{"id":5189,"date":"2022-01-18T09:13:05","date_gmt":"2022-01-18T09:13:05","guid":{"rendered":"http:\/\/egrowonline.com\/?p=5189"},"modified":"2022-01-18T09:13:05","modified_gmt":"2022-01-18T09:13:05","slug":"bitcoin-investors-dig-in-for-long-haul-in-staggering-shift","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=5189","title":{"rendered":"Bitcoin investors dig in for long haul in &#8216;staggering&#8217; shift"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"paragraph-0\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Jan 17 (Reuters) &#8211; As bitcoin heads into 2022, a growing cohort of long-term investors is doubling down on its stashes of the cryptocurrency, hoping a December dip was merely a festive blip.<\/p>\n<p data-testid=\"paragraph-1\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Some industry watchers point to the underlying stability of such long-term investments as potentially promising indicators for the capricious cryptocurrency.<\/p>\n<p data-testid=\"paragraph-2\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Since last July, for example, the amount of bitcoin held in digital wallets with no outflows for more than five months has been steadily increasing, according to digital currency brokerage Genesis Trading.<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs ArticleBody__mobile-only___2w_rXL\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">In addition, the amount of the bitcoin held in &#8220;illiquid&#8221; wallets &#8211; which spend less than quarter of their inflows &#8211; is also rising, meaning fewer coin are being actively traded, it added, citing wallet data across several exchanges.<\/p>\n<p data-testid=\"paragraph-4\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;The number of bitcoins that haven&#8217;t moved in over a year has been climbing since July,&#8221; said Noelle Acheson, head of market insights at Genesis Trading. &#8220;That&#8217;s pretty staggering.&#8221;<\/p>\n<p data-testid=\"paragraph-5\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Many investors were nonetheless sent diving for cover in December when the world&#8217;s most popular cryptocurrency sunk almost 20%, roughly the same as the second-biggest coin ether, with risk appetite hit by inflation fears and a quicker pace of interest rate hikes from the U.S. Federal Reserve.<\/p>\n<p data-testid=\"paragraph-6\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">While bitcoin and ether both posted gains last week &#8211; up 2.9% to $43,107 and up 6.3% to $3,350, respectively &#8211; they are still some way off their 2021 highs of $69,000 and $4,868<\/p>\n<figure data-testid=\"image-0\" class=\"ArticleImage__figure___3YPsEY ArticleBody__element___3UrnEs\">\n<div class=\"StatefulImage__container___3eKU7h StatefulImage__light___q8woox ArticleImage__image___GfaP0M\">\n<div class=\"StatefulImage__image___zY1d5b\"><img decoding=\"async\" src=\"https:\/\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/4U7XMUM2MFJRNP7LXVIQS54J5U.png\" alt=\"Bitcoin and U.S. stocks\" title=\"\" \/><\/div>\n<\/div><figcaption class=\"Text__text___3eVx1j Text__medium-grey____X3zmS Text__regular___Bh17t- Text__small___MoVgdT Body__base___25kqPt Body__caption___1g8_ry ArticleImage__figcaption___2BB5sN\">Bitcoin and U.S. stocks<\/figcaption><\/figure>\n<p data-testid=\"paragraph-7\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8216;STRONG HANDS&#8217;<\/p>\n<p data-testid=\"paragraph-8\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Many cryptocurrency experts caution that no one has been known to reliably predict bitcoin&#8217;s characteristically wild price swings. In 2017, for example, it went from about $1,000 to around $20,000. In early 2020, it sunk below $4,000 at one point before beginning a dizzying rise.<\/p>\n<p data-testid=\"paragraph-9\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Yet advocates of bitcoin and other coins say the increasing acceptance of cryptocurrencies in mainstream finance and investing in recent years has shored up the sector.<\/p>\n<p data-testid=\"paragraph-10\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Cryptocurrency research firm Delphi Digital said their research showed a similar shift towards bitcoin being held for longer period by investors, which it said &#8220;illustrates a transference from shorter-term &#8216;weak hands&#8217; to long-term &#8216;strong hands&#8217;.&#8221;<\/p>\n<p data-testid=\"paragraph-11\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Crypto data platform Coinglass&#8217;s bitcoin Fear &amp; Greed index, has wavered between 10 and 29 since the start of the year, which could be an indicator of a possible market bottom and buying opportunities, according to Will Hamilton, head of trading &amp; research at Trovio Capital Management.<\/p>\n<p data-testid=\"paragraph-12\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;Previous market bottoms in July 2021 and March 2020 correlated with Fear and Greed scores of 19 and 10 respectively,&#8221; he added.<\/p>\n<p data-testid=\"paragraph-13\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">For the uninitiated, 0 indicates &#8220;extreme fear&#8221; and 100 is &#8220;extreme greed&#8221;<\/p>\n<p data-testid=\"paragraph-14\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">MUSK AND DOGE<\/p>\n<p data-testid=\"paragraph-15\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">There were, meanwhile, more headlines for cryptocurrencies last week.<\/p>\n<p data-testid=\"paragraph-16\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Meme-based dogecoin stole the spotlight after Tesla <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/companies\/TSLA.O\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">(TSLA.O)<\/a> CEO Elon Musk tweeted that the company would accept it as payment for select merchandise. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/tesla-merchandise-buyable-using-dogecoin-musk-says-tweet-2022-01-14\/\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-17\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The tweet sent dogecoin up nearly 12%.<\/p>\n<p data-testid=\"paragraph-18\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;If more people are looking to buy Tesla merchandise with dogecoin then there&#8217;s more demand,&#8221; Acheson said, adding that this move could improve fundamental factors for dogecoin.<\/p>\n<p data-testid=\"paragraph-19\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Cryptocurrency Solana was another altcoin in focus, with Bank of America analysts saying the Solana blockchain could pull market share away from ethereum and &#8220;could become the Visa of the digital asset ecosystem&#8221;.<\/p>\n<p data-testid=\"paragraph-20\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Elsewhere, bitcoin miners bounced back from mining crackdowns in China and the recent unrest in Kazakhstan, one of the world&#8217;s primary centres for bitcoin mining. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/kazakhstans-bitcoin-paradise-may-be-losing-its-lustre-2022-01-14\/\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-21\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Bitcoin&#8217;s mean &#8220;hash rate&#8221; a measure of the power of the bitcoin computing network, touched an all time high of over 215 million terahashes per second on Thursday, according to blockchain data provider Glassnode.<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__default___1Xh7Yh SignOff__text___2onKdN\">Reporting by Medha Singh and Lisa Mattackal in Bengaluru<br \/>\nEditing by Vidya Ranganathan and Pravin Char<\/span><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Our Standards: <a target=\"_blank\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/technology\/bitcoin-investors-dig-long-haul-staggering-shift-2022-01-17\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jan 17 (Reuters) &#8211; As bitcoin heads into 2022, a growing cohort of long-term investors is doubling down on its stashes of the cryptocurrency, hoping a December dip was merely a festive blip. Some industry watchers point to the underlying stability of such long-term investments as potentially promising indicators for the capricious cryptocurrency. Since last [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[50,3800,3801,102,414,3803,3802],"class_list":["post-5189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-bitcoin","tag-dig","tag-haul","tag-investors","tag-long","tag-shift","tag-staggering"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/WXIF3O4FUVNW7CDMGSEZXSBTOE.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5189"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5189\/revisions"}],"predecessor-version":[{"id":5191,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5189\/revisions\/5191"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/5190"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5189"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}