New research from Glassnode, an on-chain data platform shows continued growth in Bitcoin (BTC) between one month and six months. Indicating a strong conviction behind the recent price rally. So argues, a new report from Glassnode.
These coins accumulated throughout the recent bull market. Which means that new HODLers (i.e. the ones with crypto) are up nearly 500% since October.
These HODLers were “forged in the dynamic market rallies that occurred in 2020 and 2021.” According to Glassnode. “Many are on the way to being classified as long-term holder coins.”
BTC bought between $ 10,800 and $ 58,800 now represents 25% of the total supply with no signs of slowing down. According to data from the Glassnode report. This means that HODLers have continued to accumulate BTC throughout this bull market.
Also, more BTC investors are moving their stocks into storage, suggesting less interest in short-term trading. In the past 12 months, more than 3% of the circulating BTC supply has migrated from exchanges to third-party wallets, according to a report from Glassnode.
South Korean Government Makes $ 10.5 Million Profit From Four-Year Bitcoin Crime
South Korean prosecutors eventually sold a loot of Bitcoin (BTC) that they seized from a criminal in 2017 and is worth $ 10.5 million more than it was worth at the time of arrest. The cash has reportedly been deposited in the country’s national treasury coffers.
According to reports coming out of the Suwon District Attorney’s Office, this is the first time that the authorities have sold confiscated Bitcoin. And, the first time the coins in question have moved since they were cold stored in 2017.
Originally worth $ 238,000 at the time of seizure, the coins were recently sold for a sum of $ 10.8 million, a 4,400% increase in value over four years.
With no specific cryptocurrency laws or regulations in effect at the time, the authorities left the coins in cold storage.
In late March, the South Korean government enacted general crypto-specific laws for the first time, putting further pressure on exchanges and virtual asset service providers to use real-name business accounts and report their activities to the Korea Financial Intelligence Unit. Prosecutors reportedly sold the coins as soon as the laws were enacted on March 25.
Peter Schiff’s April Joke: ‘I Was Wrong About Bitcoin’
Peter Schiff wanted to follow the spirit of April Fool’s and made a misleading tweet about Bitcoin, but the community did not fall.
Gold advocate and Bitcoin critic Peter Schiff woke up with a sense of humor today. To follow the spirit of many others in the joke day in the United States (April Fool’s) he wrote a tweet where he makes it seem that he was wrong in his opinions on cryptocurrency (surely tomorrow he will be denied).
The vast majority of responses to her tweet allude to her being an April Fool’s joke. However, it is worth noting that it received very good responses.
The one of his own son, Spencer Schiff, stands out, who as we have said is a great defender of BTC. He said:
“Of all the Bitcoin tweets you’ve posted over the years, this is the only one I agree with.”
Coinbase Hires Morgan Stanley Attorney to Lead Business Compliance
Ahead of its scheduled public listing in April, US cryptocurrency exchange Coinbase has engaged Morgan Stanley’s global anti-money laundering advisor.
According to a Bloomberg Law report on Wednesday, Ian Rooney will lead Coinbase’s business compliance team to ensure smooth operation in the run-up to direct listing of the exchange, which was recently delayed from March to April.
Coinbase, like other large U.S. cryptocurrency exchanges, wants to appear completely frank in the eyes of regulators, particularly in sensitive areas like money laundering. Which is often considered to be a natural fit for cryptocurrencies.