Bitcoin

The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Aug. 26 as an early morning attempt by bulls to push the price of Bitcoin to $50,000 was soundly rejected.  Data from Cointelegraph Markets Pro and TradingView shows that following its rejection, the price of Bitcoin slid to a low of $46,457 before bulls managed to regroup and put a halt to the downturn. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts are saying about… Source link

The largest cryptocurrency fell as much as 4.9 percent Thursday to $46,322. By Akshay ChinchalkarBloomberg Bitcoin’s burst above the $50,000 level didn’t last long, and chart patterns signal its rally since July is at risk of fading. The largest cryptocurrency fell as much as 4.9% Thursday to $46,322, with other tokens including Ether retreating along with the Bloomberg Galaxy Crypto Index. The drop pared Bitcoin’s rally from a July 20 low to about 60%. Bitcoin was trading at $47,342 as… Source link

What Happened: Adam Back, CEO of Blockstream and the cryptographer behind Bitcoin’s (CRYPTO: BTC) Proof-of-Work mining algorithm, anticipates that the leading cryptocurrency’s price will reach $100,000 this year. In a recent interview with Anthony Pompliano, Back said that after analyzing Bitcoin options prices, the price reaching $100,000 is still “quite possible” this year. “The comparison I liked was the competitor to physical gold, because, in many ways, Bitcoin is a better… Source link

In 2018, Andrew Schober was digitally mugged for approximately $1 million worth of bitcoin. After several years of working with investigators, Schober says he’s confident he has located two young men in the United Kingdom responsible for developing a clever piece of digital clipboard-stealing malware that let them siphon his crypto holdings. Schober is now suing each of their parents in a civil case that seeks to extract what their children would not return voluntarily. In a… Source link

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Bitcoin crested above $50,000 on Monday, benefiting from simultaneous supply chain shortages and a crackdown from Chinese regulators – putting bitcoin mining on par with profits near the coin’s April all-time-high.  Now, building infrastructure for the energy-intensive business poses the greatest challenge for companies and individuals hoping to reap big money. That means finding cheap and reliable energy sources, striking deals and building out mining facilities. “Throughout the summer,… Source link

Cryptocurrencies were mostly lower on Tuesday after a period of extreme bullish sentiment has started to wane. After breaking above $50,000 earlier this week for the first time in three months, bitcoin slipped below $48,000 at press time and is down about 3% over the past 24 hours. Technical charts suggest support is nearby, which could stabilize the pullback and maintain the breakout move above $45,000.  Some analysts expressed caution after bitcoin failed to keep pushing higher above the… Source link

Hedge funds and other large traders continued to pile into bearish bets on bitcoin last week even as the cryptocurrency extended price gains.  Leveraged funds ­ – typically hedge funds and various types of money managers – held 16,000 short positions in bitcoin futures listed on the Chicago Mercantile Exchange (CME) in the week ended Aug. 17, according to data released Friday by the U.S. Commodity Futures Trading Commission, as tracked by data analytics firm Skew. Each CME contract… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Tuesday, August 24, 2021 A ‘maximalist’ vision of bitcoin means every company will be a crypto company. Oh what a difference a summer makes. Bitcoin’s (BTC-USD) slow but steady rebound from its spring lows saw the crypto unit top $50,000 on Monday, with the latest move greased by PayPal’s (PYPL) announcement that it would let U.K.-based… Source link

Bitcoin stalled after approaching the $50,000 resistance level on Monday. The cryptocurrency was trading at about $49,500 at press time and is up about 8% over the past week. Analysts expect a period of consolidation ahead of Friday’s option expiration date and news from the Federal Reserve’s annual economic policy symposium in Jackson Hole, Wyo.  “The trend is bullish; however, caution is to be exercised at these levels due to the decline in volume as well as resistance from April and… Source link