Tag: BTC Markets

Will the Bitcoin mining industry collapse? Analysts explain why crisis is really opportunity
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...
Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC
Altcoins

Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC

“Easy come, easy go” was the story on July 20. The day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft creator Mojang Studios reversed course by deciding to ban NFTs on its platform.Daily cryptocurrency market performance. Source: Coin360A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which showed that the electric car company sold off 75% of its Bitcoin holdings in order to add $963 million in cash to its balance sheet. So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash.On top of that, Tesla did sell 75% o...
Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullback
Bitcoin

Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullback

Cryptocurrency investors continue to enjoy this week's bullish price action after Bitcoin (BTC), Ether (ETH) and a handful of altcoins rallied on July 20 alongside gains in the traditional markets. Data from Cointelegraph Markets Pro and TradingView shows that a midday rally by Bitcoin bulls managed to lift the top crypto to a daily high of $24,281, which sparked a new round of bullish proclamations on Crypto Twitter. BTC/USDT 1-day chart. Source: TradingViewWhile the week-long climb has helped boost investor sentiment, several analysts are warning traders to not get too far ahead of themselves because the market is still providing some red flags worth taking note of. Prepare for an inevitable pullbackBitcoin’s climb above $24,000 officially confirmed a breakout from the pre...
Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakout
Altcoins

Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakout

Crypto traders found cause for celebration on July 18 as the total market capitalization climbed back above the $1 trillion mark following weeks of widespread selling after Bitcoin (BTC) price swept yearly lows below $18,000.The green day for cryptocurrencies largely tracks a positive day in the traditional markets, which are up modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27. Daily cryptocurrency market performance. Source: Coin360While traders will welcome July 18's positive price action, many analysts caution that the upswing is nothing more than a bear market pump. Let's take a look at the current top performers.Bitcoin holds a 16% gainData from Cointelegraph ...
3 reasons why Bitcoin is struggling to flip $20K to support
Bitcoin

3 reasons why Bitcoin is struggling to flip $20K to support

The positive gains recorded in the first ten days of July have all but disappeared on July 13 as Bitcoin (BTC) and the wider market slid back toward new yearly lows.Subdued action in the market can be traced back to a variety of factors, ranging from July 13's record-high Consumer Price Index print and a raging U.S. dollar that recently hit its highest level since October 2002.Data from Cointelegraph Markets Pro and TradingView shows that July 13 marked the fifth consecutive day of a declining BTC price, which hit an intra-day low at $18,910, following the declines across the major stock market indices. BTC/USDT 1-day chart. Source: TradingViewAs the world awaits a catalyst that can bring positive momentum back into global financial markets, here is what several analysts have to say about ...
Analysts say Bitcoin range ‘consolidation’ is most likely until a ‘macro catalyst’ emerges
Bitcoin

Analysts say Bitcoin range ‘consolidation’ is most likely until a ‘macro catalyst’ emerges

From a historical perspective, the loss in value realized across the cryptocurrency market over the past several months has been one for the record books and the total cryptocurrency market cap has declined from $3 trillion to $991 million. June was especially painful for investors after the price of Bitcoin (BTC) fell nearly 40% to mark one of its worst calendar months on record according to a recent report from cryptocurrency research firm Delphi Digital. BTC/USD monthly candles vs. MoM% change. Source: Delphi DigitalIn light of the strong market correction, a number of BTC price and on-chain metrics have begun to reach levels similar to those seen during previous market bottoms, but this doesn’t mean traders should expect a turnaround anytime soon because history shows that periods...
Bitcoin price surges to $21.8K, but analysts warn that the move could be a fakeout
Bitcoin

Bitcoin price surges to $21.8K, but analysts warn that the move could be a fakeout

Hope springs eternal for many crypto investors after the market saw positive price movement on July 7, alongside gains in the traditional market. Daily cryptocurrency market performance. Source: Coin360The green day in the markets comes amid a backdrop of increasing jobless claims in the U.S., which is a possible signal that “the pressure on wages may have now peaked” according to Harris Financial Group Managing Partner Jamie Cox. According to Cox, a continuation of this trend could result in financial conditions that are “tight enough to allow the Fed to throttle back on the scale of rate increases."Data from Cointelegraph Markets Pro and TradingView shows that after trading near $20,400 for a majority of the day on July 7, the price of Bitcoin (BTC) spiked nearly 7% in the afte...
Survey shows 55% of crypto investors chose to HODL as Bitcoin and altcoin prices collapsed
Bitcoin

Survey shows 55% of crypto investors chose to HODL as Bitcoin and altcoin prices collapsed

Crypto and equities markets are down and aside from the positive news of Celsius repaying all of their debt and avoiding a massive liquidation, there are few on the spot reasons that are prompting investors to buy Bitcoin and altcoins.The collapse of  numerous decentralized finance (DeFi) protocols, crypto investment funds and BTC trading 60% below its all-time high continue to weigh on sentiment but a few positive tidbits of data could be a sign that the market is ready to enter a consolidation phase.expect people will shift from a comatose state of fear to the realization that tens of billions of $ in forced spot selling (LFG, 3AC, lenders, miners) were a capitulation/risk transfer rivaled only by the Covid crash https://t.co/vAj7HfTKxf— light (@lightcrypto) July 7, 2022Crypto ...
Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action
Bitcoin

Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action

Trading across the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announcing that it has filed for Chapter 11 bankruptcy protection. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has spent the day oscillating around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on $25.48 billion in trading volume. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about what could come next for Bitcoin and what support and resistance levels to keep an eye on in the event of a sharp move in price. Watch the repeating pennant patternA noticeable pattern on the Bitcoi...
Bitcoin trader says expect more chop, downside, then sideways price action for BTC this summer
Bitcoin

Bitcoin trader says expect more chop, downside, then sideways price action for BTC this summer

Discussion of the state of the crypto market has been a dominant headline over the past few weeks as non-crypto native media excoriate Bitcoin (BTC) and DeFi investors for investing in assets with no fundamental value. At the same time, crypto-savvy analysts and traders have been pouring over charts, looking for clues that signal when the market will bottom and reverse course.Novice investors are clearly nervous and a few have predicted the demise of the burgeoning asset class, but for those that have been around for multiple cycles, this new bear market is just another forest clearing fire that will eventually lead to a healthier ecosystem. The next steps for the crypto market was a topic discussed in depth with Cointelegraph contributor Crypto Jebb and independent market analys...