It has been a bad week for the crypto space. Elon Musk is widely believed to play a major role in crashing Bitcoin’s price by $12k when he tweeted that Tesla will no longer be accepting Bitcoin. He framed this backtracking as an environmental concern due to the high levels of energy consumption required in Bitcoin mining. As a result, this had a cascading effect on almost all altcoins with very few exceptions. To set the record straight, it is very difficult to portray Bitcoin as an… Source link

According to a report from CoinShares, the month of May marked the first time that there has ever been more investment product trading volume in Ethereum (CRYPTO: ETH) than Bitcoin (CRYPTO: BTC). What Happened: The report revealed that last week’s outflows were solely from Bitcoin investment products which accounted for $98 million in assets under management. While the $98 million represented just 0.2% of digital assets under management across… Source link

Over the past two weeks, Litecoin (CRYPTO:LTC) has been in a steep downtrend. It has dropped by more than 25%. If the downtrend continues, it may end around the $225 level. This is where it found support in April and a large rally followed. Of course, there’s no guarantee it happens again… but there’s a chance it does. See Also: How To Buy Litecoin Watch “Moon or Bust” Live at… Source link

After a lackluster start to the week, stocks are struggling for gains, though beaten-down technology names have perked up. While the Nasdaq Composite COMP, -0.56% has lost 4% this month, tied to inflation worries, it has been even more brutal for some cryptocurrencies, such as bitcoin BTCUSD, -0.61%, down 20% this month. Bitcoin has sunk 30% below an all-time high of $64,829 reached in April, after Tesla TSLA, +0.18% … Source link

Here’s why Bitcoin’s price has fallen and what it means for you as an investor. The world’s largest digital currency has fallen 18% this week. Bitcoin fell to $42,207 yesterday, the lowest it’s been since Feb. 8. According to data from CoinMarketCap, it then rallied and finished the day at around $43,500. What’s behind Bitcoin’s low? There were several factors behind Bitcoin’s fall, but the confusion caused by Tesla CEO Elon Musk’s tweets had a considerable impact. Elon Musk tweets Bitcoin’s… Source link

Bitcoin inflows to cryptocurrency exchanges surged on Monday by the most in 15 months, blockchain data shows, in what might be a sign of more retail traders looking to liquidate their holdings in a falling market. Crypto exchanges registered a net inflow of 30,749.89 BTC on Monday, according to the data provider Glassnode. That was the biggest single-day tally since March 12, 2020, when the bitcoin price tanked by 40% amid coronavirus-induced panic selling in the global financial markets –… Source link

Some Bitcoin watchers on Wall Street see more losses ahead for the world’s largest cryptocurrency. A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify. Evercore ISI’s Rich Ross reckons prices are destined to fall back to the 200-day moving average, following a path of other speculative assets, which would put Bitcoin back at $40,000 compared with just under $44,000 currently. Others are watching for a… Source link

Bloomberg China Puts Australia on Notice With Push to Diversify Iron Ore (Bloomberg) — Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its… Source link

BackyardProduction / iStock.com Cryptocurrencies have skyrocketed in popularity recently and this trend shows no signs of slowing. Given all the talk around these digital assets, you might be wondering whether now is the time to invest. But before pulling the trigger, it’s always a good idea to have an understanding of the underlying asset. Cryptocurrency is no exception and it is quite different than investing in stocks or bonds. Read: Dogecoin’s Major Price Increase: Is It a Worthwhile… Source link

Ethereum Ethereum slid by 8.41% on Monday. Following a 1.71% decline on Sunday, Ethereum ended the day at $3,283.32. A mixed start to the day saw Ethereum rise to an early morning intraday high $3,590.00 before hitting reverse. Falling short of the first major resistance level at $3,861, Ethereum slid to a late afternoon intraday low $3,108.00. The sell-off saw Ethereum fall through the 23.6% FIB of $3,369 and the first major support level at $3,327. Finding late morning support, Ethereum briefly… Source link