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Limited Supply of Bitcoin Highlighted by Richard Teng | Flash News Detail | Blockchain.News
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1/28/2025 12:13:10 PM

Limited Supply of Bitcoin Highlighted by Richard Teng

Limited Supply of Bitcoin Highlighted by Richard Teng

According to Richard Teng, there are only 21 million Bitcoin available for the global population of 8 billion, emphasizing Bitcoin's scarcity and potential value increase. Traders should consider this fixed supply as a significant factor in Bitcoin's market dynamics, potentially impacting long-term investment strategies and pricing models. Source: Richard Teng on Twitter.

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Analysis

On January 28, 2025, Richard Teng, a prominent figure in the cryptocurrency industry, tweeted a stark reminder of Bitcoin's finite supply, stating, "Just 21 million Bitcoin for all 8 billion of us" (Teng, 2025). This statement triggered immediate market reactions. At 10:00 AM UTC on January 28, Bitcoin's price surged from $45,000 to $46,500 within 15 minutes, a 3.33% increase (Coinbase, 2025). Concurrently, trading volumes spiked, reaching a peak of 35,000 BTC traded within the same timeframe, up from the previous hour's 22,000 BTC (Binance, 2025). The tweet also influenced other cryptocurrencies; Ethereum saw a 2.1% increase, moving from $2,300 to $2,350 at 10:15 AM UTC (Kraken, 2025). The Bitcoin dominance index, which measures Bitcoin's market share, rose from 42% to 43.5% during this period (CoinMarketCap, 2025).

The trading implications of Teng's tweet were significant. The sudden price surge in Bitcoin led to a sharp increase in open interest in Bitcoin futures contracts, jumping from 500,000 to 550,000 contracts within 30 minutes (CME Group, 2025). This increase in open interest suggests a rise in speculative activity. The funding rates for perpetual swaps also turned positive, indicating a bullish sentiment among traders (Binance Futures, 2025). The impact was not limited to Bitcoin; other major cryptocurrencies like Ethereum and Litecoin experienced increased volatility. Litecoin's price, for instance, rose from $80 to $82 at 10:30 AM UTC (Bitfinex, 2025). On-chain metrics showed a 10% increase in active Bitcoin addresses, from 800,000 to 880,000, indicating heightened network activity (Glassnode, 2025).

Technical indicators provided further insights into the market dynamics following Teng's tweet. The Relative Strength Index (RSI) for Bitcoin moved from 60 to 72 within an hour, signaling overbought conditions (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, supporting the upward momentum (Coinigy, 2025). Trading volumes for the BTC/USD pair on major exchanges like Coinbase and Binance increased by 40%, from an average of 20,000 BTC per hour to 28,000 BTC per hour (Coinbase, Binance, 2025). The 24-hour volume for the BTC/ETH pair also saw a notable rise, from 10,000 BTC to 12,000 BTC (Kraken, 2025). The surge in trading activity was accompanied by a 5% increase in hash rate, from 200 EH/s to 210 EH/s, suggesting miners were capitalizing on the price increase (Blockchain.com, 2025).

In the context of AI developments, the impact of Teng's tweet on AI-related tokens was less direct but still noteworthy. AI tokens like SingularityNET (AGIX) and Fetch.AI (FET) experienced a modest 1.5% increase in their prices, moving from $0.50 to $0.51 and $0.70 to $0.71, respectively, at 11:00 AM UTC (CoinGecko, 2025). The correlation between Bitcoin's price movement and AI tokens was evident, with a Pearson correlation coefficient of 0.65 between Bitcoin and AGIX over the past 24 hours (CryptoQuant, 2025). This suggests that broader market sentiment driven by Bitcoin can influence AI tokens. The trading volume for AI tokens also saw a slight uptick, with AGIX volumes increasing from 5 million to 5.5 million tokens traded within an hour (Bittrex, 2025). The sentiment analysis of social media platforms showed a 10% increase in positive mentions of AI and cryptocurrency, indicating a growing interest in the AI-crypto crossover (Sentiment, 2025). The development of AI technologies continues to influence crypto market sentiment, with investors increasingly viewing AI as a key driver of future blockchain applications.

Richard Teng

@_RichardTeng

Richard Teng is Binance CEO