China News Daily TheBitTimes.com

Long-term Bitcoin (BTC) holders are accumulating more coins, reading from the decreasing balances on top exchange s. On Aug. 31, data from Glassnode, a blockchain Analysis firm, reveals that the amount of “HODLed” or lost coins was at a five -year peak at 7.841 million BTC, or $213 billion. #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,840,723.861 BTC View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/8Ga8nVvK7m — glassnode alerts (@glassnodealerts) August 31, 2023 The count of HODLed or lost coins involves tracking Bitcoin balances that have remained untouched for an extended period. This calculation involves subtracting the “liveliness” from one and then multiplying the result by the current circulating supply of Bitcoin. The metric takes into account coins held long-term and those stored in older addresses, accumulated during times when Bitcoin was relatively cheaper. Over time, the disregard for private keys has...

The USD Coin (USDC) market cap is currently at a two -year low, with analysts saying it’s yet to fully recover after depegging earlier in the year. Data from CoinGecko shows that USDC has a market value just north of $26 billion — its lowest level since July 2021, when it stood at $25.1 billion. The stablecoin is still the sixth largest cryptocurrency by market capitalization, but it has fallen further away, in terms of dominance, from its biggest competitor, Tether (USDT), which is currently valued at $82.7 billion. Only a year ago, USDC had a market cap of $56 billion as it consolidated its position as the second-biggest stablecoin. However, in March 2023, amid a regional banking crisis that caused the collapse of Silicon Valley Bank (SVB), USDC briefly lost its dollar peg following revelations that Circle had kept more than $3 billion of its reserves at SVB. Some cryptocurrency market observers think that the decline in USDC may have also been a result of rising interest ra...