Research by crypto analytics firm Glassnode has revealed that institutional demand remains slow as the Bitcoin market continues to fight for support while mining selling pressure increases. The report stated that one of the largest factors in the institutional narrative has been the one-way flow of crypto assets into Grayscale’s GBTC trust fund. Traders sought...Read More
Mad Money host Jim Cramer is still bullish on Bitcoin, but instead of buying more BTC he went for Ethereum this time, claiming it can be used to buy more things like NFTs (Non-Fungible Tokens). In an interview with CNBC’s Squawk Box, Cramer said a lot of money is coming to Bitcoin despite its current...Read More
Bitcoin is up another 5% over the past 24 hours as it battles with resistance at $35K. The double bottom formed over the weekend has played out nicely and has allowed bitcoin to break resistance at a falling trend line that dates back to the May peaks. As mentioned yesterday, the double bottom formation could...Read More
Bitcoin prices have come just shy of $35,000 during Monday morning’s Asian trading session. The upwards momentum follows a bearish weekend which saw the asset slump to a Saturday low of $30,300. The psychological $30K support level has held strong as Bitcoin prices rise back into their range-bound channel. At the time of press, the...Read More
In the middle of another volatile weekend for Bitcoin, the primary cryptocurrency is up by 11% from the $30K low that was recorded yesterday, and is now facing resistance above $33K. On Friday, bitcoin saw a sharp drop from the $35k price area until finding support at $30k on Saturday. Looking at the following short-term...Read More
After the Saturday bloodbath in which bitcoin dipped to just over $30,000, the cryptocurrency has bounced off and recovered more than $3,000 of value. Most altcoins have also reacted well, with ETH surging to nearly $1,900, and the market cap has reclaimed $100 billion in a day. Bitcoin Spikes Above $33K As it happened during...Read More
If Bitcoin’s fall grom $62,000 to the perilous $30,000 mark seems scary, then buckle up: Some analysts believe it could get even worse… And if conditions remain the same, that is very likely to be the case. The sharp drop from $60,000, the arrival of the infamous death cross, the bad news coming out of...Read More
The number of open shorts positions on leading cryptocurrency and derivatives exchange BitFinex is at a two-year high as bitcoin price returns to the monthly lows amid $30K. The current amount of shorts is the highest since June 17, 2019, forcing more traders to wonder whether BTC is set for further dips, which may lead...Read More
Another weekend starts with another adverse price movement for bitcoin as the asset dropped by several thousand dollars to below $31,000. The alternative coins are also deep in red, with ETH dumping below $1,800, and the total market cap has seen $160 billion gone in a day. Bitcoin Plummets Below $31,000 It’s almost becoming a...Read More
This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red. Bitcoin Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618...Read More
With BTC’s price going through a severe correction this week, reaching a near six-month low, the question arisen within the community if we have officially entered a bear market. Dumping to more than 50% south from its peak, which came just two months ago, certainly has some arguing that the bears are indeed in control....Read More
Over the past month, since the May-19 price collapse, BTC had been trading inside a range between $30K from below and $42K from above. Last Tuesday, Bitcoin broke below the range, and for the first time since January 2021, traded beneath $30K. This lasted only for two hours before bulls stepped in for a heavy...Read More
Although bitcoin recovered several thousand dollars after its mid-week crash, JPMorgan strategists still envision a bearish future for the asset. In their latest memo on its performance, they touched upon the upcoming unlocking of GBTC shares, which could drive the cryptocurrency down to $25,000. GBTC Shares to Play a Crucial Role Led by Nikolaos Panigirtzoglou,...Read More
The latest price correction that drove bitcoin to its lowest position in nearly six months put the asset “very close” to the bottom, argued analysts from the crypto-oriented company Stack Funds. However, they warned of potentially high volatility in the following weeks due to the expiring quarterly BTC options and the unlocking of GBTC in...Read More
Bitcoin whales have used the recent price dump as an opportunity to accumulate more BTC according to on-chain data. This came as the cryptocurrency dumped below $29,000 following substantial sell-offs from large players. Bitcoin Whales Bought the Dip? BTC whales represent large wallets that contain between 100 and 10,000 bitcoins, and their role in the...Read More
Michael Novogratz – the CEO of Galaxy Digital – shared another positive forecast for the future of the primary digital asset. Despite the ongoing crypto crash, he still looks at bitcoin as the better version of gold. ”I’m Still a Big Buyer of Bitcoin” The billionaire founder and head of Galaxy Digital – Mike Novogratz...Read More
No boring days in crypto as bitcoin went through a roller-coaster with a few thousand-dollar moves down and up. The alternative coins also recovered some of the losses, with the entire market cap regaining $200 billion since yesterday’s low. Bitcoin Reclaims More Than $5K It all seemed calm during the weekend when BTC stood in...Read More
Despite bouncing off and recovering several thousand dollars in a day, bitcoin could still be primed for more adverse price movement, says on-chain data. Furthermore, a popular analyst pointed out that BTC could be on its way to bottoming around $24,000. Short-Term BTC Reserves Says Bearish The past 48 hours were highly turbulent for the...Read More
The Bitcoin rollercoaster continues after the price dropped by a precipitous 14% from today’s high of $33,250 to reach as low as $28,600. After hitting this level, the cryptocurrency quickly rebounded back above $32,000 liquidating a huge amount of long then short positions. Yesterday, it seemed like the critical support of $31.7K was holding, however,...Read More
The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low. The Effects of the Chinese Crackdown Although Bitcoin...Read More
Things in the cryptocurrency market are looking increasingly bad as the price for bitcoin just crashed below $30,000. Bitcoin’s price is currently trading below $30,000. This hasn’t happened in months as the last time we saw these levels was in January 2021. BTC/USD. Source: TradingView Other cryptocurrencies are also following suit with most of the...Read More
Bitcoin’s price continues to lose ground, and it dropped to just over $31,000 hours ago. However, its dominance over the market has increased to a monthly high as most alternative coins have dumped by double digits. Bitcoin Dominance on the Rise Despite the Correction As CryptoPotato reported over the weekend, BTC had recovered some of...Read More
Jim Cramer made the revelation on June 21 during an interview with CNBC’s Squawk Box, in which he cited a number of reasons for his decision to sell. “Sold almost all of my bitcoin. Don’t need it,” Cramer said, citing China’s mining crackdown as the primary reason. He acknowledged that Bitcoin is a direct threat...Read More
The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on. After the somewhat positive weekend when BTC recovered some losses and traded at...Read More
The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments. S2F’s Methodology & Accuracy Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given...Read More
U.S. business intelligence firm MicroStrategy revealed plans to sell it Class A common stock for as much as $1 billion, with part of the proceeds possibly used for making more bitcoin purchases. Another Major Bitcoin Purchase? In a document filed with the U.S. Securities and Exchange Commission on Monday (June 14, 2021), MicroStrategy stated that...Read More
Bitcoin has to evolve further from this point given the fact that it fluctuates by double-digits after most Elon Musk social media engagements, argued Fundrat’s Managing Partner – Tom Lee. He also opined that the recent price movements show there’s a little-to-no institutional impact on the market yet. BTC Has to Outgrow Musk’s Comments The...Read More
Despite recovering several thousand dollars in a few days, JPMorgan strategists still revealed concerns about bitcoin’s price. In their most recent note on BTC’s performance, they breached the difference between the price on the spot and futures markets as the most significant worry for bulls. Backwardation is Still a Threat The price of the primary...Read More
Wikipedia has listed Bitcoin (BTC) as one of El Salvador’s official currencies —shortly after, the country turned BTC into an official legal tender approved by a supermajority in the Salvadoran Congress. Wikipedia now lists #Bitcoin as El Salvador’s currency. pic.twitter.com/JfbdoeBumB — Documenting Bitcoin 📄 (@DocumentingBTC) June 9, 2021 El Salvador became the first country to...Read More
Bitcoin’s price is nearing a critical level as the 50-day moving average is close to the 200-day moving average. The so-called death cross typically results in significant price volatility, with history suggesting two possible outcomes. Scenario 1: Bitcoin Goes Down Hard Ever since BTC peaked in mid-April at $65,000, the cryptocurrency has failed to continue...Read More