Bitcoin

Bitcoin (BTC) is bouncing back this week as a sudden surge challenges weekly highs. In what should provide some desperately needed confidence to bulls, BTC/USD is back at weekly highs on May 30, gaining several percent overnight. In contrast to recent weekly closes, the May 29 candle managed to limit the downside and reverse course immediately as the new week began. Nonetheless, Bitcoin has now sealed nine red weekly candles in a row, something never seen before in its history. Just how bearish… Source link

“Currently, stablecoins are only used on crypto exchanges, not in mainstream payments systems. But it isn’t necessary to make them legal tender for them to be used for mainstream payments. The U.K. has a fast, cheap, comprehensive e-payment system to which banks are the gateways. The vast majority of payments in the U.K. use this system. Newer technologies such as PayPal can also be used for many retail purchases.” (CoinDesk columnist Frances Coppola) … “The week of the terraUSD (UST)… Source link

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Just when you think you have seen enough, Bitcoin comes back again to surprise you. The crypto ‘Big Brother’ is smothering around the $29,000 zone and the future looks bleak at the moment. Bitcoin is about to end the ninth week on the bounce in losses as the larger crypto market continues to take hits. The downward pressure on crypto since the turn of 2022 has resulted in major crypto losses. Around $1 trillion has already been marked off in the time frame as major cryptocurrencies… Source link

A 0.0 correlation coefficient signifies uncorrelatedness, and it’s either rather easy or rather difficult to imagine (unless you have a chaotic mind). Either all the numbers in the data sets are exactly the same, a constant, which is mathematically defined as undefined correlation, or the data set looks like utter chaos. Actually creating an arbitrary dataset with zero correlation is not easy (except for the boring orthogonal case), so I included the boring data set and an illustration of… Source link

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don’t Know How To Explain It” by Aaron Sprinkle. Image credit: Craig Hastings/Getty Images, modified by CoinDesk. Join the… Source link

Bitcoin (BTC) threatened to continue an unprecedented losing streak on May 29 as BTC/USD stayed in a right intraday range. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Stocks correlation offers no comfort to BTC bulls Data from Cointelegraph Markets Pro and TradingView flagged the largest cryptocurrency heading for nine weeks of downtrend in a row — the most in history. Already at a dubious record, Bitcoin’s weekly chart closes provided the backdrop to weakness that continued to… Source link

Summary: A chart by the team at JP Morgan Chase superimposes Bitcoin’s and Gold’s ratios of realized volatilities and hints that BTC is acting a lot like the latter asset. Bitcoin’s market cap and that of Gold could eventually equalize as they serve the same purpose. But Bitcoin’s volatility hinders its market cap from growing to the level of Gold. Analysts forecast that Bitcoin could retest $20k or lower this year. Guggenheim’s Chief Investment Officier sees Bitcoin retesting… Source link

Bitcoin is down again, and the slump just doesn’t seem to stop for the king coin of crypto. It has ended the past EIGHT weeks in losses and looks set to continue the rut. There is good reason for maximalists to be afraid of their beloved Bitcoin dropping below new support levels. May-day! May-day! Currently trading at $28,800, it is down by just approximately 1% in the past 24 hours. Given the lack of movement recently, Bitcoin is now expected to end the week around the $29,000 zone. The… Source link

This week the stock markets began to flash a little green and Bitcoin (BTC) is decoupling from traditional markets but not in a good way. The cryptocurrency is down 3% while the Nasdaq Composite tech-heavy stock market index is up 3.1%. May 27 data from the United States Commerce Department shows that the personal savings rate fell to 4.4% in April to reach the lowest level since 2008 and crypto traders are worried that worsening global macroeconomic conditions could add to investors’… Source link