The IMF downgraded its projections for the global economy Tuesday, warning in stark terms: “The worst is yet to come, and for many people, 2023 will feel like a recession.” As the old joke goes: “A recession is when your neighbor loses their job. A depression is when you lose yours.” If 2023 feels like...Read More
In its weekly on-chain analysis report on Oct. 10, Glassnode stated that Bitcoin has “remained remarkably stable” in recent weeks when compared to traditional asset markets such as forex, volatile equity, and credit. Against a backdrop of central bank rate hikes, rampaging inflation, and a strong US dollar, Bitcoin has been uncharacteristically low in volatility,...Read More
Stocks started off the week in a rally, with wide benchmarks like the S&P 500, NASDAQ Composite, and Dow Jones posting gains. But the rally fell off with a sharp pullback Friday on new worries of increasing Fed rate hikes. The retracement was nearly enough to wipe out the gains from earlier in the week,...Read More
The payroll and job reports from the world’s largest economy were slightly above expectations for September. However, BTC reacted with a sharp price decline, as it typically happens when the US publishes any sort of data lately. Although the numbers for September are below August and the average for 2022, the States added 263,000 new...Read More
The Bitcoin closed a daily candle above $20,000 on Tuesday, marking the highest daily close in about 24 days. That’s after trading range-bound from the $19K to $20K level for the latter half of September. Foreign pressure on the Fed to slow rate hikes and a low supply of bitcoin on crypto exchanges rallied the...Read More
The creator of the bitcoin Stock-to-Flow (S2F) model – PlanB – admitted that recently he made his third BTC investment. At the time of the purchase, the primary cryptocurrency was hovering around $20,000. Due to its significant price depreciation compared to the all-time high of $69,000 in November 2021, many people proclaimed bitcoin dead in...Read More
The author of the best-seller believes the US Federal Reserve will continue to raise interest rates, which will ultimately push the prices of BTC, gold, and silver down even more. However, this presents a good buying opportunity that could make investors smile in the future. Buy BTC Now, Says Kiyosaki Robert Kiyosaki used to be...Read More
Bitcoin miners continue to operate at a loss as long-term holders are selling at a loss, according to an on-chain analysis from Glassnode. The firm estimates that industry players are still selling roughly 8000 BTC per month to cover their USD-denominated business costs. Miners in the Red As tweeted by Glassnode on Wednesday, miner balances...Read More
Bitcoin’s push above the coveted psychological $20,000-level came after nearly 10% gains over the past 24 hours. This was followed by a mass profit-taking session as traders anticipating the threshold began selling their bags, as Santiment’s data. 📈 Many traders were apparently awaiting the $20k threshold to begin selling their bags. As #Bitcoin crossed back...Read More
Bitcoin price retested the $18K support level Friday. That’s the third time in a week, with the crypto failing to pass resistance at $19.5K twice on the 5-day chart. The crypto exchange price for a piece of the world’s original blockchain currency continues to consolidate at around $19K. That has been the trend for Bitcoin...Read More
Attempting to fight the raging inflation, the Bank of England raised the interest rates by 50 basis points today. BTC’s price remained stable, without any significant volatility, unlike what happened yesterday when the Fed did the same. The inflation rates in many countries skyrocketed in the past several months, and the UK is no exception....Read More
The largest BTC corporate holder – MicroStrategy – has stayed true to its word by making another bitcoin purchase earlier today. The firm accumulated 301 coins at an average price below $20,000 and rounded up its entire stash to 130,000. MicroStrategy’s founder and executive chairman – Michael Saylor – took it to Twitter today to...Read More
Nicholas Merten – a veteran cryptocurrency analyst and founder of DataDash – has called for Bitcoin to sink to $14,000 following its plunge below $19,000 over the weekend. The analyst cited both technical and macroeconomic factors, including an indicator that he calls “absolutely damning” for Bitcoin’s price. Deeper Waters for Bitcoin? In a video published...Read More
The largest corporate bitcoin holder has filed a new filing with the US Securities and Exchange Commission that will essentially allow it to purchase more BTC for up to $500 million. The news comes as the cryptocurrency surged past the $20,000 level and jumped to a new two-week high. The filing with the securities regulator...Read More
In an attempt to fight the galloping inflation, the European Central Bank, similar to its counterparty overseas, raised the key interest rates by 75 basis points. Unlike the Fed’s interest rate hikes, though, this one has had no real impact on BTC’s price, at least for now. With the skyrocketing inflation across the Old Continent,...Read More
The cryptocurrency industry shed a trillion dollars in market in the recent months recently as Bitcoin cracked below the important $20K level. Financier and contrarian investor Peter Schiff says fierce competition from altcoins is taking its toll. Less than a month ago, the Bitcoin price was soaring above the $23,000 handle. The cryptocurrency’s precipitous fall...Read More
The liquidations on a daily scale are on the rise once again after the recent market stagnation as BTC, and most altcoins turned red. Ethereum erased all of its recent gains, dipping below $1,500 briefly, while BTC saw a multi-week low. Yesterday was a predominantly positive day for the crypto market, especially for the altcoins,...Read More
Joshua Lim – Head of Derivatives at Genesis Trading – recently provided a breakdown of Bitcoin’s late underperformance against the rest of crypto. He provided 2 metrics indicating that Bitcoin’s price is “heavy” relative to previous market cycles, followed by qualitative reasons for why this is the case. Ethereum Outperforming Bitcoin Per a Twitter thread...Read More
On August 27, Jordan Belfort, the man that inspired the award-winning movie The Wolf of Street, said during an interview with Yahoo Finance that he was wrong when he claimed that the price of Bitcoin would reach Zero. As Belfort put it, when he made that claim in 2017, he “hated cryptocurrencies” because the market...Read More
Bitcoin only intensified its recent price drops by slumping to just under $20,000 for the first time in about six weeks. The alternative coins suffer, too, leading to almost $400 million in liquidations from over-leveraged traders. CryptoPotato reported the relatively stable price movements from bitcoin in the past week or so. After falling by $4,000...Read More
Bitcoin and Ethereum slumped by double-digit percentages weekly after tapping multi-month highs last weekend. This resulted in over $150 billion gone from the entire market cap. Somewhat expectedly, the Fear and Greed Index has returned to a state of fear, but BitMEX’s co-founder – Arthur Hayes – believes this retracement could be an opportunity to...Read More
It has been a tough year for crypto miners who had to sell their coins to cover their costs and fund expansion as well as for the repayment of debts. But this trend appears to be continuing into the third quarter of the year for some. Bitcoin price successfully broke out before facing rejection near...Read More
U.S. GDP has contracted for the second consecutive quarter. On July 28, the Commerce Department reported that gross domestic product had fallen by 0.9% between April and June. The United States has been in negative GDP for the first six months of this year, which has traditionally meant that it is in recession. The figure...Read More
U.S. Treasury yields edged up Monday as markets focus on inflation woes and recession risk. All eyes are on a two-day Federal Reserve policy meeting that concluded this Wednesday, and the central authority hiked the interest rates by 75 basis points, as many expected. A slew of tech earnings reports this week and the latest...Read More
Bitcoin and Ethereum are pumping after the U.S. Bureau of Economic Analysis released its official GDP data for Q2 2022. The data shows that real GDP decreased by 0.9% year over year, marking the nation’s second consecutive quarter of negative GDP growth. Bitcoin traded for about $22,700 prior to the bureau’s release at 08:30 EST....Read More
Somewhat surprisingly, the crypto market reacted quite well to the latest interest rate hike from the US Fed, with prices soaring to new weekly highs. As such, the number of liquidated traders on a daily scale is over 90,000, while the total value of liquidations is $400 million. As CryptoPotato reported yesterday, the primary cryptocurrency...Read More
After an exuberant risk-on rise in Bitcoin’s price Tuesday, a retracement since Wednesday wiped out most of the gains. Traders blame Tesla’s Q2 earnings report. Bitcoin prices hovered around the $20K level since mid-June. Markets are watching closely to see what bitcoin whales will do next. Tesla reported dumping 75% of its bitcoin Wednesday. As...Read More
Su Zhu and Kyle Davies – Co-Founders of the distressed cryptocurrency hedge fund Three Arrows Capital (3AC) – explained that accumulative lending agreements and the collapse of the digital asset market are the reasons for the fall of their project. In addition, they said accusations against them of living a lavish lifestyle on the back...Read More
As Bitcoin spiked through the resistant level of $23,000 after dipping below $19,000 recently, many expected that the breakout signaled a short-term relief rally. Glassnode’s weekly report predicts that the primary cryptocurrency is forming a “genuine bottom” as its current realized value is around $22,000. In the meantime, on-chain data has shown that the unrealized...Read More
Bitcoin has slowly begun to decouple from equities, now nearing its lowest correlation with the stock market in 2022. A 40-day correlation coefficient between Bitcoin and the Nasdaq 100 index has fallen below 0.5 – levels not seen since January, according to Bloomberg. By comparison, the correlation was about 0.6 at the end of last...Read More
