Cryptocurrency

Bitcoin and cryptocurrency prices have lurched back and forth over the last month with bitcoin now down around 50% from its April peak. The bitcoin price rout was sparked by China's latest crackdown on bitcoin and crypto miners—who use high-powered computers to secure cryptocurrency blockchains and validate transactions in return for freshly created tokens. Now, Michael Saylor, the chief executive of business intelligence software company-turned bitcoin accumulator Microstrategy, has warned China’s expulsion of bitcoin and crypto miners could be a "trillion-dollar" mistake. Sign up now for  CryptoCodex — a free, daily newsletter that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday MORE FROM FORBES Is This The Surprise Solution To Tesla Billionaire Elon Musk's Bitcoin Nightmare? By Billy Bambrough The bitcoin price has swung wildly over the last few weeks as China shuts down bitcoin and ... [+] cryptocurrency miners ...

By Analytics Team, Giottus Cryptocurrency Exchange The past week has been a volatile one for the crypto market as Bitcoin (BTC) dropped from $36,000 levels to $29,000 mid-week before regaining most of the losses later. BTC was trading at $31,000-32,000 – a key support range that can determine the next few weeks of activity in the cryptocurrency market. Most altcoins followed BTC through the week with no standalone breakout. In this volatile scenario, traders are likely to avoid leveraged positions. BTC dropped below $30,000 mid-week amid concerns with China’s clampdown on BTC mining rigs as well as lack of support from top institutions. JP Morgan strategists believe that overall signals continue to be bearish for BTC. About $6 billion worth of options expired on Friday, triggering an 8 per cent drop in the market overnight. BTC has been exhibiting the Wyckoff pattern since early January and is now possibly entering a growth phase. Breaking out from the $42K barrier will be key for ...

Bitcoin and cryptocurrencies have been sent into a tailspin during the last few days as a fresh China cryptocurrency crackdown sparks fear among traders. The bitcoin price has managed to hold over the closely-watched $30,000 per bitcoin level, falling to lows of $31,160 on the Luxembourg-based Bitstamp exchange before clawing back some ground. The bitcoin price is now around 50% off its all-time high of almost $65,000 set in April. Meanwhile, other smaller cryptocurrencies that have outperformed the bitcoin price in recent months, have collapsed—with the likes of meme-based dogecoin, ethereum rivals polkadot and solana, Ripple's XRP, and buzzy token safemoon—still in freefall. Sign up now for  CryptoCodex — a free, daily newsletter that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday MORE FROM FORBES Coinbase Cofounder Issues Serious Crypto Price Warning As Bitcoin 'Death Cross' Fear Spreads By Billy Bambrough The bitcoin ...

Chesnot | Getty Images Other cryptocurrencies got a lift as well, and ether and XRP were both trading higher. Bitcoin is still significantly off of its record high of $64,829.14 that was hit in April. Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. El Salvador's case will be closely watched to see how bitcoin might work as a payments mechanism on a country-wide basis.

Surging usage of Polygon Network’s Ethereum layer 2 scaling solution allowed that platform’s token (MATIC) to largely escape the fate of other cryptocurrencies in May brought down by crash in the price of bitcoin. MATIC, currently ranked 18th as per market capitalization by Messari, rallied 120% in May even as bitcoin fell by 35%. Ether, polkadot, cardano, XRP, and decentralized finance (DeFi)-blue chips suffered bigger losses, pushing the total market capitalization of the crypto universe down by 24%.  MATIC was able to withstand the the worst effects of the downdraft thanks to Polygon’s soaring usage and constant growth in the congestion and high costs that plague the DeFi-dominating Ethereum blockchain, as analytics firm IntoTheBlock mentioned in its research note published on June 2.  “Throughout 2021, Ethereum fees skyrocketed up to 845% compared to the year before; currently, a transaction on the network costs around $4.819,” IntoTheBlock said. “On the other ha...

Bitcoin (BTC) edged closer to $40,000 on Thursday as bulls gathered increasing signals that the bottom is in. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC/USD to $36,000 next? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining levels it reclaimed a day before, including the critical $37,500. Now, eyes were on the coming days for confirmation of a breakout or rejection — volatility was already forecast to enter by the weekend. For popular trader Crypto Ed, the market might need another bearish test in the short term before coming back with a vengeance. In the meantime, it may be a case of grinning and bearing familiar moves. “I think we’re close to a reversal and a correction during the day before up again,” he told Twitter followers on Thursday. “BTC to $36k and ETH $2500? Might be a boring day....” He added that he assumed that BTC/USD is going to correct rather than continue upward. Bottom-hunting metrics demand attention Mea...

Fund manager Brian Kelly says that the market is mispricing bitcoin and “when bitcoin gets that mispriced it is the sign of the bottom.” He sees a string of “all positive things” that are reflected in the pricing of the cryptocurrency. Asset Manager Brian Kelly Says Market Is Mispricing Bitcoin Brian Kelly, the founder and CEO of digital currency investment firm BKCM LLC, was asked about where he sees the price of bitcoin heading in an interview with CNBC on Tuesday. Kelly manages the BKCM Digital Asset Fund and the REX BKCM Blockchain ETF (NYSE: BKC). He authored “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World.” In addition, he was previously a hedge fund manager at Shelter Harbor Capital, where he co-founded. He also co-founded MKM Partners, a brokerage firm catering to institutional investment managers. “For me, when you look at bitcoin, it’s all about network effect and address growth,” the asset manager said. “One of the key metrics I look at...

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...