Bitcoin

Popular crypto analyst InvestAnswers says that an on-chain signal is suggesting that Bitcoin (BTC) is way overdue for a rally. In a new strategy session, the pseudonymous analyst takes a look at Bitcoin’s realized price (RP) metric, which records the value of all BTC at the price they were bought, divided by the number of coins in circulation. The analyst points out that historically, BTC has not stayed below the RP for long. “We’re counting down to the next halving and here… Source link

Bitcoin whales drop to a new two-year low Bitcoin also showed resistance at the $17,000 level Bitcoin [BTC] managed to bounce back above the $17,000 price range. While the current expectation was that it might continue to rally, whale activity suggested otherwise. According to a recent Glassnode update, the number of Bitcoin whales have been on the decline. 📉 #Bitcoin $BTC Number of Whales just reached a 2-year low of 1,665 Previous 2-year low of 1,671 was observed on 22… Source link

Shares of Coinbase, Square-owner Block (SQ), top bitcoin miners Hive (HVBTF) and Riot (RIOT), crypto bank Silvergate (SI) and software firm MicroStrategy (MSTR), led by crypto evangelist Michael Saylor, have all plummeted in the past month. But is the worst almost over? After all, volatility has been a constant in this still nascent industry. Crypto is notorious for big plunges and stunningly epic comebacks. This is not the first crypto winter, as long-term fans of bitcoin can attest. There… Source link

The next section in the ECB post is titled: “Bitcoin is rarely used for legal transactions.” Unfortunately, the body of the section doesn’t prove this point specifically (a shame, really, because it isn’t true) and instead focuses on how bitcoin’s value is based solely on speculation because a) it has no cash flow (like real estate), dividends (like equities), productivity (like commodities) or social benefits (like gold) and b) VCs are propping it up with $17.9 billion of… Source link

During the last seven days, bitcoin’s price has remained above the $16K region following the aftermath of FTX’s collapse. Since then, a number of ‘sleeping bitcoins’ that sat idle for five to nine years have been moving during the last four days. Bitcoins that were worth far less back then are being transferred for the first time in years. $20M Worth of Old Bitcoins Move After Sitting Dormant for Years Bitcoin’s (BTC) price has remained steady during the last seven days,… Source link

Bitcoin (BTC) is a dynamic monetary asset with the potential of being both — a commodity and a currency. For instance, the Securities and Exchange Commission (SEC) classified BTC as a commodity, whereas El Salvador made Bitcoin a legal tender in 2021.  So, does this make BTC a store of value or a medium of exchange? It can do both — On one hand, BTC can be added to treasuries as an inflationary hedge. On the other hand, it could also serve the retail purpose of paying for routine… Source link

Bitcoin was consolidating to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest U.S. nonfarm payrolls report. Ethereum was also marginally lower in today’s session, with price dropping below a key resistance point. Bitcoin Bitcoin (BTC) was consolidating to start the weekend, following the U.S. nonfarm payrolls (NFP) report. Figures yesterday showed that 263,000 jobs were added to the American economy, better than the… Source link

The Bitcoin (BTC -0.12%) bears are out in force. With the digital currency trading around $16,900, fears of more FTX contagion, recession, inflation, and China geopolitical risk could push it down past $15,000. Understandably, even the most die-hard buy-the-dip Bitcoin investors are getting concerned right now. Right now, $16,900 represents a significant retreat from a previous support level of $20,000 that Bitcoin maintained over the summer. So far, so good. As long as you’re buying it… Source link

The Bitcoin “delta price,” which has acted as the bottom during previous cycles, may once again hold the answers for a cyclical low this time as well. Bitcoin Delta Price Currently Has A Value Of Around $12.8k As pointed out by an analyst in a CryptoQuant post, BTC might still fall more in value before a bottom turning point is reached. Before looking at the concept of the “delta cap” (which the delta price comes from), two other popular capitalization methods of Bitcoin need to be… Source link

On Dec. 2, the United States dollar index (DXY), an index that measures the dollar’s strength against a basket of top foreign currencies, reached 104.40 which was the lowest level seen in 5 months.  To recap, the U.S. dollar’s weight against the basket of top foreign currencies grew by 19.6% in 2022 until late September as investors looked for protection against the impact of a hawkish Federal Reserve and, more recently, the rising energy costs and effect of high inflation. The U.S. dollar’s… Source link