Bitcoin mining companies are slowing down on BTC sell-offs while miners' revenue continues to increase, and retail investors remain optimistic. Public mining companies sold 100% of their holdings in the latter half of 2022, but for the first time in over six months, the liquidation ratio decreased to below 100% in March, indicating a slowdown in selling off BTC holdings.

Bitcoin's network congestion and high transaction fees have sparked concerns of an attack on Twitter. With over 469,000 transactions waiting to be confirmed in Bitcoin's mempool, high-priority transactions are commanding a rate of $26. Some have suggested that the high transaction fees are a chosen pain point by attackers to make Bitcoin unusable for smaller players.

The market capitalization of BRC20 tokens built on the Bitcoin network has grown by 192% in just four days, reaching $279 million with over 13,530 tokens in circulation. Ordi is the most valuable BRC20 coin, with a market valuation of $200 million, followed by pepe at $17.6 million.

On May 4, in a recent Youtube video, Validus Power Corp.’s executive director, Greg Foss, discussed the potential for the banking industry’s failures to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” such as real estate, gold, and bitcoin. He believes that bitcoin, the leading crypto asset, is one of the best hard assets available. According to Foss, bitcoin provides insurance against “the failure of a basket of fiat currencies.”

May 5 saw the sixth biggest outflow of Bitcoin from exchanges since the start of the year. Roughly $240 million worth of Bitcoin was driven primarily by large whales, denoted by the red and orange colors. This is supported by the accumulation trend score by cohort, which denotes that whales that hold over 10,000 Bitcoin or more continue accumulating and have been for over a month. While all other cohorts are still in a state of distribution.

Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.

May 6 (Cointime) - According to data from Glassnode, Bitcoin adoption continues to soar as the number of Non-Zero Addresses reaches an ATH of ~46.1M. When comparing for growth across Epochs, Glassnode points a decline in relative growth, but an increase in absolute growth as the number of Non-Zero Addresses continues to expand.

The small, picturesque Himalayan nation of Bhutan has embraced Bitcoin, not only by accumulating cryptocurrency but also by using green energy to mine it.

Bitcoin has shown a positive trend in the past 24 hours, approaching the $30,000 level, but has not yet breached it. Altcoins such as ETH, SOL, and UNI have also seen price increases, but the day's top performers are PEPE and Floki Inu. PEPE, a relatively new cryptocurrency, has seen double and even triple-digit daily surges, entering the top 50 digital assets by market cap. Floki Inu has also skyrocketed, with a 40% surge in the past 24 hours, and is now among the top 100 coins by market cap. The top ten altcoins have seen more modest price increases, with Ethereum up by 3.6% and Solana up by 4%. The total crypto market cap has reclaimed the $1.2 trillion line, gaining around $20 billion daily.

Bitcoin's Taproot upgrade is expected to have a major impact on the cryptocurrency's efficiency and privacy. Taproot transactions made up over 37% of the Bitcoin network's spent outputs, with a record-breaking 60% of all transactions on May 1 leveraging Taproot. The upgrade introduces the ability to batch multiple signatures and transactions together, simplifying the verification process for transactions on the Bitcoin network. This has led to a surge in daily BTC on-chain transactions, surpassing half a million, with lower transaction fees due to a decrease in data size for complex transactions. The Taproot upgrade also impacts the cost-efficiency and functionality of the Lighting Network, enabling developers to build on it more cheaply and securely. The implementation of the Taproot upgrade creates new opportunities for entrepreneurs looking to invest in Bitcoin's potential over the long term. While the impact on BTC price remains to be seen, analysts suggest that the Taproot upgrade has significantly boosted the coin's value as confidence in the network continues to grow.