Protests erupt in Havana as Cuba struggles to restore electricity

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By Dave Sherwood and Ayose Naranjo Reuters Scattered protests broke out across Havana on Tuesday evening, with residents banging pots, honking horns and shouting “turn on the lights” as millions ‌of Cubans remained without power amid a six-month-long U.S. fuel blockade. Cuba experienced a nationwide outage on ‌Monday — its third this year — but while authorities said most of the country had been reconnected to the island’s grid by late ​Tuesday, many remained in the dark and without electricity as the island doesn’t have enough fuel. The country’s grid operator UNE said it had reconnected the grid from Pinar del Rio, in far western Cuba, to Holguin in the east. Santiago de Cuba, the island’s second-largest city, remained disconnected and without power, authorities said. The U.S. in January ‌cut off Cuba’s fuel supply, then ⁠imposed fresh sanctions that have prompted an exodus of foreign businesses and a near-complete collapse o...
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Bitcoins Price Pause At $30000 Triggers Sale Response From Short-term Holders

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The crypto market is an intricate shade of varying investment strategies and market behaviors, weaving together patterns that create the volatile landscape that has come to be associated with digital currencies.

One thread within this complexity is the activity of short-term Bitcoin holders, who, despite modest profit margins, are keen to sell as Bitcoin stalls around $30,000.

The recent price lull has sparked a reevaluation among investors, specifically those who’ve managed to turn a profit in the month’s relatively stagnant market. Short-term holders (STHs), defined as entities holding onto their Bitcoin for 155 days or less, are the ones primarily driving this shift in market behavior.

Short-term Holders Eyeing Exchange Outlets

On-chain analytics firm, Glassnode, has noticed a distinct pattern through tracking wallet activity. The firm reported a significant uptick in Bitcoin being transferred to exchanges, indicating an increased interest among STHs in liquidating their assets.

As the firm analyzed the data, it reported that “STH exchange inflows are intensifying, with a significant 1.28% (+35,400 BTC) of the STH Supply sent to exchanges.” This data suggests an intensifying interest among STHs to capitalize on current market conditions by selling their holdings.

Bitcoin (BTC) short-term holder balance sent to exchanges.

Sell-off Behavior: Suppressing Losses Or Taking Profits?

The behavior of STHs, according to Glassnode, tends to oscillate between two main strategies which are either selling a mass during periods of Bitcoin price suppression to limit losses or selling to capitalize on profits during periods of relative stability.

The firm drew a clear distinction between the current exchange inflows and those seen during the bear market of 2022. As BTC hovers around the $30,000 mark, similar to the scenario in March, the resultant selling activity has been modest, indicative of profit-taking behavior rather than a panicked selloff.

Meanwhile, in the past week, Bitcoin has witnessed noteworthy activity. The world’s premier cryptocurrency has staged a comeback following recent setbacks due to legal action by the United States Securities and Exchange Commission (SEC) against the two major cryptocurrency exchanges, Binance and Coinbase.

Bitcoin’s price has soared beyond the significant $30,000 mark, indicating a more than 20% increase in its value over the past two weeks. Importantly, this surge coincides with financial behemoths like BlackRock acknowledging the potential of cryptocurrency in the future.

Bitcoin (BTC)’s price chart on TradingView

Over the last 24 hours, Bitcoin has seen a continuous uptrend up by 1.3% with a trading price of $30,676 and a 24-hour trading volume of $8.3 billion. So far, BTC has added more than $100 billion to its market cap as the value currently stands at $595 billion, a 22.9% surge from the market cap seen earlier this month.

Featured image from Unsplash, Chart from TradingView



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