signatures, can appear as standard Bitcoin transfers. This limits exposed data on the public blockchain and makes transaction tracing more difficult. Coinbase's adoption of Taproot is a significant step, bringing advanced Bitcoin features to a wider user base. The move could encourage broader adoption of Taproot. It may lead to increased use of its privacy and efficiency benefits. For Coinbase users, this update opens new possibilities as they can now participate fully in the Bitcoin network's latest advancements. Now, the focus shifts to user education. Coinbase may need to guide users on leveraging Taproot's benefits effectively.

Bitcoin may be on the cusp of reaching a new all-time high (ATH) if we look at Puell Multiple, analysts say. The cryptocurrency market is closely watching Bitcoin's movements. The world's largest digital asset has been hovering above $60,000 for months and it has yet to break the $70,000 mark. Analysts are speculating on Bitcoin's future trajectory. They are particularly interested in when it might reach new highs with one indicator drawing particular attention. The Puell Multiple is gaining traction among crypto observers. It measures miners' profitability and its potential impact on Bitcoin's price. The metric divides Bitcoin's daily issuance in USD by its 365-day moving average. CryptoBullet, an analyst on social media platform X, highlighted the indicator's significance. "This is why I think BTC is not done yet and we'll get a new ATH soon," he wrote. ATH refers to all-time high. The analyst explained the indicator's historical patterns. Bitcoin bear markets typically end when the Puell Multiple reaches the "Green Zone", which often signals a market bottom. After hitting this zone, the Puell Multiple tends to bounce. This coincides with Bitcoin's price starting its upward movement. CryptoBullet noted the importance of "higher lows" and "higher highs" in the indicator. The current market situation is drawing parallels to past cycles. CryptoBullet believes Bitcoin is in the early stages of its next significant upward move. The indicator's pattern suggests alignment for another rally. However, caution is warranted in cryptocurrency markets. Past performance does not guarantee future results, because volatile nature of digital assets makes predictions challenging. Bitcoin's price movements often defy conventional analysis. Regulatory changes, macroeconomic factors, and technological developments can all impact its trajectory. Investors should consider multiple factors when making decisions. The coming weeks may provide more clarity on Bitcoin's direction. Market participants will be watching closely for any signs of a breakout. The Puell Multiple will be one of many indicators under scrutiny.

Two long-dormant Bitcoin addresses have recently become active. These movements have caught the attention of cryptocurrency watchers. The transactions highlight Bitcoin's significant price appreciation over the past decade. Blockchain monitoring service Whale Alert reported the activity on social media platform X. The first transaction involved 100 Bitcoin (BTC) worth $6,113,890. This address had been inactive for 10.8 years. A 'whale' in cryptocurrency parlance refers to an individual or entity holding a large amount of a particular cryptocurrency. Whales can potentially influence market prices through large buy or sell orders. Their movements are closely monitored by traders and analysts. The value of the first wallet has increased by over 7,222% since 2014. At that time, its 100 BTC were worth only $83,492. The dramatic rise underscores Bitcoin's volatile price history. A second dormant address also became active last week. It contained 99 BTC, valued at $6,097,440. This wallet had been inactive for 10.7 years. Combined, these two addresses moved 199 BTC. The total value exceeded $12 million at current market prices, so these transactions demonstrate the potential for long-term gains in the cryptocurrency market. Similar transfers were observed last month. Those were attributed to Bitcoin miners from 2009. Early miners received 50 BTC as a reward for each block mined. The reactivation of old wallets can have various implications. It may signal long-term holders deciding to sell. Alternatively, it could represent lost keys being recovered, so the true reasons often remain speculative. Anyways, these movements offer a glimpse into Bitcoin's early days. They showcase the potential returns for early adopters. However, they also highlight the risks and volatility inherent in cryptocurrency investments. The cryptocurrency landscape has evolved significantly since 2014. Regulatory frameworks have developed. Institutional interest has grown. Yet, the reemergence of these 'whale' wallets serves as a reminder of Bitcoin's origins and its long-term value proposition.