Bitcoin Price – My Blog

25Jan By edrad80No Comments

Bitcoin

McDonald’s jumps on Bitcoin memewagon, Crypto Twitter responds

Prominent crypto entrepreneurs and supporters, who shared memes on Twitter about doing odd jobs amid an ongoing market crash, were joined by global fast-food giant McDonalds — the brand infamously linked with temporary Bitcoin (BTC) market crashes. BTC’s price has seen a steady downfall ever since breaching an all-time high of $69,000 back in November 2022. Eventually, as Bitcoin started trading below the $40,000 mark, crypto millionaires and investors on Twitter started sharing memes about getting jobs at fast-food restaurants.Source: Twitter/PlanBSalvadoran President Nayib Bukele, too, embraced the meme culture and uploaded a new profile picture that shows him at one of his speeches sporting a badly photoshopped McDonald’s branded cap and T-shirt.#NewProfilePic pic.twitter.com/...

25Jan By edrad80No Comments

Bitcoin

Boom or bust? Is there a way for Bitcoin price to hit $100K in 2022?

The internet is filled with Bitcoin (BTC) price forecasts. For example, some analysts believe that the flagship crypto will hit $1 million per coin in the next 10 years, while others think BTC price will eventually drop to zero.Without dwelling on predictions that are five or more years ahead of us, let us focus on what Bitcoin could do, say, in the next six months? Again, the forecasts vary drastically. For instance, Antoni Trenchev, the founder of Nexo Finance, sees Bitcoin price hitting $100,000 by mid-2022.On the other end of the spectrum is Sussex University professor Carol Alexander, who thinks Bitcoin price could drop to as low as $10,000, thereby wiping out all the gains it had made in 2021.Bitcoin has been trending almost in the middle of these two extremely far predictions a...

23Jan By edrad80No Comments

Bitcoin

Bitcoin records all-time high network difficulty amid price fluctuations

The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market.The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.BTC network difficulty. Source: Blockchain.com.However, as the displaced miners resumed operations from other countries, the network difficulty saw a drastic recovery since August 2021. As a result, on Jan. 22, the BTC network recorded...

21Jan By edrad80No Comments

Bitcoin

Bitcoin falls to $36K, traders say bulls need a ‘Hail Mary’ to avoid a bear market

Bitcoin (BTC) price continues to sell-off and the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC price has sank to its lowest level in 6 months and most analysts are not optimistic about an immediate turn around. Data from Cointelegraph Markets Pro and TradingView shows that a wave of selling that began late in the day on Jan. 20 continued into midday on Friday when BTC hit a low of $36,600.BTC/USDT 1-day chart. Source: TradingViewHere’s a check-in with what analysts have to say about the current downturn and what may be in store for the coming weeks.Traders expect consolidation between $38,000 and $43,000The sudden price drop in BTC has many crypto traders predicting various dire outcomes along the lines of an extended...

19Jan By edrad80No Comments

Bitcoin

Bitcoin’s transition to a risk-off asset will propel it to $100K in 2022, says Bloomberg analyst

Bloomberg analyst Mike McGlone is convinced Bitcoin is on track to reach $100K in 2022, as it completes its transition from a risk-on to risk-off asset. While the Fed is planning to raise interest rates to fight inflation, risk-on assets like crypto may suffer, as people would likely prefer to invest in fixed-income assets like bonds. While this trend may represent a short-term hurdle, McGlone said he is confident that Bitcoin will still appreciate significantly in 2022:“Bitcoin is in a unique phase, I think, of transitioning from a risk-on to risk-off global digital store of value, replacing gold and becoming global collateral. So I think that's going to be happening this year.”He said he considers the current bearish sentiment as a positive sign, indicating market consolidation. The...

18Jan By edrad80No Comments

Bitcoin

Analysts warn that Bitcoin could dip to $38K ‘before an eventual breakout’

The cryptocurrency market faced another day of weakness on Jan. 18 as the price of Bitcoin (BTC) dropped lower and additional pressure was also put on the altcoin market. Currently, the crypto Fear and Greed Index registered "Extreme Fear" among investors and some traders caution that BTC price could soon fall below its recent $39,000 swing low.Crypto Fear & Greed index. Source: AlternativeData from Cointelegraph Markets Pro and TradingView shows that bulls lost control of the $42,000 support level during the early trading hours on Jan. 18 as bears hammered the BTC price to a daily low of $41,250. BTC/USDT 1-day chart. Source: TradingViewJanuary is historically weak for BitcoinMany crypto holders who were disappointed by the lack of a blow-off top to close out 2021 are also expecting f...

18Jan By edrad80No Comments

Bitcoin

El Salvador’s Bitcoin wallet onboards 4M users with Netki partnership

El Salvador, the first country to make Bitcoin (BTC) a legal tender, has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider Netki, according to an announcement.Netki has announced that Chivo wallet onboarded over 4 million new users in 45 days using the company’s flagship Know Your Customer (KYC)/Anti-Money Laundering (AML) product, OnboardID. The platform also claimed that it had facilitated the compliant onboarding of 70% of the country’s previously unbanked population. El Salvador passed the Bitcoin bill in June of last year and officially made Bitcoin a legal tender in September. Nayib Bukele, the president of the small Central American nation, made it clear that the goal was to offer digital banking facilities t...

18Jan By edrad80No Comments

Bitcoin

Bitcoin miner Rhodium set for IPO, valued at $1.7 billion

The first initial public offering (IPO) for the crypto industry in 2022 comes from a Texas-based Bitcoin (BTC) mining company, Rhodium Enterprises.In an SEC filing made last week, Rhodium plans to offer 7.69 million shares at $12–$14 each in an IPO. Trading under the ticker “RHDM” on Nasdaq, 56.8 million class A and 67.5 million class B shares will be released, ultimately valuing the company at just shy of $1.7 billion. Rhodium is a cryptocurrency technology company that uses proprietary tech and liquid cooling technology to self-mine Bitcoin. Their goal is to be the most sustainable and cost-efficient producer of Bitcoin in the industry.The company joins a growing list of US-based companies that mine Bitcoin. Over the past three years, Marathon, Bitdeer Technologies, Riot Blockchain ...

13Jan By edrad80No Comments

Bitcoin

Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

Fidelity Digital Assets — the crypto wing of Fidelity Investments, which has $4.2 trillion assets under management, shared their “two sats” on the future of the digital assets space. The key takeaways touched upon miners’ behavior and Bitcoin (BTC) network adoption. In the annual report released last week, the group shared some insights into the world of BTC mining:“As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (...) the current bitcoin cycle is far from over and these miners are making investments for the long haul.”The report stated that the recovery in the hash rate in 2021 “was truly astounding,” particularly when considering that the world’s second-largest economy, China, banned Bitcoin in 2021. The rebound in...

13Jan By edrad80No Comments

Bitcoin

Institutional investment will boost Bitcoin to $75,000, says SEBA CEO

The CEO of Switzerland-based financial institution SEBA Bank shared his predictions for Bitcoin (BTC) in 2022. A boon for BTC bulls, Guido Buehler was optimistic about institutional adoption and a price increase to $75,000 per coin.He explained in an interview that at SEBA, asset pools are looking for the right time to invest; however, they need the right counterparties and the necessary regulation in order to deploy capital. When pressed on whether Bitcoin would hit new highs this year, Buehler thinks it’s possible, “The question is always time.” He noted that with BTC dominance bottoming out at 40%, it’s a pivotal moment for investors looking for a directional play. The interview took place at the Crypto Finance Conference in St. Moritz, Switzerland, where “sophistica...