Bitcoin
BTC ‘likely’ to repeat Q4 2020 move — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week facing multiple hurdles but with strong internal support — can old resistance below $50,000 finally fall? A correction event now almost in its third month is frustrating many, but conditions may soon be right for a fresh charge against opportunistic bears, an increasing number of analysts are saying. With inflation running hot and United States lawmakers set to make the Bitcoin mining debate public this week, there are plenty of potential pitfalls in store. Nonetheless, it’s beginning to feel like Bitcoin is at the point where it is capable of producing a classic surprise when the majority of the mainstream economy least expects it. Cointelegraph takes a look at five factors worth paying attention to when charting BTC price action over the coming week. Bitco...
Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT
Bitcoin (BTC) has stopped its decline and is attempting a recovery along with select altcoins. Some traders have been fearing a massive sell-off in Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes have happened “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin was $34,000, which is well below the current price. In a sign that institutional investors remain bullish on the crypto sector even after the recent fall, Cathie Wood’s Ark Invest bought 6.93 million shares of the special purchase acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization. Crypto market data d...
Weekly Report: Cryptocurrency market stabilises, most coins are posting gains
The cryptocurrency market is green with the majority of the coins recording positive figures in 24-hour and 7-day changes. Terra’s LUNA and meme coin Dogecoin are leading in 7-day gains while Cardano’s ADA tops 24 hr gains as of writing. Among other headlines outside the markets, a Swiss bank has laid more bullish predictions for the pioneer cryptocurrency. The IMF has expressed concerned that crypto’s movement in tandem with stocks could raise financial stability concerns. Here are more details on these and other exciting events. Bitcoin has matured, but its co-movement with stocks poses risks, says IMF The International Monetary Fund (IMF) recently released new research on global financial stability. It was accompanied by a blog post in which the IMF cautioned that Bitcoin is incre...
Bitcoin dips below $42K as new forecast says breakout ‘most probable outcome’ for BTC price
Bitcoin (BTC) returned closer to $40,000 on Thursday as $44,000 resistance proved too much for bulls to overcome. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Buying another dip Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding around 4% in 24 hours on Jan. 14. The pair had topped $44,450 on Bitstamp before the retracement kicked in, this seeing local lows of $41,780. While disappointing for those hoping that the worst of the pullback was over, analysts appeared unsurprised by the move, which they said could resolve via a fresh test of $40,000 support. Pretty much the path for #Bitcoin. pic.twitter.com/VY0BkTXYOM — Michaël van de Poppe (@CryptoMichNL) January 14, 2022 Popular trader Pentoshi also appeared to get his wish—BTC “sweepingR...
Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level. Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360 Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right co...
Bitcoin miners can take fresh 20% BTC price hit before capitulating, data shows
The Bitcoin (BTC) mining business is bigger than ever at current price levels, and new data shows just how unlikely a mass miner sell-off really is. As noted by popular Twitter account @venturefounder on Jan. 14, even at $42,000, the BTC/USD trading pair is around 20% above miners’ cost price. Miner capitulation behind “worst” BTC price dips Despite falling a full $27,000 below all-time highs, BTC is more enticing than ever for miners. Hash rate, an estimate of the total processing power dedicated to mining, reached new all-time highs this week. Those concerned that a fresh BTC price dip could pressure miners into selling, meanwhile, received fresh assurances via data covering how much BTC/USD should trade at for them to break even. Referencing the BTC productio...
Stacks ecosystem becomes #1 Web3 project on Bitcoin
On the first anniversary of the launch of Stacks blockchain (STX), which seeks to make Bitcoin (BTC) programmable, the network achieved over 350 million monthly API requests, 40,000 Hiro (development tool for Stacks to build applications on Bitcoin) wallet downloads, and 2,500 Clarity smart contracts. According to a report by Electric Capital, a venture capital firm focused on cryptocurrencies and fintech, these statistics make Stacks the largest project on Bitcoin. More than 11,000 users earned more than 100 BTC rewards per month on Stacks due to its unique proof-of-transfer, or PoX, consensus mechanism. Miners bid BTC to verify transactions, execute smart contracts and mine new blocks on the STX blockchain and earn STX as rewards. Meanwhile, the BTC bids are sent to STX holders as reward...
Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch
Dogecoin (DOGE) prices rose substantially on Jan. 14 as Elon Musk announced that Tesla would start accepting it as payment for merchandise. Tesla merch buyable with Dogecoin — Elon Musk (@elonmusk) January 14, 2022 After the announcement, DOGE price jumped nearly 13%, hitting a 30-day high of $0.2150. Its upside move came as a part of a larger intraday rally that already was taking place before Musk’s Dogecoin tweet went viral. The DOGE price went up by over 25% on Jan. 14 before correcting lower to $0.1986 on profit-taking. DOGE/USD hourly price chart. Source: TradingView Better than Bitcoin Tesla’s integration of a DOGE payment option on its online shopping portal came almost a month after Musk shared his willingness to accept the cryptocurrency as payment on ...
Tesla now accepting Dogecoin payments, DOGE price up 18% on the day
Reports of the electric vehicle company introducing support for DOGE payments surfaced earlier this week from an analyst that reviewed Tesla’s source code Texas-based EV maker and eco-friendly energy company Tesla has started accepting payments in the form of Dogecoin. Tesla’s chief executive and product architect Elon Musk, a long-time supporter of the meme coin, shared the news of the same today. The billionaire business magnate has publicly expressed that he prefers Dogecoin to Bitcoin as a payment alternative in the past. Musk, who has since taken up the name Dogefather, posted many tweets around Dogecoin last year, swinging the markets. In addition to Dogecoin, the techpreneur also holds Bitcoin and Ether in his portfolio. Not Tesla’s first rodeo in crypto Tesla anno...
Rio de Janeiro will hold 1% of city reserves in Bitcoin, Mayor says
The city mayor plans to convert Rio de Janeiro into Crypto Rio, representing a cryptocurrency hub Rio de Janeiro’s mayor Eduardo Paes, yesterday, shared his proposition to channel a fraction of the treasury funds into crypto at the Rio Innovation Week event. In the company of Miami mayor Francis Suarez, he stated that 1% of the city’s treasury reserves would be allocated into bitcoin. “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” he said. Paes, a member of the Social Democratic Party, added that the city would create a working group tasked with handling matters related to cryptocurrency. He also mentioned that Rio was well-positioned to become South America’s leading city in te...
Analysts expect turbulent Bitcoin price until $46,500 flips to support
Market volatility reared its ugly head once again for crypto traders on Jan. 13 as the excitement of Bitcoin (BTC) hitting its highest level in a week was quickly thwarted by a correction that thrust the cryptocurrency back into the mid-$45,000 range. Data from Cointelegraph Markets Pro and TradingView shows that after reaching an intraday high of $44,500, bears took control of the Bitcoin market and hammered the price to a low of $42,315 while the wider global financial markets also experienced a noticeable sell-off. BTC/USDT 1-day chart. Source: TradingView Here is what several analysts in the cryptocurrency community are saying about Jan. 13’s price action and what levels traders should keep an eye on. 50-day EMA becomes the new resistance Analysis of Bitcoin’s weekly p...
Bitcoin sells off after $44K resistance tap, eliciting scrutiny from options traders
Bitcoin (BTC) fell more than 2% from local highs during Jan. 13 in the latest move to keep market participants guessing about what’s to come for the largest digital asset. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “One step at a time” Data from Cointelegraph Markets Pro and TradingView tracked the pullback for BTC/USD after the pair hit its highest levels in more than a week. A trip to $44,450 on Bitstamp after the Wall Street open was followed by an hourly candle that at one point sparked losses of $1,500. A fresh sign that rangebound activity remains the order of the day for Bitcoin, bulls were disappointed after multiple calls for a fairly easy squeeze toward $46,000. For popular trader and analyst Scott Melker, “There was still no clear sign of direction.” ...
