The Camino Network Foundation has announced that the Web3 travel ecosystem Camino Network has successfully completed a security audit conducted by the renowned cybersecurity company Hexens with great results. Nine minor flaws were found during Hexens’ audit of Camino Network’s L1 codebase; each was swiftly fixed by the team to maintain the network’s reliability.The last eighteen months have been challenging for Bitcoin investors. While the asset has bounced back strongly thus far in 2023, it remains over 60% off its all-time high set in November 2021. The asset careened downwards as the Federal Reserve transitioned to a tight monetary policy approach in response to spiralling inflation. From years of low interest rates, hikes came thick and fast as policymakers scrambled to get a lid on an overheating economy.However, while price charts don’t make pretty reading, there has been one notable bright spot when looking at on-chain data. That is the proportion of long-term holders, which has shown impressive growth throughout the turbulence. As the next chart from Glassnode shows, the cohort has grown since the start of 2022 aside from three periods (with one of those extremely short).The first period was between May and August 2022, when the crypto world was thrown into disarray. Already fighting a glum macro picture with newly-rising rates and rampant inflation, digital assets got hammered further with the startling death spiral of the UST stablecoin, leading to the collapse of all things Terra. This in turn sparked contagion across the sector, the summer filled with bankruptcies.The second period which saw long-term holders waver was very brief, following the FTX collapse last November. The third was then March of this year, which saw apparent profit-taking as Bitcoin increased off the back of more dovish forecasts around the future path of interest rate rises following the regional bank crisis.This has led to a position today whereby 14.6 million Bitcoin are held by long-term holders, equivalent to 75% of the total circulating supply. Bitcoin enthusiasts hope the growth in the number of coins hoarded by long-term holders will cause a supply shortage and squeeze the price upward in the long-term. The scale of the damage in 2022 can be seen when glancing at a price chart, portraying the extent of the fall. With Bitcoin residing so far out on the risk curve, capital fled the asset amid the great tightening of global liquidity. However, the apparent resilience of long-term holders is certainly a silver lining, and may become more and more relevant as time goes on. The Camino Network Foundation has announced the successful completion of a security audit conducted by the renowned cybersecurity company Hexens. Nine minor flaws were found and swiftly fixed by the team.The last eighteen months have been challenging for Bitcoin investors, with the asset over 60% off its all-time high set in November 2021. The Federal Reserve transitioned to a tight monetary policy approach in response to spiralling inflation, leading to capital fleeing the asset amid the great tightening of global liquidity.On-chain data has revealed a notable bright spot, with the proportion of long-term holders showing impressive growth throughout the turbulence. 14.6 million Bitcoin are now held by long-term holders, equivalent to 75% of the total circulating supply. Bitcoin enthusiasts hope the growth in the number of coins hoarded by long-term holders will cause a supply shortage and squeeze the price upward in the long-term.
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Currencies | Bitcoin, Ethereum, UST, Terra, FTX |
| Securities | None |
