Key Insights:
- The latest Bitcoin News reveals that only 1 million coins are remaining in Bitcoin’s unmined supply.
- BTC price rallies as whale activity makes a surprise comeback.
- Bitcoin receives shade from an unlikely source as Terence Howard predicts its collapse.
The crypto market just started the week with some interesting Bitcoin news. The king of cryptocurrencies just achieved a major supply milestone. Besides, BTC price is rising despite macro headwinds.
The Bitcoin news reports that the cryptocurrency’s supply just crossed 20 million coins. It means Bitcoin now has only 1 million coins left to mine before it reaches its hard cap.
It is currently estimated that the last Bitcoin will be mined in the year 2140. Nevertheless, this latest milestone means there are fewer coins in circulation. This potential outcome could be perceived as scarcity, hence why it is making Bitcoin news headlines.
Speaking of Bitcoin scarcity, the number of BTC available on exchanges has dropped significantly since late February. Over 54,000 BTC have been moved out of exchanges since 24 February.
Bitcoin News: Whales Accumulate Amid the Chaos and Unfavorable Market Conditions
While the Bitcoin news about the new supply milestone made headlines, some interesting things were happening in the background. Bitcoin demand ramped up on Monday, contrary to expectations.
The crypto fear and greed index dropped to 8 points (extreme fear). Under normal circumstances, such a decline would be accompanied by a drop in BTC price. However, the cryptocurrency was up by 4% in the last 24 hours. Bitcoin price was eying the $70,000 price level. It reached $69,647 at the time of observation.
On-chain data revealed noteworthy whale involvement in the upside momentum. According to CoinGlass, large orderbook flows indicate a surge in inflows into whale addresses.
Whales acquired $24.5 million worth of Bitcoin on Binance spot and about $1.19 million on Coinbase spot in the last 2 days. They also executed about $368 million worth of long positions on the equivalent derivative segments of the two exchanges.
This was surprising considering that whale activity was previously characterized by low or weak demand. A sign that whales anticipated recovery at least in the short term, despite the extreme fear sentiment.
The BTC price upside occurred as gold and oil prices pulled back slightly. This signaled that liquidity was hyper-focused on undervalued assets. The S&P500 also saw a slight uptick. The big question now is whether Bitcoin news will finally be favorable enough for more upside.
Is Bitcoin Price Still at Risk of More Downside?
Analysts have been contemplating the next BTC price move amid the highly uncertain market conditions. A faction of Polymarket traders predicts the price will bounce towards $75,000, while others are pricing in a drop to $65,000 or lower.
Interestingly, even non-crypto experts are chiming in on the BTC price predictions. One of the latest examples of such was Terrence Howard’s Bitcoin price prediction during a recent PBD podcast episode.
The Oscar-nominated actor predicted that “Bitcoin was going to die,” stating that it was still heavily tied to fiat. However, it is also worth noting that almost every other asset, including gold and silver, is usually USD-denominated.
Bitcoin’s currently much higher on the scarcity scale than gold and silver. Moreover, recent Bitcoin news indicates that declining supply on exchanges makes it even scarcer and more attractive.
Also, Terrence Howard’s Bitcoin price prediction reflects extreme fear sentiment. Whenever crypto market sentiment becomes heavily bearish (extreme FUD), prices tend to recover. The opposite is true when there is extreme FOMO.