Bitcoin Miner Capitulation Signals Potential Bottom

Here are some of the major developments from the world of crypto over the past few days.
Major crypto updates
Major crypto updates

According to a report by market intelligence firm CryptoQuant, Bitcoin miner capitulation metrics have hit levels not seen since the market bottom following the FTX crash in late 2022, which might set a bottom signal for BTC.

Miner capitulation is selling reserves or reducing the scale of operations to stay afloat. Several signs of capitulation have appeared in the last month, when the price has plunged 13% from $68,791 to $59,603, analysts at CryptoQuant said.

First, Bitcoin's hashrate has dropped 7.7% to a four-month low of 576 EH/s. As seen previously in late 2022, when Bitcoin bottomed out at $15,500 before staging a more than 300% surge, it was matched with a similar decline. It was also found that miners have been extremely underpaid since the halving, with daily revenues down 63%. Forced to turn to reserves for yield, miner outflows spiked to the highest since May 21.

The combination of miner sell-offs and sales from whales—holding between 1,000 BTC and 5,000 BTC—and governments contributed to Bitcoin's recent pullback to $53,499. Mining revenue per hash sits just a hair above the all-time low of $0.045 established on May 1. Cantor Fitzgerald warned that some large miners might be forced to throw in the towel if Bitcoin goes as low as $40,000, HN=v, from Bloomberg, that bags the scenario the industry is in.

Read More: Crypto Market Declines Marginally Even As Trading Volume Rises; Bitcoin, Ethereum Down

Binance Celebrates 7th Anniversary with 200 Million Users and "Be Binance" Campaign

Binance, the world's biggest cryptocurrency exchange, marked a milestone in celebrating its 7th anniversary, now representing over 200 million users worldwide. To reflect this achievement, the exchange has created a new "Be Binance" campaign that looks to return value to and engage its loyal customer base.

This campaign has a total of 19 countries involved, providing activities ranging from in-person meetups and virtual events to social media contests and upcoming promotions. Users can take part in the incentive by simply answering questions and sharing their Binance experience across social media and community channels, such as Binance Square, in order to have a chance at pocketing the share of $7,000 worth of Binance's BNB token prize pool and other merchandise.

The fact that Binance has reached this milestone epitomizes the coming of age of the digital-asset industry. It took five years for the exchange to secure its first 100 million users, and another two years to reach 200 million, with over 30 million new users onboard in just the first half of 2024. If this continues, then surely, the vision of the first billion Web3 users is not quite far-fetched, said Rachel Conlan, Binance's chief marketing officer.

The "Be Binance" campaign will focus on continuing education and illustration of the utility of digital assets, the innovation of products people need, and celebrating in-person their 7th anniversary. These real-life events will take place in countries such as the United Arab Emirates, Australia, New Zealand, Bulgaria, Spain, and Benin.

Read More: Crypto Market Dips Marginally Even As Trading Volume Gains

Opera Mini Integrates Top Stablecoins, Launches Pockets for Easy Swaps

Opera updates the crypto wallet inside the mobile browser with the top stablecoins USDT and USDC. MiniPay announces a new feature called Pockets—allowing one-click swaps between cUSD and the new stablecoins with sub-cent fees.

Pocket drag-and-drop functionality allows conversion into USDC, USDT, and cUSD. MiniPay was born on the Celo blockchain in 2023. It uses a dollar-pegged stablecoin, cUSD. Founded in Africa, it had helped sending and receiving stablecoins via mobile number in the early days.

Since this went live, over 3 million different activations have been sorted across Nigeria, Ghana, Kenya, and South Africa—a base case for establishing MiniPay as one of the fasting-growing digital wallets in Africa. The pockets feature and stablecoin integration are likely to further drive crypto adoption in Africa, where Opera Mini is the most downloaded mobile browser with just about 100 million users.

The second product following the Pockets was a Discovery Page for DApps, integrated into the wallet. It was kind of an interface one could use for direct access to tools like Universal Basic Income protocols, savings applications, or games.

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