Bitcoin Weekly | Bitcoin's market capitalization share rises to over 46%

Central African Republic President: Bitcoin will pave the way for a better future

Bitcoin Archive tweeted that the President of the Central African Republic said that Bitcoin will pave the way for a better future.

Report: Bitcoin's correlation with US stocks weakens

According to Kaiko, a provider of crypto market data , Bitcoin's correlation with the U.S. stock market weakened last week, extending its losing streak to a record eight weeks. Although the 30-day rolling correlation between Bitcoin, the S&P 500 and the Nasdaq 100 remains high at around 0.7, it has fallen to its lowest level in more than a month. The less-than-expected hawkishness of the Federal Reserve's FOMC meeting minutes from May 3 to 4, coupled with slowing inflation and rising consumer spending, supported a relief rebound in risky assets. The S&P 500 and Nasdaq 100 rose 6.6% and 7.1%, respectively, ending a seven-week losing streak, but risk-on sentiment failed to spread to the cryptocurrency sector.

FTX Bitcoin spot trading volume market share surpasses Coinbase for the first time

On May 30, crypto market data provider Kaiko released a report showing that the cryptocurrency trading platform FTX's Bitcoin spot trading volume market share surpassed Coinbase for the first time. In addition, FTX's market share has soared from 5% to 44% in the past 18 months.

Number of Bitcoin millionaires to drop 20% in 2022

According to data, as of May 28, 2022, the number of addresses with a BTC balance of more than $1 million is 77,936. About 5,856 addresses have a total balance of about $10 million. The remaining 72,080 addresses have a balance of $1 million or more. The number of BTC addresses with a Bitcoin value of more than $1 million has fallen by 21.34% since the beginning of the year, with 99,092 addresses recorded on January 5.

Bitcoin Lightning Network capacity exceeds 3,900 BTC

1ML data shows that the capacity of the Bitcoin Lightning Network has exceeded 3,900 BTC, setting a new record; it is currently 3,920.74 BTC, equivalent to $123,820,039.56, a 30-day increase of 6%. In addition, the number of Bitcoin Lightning Network channels has reached 85,297, a 30-day increase of 1.8%. The number of nodes is 17,569, a 30-day increase of 1.46%.

BTC market capitalization ranks 10th among global assets

According to data from companiesmarketcap, BTC's current market value is $608.79 billion, ranking 10th among global assets, higher than Meta (Facebook)'s $553.61 billion and lower than Berkshire Hathaway's $697.26 billion. Although BTC prices have fallen by more than 50% from their peak, it is still one of the top ten assets in terms of market value among global commodities and companies.

Listed mining company Bitfarms mined 431 bitcoins in May, with a total holding of 6,075 bitcoins

According to news on June 1, the listed mining company Bitfarms mined 431 bitcoins (about 12 million US dollars) in May, an increase of 6% from May 2021, an average of 13.9 bitcoins per day. In addition, as of May 31, a total of 6,075 BTC were held, with a total value of approximately 188 million US dollars.

Glassnode: BTC wallet growth and active entities have stagnated

According to the latest data from blockchain analysis company Glassnode, both BTC wallet growth and active entities have stagnated. In particular, after the crypto market was hit hard in May, the growth of BTC wallets paused in the short term, although it did not reach the scale of May 2021. In highly volatile events (such as the sell-off triggered by LUNA), on-chain activity usually rises as investors sell in panic or otherwise transfer Bitcoin to replenish margin and cover positions, but both active addresses and entities have "give back" all the rising activity and returned to the range since September 2021. In other words, the recent sell-off and lower prices have not inspired an influx of new users.

Bitcoin's market capitalization share rises to over 46%

According to the latest data from CoinMarketCap, Bitcoin’s market capitalization has risen to over 46%, currently at 46.18%, while Ethereum’s market capitalization has dropped to 17.66%.

New York State Bitcoin Miners Begin to Leave Due to Regulatory Uncertainty

Bitcoin miners in New York are increasingly considering abandoning their expansion in the city as the New York State Legislature considers passing a bill that would ban new mining projects using carbon-based energy before an assessment of the industry's environmental impact is conducted. The New York State Senate is reportedly studying a bill that calls for a two-year moratorium on new crypto mining projects using natural gas, coal or other non-renewable energy sources. "Due to political and regulatory ambiguity, all cryptocurrency companies have a permanent right to do business in New York. But if the bill is passed, New York will become a permanent 'latecomer' to the industry," said Kyle Schneps, director of public policy at Foundry, one of the largest mining companies in the United States. (blockworks)

Luxury Argentinian Apartment Building to Offer Bitcoin Mining Facilities to Residents

A new luxury apartment building in the upscale Belgrano neighborhood of Buenos Aires, Argentina, will be the first to feature a Bitcoin mining facility to help its residents “get paid.” The building will be equipped with “five to ten machines that mine the cryptocurrency” and has also signed a contract with “a company that will be responsible for operating the machines,” which will receive an undisclosed percentage of the tokens in exchange. Given BTC’s volatility, the developers plan to calculate the average price of Bitcoin over a 12-month period and use that as a basis to fund the mining operation to at least 100% of the building’s outlay costs.