Bitcoin Price – My Blog

Bitcoin drops to support as looming CPI print shakes up crypto and stock markets

9Aug By edrad80No Comments

Altcoins

Bitcoin drops to support as looming CPI print shakes up crypto and stock markets

Crypto and equities markets took a bit of a tumble on Aug. 9 as traders grew a bit skittish ahead of tomorrow’s Consumer Price Index (CPI) report. The details of the print will shine a light on whether the Federal Reserve’s aggressive interest hikes are effective in tamping runaway inflation and it could have an impact on the size of future hikes. Earlier in the week, Tesla CEO Elon Musk suggested that July data will reflect the United States reaching peak inflation and that any recession will be “mild to moderate.” Right now, the consensus is that July data will be lower than the record-breaking 9.1% figure seen in June. The price of energy commodities (oil, natural gas) noticeably decreased in July and the Fed is hopeful that the previous back-to-back 0.75 basis-point hikes will com...

8Aug By edrad80No Comments

Bitcoin

Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst

Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, as the macroeconomic environment is rapidly shifting towards a recession, said Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:“ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.”According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and it is now ripe for a fresh rally. McGlone also pointed out that the Fed's aggressive hiking of interest rates will lead the global economy to a deflationary recession, which will ultimately favor Bitcoin:“I fully expect we're going to have a pretty severe recess...

7Aug By edrad80No Comments

Bitcoin

How Bitcoin whales make a splash in markets and move prices

Deriving their names from the size of the massive mammals swimming around the earth’s oceans, cryptocurrency whales refer to individuals or entities that hold large amounts of cryptocurrency. In the case of Bitcoin (BTC), someone can be considered a whale if they hold over 1,000 BTC, and there are less than 2,500 of them out there. As Bitcoin addresses are pseudonymous, it is ofte difficult to ascertain who owns any wallet. While many associates the term “whale” with some lucky early adopters of Bitcoin, not all whales are the same, indeed. There are several different categories:Exchanges: Since the mass adoption of cryptocurrencies, crypto exchanges have become some of the biggest whale wallets as they hold large amounts of crypto on their order books. Institutions and corporati...

Interview with Kevin O’Leary: $28K Bitcoin next or lower? | Market Talks with Crypto Jebb

4Aug By edrad80No Comments

Altcoins

Interview with Kevin O’Leary: $28K Bitcoin next or lower? | Market Talks with Crypto Jebb

With the price of Bitcoin (BTC) holding above $22,000, more and more market players are turning bullish again. Does this mean that we could see BTC go to $28,000 in the short term or will it fall below its current levels? Join us as we discuss this and other topics with Crypto Jebb and Mr. Wonderful, himself, Kevin O’Leary.In this week’s episode of Market Talks, we welcome businessman, entrepreneur, author, winemaker and television presenter, Mr. Kevin O’Leary.O’Leary, best known as the shark on the hit reality TV show Shark Tank, is the chairman of O'Shares Investments and a strategic investor in WonderFi. Mr. O’Leary’s success story starts where most entrepreneurs begin — with a big idea and zero cash.The main topic of discussion on the show is whether BTC will go as high as $28,000 or r...

Beyond the headlines: The real adoption of Bitcoin salaries

3Aug By edrad80No Comments

Analysis

Beyond the headlines: The real adoption of Bitcoin salaries

Are cryptocurrency wages an idea whose time has come? Maybe not. It’s one thing, after all, to dabble in Bitcoin (BTC) with one’s excess cash and quite another to take a significant portion of one’s salary in BTC.Moreover, there are often tax and custody questions about crypto, as well as concerns about price volatility. There’s the matter, too, that few actual items and services can be purchased at present with cryptocurrencies. It’s not surprising, then, that aside from some celebrity athletes like Tom Brady and Aaron Rodgers and some high-profile big-city United States mayors, relatively few people outside the cryptoverse appear to have embraced this next step in crypto adoption. It’s in that context that one has to evaluate NYDIG’s recent announcement of a “partnership” with the New Yo...

Borrowing to buy Bitcoin: Is it ever worth the risk?

3Aug By edrad80No Comments

Analysis

Borrowing to buy Bitcoin: Is it ever worth the risk?

The cryptocurrency space is expected to reach 1 billion users in 2030. While some have been known to make a fortune off of it, others have ruined their finances, chasing similar results, going as far as getting credit to buy crypto by putting up valuable assets, including their homes, as collateral.Borrowing to invest can make sense under very specific conditions, but using a home equity loan is also extremely risky. For example, it means that an investor’s home is being put up as collateral on loan.Cryptocurrencies have, in the past, delivered spectacular results to investors, but also saw them go through long drawn-out bear market periods in which many lost hope and sold at a loss, with those who managed to hodl on reaping the biggest rewards. As any analyst or financial adviser would sa...

Will the Bitcoin mining industry collapse? Analysts explain why crisis is really opportunity

29Jul By edrad80No Comments

Altcoins

Will the Bitcoin mining industry collapse? Analysts explain why crisis is really opportunity

Bitcoin mining involves a delicate balance between multiple moving parts. Miners already have to face capital and operational costs, unexpected repairs, product shipping delays and unexpected regulation that can vary from country to country — and in the case of the United States, from state to state. On top of that, they also had to contend with Bitcoin’s precipitous drop from $69,000 to $17,600. Despite BTC price being 65% down from its all-time high, the general consensus among miners is to keep calm and carry on by just stacking sats, but that doesn't mean the market has reached a bottom just yet. In an exclusive Bitcoin miners panel hosted by Cointelegraph, Luxor CEO Nick Hansen said, “There’s going to definitely be a capital crunch in publicly listed companies or at least not eve...

Crypto contagion deters investors in near term, but fundamentals stay strong

29Jul By edrad80No Comments

Bitcoin

Crypto contagion deters investors in near term, but fundamentals stay strong

The past six-odd months have been nothing short of a financial soap opera for the cryptocurrency market, with more drama seemingly unfolding every other day. To this point, since the start of May, a growing number of major crypto entities have been tumbling like dominoes, with the trend likely to continue in the near term.The contagion, for the lack of a better word, was sparked by the collapse of the Terra ecosystem back in May, wherein the project’s associated digital currencies became worthless almost overnight. Following the event, crypto lending platform Celsius faced bankruptcy. Then Zipmex, a Singapore-based cryptocurrency exchange, froze all customer withdrawals, a move that was mirrored by crypto financial service provider Babel Finance late last month.It is worth noting that sinc...

CoinGecko open to acquisition but now is ‘too early,’ co-founder says

28Jul By edrad80No Comments

Bitcoin

CoinGecko open to acquisition but now is ‘too early,’ co-founder says

Major cryptocurrency tracking website CoinGecko is open to acquisitions, but not right now, according to a co-founder of the platform.CoinGecko has been hit by the current crypto bear market, but the firm is far from selling off, CoinGecko chief operating officer Bobby Ong told Cointelegraph.Ong believes that all crypto-related companies are affected by the cyclical nature of the industry as they usually do well during bull runs and struggle during bear markets.“During this crypto winter, we at CoinGecko are similarly impacted. This will be our third crypto winter and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again,” Ong said.According to the chief operating officer, CoinGecko had 100 million monthly pageviews in July, experiencing an 85% dec...

‘Bullish rate hike’ — Why crypto spiked today in the face of bad news

28Jul By edrad80No Comments

Bitcoin

‘Bullish rate hike’ — Why crypto spiked today in the face of bad news

Crypto markets have been pumping since the announcement of a 75 basis point interest rate hike in the United States, with experts explaining that the markets may have been initially bracing for much worse. On July 27, price of Bitcoin (BTC) surged around 8% to the mid $22,500 mark following the Federal Open Markets Committee (FOMC) decision to raise interest rates yet again. Many other top crypto assets surged in price as well, with Ether (ETH), Polkadot (DOT) and Polygon (MATIC) all seeing notable double-digit gains over the past 24 hours. Quantum Economics founder and CEO Mati Greenspan on Wednesday jokingly questioned whether this was a “bullish rate hike” on Twitter. Speaking with Cointelegraph, Greenspan noted that investors were clearly expecting worse and suggested this latest bounc...