Latest Bitcoin News and Insights | Yellow.com

Bitcoin dropped 3.5% on Friday morning. This time we know who to blame. The decline follows Germany's sale of $195 million worth of Bitcoin the previous day. The cryptocurrency's price fell to around $64,700. It lost nearly 1.2% in the last hour alone. Of course, this continues a downward trend. We've been anxiously watching Bitcoin declining nearly 9% over the past two weeks. So Germans just put another nail into that coffin. Their Bitcoin sales are likely contributing to the volatility. Germany recently began selling Bitcoin seized from a movie piracy website in 2020. At that time German authorities confiscated 50,000 BTC in January. This was described as Germany's largest-ever seizure of Bitcoin by law enforcement. The country has sold $325 million worth of Bitcoin in 48 hours. Blockchain analytics firm Arkham reported this on Twitter. Robert Quartly-Janeiro of crypto exchange Bitrue commented on the situation. "The German government is releasing significant tranches of BTC," he told Decrypt. He noted the government expects Bitcoin's price to soften further. Bitcoin reached an all-time high of $73,797 in March. It then fell to $56,527 in May before recovering. The recent decline isn't solely due to Germany's actions. Major indices like the S&P 500 have also slumped amid negative market sentiment. Earlier attempts to push Bitcoin's price towards $66,000 failed. This led to significant liquidations of long positions. In the past 24 hours, total liquidations reached about $150 million. Long positions accounted for 73% of these.

Justin Bennett, a well known cryptocurrency analyst, has issued a stark warning to Bitcoin investors. He predicts potential further decline for the leading cryptocurrency. No bull run for you guys. Bennett's outlook is pessimistic. He doesn't foresee a bullish reversal soon. Bennett took to X to highlight recent "relative weakness", he suggests Bitcoin could be "hammered" if stock markets decline. This assessment is based on the correlation between stocks and cryptocurrencies. Bennett notes the crypto market's underperformance despite weeks of stock market gains. "The stock market is literally keeping Bitcoin and the crypto market from falling off a cliff," Bennett stated. He views Bitcoin's chart negatively. Bennett maintains a bearish stance on Bitcoin. He argues that being bullish at current price levels is equivalent to being "bullish on resistance." The analyst doubts a successful breakout above current resistance levels. He believes a fakeout would have been evident by now if this price drop were temporary. Bennett also highlighted Tether's dominance. He thinks that leading stablecoin is forming a higher low. "It's not a good look for the crypto market as things stand," Bennett says. But his ideas aren't shared by many leading analysts. Some guys remain optimistic about Bitcoin's future. Just look at Rekt Capital. The company previously predicted that declines could happen. But they should be viewed as temporary setbacks before the bull run resumes. Don Alt, another crypto analyst, suggests Bitcoin's next upward move is imminent. He predicts a "trend forming" breakout after over 100 days of range-bound trading.

Marathon Digital Holdings has initiated a pilot project in Finland. The project recycles heat from Bitcoin mining to warm a local community in the Satakunta region, which has 11,000 residents. The 2-megawatt data center began operations in May. "This pilot project in Finland is a critical step forward in our strategy to expand globally and innovate sustainably," Fred Thiel, Marathon's chairman and CEO, said. Thiel also emphasized the dual benefits of producing digital assets and heating homes. It is the company's first district heating project and its European debut. District heating involves centrally heating water and distributing it to local buildings. Finland is known for its clean energy mix. The country relies heavily on biomass for district heating. The project aims to reduce carbon emissions and operating costs by using heat from data centers. Marathon's "Heating with Hashes" report provides context for the project. "Europe's colder climate has given rise to an extensive network of district heating systems," the report states. It notes that data centers benefit from the cooler temperatures in Europe. The report highlights a unique opportunity. Data centers in the EU consume a higher share of electricity compared to the global average. These facilities generate significant heat, which can be recycled for district heating. Marathon sees this as a win-win situation. "One industry needs heat, while the other generates plenty of it," the report explains. This approach could reduce costs and waste while decreasing reliance on carbon-emitting heat sources. The project aligns with Marathon's sustainability goals. The mining company now operates twelve sites on four continents. The company has high hopes with the heating market. Marathon aims to enhance its sustainability portfolio through heat recycling. It also seeks to explore new revenue streams. These efforts align with its goal of achieving zero-cost power for digital asset computing.

Bernstein research firm has revised its Bitcoin price forecast. Analysts now expect the cryptocurrency to hit $200,000 by 2025. This is up from their previous target of $150,000. The prediction is based on anticipated spot Bitcoin ETF inflows. Analysts project these ETFs will hold 7% of circulating Bitcoin supply by 2025. "Bitcoin ETFs are nearing approvals at major wirehouses and private bank platforms in Q3/Q4," wrote analysts Gautam Chhugani and Mahika Sapra. They view institutional basis trade as a catalyst for adoption. Currently, 80% of spot Bitcoin ETF flows come from retail investors. Institutional investors are still late to the party. Net new flows into Bitcoin ETFs have reached $15 billion. But analysts expect this figure to grow significantly. And their most bold predictions assume that by 2025, ETFs will hold 7% of Bitcoin supply. By 2033 this indicator could go to insane 15%. It will translate into new price levels. Bitcoin price to hit $200,000 by 2025 and $1 million by 2033, analysts claim. Bernstein forecasts spot Bitcoin ETF assets under management to reach $190 billion by 2025. They predict this could grow to $3 trillion by 2033. The analysts believe Bitcoin has entered a new bull market cycle. This is driven by the recent halving event, which reduces miner sell pressure. "We believe Bitcoin is in a new bull cycle," the analysts stated.

MicroStrategy keeps buying Bitcoin. Shown its unwavering commitment to the leading ctyprocurrency, Michael Saylor's company recently acquired a whopping 11,931 BTC at a cost of $786 million. The purchase was carried out between April 27 and June 19, 2024. The Bitcoin were bought at an average price of $65,883 per coin. As of June 20, 2024, MicroStrategy, led by a prominent crypto bull Michael Saylor, holds an impressive total of 226,331 bitcoins. MicroStrategy remains the largest public Bitcoin holder, owning 1% of BTC's total supply. The average purchase price per bitcoin stands at $36,798, including fees and expenses. That puts Saylor in green with rather impressive profit margins. Even at the current price levels, not to mention any surge to $100,000 or above that. Saylor has recently predicted that Bitcoin will cost $8 million per coin someday. He also outlined his personal 21 rules of HODLing Bitcoin. With its latest acquisition, MicroStrategy continues to blaze a trail in the adoption of digital assets. It remains to be seen how this bold strategy will play out in the long run. But one thing is certain: MicroStrategy's faith in Bitcoin shows no signs of wavering. Michael Saylor, the charismatic co-founder and CEO of MicroStrategy, is a visionary entrepreneur, often compared with the likes of Steve Jobs and Elon Musk. Saylor's credo is simple, yet powerful. He believes that Bitcoin is the future of money. He hopes Bitcoin will revolutionize the global financial system. He once stated, "Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don't have the option or desire to run their own hedge fund." Another memorable quote from Saylor is, "I think that Bitcoin is the most important invention of the human race since the invention of fire."