Huge dormant crypto wallet wakes up as market continues to slide

Huge dormant crypto wallet wakes up as market continues to slide

Bitcoin’s price is continuing to fall, adding yet further losses to the market after a mini flash crash last week.

The same happened across the crypto market, with many others – including ethereum (ether), cardano (ada) and dogecoin trading down even further.

Bitcoin has dropped 3.6 per cent in the last 24 hours, and has now dropped more than 8 per cent in the last week.

The market as a whole has fallen almost 5 per cent over the day, according to tracking website CoinMarketCap.

That was despite a host of rumours that looked to boost the price of cryptocurrencies. One claimed that Apple is close to announcing a major investment in bitcoin, though there is currently nothing to substantiate these.

The latest movements have failed to jolt bitcoin out of its recent stasis, with the world’s leading cryptocurrency moving by less than 1 per cent week-on-week. It has failed to break above $36,000 or below $32,000 since late June, though some analysts are hopeful a big move is on its way.

According to one indicator, bitcoin is on the verge of flashing a major buying signal, similar to the one seen in October 2020.

You can follow all the latest news and analysis right here.

Key points

  • US Senator invests in bitcoin and ethereum
  • Bitcoin price ‘a ticking time bomb’
  • Rumours that Apple has bought bitcoin

Shares in Picasso painting go up for grabs at $6,000 in blockchain sale

11:35 , Andrew Griffin

Fancy owning a bit of a Picasso painting? Well now you can – and you can buy it on the blockchain, too. Here’s the full story from Reuters:

Connoisseurs of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000 – though that won’t actually buy them the right to see the work, which will be stored under lock and key in Switzerland.

‘Fillette au béret’ is being sold – or “tokenised” – via the blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first.

“This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank,” it and co-organiser Artemundi, an art investment company, said.

Subscriptions for the 4 million Swiss franc ($3.68 million) sale are expected to open at the end of July, with tradable shares in the painting available for 5,000 Swiss francs and above.

The 1964 work depicting a beret-capped child in bright colors on canvas was last sold for 21.4 million Swedish krona ($2.48 million) by auction house Uppsala Auktionskammare in 2016.

It is not the first painting by the notoriously iconoclastic Picasso to rub shoulders with the blockchain.

Driven by a surge this year in the market for non-fungible tokens (NFTs), often focused on digital-only artworks and other virtual items , Sotheby’s flagged an NFT-linked sale of Picasso’s “Le peintre et son modèle” in June.

The painting sold for 2.25 million pounds ($3.12 million), though plans for the joint sale of an NFT – a one-of-a-kind token that exists on a blockchain – that would link ownership to a digital version were scrapped, the auction house said.

Also in June, NFT art market Unique.One opened an auction for an NFT tied to a Picasso print, Fumeur V, which in April had sold at Christie’s for 15,000 pounds. The print – one of 50 of the same work – was first displayed at a gallery in Denver before being burned to create the NFT “The Burned Picasso”.

However, in the “Fillette au béret” sale, the tokens are fungible – or exchangeable – and no Picasso will be burned.

But no physical artwork will change hands either, as the painting, while being available for loan to museums and exhibitions, will be stored in a high-security facility, the organisers said.

Spike Lee directs cryptocurrency film, declaring ‘the digital rebellion is here’

08:36 , Andrew Griffin

Big news from the cultural world, as Spike Lee announces his new project: a film called ‘The Currency of Currency’, which looks to promote digital coins. It has been paid for by Coin Cloud, which makes cash machines – but for cryptocurrencies.

The film also includes Pose’s Mj Rodriguez, RuPaul’s Drag Race contestant Shangela and others, all of whom look to promote cryptocurrency on the basis of it being more inclusive.

You can read the full story here, on AdWeek.

Market all very red

Wednesday 14 July 2021 11:38 , Andrew Griffin

It’s another negative day in the crypto markets. All of the big coins, with the exception of stablecoins, are down – and many considerably.

Here’s the latest, from CoinMarketCap:

© Provided by The Independent

Dormant Satoshi-era bitcoin wallet suddenly activates after nearly a decade

Tuesday 13 July 2021 19:10 , Anthony Cuthbertson

A dormant bitcoin address containing more than $26 million worth of cryptocurrency has come alive after nearly a decade of inactivity.

The wallet was created shortly after bitcoin’s pseudonymous creator Satoshi Nakamoto disappeared in 2012.

Movement of funds from the bitcoin address was spotted by crypto-tracking Twitter bot Whale Alert. 640 of the 791 bitcoins within the wallet were moved to an unknown address, according to blockchain records.

US reports sharpest inflation spike since 2008

Tuesday 13 July 2021 18:06 , Anthony Cuthbertson

The US Department of Labor has reported the sharpest 12-month inflation spike since 2008 in its June 2021 Consumer Price Index, published today.

Consumer prices have risen 5.4 per cent over the last year, as the economy struggles to recover from the pandemic.

It means that the dollar’s purchasing power is far lower than this time last year, pushing up the prices of everyday goods and services like cars, furniture and restaurants. Despite the recent price slump, bitcoin’s value against the dollar has actually risen three-fold over the same time period.

Bitcoin advocates have taken the opportunity to also highlight the non-inflationary nature of bitcoin, which has an in-built supply of 21 million coins that makes it immune to economic measures like quantitative easing. Among the most prominent voicing their support for the cryptocurrency were the Winklevoss twins, who described bitcoin as “the best protection in the world against inflation”.

Ethereum price dips below $2,000

Tuesday 13 July 2021 14:10 , Anthony Cuthbertson

The price of Ethereum (ether) has dropped below $2,000 for the first time since late June.

The world’s second-most valuable cryptocurrency is down more than 6 per cent over the last 24 hours and down more than 15 per cent week-on-week, according to CoinMarketCap.

Of the top 10 leading cryptocurrencies, only Uniswap has seen a bigger price fall over the same period. Not a single one has seen any gains.

You can read the full story from The Independent’s tech editor Andrew Griffin right here.

Bank of England reports ‘growing interest’ in crypto from institutional investors

Tuesday 13 July 2021 13:17 , Anthony Cuthbertson

The Bank of England has highlighted the growing trend of increased institutional investment in bitcoin and other cryptocurrencies, suggesting that there could be some more big moves into the space in 2021.

The Financial Stability Report, published today, noted how the price of bitcoin rose six-fold in the 12 months leading up to April 2021, prompting institutional investors to take note.

“Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present,” the report states.

“However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators. These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.”

Bitcoin price analyst predicts bullish breakout

Tuesday 13 July 2021 11:29 , Anthony Cuthbertson

A new research note from an analyst who predicted the recent bitcoin price crash has offered an optimistic take on the market’s current direction.

Katie Stockton, founder of independent research provider Fairlead Strategies, wrote that bitcoin looks more likely to break above than break below the narrow $32k-$36k band it has been trading within in recent weeks.

“The consolidation phase itself is neutral, but we think a breakout is more likely than a breakdown,” she wrote. “Intermediate-term momentum has been improving based on the MACD (Moving Average Convergence Divergence) histogram.”

Elon Musk says his baby is a dogecoin ‘toddler hoddler’

Tuesday 13 July 2021 10:17 , Anthony Cuthbertson

Elon Musk has once again been tweeting about dogecoin.

The Tesla CEO joked that the electric cars could mine dogecoin any time it spotted a Shiba Inu dog with its in-built cameras.

“Maybe if [Tesla Vision] sees a Shiba Inu, the car renders a dogecoin,” he wrote.

Musk also described his baby X Æ A-Xii, nicknamed ‘x’, as a “toddler hoddler”, having revealed earlier this year that he bought dogecoin for him.

BREAKING: Record crypto haul for UK police

Tuesday 13 July 2021 09:54 , Anthony Cuthbertson

Police in the UK have seized £294 million ($408m) worth of cryptocurrency as part of an investigation into money laundering.

The haul, which the Met Police claims is record-breaking in its size, was of an unspecified crypto. Details of how it was seized are yet to be released.

Metropolitan Police Deputy Assistant Commissioner Graham McNulty said: “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

We’ll have more on this story as it develops.

Rumours that Apple has bought bitcoin

Tuesday 13 July 2021 08:54 , Anthony Cuthbertson

Rumours are currently spreading online that Apple has made a massive investment in bitcoin.

Forums and social media are abuzz with claims that the tech giant will announce a $2 billion cryptocurrency purchase today, though at this point these are only rumours.

It would make sense for Apple to put it’s vast cash reserves into bitcoin, in the same way that Tesla did, but it would still be a risky move. With nearly $200bn in cash at the last quarterly report, $2bn would be just 1 per cent of the iPhone maker’s holdings. If true, you would imagine that bitcoin’s price would receive a similar bump to when Elon Musk announced Tesla’s crypto investment.

We have reached out to Apple for comment.

Crypto market turns red

Monday 12 July 2021 20:05 , Anthony Cuthbertson

All of the most valuable cryptocurrencies by market cap are currently on the slide.

Over the last 24 hours not a single one has seen any price gains, with Ethereum (ether) seeing the biggest losses, according to CoinMarketCap’s index.

On a week-on-week basis only Binance Coin has seen its price rise, while dogecoin experienced the largest dip of more than 10 per cent.

Despite the market downturn, bitcoin’s losses remain relatively insignificant compared to the volatility it experienced in the first half of 2021, and it continues to trade within the narrow band it has been in since late June.

table:  (CoinMarketCap)

© Provided by The Independent

Argentina bill could see workers paid in bitcoin

Monday 12 July 2021 15:57 , Anthony Cuthbertson

A member of Argentina’s congress has submitted a bill that would allow workers to receive their salary in bitcoin.

José Luis Ramón said: The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.”

Michael Saylor, CEO of MicroStrategy, noted Argentina’s exchange rate against the dollar has “weakened from 15 to 174 in five years”.

He added: “That means $100 saved in ARS would be worth $8.62 today. If saved in BTC, it would now be worth $5,270. Bitcoin is hope for Argentina.”

Apple co-founder says bitcoin is better than gold

Monday 12 July 2021 13:35 , Anthony Cuthbertson

Apple co-founder Steve Wozniak has launched his own cryptocurrency and described bitcoin as being better than gold.

Launching his new WOZX token at the Talent Land Jalisco 2021 tech conference, Wozniak said: “Gold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle. I do not invest in bitcoin, but I believe in it for the future.”

You can read the full story here.

US Senator invests in bitcoin and ethereum

Monday 12 July 2021 12:59 , Anthony Cuthbertson

US Senator Pat Toomey has disclosed tens of thousands of dollars in cryptocurrency investments.

Public Records filings reveal the Pennsylvania Republican invested as much as $30,000 in Grayscale Ethereum Trust and Grayscale Bitcoin Trust.

Last month Senator Toomey wrote to Treasury Secretary Janet Yellen asking for less burdensome regulations for cryptocurrencies.

He warned recent proposals “would have a detrimental impact on financial technology, the fundamental privacy of Americans, and efforts to combat illicit activity.”

Pat Toomey wearing a suit and tie:  (POOL/AFP via Getty Images)

© Provided by The Independent
(POOL/AFP via Getty Images)

Bitcoin price ‘a ticking time bomb’

Monday 12 July 2021 12:24 , Anthony Cuthbertson

Another market indicator is also suggesting a major price move is coming for bitcoin.

Bollinger Bands – which measure moving averages – are used by traders and investors to understand if an asset is overbought or undersold, therefore allowing them to figure out which direction it might be heading.

A sustained period of stability means bitcoin is expected to enter a period of high volatility. Crypto investor Lark Davis describes bitcoin as a “ticking time bomb”.

This is the narrowest it has been in 2021.

Hydroelectric plant finds mining bitcoin is more profitable than selling electricity

Monday 12 July 2021 11:58 , Anthony Cuthbertson

A 124-year-old power plant has begun mining cryptocurrency as it’s more profitable than selling electricity.

The Mechanicville facility in New York state is the latest to benefit for the China mining exodus and the subsequent drop in hashrate.

“We think this is the oldest renewable energy facility in the world that’s still running,” Albany Engineering CEO Jim Besha told the Albany Times Union, adding that the plant “can actually make more money with bitcoin than selling the electricity to National Grid.”

a vintage photo of an old building:  (Wikimedia Commons)

© Provided by The Independent
(Wikimedia Commons)

Bitcoin ‘buy signal incoming’

Monday 12 July 2021 10:51 , Anthony Cuthbertson

A crypto market indicator suggests bitcoin’s price could finally break out of the narrow $32k-$36k band that it has been stuck within for the last fortnight.

The 90-day exponential moving average of the ratio of buyers to sellers is about to hit the “launch zone”, according to analyst Cole Garner at CryptoQuant.

“Since 2019, a touch of the green box historically signals a big bullish move is right around the corner,” he writes.

“The last touch was in October 2020, just above $10k. We’re almost there.”

Hello and welcome…

Monday 12 July 2021 10:42 , Anthony Cuthbertson

To The Independent’s bitcoin live blog. We’ll be bringing you all the latest crypto news, market analysis and expert price predictions throughout the day

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