Coinbase has introduced Wrapped Bitcoin (cbBTC), a new token backed 1:1 by Bitcoin, now available on Ethereum and Base blockchains.
This move is aimed at improving financial efficiency across multiple blockchain ecosystems.
🚨 BREAKING: COINBASE OFFICIALLY LAUNCHES WRAPPED #BITCOIN (CBBTC)
Coinbase has introduced its Wrapped Bitcoin (cbBTC) token, backed 1:1 by $BTC, now available on #Ethereum and Base, creating more efficient financial ecosystems across multiple blockchains. pic.twitter.com/iDxucxPkNE
— JAKE (@JakeGagain) September 12, 2024
In a significant development, BlackRock, the world’s largest asset manager with $9 trillion under its belt, has officially endorsed Bitcoin as a hedge against global instability and geopolitical risks. The firm sees Bitcoin as an alternative to traditional monetary systems, especially as trust in these systems continues to decline.
Since BlackRock launched its Bitcoin ETF in January 2024, the price of Bitcoin skyrocketed, hitting a record high of $73,000 by March. Jay Jacobs, BlackRock’s Head of Thematic and Active ETFs, emphasized Bitcoin’s potential to diversify portfolios and protect against geopolitical uncertainties, even with its notorious volatility.
🚨BLACKROCK: BITCOIN AS A HEDGE AGAINST GLOBAL DISORDER
BlackRock, the $9 trillion asset management firm, has declared Bitcoin a viable hedge against global disorder and geopolitical uncertainty.
The company views Bitcoin as a global monetary alternative amid declining trust in… pic.twitter.com/mnVBSst4Zj
— Mario Nawfal (@MarioNawfal) September 12, 2024
On Binance, the Bitcoin Taker Buy/Sell Ratio spiked, signaling aggressive buying and hinting at possible upward price momentum.
There was a spike in the #Bitcoin Taker Buy/Sell Ratio on @binance! This indicates a surge in aggressive buying — a sign of upward momentum ahead! pic.twitter.com/zTWDZnyaxi
— Ali (@ali_charts) September 12, 2024
Meanwhile, El Salvador continues its Bitcoin accumulation strategy, purchasing 1 BTC every day for the last 665 days, bringing their total holdings to 5,871 BTC, currently valued at $342 million.
🇸🇻 El Salvador keeps stacking 1 #Bitcoin daily for the past 665 days, no matter the market!
The government now holds 5,871 $BTC ($342M), with 3,046 $BTC publicly known to be bought at an average price of only $43,888.
Follow @spotonchain and check out the #ElSalvador BTC wallet… pic.twitter.com/yeUgyqWfMV
— Spot On Chain (@spotonchain) September 12, 2024
Bitcoin Miners Now Earn Way Below Their Historical Average
On the mining side, the Bitcoin Puell Multiple has dropped below 0.4, indicating that miners are earning significantly less than their historical average. This drop could signal that the market is approaching a bottom, possibly offering a key buying opportunity for investors.
The #Bitcoin Puell Multiple has dropped below 0.4, signaling that $BTC miners are earning far less than their historical average.
This suggests that a potential market bottom could be coming soon or a buying opportunity! pic.twitter.com/rfvzGtkbmE
— Ali (@ali_charts) September 12, 2024
ETF flows showed mixed signals on September 11, with a total net outflow of $43.97 million from Bitcoin spot ETFs. However, Fidelity’s ETF saw an inflow of $12.57 million, reflecting the continued institutional interest in the cryptocurrency.
On September 11, the total net outflow of Bitcoin spot ETFs was 43.9656 million US dollars. ARKB outflow was 54.03 million US dollars, Grayscale ETF GBTC outflow was 4.5935 million US dollars, and Fidelity ETF FBTC inflow was 12.5737 million US dollars. https://t.co/59u0BnDSW8
— Wu Blockchain (@WuBlockchain) September 12, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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