Bitcoin leveled off, number of addresses holding 1 BTC or more exceeded 1 million mark


Macroeconomics and financial markets

In the US NY stock market on the 16th, the Dow Jones Industrial Average fell 336 dollars (1.01%) from the previous day, and the Nasdaq Index closed 22 points (0.18%) lower. Negotiations on the US debt ceiling issue, which is simmering with fears of default, have been carried over again.

On the other hand, on the Tokyo stock market, the Nikkei average stock price exceeded the 30,000 yen level for the first time in 1 year and 8 months since September 2009.

The new governor of the Bank of Japan, Kazuo Ueda, indicated that he would continue to ease monetary policy, while Warren Buffett announced that he would buy more stocks of trading companies. The self-restraint of economic activity due to the spread of the new coronavirus has been greatly eased, and the recovery of business confidence and the good performance of Japanese companies have been conscious. The depreciation of the yen and the appreciation of the dollar in the foreign exchange market is also a tailwind.

Some point out that the declining US dollar and the dispute over the US debt ceiling are also spurring portfolio diversification, such as reducing the ratio of US stocks.

connection:NY Dow and cryptocurrency-related stocks fall No agreement on US debt problem | 17th Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 0.02% from the previous day to $27,109.

BTC/USD daily

More recently, selling pressure from Bitcoin miners has been confirmed.

connection:Selling pressure from bitcoin miners increases, Lido V2 launches to implement Ethereum withdrawal function

Glassnode mentions Ordinals (Inscriptions) and BRC-20 tokens in its latest analysis report.

Due to the BRC-20 token craze, Bitcoin transaction volume hit a record high, and the average fee paid to miners for each block temporarily exceeded the mining reward of 6.25 BTC. $17.8 million per day. “It is the fifth time in history that the total transaction fees paid to miners exceed the mining rewards per block.”

Transaction fees soared to a median of $20.17 and an average of $30.80.

Along with this, the number of transactions per day has reached a record high of 682,000. This is 39% higher than the value in 2017, when the BTC price surged due to the cryptocurrency bubble.


On the other hand, the number of unconfirmed transactions in mempool has halved from the peak of about 500,000 to 250,000, and the serious transaction jam is easing.

According to Glassnode data, the number of “Wholecoiner” addresses holding more than 1 BTC has passed the 1 million mark.

It reached 800,000 in February this year, but increased by 25% in the following three months as economic instability and political uncertainty increased.

At least it suggests that long-term sentiment hasn’t collapsed.

altcoin market

Crypto lending firm Celsius Network, which went bankrupt last July, is looking to withdraw 240,000 stETH, worth $437.7 million, according to on-chain data.

This follows the addition of ETH withdrawal functionality in the V2 launch of Lido Finance, the largest liquid staking protocol.

The redeemed and sold ETH is expected to be used as part of the process of returning creditors in bankruptcy proceedings and for business reconstruction. Celsius is reportedly owing $4.7 billion to creditors.

connection:Celcius, which filed for bankruptcy, found a deficit of 160 billion yen

connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?

Click here for a list of market reports published in the past

The post Bitcoin leveled off, number of addresses holding 1 BTC or more exceeded 1 million mark appeared first on Our Bitcoin News.


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