Cointelegraph was on the ground during the second edition of the Madeira Blockchain 2023, held between Nov. 30 and Dec. 1. The event featured regional Web3 developments, as well as how the Portuguese islands are looking for startups and tech talent to grow their economy in the digital age.
During a roundtable discussion at the conference, studios working on blockchain features discussed the challenges associated with integrating the technology into games, including acceptance from game developers, players and publishers.
Redcatpig is a Web3 studio engaged in developing blockchain features, but the firm ran into obstacles integrating the technology into its pipeline. “One of the toughest…
In a development that marks a significant shift in the cryptocurrency landscape, a recent report has shed light on a remarkable trend within the Bitcoin community. Over 30% of all Bitcoin in circulation has remained untouched for a staggering half a decade. This revelation comes from a comprehensive analysis of Bitcoin’s blockchain data, indicating a solidifying trend of long-term holding among Bitcoin investors.
The Essence of the Report
The report, accompanied by an insightful infographic, highlights that a substantial portion of Bitcoin, which amounts to millions in terms of supply, has not moved from its wallets for over five years. This is the first time in Bitcoin’s history that such a high percentage of its circulation has remained stationary for this long.
Understanding the HODL Mentality
The term “HODL,” born from a misspelled word in a popular Bitcoin forum, has come to represent a philosophy among cryptocurrency investors. It signifies holding onto the cryptocurrency through its notorious price volatility, with a belief in its future value. The data now shows that this is not just a popular saying but a strategy adopted by a significant portion of Bitcoin investors.
Breaking Down the Infographic
The infographic paints a clear picture of this trend. It categorizes Bitcoin holders based on the duration they have held the cryptocurrency. Remarkably, the segment that held Bitcoin for more than five years has grown steadily, now accounting for over 30% of the total Bitcoin in circulation.
This trend has several implications for the Bitcoin market:
Reduced Market Liquidity: With such a large portion of Bitcoin being held long-term, the liquidity in the market is reduced, potentially leading to increased volatility with smaller market movements.
Price Stability in the Long Term: Conversely, the HODL trend could also lead to price stabilization as fewer Bitcoins are available for trading, reducing the impact of large sell-offs.
Investor Confidence: This trend signifies a strong belief among investors in the future value of Bitcoin, viewing it as a long-term investment rather than a quick-profit opportunity.
Maturity of the Market: The growing number of long-term holders suggests a maturing market with investors thinking beyond immediate gains.
Conclusion
The “HODL Revolution” indicates a significant shift in the mindset of Bitcoin investors. Moving away from the early days of speculative trading, the Bitcoin community is now seeing a more stable and mature investment approach. This could have lasting impacts on the cryptocurrency’s valuation and its perception as a digital asset. The report, with its detailed infographic, offers a comprehensive look into this new phase of Bitcoin’s evolution, marking it as not just a digital currency but a long-term asset in the investment world.
Join CryptoCrunchApp on Telegram Channels – Click to Join
Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
“Iran Unchained” released a streamlined version of its platform, built for sending crypto to anti-government activists in Iran where compliance laws make donations difficult.
The NGO’s “V2” site is a fork of crypto fundraising platform Gitcoin that lets donors outside the US sidestep fundraising limits and send money directly to activists’ wallets. The site’s founder is trying to keep the funds obscured from Iran’s Islamic Republic while also proving to the US Treasury that its crypto donations aren’t funding illicit causes.
Iran Unchained was started in January 2023, a few months after a young woman’s death in police custody sparked protests against Iran’s…
Crypto exchange Binance is reimbursing users and delisting the Anchored Coins Euro stablecoin (AEUR) after the token surged more than 200% in value after listing.
According to the Dec. 6 announcement, Binance will compensate users who purchased AEUR at an inflated valuation and failed to sell it after trading was halted earlier in the day. Affected users will receive a portion of the premium amount above the peg of 1 AEUR = 1.08 Tether (USDT) as a refund. The exchange wrote:
“After AEUR went online, it attracted the attention of community users. However, some users did not realize that AEUR was a stable currency when they purchased it. Demand surged in the short term, resulting in price… Read more on Cointelegraph
Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
What Happened The French bank will be the first major financial institution to offer digital assets tracking the price of fiat currencies to investors.
Société Générale said that EUR CoinVertible would be fully backed by euros.
“The crypto ecosystem is highly concentrated on a few existing stablecoins, 90% denominated in US dollars . . . we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin,” chief executive of SocGen Forge, the bank’s digital assets unit, Jean-Marc Stenger commented as Financial Times reported.
The nature of money is tragically one of the most unexamined and vital questions in modern society. Over the course of history, different monetary systems have risen and fallen as technology progressed and new forms of money emerged that were superior to what came before. To help us understand money, we must examine the question: “who controls the ledger?” As we explore the technological history of money and its various incarnations, from informal social credit to commodity-backed systems, we can gain insight into how control over the monetary ledger impacts individual liberty, economic prosperity, and human flourishing.
In the Austrian tradition, figures like Carl Menger, Ludwig von…
Samson Mow, CEO of Jan3 and a Bitcoin advocate, took to X (formally Twitter) to express his belief in Bitcoin’s potential to reach $1 million. He argued that former a16z partner Balaji Srinivasan’s prediction of the same was accurate, given the economic conditions earlier this year. However, Mow noted that the factors contributing to that prediction, such as continuous money printing and banking crises, have evolved. Mow anticipates that Bitcoin’s ascent to $1 million may take a few more years due to increasing institutional investment and reduced available supply, influenced by halving events.
Societe Generale is debuting its stablecoin on Bitstamp Wednesday.
France’s third largest bank originally unveiled EUR CoinVertible — developed by its crypto division, SG Forge — back in April. It’s the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange.
EURCV is issued on the Ethereum blockchain.
“With this listing, SG-FORGE offers the opportunity to the crypto ecosystem to diversify its positions and gain access to a robust, stable asset built on Societe Generale’s regulatory and structuring expertise. This is an important step towards widespread adoption of our stablecoin,” said Jean-Marc Stenger, SG-FORGE CEO, in a…
Last Monday, November 27, Whinstone Inc.’s private security entered the Rockdale, TX-based premises of Rhodium Enterprises in order to remove employees to cease operation of their 125MW Bitcoin mining facility.
The legal battle that culminated in this seizure started on May 2, 2023 when Whinstone US, Inc., a subsidiary of Riot Platforms, filed a lawsuit against certain Rhodium entities. The dispute centered around hosting and energy agreements between the two parties, with Whinstone seeking damages for alleged unpaid hosting fees and a declaratory judgment asserting its right to terminate these agreements.
Rhodium, not taking the accusations lightly, engaged outside counsel and…
