Cryptocurrency

Bitcoin (BTC) is starting a new week bearish or as a firm “buy” depending on the source — what happens next? After a week of uninspiring price performance, the largest cryptocurrency is still stuck in the lower $30,000 range. With inflation worrying traditional markets and summer months traditionally good for bulls, there may yet be cause for optimism. In Bitcoin, anything can happen, however, and surprises swing both ways. Cointelegraph Markets takes a look at five factors to consider when charting where BTC/USD might head next. Inflation spooks macro mood It’s a quiet day for stocks and commodities thanks to holidays in the United States, United Kingdom and elsewhere in the West. That said, Asian markets are mostly stable anyway, as traders gear up for the beginning of the traditionally slower summer period. Zooming out, however, and the picture gets decidedly less steady. The reason, sources are telling mainstream media, is inflation. Long a concern amid the international re...

The crypto market bounced then lost steam over the past 24 hours, perhaps fueled by the behavior of new market participants joining this current bull cycle. Meanwhile, market data continues to suggest more and more ether being deployed and traded on the spot market to rival BTC. Bitcoin (BTC) trading around $38,224 as of 21:00 UTC (4 p.m. ET). Gaining 1.3% over the previous 24 hours. Bitcoin’s 24-hour range: $37,600-$40,702 (CoinDesk 20) Ether (ETH) trading around $2,720 as of 21:00 UTC (4 p.m. ET). up more than 5% over the previous 24 hours. Ether’s 24-hour range: $2,542-$2,895 (CoinDesk 20) Bitcoin over $40K, then under Bitcoin’s hourly price chart on Bitstamp since May 23. Source: TradingView Bitcoin, the world’s largest cryptocurrency by market capitalization, was up Wednesday by 3.3% as of press time. BTC was below the 10-hour moving average and the 50-hour, a bearish signal for market technicians.  BTC climbed from $37,600 at 20:15 UTC (4:15 p.m. ET) ...

The Bitcoin price rally accelerated today as demand for the cryptocurrency kept rising. BTC managed to cross the important resistance at $40,000 for the first time since Friday last week. It has already recovered by more than 35$ from its lowest level last week. According to CoinMarketCap, its market capitalization has risen to more than $768 billion. What happened: Bitcoin price dropped last week because of three key reasons. First, there was the rising fear of high interest rates as data showed that the US inflation was rising while the labour market was tightening. Second, there was a sell-off as Americans sold their investments for tax reasons. Third, there is the lingering fear that Chinese authorities will crackdown on cryptocurrencies. This is after the People’s Bank of China (PBOC) warned financial entities against cryptocurrency transactions. This week, though, Bitcoin price has bounced back as demand for the coins rose because of investors who were buying the dip. Analysts...

Since the capitulation on Wednesday, The Bitcoin price has been on snooze-control. Bruised traders may welcome the quiet but its unlikely to last. After the last couple of weeks, worn-out cryptocurrency traders must have needed the peace of the last two days. BTC/USD has been fluctuating on either side of $38,000 for the last 24 hours and is currently $37,500. However, I’m not entirely convinced that the Bitcoin price will remain calm for too long. We all know what happened on Wednesday. BTC/USD was sold aggressively, down to $30,000, before staging a late-day rally to finish -15% lower at $36,750. The one-day performance in isolation wasn’t a complete disaster. However, the Bitcoin price had been trading close to $65,000 a month earlier. Crypto traders have been conditioned to buy the dip and HODL (Hold on for dear life) during previous corrections. And those that have managed to stay in the game have been rewarded with exceptional performance over time. Investors who arrived la...

The crypto market is recovering after a tough few days that have seen vast amounts of money wiped from its value. The dramatic drops came after Elon Musk pulled Tesla’s support for bitcoin, on environmental grounds, bringing fresh attention to crypto’s relationship with climate change. Prices then dropped further when Mr Musk appeared to hint that Tesla had sold its large bitcoin holdings. He later outright denied it – but the price had already dropped, and failed to recover. The value of bitcoin and other currencies recovered slightly on Tuesday morning, though far from enough to neutralise those heavy losses. Bitcoin, for example, is up 1 per cent over the last 24 hours, but still down almost 20 per cent over the last week. Similar changes were seen across the market, which was up 1.92 per cent over the last day, according to CoinMarketCap. Show latest update 1621335419 Cardano price bucks market trend with green credentials Since Elon Musk’s announcement last week t...

Bloomberg The World Economy Is Suddenly Running Low on Everything (Bloomberg) -- A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, it’s companies furiously stocking up. Mattress producers to car manufacturers to aluminum foil makers are buying more material than they need to survive the breakneck speed at which demand for goods is recovering and assuage that primal fear of running out. The corporate buying and hoarding is pushing supply chains to the brink of seizing up. Shortages, transportation bottlenecks and price spikes are nearing the highest levels in recent memory, raising concern that a supercharged global economy will stoke inflation.Copper, iron ore and steel. Corn, coffee, wheat and soybeans. Lumber, semiconductors, plastic and cardboard for packaging. The world is seemingly low on all of it. “You name it, and we have a shortage on it,” Tom Linebarger, chairman and chief executi...

The BItcoin price is deeply in the bear territory after a sudden change in conditions. The BTC is trading at $42,965, which is 35% below its all-time high of near $65,000. Its market cap has dropped to $800 billion while that of all cryptocurrencies has fallen to $2 trillion. Why Bitcoin fell: There are several reasons why the prices of Bitcoin declined. First, in a statement, Elon Musk implied that Tesla may sell or has already sold its Bitcoin holdings. The announcement came a few days after the company decided to remove BTC as a payment option.  [embedded content] Second, there are swelling concerns about Tether, the biggest stablecoin in the world. In its report, the company said that its total fiat holdings were less than 3%. This is contrary to what the founders have long said that Tether is 100% backed by dollars.  Third, BTC is falling because of the rising possibility that the Fed will start tightening as US conditions improve. Such a situation will be bearish...

Artur Widak | NurPhoto | Getty Images Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin. At around 6 p.m. ET on Thursday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. Around 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion. The market has pared some losses. Since Musk's tweet, the cryptocurrency market had seen $165.75 billion wiped off its value at around 9:22 p.m. In February, Tesla announced in a regulatory filing that it had purchased $1.5 billion worth of bitcoin and planned to accept the cryptocurrency for payments. Musk cited environmental concerns on Thursday and said Tesla is "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and tra...

Bitcoin's (BTC) recent price action has disappointed most investors, especially when one considers that the total altcoin market capitalization rallied 24% in nine days to reach a $1.35 trillion all-time high on May 9.  Bitcoin's 62% accumulated gain in 2021 has BTC traders feeling somewhat frustrated with altcoins and meme coins pumping to new daily highs. Bitcoin price at Coinbase, USD. Source: TradingView On May 10, Fidelity, a $3.8 trillion global asset manager, filed for a Bitcoin exchange-traded fund (ETF) request with the United States Securities and Exchange Commission. Fidelity's Wise Origin Bitcoin (BTC) partnered with the Chicago Board Options Exchange (CBOE), and the SEC's first response window will close in 44 days. On May 11, Palantir (PLTR), a $30 billion data analytics company founded by billionaire Peter Thiel, announced that it had started to accept Bitcoin payments. The firm is likely to follow in Tesla (TSLA) and MicroStrategy's (MSTR) foot...

Bad news became good news on Friday for risk assets from stocks to bitcoin. The U.S. economy added 266,000 jobs in April, missing estimates of a 1 million gain. The weak jobs report reinforced expectations of continued easy money policy at the Federal Reserve, which sent bitcoin (BTC) higher by about 2% over the past 24 hours. The S&P 500 and Nasdaq also ended the day in the green while safe havens such as Treasury bonds sold off.  The April jobs miss suggests a fragile economic recovery, which means easy money from the Fed could continue to fuel the rally across risk assets. Fed Chair Jerome Powell has stated that rising inflation is transitory and whether the U.S. central bank’s tightening policy will depend on a variety of factors including labor market conditions. “The reaction from bitcoin is undeniable,” said Mati Greenspan, founder of Quantum Economics, in his daily newsletter. “Even gold and silver hit fresh highs.”  Speculation is prompting funds to f...

Bitcoin and ether got swept up in a crypto market sell-off Tuesday, along with U.S. stocks, before recovering later in the day. Earlier, ether and dogecoin touched new all-time high prices.   U.S. Treasury Secretary Janet Yellen was a catalyst for the midday sell-off after she warned that interest rates may need to rise. Some traders apparently sold on concerns the cheap money era might not last forever. Ether (ETH) trading around $3,369 as of 21:00 UTC (4 p.m. ET). Gaining 3.4% over the previous 24 hours. Ether’s 24-hour range: $3,237-$3,530 (CoinDesk 20) Dogecoin (DOGE) doubles in price, trading around 0.57 as of 21:00 UTC (4 p.m. ET). Jumping 38.7% over the previous 24 hours. Bitcoin (BTC) trading around $54,591 as of 21:00 UTC (4 p.m. ET). Slipping 5% over the previous 24 hours. Bitcoin’s 24-hour range: $53,633-$57,356 (CoinDesk 20) Ether’s hourly price chart on Coinbase since May 1. Source: TradingView Ether was trading around $3,369 as of 21:00 UTC (4:0...