Bitcoin

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The amount of bitcoin being held across all exchanges fell sharply last week, a sign that based on past experience was taken a positive for the bitcoin market.  But the changing dynamics of the market show that as the crypto market grows bigger, relying on just one or two metrics can’t always reveal the full story of what’s going on. Data from blockchain data firm Glassnode shows that the balance of bitcoin on all exchanges fell 4.1% to 2.48 million from 2.587 million in the last four… Source link

Aug 2nd 2021 THE RECENT expansion of the crypto-universe is a thing of wonder. Only a year ago there were about 6,000 currencies listed on CoinMarketCap, a website. Today there are 11,145. Their combined market capitalisation has exploded from $330bn to $1.6trn today—roughly equivalent to the nominal GDP of Canada. More than 100m unique digital wallets hold them, about three times the number in 2018. Holders have become more sophisticated and deep-pocketed, too. Institutions account for 63%… Source link

When the Nigerian government suddenly banned access to foreign exchange for textile import companies in March 2019, Moses Awa* felt stuck. His business – importing woven shoes from Guangzhou, China, to sell in the northern city of Kano and his home state of Abia, further south – had been suffering along with the country’s economy. The ban threatened to tip it over the edge. “It was a serious crisis: I had to act fast,” Awa says. He turned to his younger brother, Osy, who had begun… Source link

Cryptocurrencies were mostly lower on Friday as buyers took profits after a short-squeeze rally. Bitcoin was trading at just below the $40,000 resistance level at press time and is up about 15% over the past week. Bullish sentiment has returned after a sharp sell-off in May and two months of consolidation above the $30,000 support level. Some analysts are optimistic and expect buyers to remain active above the 50-day moving average, which is at about $34,000 now. Latest prices S&P 500: 4395,… Source link

One early bitcoin (BTC-USD) investor has crunched the numbers on the crypto, and thinks it’s looking mighty undervalued at the moment.  “We did a study showing the number of people using bitcoin over the years and price of bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put bitcoin at $700,000 when everybody with a smartphone uses it. Ten years time is a reasonable forecast,” Pantera Capital founder Dan Morehead said on Source link

Bitcoin buyers are in profit-taking mode as the cryptocurrency tests the $40,000 resistance level. Sentiment has significantly improved over the past week, although some analysts think it’s time for a pause before another leg higher. “BTC easily broke through $35K, but I think it will probably have a harder time going through $40K this time,” Justin Chuh, a senior trader at Wave Financial, wrote in an email to CoinDesk. “Miners & sellers are coming in to cash out once more and buyers… Source link

Soon after bitcoin (BTC-USD) startled investors with a rare drop below $30,000 last week, the cryptocurrency has rebounded dramatically in recent days, rising well above $40,000.  The sudden bounce back has cheered bitcoin bulls but also underscored a concern among critics that the volatility of the most popular cryptocurrency makes it useless for the buying and selling of goods.  Pavan Sukhdev, the president of environmental advocacy group WWF International and a former managing director at… Source link

Bitcoin took a breather on Tuesday after a near-20% price rally over the past few days. The cryptocurrency declined from $40,000 resistance as Amazon denied rumors it will accept bitcoin payments. Bitcoin was trading around $37,000 at press time and is down about 4% over the past 24 hours.  Technical data suggests lower support around $34,000 could stabilize the current pullback.  “Going forward, we expect bitcoin to keep pushing higher and test the upper end of the $30,000-$42,000 trading… Source link

Trading volume of Ether, the second-biggest cryptocurrency, grew faster than that of Bitcoin in the first half of the year, according to a report out today from U.S.’s biggest crypto exchange, Coinbase Global Inc. Looking at data from 20 major exchanges worldwide, Coinbase found that Bitcoin’s trading volume for the period reached $2.1 trillion, up 489% from $356 billion over the first half of last year. In the same period, Ether’s total trading volume reached $1.4 trillion, up 1,461%… Source link