Bitcoin

Bitcoin (BTC) was a response to the 2008 global recession. It introduced a new way to transact without depending on trust of third-parties, such as banks, particularly failing banks that were nevertheless bailed out by government at the expense of the public.  “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust,” Satoshi Nakamoto wrote in 2009.  Bitcoin’s genesis block sums up the intent with the following… Source link

Bitcoin (BTC) has been trying to break out of a descending trend for the past week and the first attempt on June 16 failed to break the $22,600 resistance. The second attempt at $21,400 on June 21 was followed by an 8% price correction. After two failed breakouts, the price currently trades below $20,000 and raises questions on whether $17,600 was really the bottom. Bitcoin/USD 4-hour chart at Coinbase. Source: TradingView The longer it takes for BTC to break from this bearish pattern, the… Source link

Bitcoin (BTC) checked losses while United States equities drifted down on June 22 as the Federal Reserve kept quiet on monetary policy. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Powell keeps quiet on Fed moves Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $20,500 at the June 22 Wall Street open. The pair had wicked below the $20,000 mark overnight before recovering, still down from the previous day’s $21,700 highs. Markets braced for… Source link

The global cryptocurrency industry’s latest meltdown has prompted fresh warning in China that the value of bitcoin could drop much further and be worth nothing, as Beijing renewed efforts to dissuade Chinese investors from all crypto-related activities. An article published on Wednesday by the Economic Daily, a newspaper directly under the Central Committee of the ruling Chinese Communist Party, said investors should beware the risk of bitcoin prices “heading to zero” amid the recent decline… Source link

Bitcoin resumed a fall on Wednesday, moving in tandem with weakening stocks amid mounting concerns about a global recession.  The largest cryptocurrency declined as much as 4.3% to $19,947, and was holding right around the key $20,000 level as of 9:08 a.m. in London. Ether fell by a maximum 5% to $1,066.02. Shiba Inu, the 14th-biggest cryptocurrency by market cap, rallied 14% in the past 24 hours though its momentum was tailing off, according to pricing from CoinGecko. Source link

Bitcoin (BTC) saw a dramatic change of mood into June 22 as multi-day highs gave way to a fresh dive under $20,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC could see accumulation below key trendline Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly halting its latest gains to hit lows of $19,947 on Bitstamp. The largest cryptocurrency had passed $21,700 the day before, its best performance since June 16, but momentum waned during Wall Street… Source link

The cryptocurrency market entered a sell-off phase in the first week of June, seeing a market-wide route with the majority of cryptocurrencies falling to a 4-year low. The deteriorating market conditions have also affected Bitcoin (BTC) mining profitability adversely, forcing miners to liquidate their BTC holdings. New data from Arcane research shows that public Bitcoin mining firms sold 100% of their BTC production in May compared to the usual 20-40% earlier. In the first four months of 2022,… Source link

Text size Bitcoin’s fair value has been gradually rising. Dreamstime Bitcoin is now undervalued, according… Source link

These are tough times for cryptocurrencies. Their prices are hovering around their levels in the latter months of 2020, which now feels like a world ago. The trading platforms that invite the masses to buy and sell them are laying off workers in droves as their stock prices tank and, in some cases, they prevent customers from making withdrawals. Their stablecoins have turned out to be something less than stable. One case for crypto, that it is less susceptible to manipulation and corruption… Source link

“Opinion amongst investors is extremely polarized, with some seeing this as a great buying opportunity, while others are spooked, liquidating positions,” James Butterfill, head of research at CoinShares, told CoinDesk in an email. “Fund flows are likely to remain mixed.” Source link