Tag: BTC

BTC price hits $38K as Bitcoin analysts focus on weekly close
Altcoins, Bitcoin

BTC price hits $38K as Bitcoin analysts focus on weekly close

Bitcoin (BTC) staged new retests of $38,000 resistance on Jan. 26 as optimism increased over a potential recovery to $40,000 and higher.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNext stop a $40,000 retest?Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued the rebound that began on Monday.At the time of writing, two breakthroughs of $38,000 had occurred, with the pair lingering just below that level amid further direction cues.For Cointelegraph contributor Michaël van de Poppe, the signs were encouraging, with the stage being set for a potential exit from the $30,000–$40,000 corridor.“Bitcoin held $36K and tested $38K already. If that one tests again, we are likely to get a breakout and potentially test $40.7K,” he told Twitter fo...
‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall
Bitcoin

‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall

Bitcoin (BTC) is being aggressively bought up at prices near $30,000 as bidders begin to soak up liquidity from short-term sellers.Data from on-chain monitoring resource CryptoQuant shows that as of late December, Bitcoin exchanges have begun to shed their BTC reserves once more.BTC conspicuously attractive at current levelsAfter a period of traders sending BTC to exchanges, possibly to sell or to have on the side to divest away from further losses, exchanges are now seeing larger overall outflows than inflows.Between Dec. 7 and Dec. 28, 2021, BTC reserves of the 21 major platforms monitored by CryptoQuant increased from 2.396 million to 2.428 million BTC.Thereafter, the longer-term downtrend resumed, and as of Monday, exchanges’ tally stood at 2.366 million BTC — despite spot price action...
New research expects a gloomy year for Bitcoin as DeFi and DAOs rise
Bitcoin

New research expects a gloomy year for Bitcoin as DeFi and DAOs rise

Another major player in the cryptocurrency world is forecasting a dismal year for Bitcoin (BTC) in 2022. Following the United States Federal Reserve’s and other central banks’ tightening of liquidity measures, Huobi Research believes that BTC will enter a bear market. On the brighter side, decentralized finance (DeFi) will continue to expand and adapt, with decentralized autonomous organization (DAO) governance eventually becoming a major driver of activity on the chain.Bitcoin and Ether (ETH) prices plummeted on Thursday night on the cryptocurrency market, shedding about $150 billion from the market. Over the last 24 hours, Bitcoin has lost roughly 7.9% of its value to go as low as $38,788 at the time of writing.2021 was a watershed year for crypto, with industry growth rea...
NYC Mayor Adams to receive first paycheck in cryptocurrency Friday
Bitcoin

NYC Mayor Adams to receive first paycheck in cryptocurrency Friday

On Thursday, New York City Mayor Eric Adams announced he would be taking his first paycheck in Bitcoin (BTC) and Ether (ETH), with the funds arriving Friday. The salary will not be directly paid out as crypto; instead, it will be first issued in fiat as U.S. dollars and then converted into the digital currencies on crypCoinbase.Due to United States Department of Labor and various state-level regulations, resident U.S. employees typically cannot receive their remuneration directly in cryptocurrency. This is partly because the Internal Revenue Service classifies dollar wage payments as income, whereas items such as stock-based compensation or cryptocurrencies are classified as property.Mayor Adams issued the following statement regarding his choice of remuneration:“New York is the cente...
Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch
Altcoins, Bitcoin

Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

Cardano (ADA) traded within striking distance of its three-week high  at the start of this week, leading some investors to suggest that a trend reversal was in order. In reality, the bullish momentum is primarily connected to an anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap.ADA price rose by nearly 12% on Jan.17 to reach an intraday high of $1.60, a day after SundaeSwap announced the launch of its "fully-functional beta decentralized exchange (DEX)." Nonetheless, the upside swing also came as a part of a wider rebound trend wherein ADA jumped by almost 50% in just seven days.ADA/USD daily price chart. Source: TradingViewIn detail, ADA's rebound began almost in sync with similar retracement moves across the cryptocurrency market. That included Bitcoin (BTC...
Bitcoin price drops below $42K, but analysts still expect ‘one more impulse’ move
Bitcoin

Bitcoin price drops below $42K, but analysts still expect ‘one more impulse’ move

The wider cryptocurrency market continued to see choppy, sideways price action on Jan. 17 with Bitcoin (BTC) experiencing a midday dip to $41,650. Across the market, trading volumes remain subdued and U.S. financial markets were closed in observation of the Martin Luther King Jr. holiday. BTC/USDT 1-day chart. Source: TradingViewHere’s what analysts are saying about Bitcoin's price action and the impact today's correction might have on BTC's market structure.Major resistance at $43,120Analysis of the weekly Bitcoin price action was provided by crypto trader and pseudonymous Twitter user ‘Rekt Capital' who posted the following chart showing that BTC is trading near a well-established support and resistance zone. BTC/USD 1-week chart. Source: TwitterRekt Capital said, “The new BTC Weekl...
‘1 in a billion’: Second tiny miner solves a block
Bitcoin

‘1 in a billion’: Second tiny miner solves a block

In an astonishing turn of events, two lucky miners from the Solo CK mining pool have defied all odds and added a new block on the Bitcoin blockchain in the same week. On Monday, a tiny miner successfully solved a block with a modest hash rate capacity of 126 terahashes per second (TH/s). Bitcoin (BTC) mining expert and member of the Bitcoin Mining Council Hass McCook told Cointelegraph at the time that the odds of this happening were 1 in 1,400,000.But according to a Thursday tweet from Solo admin Con Kolivas, another miner from the same pool was able to solve a block with a capacity of only 116 TH/s — even less than the first miner. That’s likely to be just one to three mining rigs, depending on the equipment used. Kolivas added that the new miner joined the pool less than two days ago, “...
These 3 cryptocurrencies are taking an even bigger hit during Bitcoin’s price slump
Altcoins, Analysis, Bitcoin

These 3 cryptocurrencies are taking an even bigger hit during Bitcoin’s price slump

The cost to purchase one Bitcoin (BTC) has dropped almost 10% in the last seven days and has been eyeing extended declines as it drops below $40,000, its interim psychological support, on Jan. 10.BTC/USD weekly price chart. Source: TradingViewNonetheless, the losses suffered by Bitcoin still appear less than that of some of its top crypto rivals' performances. For instance, Cardano (ADA), the seventh-largest cryptocurrency by market valuation, has dropped by nearly 11% to around $1.15 in the last seven days.Similarly, Ripple (XRP), the eighth-largest by market capitalization, has dipped by around 10% to nearly $0.75 in the same period.Meanwhile, some cryptocurrencies listed among the top 50 digital assets have experienced bigger losses between 15% and 30% in the last week. They include Eth...
Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30K
Bitcoin

Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30K

Bitcoin (BTC) may end up falling to as low as $30,000 if the U.S. inflation data to be released on Wednesday comes any higher than forecasted, warns Alex Krüger, founder of Aike Capital, a New York-based asset management firm.The market expects the widely-followed consumer price index (CPI) to rise 7.1% for the year through December and 0.4% month-over-month. This surge highlights why the U.S. Federal Reserve officials have been rooting for a faster normalization of their monetary policy than anticipated earlier.U.S. headline inflation. Source: Bureau of Labor Statistics, BloombergFurther supporting their preparation is a normalizing labor market, including a rise in income and falling unemployment claims, according to data released on Jan. 7."Crypto assets are at the furthest end of the r...
Will this time be different? Bitcoin eyes drop to $35K as BTC price paints ‘death cross’
Analysis, Bitcoin

Will this time be different? Bitcoin eyes drop to $35K as BTC price paints ‘death cross’

Bitcoin (BTC) formed a trading pattern on Jan. 8 that is widely watched by traditional chartists for its ability to anticipate further losses.In detail, the cryptocurrency's 50-day exponential moving average (50-day EMA) fell below its 200-day exponential moving average (200-day EMA), forming a so-called "death cross." The pattern appeared as Bitcoin underwent a rough ride in the previous two months, falling over 40% from its record high of $69,000.BTC/USD daily price chart. Source: TradingViewDeath cross historyPrevious death crosses were insignificant to Bitcoin over the past two years. For instance, a 50-200-day EMA bearish crossover in March 2020 appeared after the BTC price had fallen from nearly $9,000 to below $4,000, turning out to be lagging than predictive. Additionally, its occu...