Welcome to Extreme Investor Network, where we bring you the latest news and insights from the world of trading, stock markets, and all things Wall Street. Today, we have some interesting updates from the world of cryptocurrency and blockchain technology that you won’t want to miss.
BitMEX co-founder Arthur Hayes recently made a bold statement, saying that the outcome of the next US presidential election will have little impact on Bitcoin. According to him, the resistance from traditional banks will prevent the creation of reserves in the first cryptocurrency, regardless of who is in office.
Meanwhile, CryptoQuant CEO Ki Yoon Ju has observed a significant increase in the wallet balance of long-term investors in Bitcoin. In the past 30 days alone, these investors have added a staggering 404,448 BTC (equivalent to $23 billion) to their holdings. Ju predicts that in the third quarter of this year, we can expect announcements of investments in Bitcoin from various organizations, large companies, and even government authorities.
On the mining front, Ju also mentioned that miners’ capitulation seems to be wrapping up, with the hash rate nearing an all-time high and expected to remain stable. The cost of mining Bitcoin in the US is currently around $43,000 per BTC, indicating a healthy mining environment in the country.
In other news, Jump Trading recently withdrew a large sum of 11,500 ETH (approximately $29 million) from Lido Finance’s liquid staking platform. This move, along with actions taken by the firm’s market maker, Jump Crypto, has been cited as a contributing factor to a recent market correction.
These updates provide valuable insights into the current state of the cryptocurrency market and shed light on the future of digital assets. Stay tuned to Extreme Investor Network for more expert analysis and market updates, brought to you by our team of experienced professionals in the field.