Data from a crypto intelligence platform has revealed that Coinbase now owns 5% of the entire $BTC supply.
The news has sparked a debate as to whether or not Bitcoin is sufficiently decentralized.
Meanwhile, investors are turning their attention to a new stake-to-mine altcoin project that recently hit the $150,000 level in its fundraising.
Bitcoin Minetrix ($BTCMTX) continues to gain momentum as investors become intrigued about the protocol democratizing Bitcoin cloud mining, providing a healthy passive income.
What you'll learn 👉
Data Reveals That Coinbase Owns 5% of the Total BTC Supply – Equal to Satoshi Nakamoto.
Crypto data intelligence firm Arkham Intelligence recently announced they had identified over $25 billion in Bitcoin reserves on-chain for Coinbase.
The news sent shockwaves through the industry as the data revealed that the leading exchange now has as much $BTC in its reserves as Satoshi Nakamoto – the creator of Bitcoin – has in his wallet.
The total amount of Bitcoin holdings in the Coinbase reserves equates to 5% of the total circulating $BTC, roughly around 1 million BTC;
The crypto intelligence firm identified and tagged over 36 million BTC deposit and holding addresses used by the exchange.
According to their findings, the largest cold wallet held by the exchange contained almost 10,000 $BTC, worth around $264 million.
Taking their analysis further, Arkham Intelligence suggested that Coinbase will likely have thousands more BTC addresses not yet labeled, meaning their $BTC reserves could be much higher.
In addition to the immense Bitcoin holdings, Coinbase holds 1.68 million $ETH worth $2.7 billion, 70 million $LINK worth $530 million, and a further 920,000 $BNB worth $195 million.
Is This Bullish or Bearish For Bitcoin Price?
The news has concerned investors as to whether the colossal holdings of Coinbase are bullish or bearish for the Bitcoin price.
On the one hand, traders believe that the $BTC is in safe hands as Coinbase is one of the largest exchanges in the world.
They believe that Coinbase will be an excellent custodian of the $BTC and will be able to keep them safe from hackers, protecting a large percentage of the overall supply.
On the other hand, some traders believe that this is bad news for Bitcoin as it shows that the total supply of the asset is not sufficiently decentralized;
In addition, other users highlighted that the analytics firm might have opened up Coinbase to a cyberattack by revealing its wallet holdings and addresses.
Overall, it’s unclear if one entity holding so much Bitcoin is bullish or bearish for the asset.
Meanwhile, New Stake-to-Mine Bitcoin Minetrix Altcoin Hits $150,000 As Momentum Grows.
Meanwhile, the newly launched stake-to-mine Bitcoin Minetrix ($BTCMTX) is starting to turn heads in the industry as its presale pushes past the $150,000 milestone in just over 24 hours.
Bitcoin Minetrix is swiftly gaining traction as it introduces a novel stake-to-mine concept that allows users to buy and stake $BTCMTX to join a safe and secure Bitcoin cloud mining platform.
Essentially, it’s offering a low barrier to entry into the exclusive Bitcoin mining community by tokenizing the industry, allowing everyday people to start mining Bitcoin in a decentralized manner.
The project combines two of the industry’s hottest trends: bitcoin cloud mining and staking.
Both of these trends allow investors to earn a respectful passive income.
The $BTCMTX is the entry pass into the Bitcoin cloud mining community. Users purchase their $BTCMTX to stake it on the platform and earn Mining Credits.
The Mining Credits are non-transferable ERC20 tokens that must be burnt in exchange for designated BTC cloud mining time to earn through Bitcoin mining.
In addition to the stake-to-mine concept, stakers of $BTCMTX also earn a handsome return APY through staking.
Currently, the staling rewards provide 13,225% APY in returns – which is remarkable.
Of course, the APY will decrease as more investors enter the staking pool, but the APY will still be much higher than the typical 5% APY delivered by competing Proof-of-Stake tokens.
In addition to the passive income, the stake-to-mine concept removes prevalent scams in the industry that cause investors to remain apprehensive about starting to cloud mine.
The tokenization of the entire industry ensures users retain complete control over their funds, as $BTCMTX tokens can be unstaked at any time.
It also removes the need for investors to send cash to cloud mining services and be locked into lengthy mining contracts.
All of the processes behind Bitcoin Minetrix are managed through smart contracts, making it completely transparent.
Furthermore, the smart contracts have been lauded by Coinsult, adding an extra level of security for investors.
The presale for $BTCMTX is currently underway, selling the token for a price of $0.011 in the first stage.
In total, there will be ten stages as the presale aims to raise $15 million with increasing prices during subsequent stages.
As a result, those who take the plunge to invest earlier benefit the most as they leave the presale with higher levels of unrealized returns.
The funds raised in the presale will be used to launch the Bitcoin Minetrix platform and market the token.
Users can purchase $BTCMTX through the project’s website by converting ETH, BNB, or USDT. Alternatively, a bank card can be used to make the purchase.
Overall, with the presale gaining momentum, investors are becoming increasingly confident about the ability of the project to transform the Bitcoin cloud mining sector.
Its novel stake-to-mine concept and impressive passive income returns will help this presale sell out swiftly.
What Other Projects Are Traders Paying Attention To?
It’s not just Bitcoin Minetrix that’s gaining attention this week.
Another stake-to-earn protocol is quickly gaining momentum as its presale crosses the $100,000 in just a few days.
Meme Kombat ($MK) is quickly capturing the hearts of investors as it offers genuine utility through its AI-based meme battle arena.
Meme Kombat Continues to Make Waves in the Industry
Meme Kombat ($MK) is making waves in the industry as it allows users to earn a passive income through staking while engaging in an immersive gaming experience.
Meme Kombat is a new gaming platform designed for gaming enthusiasts with active betting and passive staking to provide rewards for everybody.
The combination of staking and betting creates a unique gaming experience on the blockchain, filled with everybody’s favorite meme coin characters.
The project brings together the exciting world of memes and the thrilling competition of battle arenas.
It features automated battles between mascot characters of meme coins with outcomes determined on-chain, making operations completely transparent.
Users can stake their $MK tokens to participate in these games and wager bets on the outcome of the battles.
The battle arena will see duels between popular meme coin characters. For example, Pepe the Frog will go toe-to-toe with Dogecoin, brought to life through dynamic visualization facilitated by AI.
In addition to the betting, $MK stakers earn an APY on their tokens, which currently provides 112%.
Set to launch in Q4 2023, the presale for Meme Kombat is officially underway.
The presale will sell 50% of the 12 million tokens for a discounted price of $1.667.
Of the remaining supply, 30% is reserved for staking and battle rewards, 10% for DEX Liquidity, and 10% for community rewards.
Furthermore, investors are rushing to get positioned in $MK as the team has been fully doxxed, making the investment entirely safe.
Overall, with its doxxed CEO, AI-integrated battles between memes, betting features, and staking APY returns, Meme Kombat is setting itself up to become the umbrella for meme coins.
Investors can purchase $MK in the presale by swapping ETH, USDT, or BNB.
Once launched, experts predict $MK can easily surge by over 10x.
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