Bitcoin

China’s largest bitcoin producing provinces have intensified a crackdown on cryptocurrency mining in the latest sign of how global authorities are toughening their stance on the rapidly growing digital asset markets. The country’s bitcoin mining operations, the power-hungry process of computational puzzle-solving that creates new units of the virtual currency, have been in retreat since May when the government confirmed a ban on cryptocurrency transactions and warned of… Source link

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Reuters Ex-Tesla president sold stock worth $274 million since June 10 -SEC filing Long-time Tesla Inc executive and president Jerome Guillen, who left the company earlier in June, has sold an estimated $274 million worth of shares after exercising stock options since June 10, according to a filing with the Securities and Exchange Commission (SEC). The filing, which was submitted to the SEC on Tuesday, said that Guillen expected to sell 215,718 shares for $129 million that day, and that he… Source link

Bitcoin declined about 5% over the past 24-hours as the price broke below $36,000 support. The world’s largest cryptocurrency by market capitalization is still up about 23% year-to-date, although some traders are concerned about the looming ‘death cross,’ which could indicate a shift from a bullish to bearish price trend. The death-cross is defined by a cross of the 50-day moving average below the 200-day moving average, which could occur over the weekend. Still, some analysts remain… Source link

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Bitcoin traded lower as investors unpacked Wednesday’s announcement from the U.S. Federal Reserve that it could raise interest rates by late 2023. Assets deemed to be risky like stocks and crypto also appear to be weighed down by lingering concerns that the Fed may wind down its bond-buying program sooner than expected.  Some analysts, however, expect bitcoin to remain resilient if inflation continues to rise, which could lead to outperformance versus traditional markets.  In a newsletter… Source link

Aurich Lawson | Getty Images Last week, El Salvador’s government passed a law to accept bitcoin as legal tender alongside the US dollar. The country receives $6 billion in remittances per year—nearly a quarter of its gross domestic product—and the hope is that bitcoin’s lower transaction costs could boost that amount by a few percentage points. The move was first proposed by the country’s president, Nayib Bukele, who said he hoped… Source link

According to the stock-to-flow deflection chart, today, bitcoin is the most undervalued with respect to the last 10 years of its history. A similar situation occurred in the middle of the 2017 bull market. After which, the BTC price continued its exponential growth. Additionally, bitcoin is deviating from its 11-year uptrend line. The deviation reaches 36% negative. This gives an additional signal that the value of BTC is undervalued and also shows room for upside. The peaks of previous bull… Source link

Bitcoin traders and investors are still reeling from a steep sell-off that’s wiped around $1 trillion from the combined cryptocurrency market. The bitcoin price has crashed from almost $65,000 per bitcoin to under $40,000 despite a flood of positive bitcoin news in recent weeks—including Twitter TWTR chief executive Jack Dorsey teasing a bitcoin payments plan. Now, analysis of bitcoin trading data has suggested the bitcoin price could be hit by a so-called “short squeeze”—when… Source link