Bitcoin millionaires, miners, the bull run, Tether, and the Bitgin scandal

The number of wallets holding over a Million dollar worth of bitcoin has Tripled in 11 Months good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto make sure you click that follow Button grab yourself a coffee and let's Get into it okay let's start with a Quick rundown of what's on the docket Today Bitcoin mining rewards hit $44 Million in a day which is the highest Since April 2022 history suggests we're In for a stratospheric ball run followed By a rough re-entry stablecoin tether Has minted 4 billion USD worth of new Coins the number of wallets with over a Million dollars of BTC has tripled this Year and Taiwanese crypto exchange bit Jin is under investigation for money Laundering okay so first up the Bitcoin Might in story if you're on the hunt for Positive sentiment surrounding Bitcoin Lately you don't need to look far one Interesting Milestone has been a little Overlooked and it was covered Yesterday By araj Saka on the 12th of November we Saw the Bitcoin mining Community take a Collective 44 million USD in Block Rewards and transaction fees this was Not only the all-time high for 2023 but

The last time rewards went north of $40 Million was back in April 2022 as it stands miners receed 6.25 BTC For every successful block creation as Well as a percentage of transaction fees Of course Bitcoin miners took a real hit In Revenue during this Frosty crypto Winter of ours but the revenue has been Trending upwards since September this Year and so I spoke to araj about how The Bitcoin miners might be feeling About this the mining community that Essentially gets paid in Bitcoin for Confirming the transactions saw a huge Spike in their daily earnings I know we Have seen better days but that's a huge Relief for the miners as just recently A Lot of them were even struggling to keep Up with their day-to-day operations and Now that there's profits back on the Table I think we'll see a lot more Players joining the Bitcoin mining Community the Bitcoin mining Titan Marathon digital Holdings echoed this Large optic in their own Q3 earnings Release which showed a 467 spike in BTC production year onye in Quarter 3 of 202 2 they were mining Around 6.7 BTC per day and in Q3 2023 They reported 37.9 BTC per day now before you hop on EBay for a used mining rig it is worth Noting that the Bitcoin harving event is Expected in April 2024 and that will cut

The revenue well by Half the next piece is a thoroughly Mixed bag Lucas Keeley Chief investment Officer at yield app and previously a Managing director at credit swis wrote An article titled history tells us we're In for a strong bull market with a hard Landing it really is a story of Conflicting indicators as we know Global Interest rates are at the highest levels Since the financial crisis of 2018 the Federal funds rate is 5.25 to 5.5% the UK is at 5.25% and the EU is as its own Record high of 4% this is quite the Increase when contrasted with what we've Been used to since recovering from the 2008 crash however citadel's Ken Griffin Predicts these high interest rates may Not be going anywhere anytime soon Suggesting we may be stuck with them for A decade or longer what's perhaps Counterintuitive here is that these high Interest rates despite the wars and Conflicts left and right despite the Hangover from a global pandemic the Economy is doing remarkably well as key Puts it people are still actively Spending which is a double-edged sword And the hopefully imminent Bitcoin ETF Approvals could usher in waves and waves Of investment however Consumer Debt both Inside and outside of the US is worrying Two years of being stuck in your house With loved ones testing how much your

Love can take has resulted in something Called Revenge spending the default rate On credit card loans is the highest we Have ever seen according to game of Trades higher than the dot bubble or the 2008 financial crisis so what does Keely Believe all these trends indicate we're In for one hell of a ball run over the Next few years that will inevitably be Punctuated by being slapped back to Earth next up we're going to look at the Stable coin tether who has minted $4 Billion US worth of its Usdt Helen Parts reported yesterday that W alert had flagged an influx of newly Minted usdt since the 19th of October This year in fact in the past month it Has minted 18% of all new usdt issues in 2023 tether issued 1 billion usdt on the Tron blockchain on the 19th of October Then 1 billion again on the 3rd of November and finally a third billion on The 10th of November in addition to this 1 billion new usdt was issued on Ethereum on the 9th of November the Whale alert data did the rounds on Twitter sorry X and the new CEO Paulo Ardo commented saying note this is an Authorized but not issued transaction Meaning that this amount will be used as Inventory for the next period issuance Requests and chain swaps as well as Minting billions of usdt this year Tether has also been burning them too

With 4.3 billion burned on the Tron Blockchain and 2 billion burned on Ethereum interestingly the new CEO seems As if he's going to be a key character In crypto moving forward and is Certainly executing some big plans at Tether Ardo seems intent on crushing Elements of web 2 and he wrote five Mind-blowing projects and Counting for 2024 couple of these could obliterate Some popular web 2 centralized services For good he's also suggested that tether Is moving toward realtime reporting of Reserves which would be a strong Counterplay to the chaos stable coin Reserves have caused in the past I'll Finish this story with my favorite tweet Of the month so far by Riot lion. eth Who wrote the last time this much tether Got printed in a week a whole Bank blew Up right back to some Bitcoin positivity Tom Mitchell Hill Covered a piece with a Rather eye-catching headline the number Of Bitcoin millionaire wallets triples In 2023 in fact it has more than tripled This year on the 1st of January 2023 the Number of wallets holding $1 million us Worth of bitcoin or more was 23,796 this has rocketed 237 in the last 11 months and now sits Over 81 ,000 it is important to remember That the number of wallets does not Equal the number of people a mistake

That some daps make when reporting their Figures many people have multiple Wallets and then there are crypto Exchanges and financial institutions too Regardless this is a noteworthy increase The most Bitcoin millionaire wallets Ever recorded was almost 2 years ago to The day which was of course at the top Of the bull market this was $2,573 addresses but it's worth Remembering that within a day of this All-time high for millionaire wallets Bitcoin itself hit an all-time high of $69,000 significantly higher than Today okay the final story takes on a Bit more of a somber tone because the Taiwanese cryptocurrency exchange bit Jin is under investigation by taiwan's Law enforcement over money laundering Local news reported that the Chief Operating Officer uing Zang was arrested For his role in the 88 Guild Hall money Laundering incident this involved two Local businessmen who were accused of a Multi-billion dollar money laundering Scheme that used their foreign exchange Offices and crypto Exchange accounts to Launder proceeds from wire fraud this is Not the sort of news you want your coo Tangled Up In And although Taiwan has no Way of officially licensing a crypto Exchange bjin did join the virtual asset Service provider Preparatory office Known as vasp to Aid in self-regulation

And lobbying political officials bjin Has released a statement that attempted To steady the ship clarifying that Operations are normal and users rights Are unaffected they also suggested that While coo Zang was involved in the 8 Guild Hall money laundering incident he Ceased Communications with the Counterparties after discovering the Allegations okay that's your lot for Today consider yourself informed thank You for listening to the rise and crypto Podcast by coin Telegraph if you're Enjoying these daily updates please do Us a favor and make sure you let let us Know by following subscribing or leaving A review have a great day let's do this Again Tomorrow

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

Leave a Comment

    • bitcoinBitcoin (BTC) $ 63,007.00 0.73%
    • ethereumEthereum (ETH) $ 3,075.29 0.08%
    • tetherTether (USDT) $ 1.00 0.08%
    • bnbBNB (BNB) $ 537.70 2.7%
    • solanaSolana (SOL) $ 134.03 1.5%
    • usd-coinUSDC (USDC) $ 1.00 0.21%
    • staked-etherLido Staked Ether (STETH) $ 3,067.34 0%
    • xrpXRP (XRP) $ 0.494605 1.16%
    • dogecoinDogecoin (DOGE) $ 0.154562 0.7%
    • the-open-networkToncoin (TON) $ 6.22 5.66%