Category: NewsBTC

NewsBTC: TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels. Bitcoin climbed higher sharply after there was a test of the $18,500 zone. The price is now trading above the $20,000 level and near the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $20,500 resistance zone. Bitcoin Price Eyes...

NewsBTC: Polkadot Under Strong Bearish Influence , Will The Nearest Support Level Hold?

Polkadot continues to face downtrend on its chart as broader market strength also remained low. Over the last 24 hours, DOT lost close to 8% of its market value invalidating weekly gains that DOT secured. Technical outlook for the coin indicated bearish price action. In accordance with the same, it is likely that the coin might not be able to hold itself above the $6 support level. The coin has been witnessing stiff resistance at the $7.20 mark. Only if the coin manages to trade above $7.20 for a considerable period of time, the bulls could be back. On the...

NewsBTC: Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish

Institutional investors have been bearish toward Ethereum for a while now. There have been outflows rocking the digital asset until it ended its 11-week streak with inflows for last week. However, this does not mean that positive sentiment had returned entirely to the cryptocurrency once more. The numbers on the CME show that institutional investors remain wary and even bearish toward the second-largest cryptocurrency in the market.  Ethereum Falls Into The Negative The Ether futures on the CME have been trading on a negative basis lately, which basically means they are trading below spot. This has caused the Ether Futures...

NewsBTC: VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action. Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively. According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was...

NewsBTC: Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

Best-selling author Robert Kiyosaki offered his followers a “Rich dad lesson” on Bitcoin. Via his official Twitter account, the writer made a distinction between “winners” and “losers” in the crypto market. Related Reading | Reports: FTX Targeting BlockFi Purchase At $25M At the time of writing, Bitcoin has lost major support as it broke below $20,000 and it’s currently trading at $18,900 with a 6% loss in the last 24 hours. The cryptocurrency has lost over 75% of its value since reaching an all-time high at $69,000. At those levels, the Rich Dad Poor Dad author was a buyer and seemed...

NewsBTC: Reports: FTX Targeting BlockFi Purchase At $25M

BlockFi, Celsius, Nexo, and more: tough times can lead to difficult measures, and this year’s bear market is showing no exception to some of these players. Look no further than the current state of affairs for centralized finance (CeFi) platforms, who have been facing substantial headwinds with no end in sight. Now, after days of rumors and reported exploratory deals, reports have emerged that powerhouse crypto exchange FTX is putting together the final ties around an acquisition deal of BlockFi at just a $25M valuation. The news comes after reports emerged that FTX passed on an acquisition deal for Celsius...

NewsBTC: Stratis (STRAX) Soars 200% From June Low On Sky Dream Mall Launch

After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low. The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12, 2016, approximately six years ago. Related Reading | Bitcoin Slides Under...

NewsBTC: USDC Exchange Reserves Rise As Investors Escape From Bitcoin

On-chain data shows the USD Coin exchange reserves have gone up recently, suggesting that investors may be exiting volatile markets like Bitcoin. USD Coin All Exchanges Reserve Has Been Climbing Up Recently As pointed out by an analyst in a CryptoQuant post, there have been signs of selling from Bitcoin investors for moving into USDC. The USD Coin “all exchanges reserve” is an indicator that measures the total amount of the stablecoin currently present in wallets of all exchanges. When the value of this metric goes up, it means investors are either depositing their USDC to exchanges right now, or...

NewsBTC: Ethereum Loses Steam As Exchange Supply Spikes

Ethereum (ETH) is once again losing momentum after exhibiting a positive bounce the previous week. At the time of publication, ETH has a market valuation of $125 billion and is currently trading 9 percent lower at $1032. The second-largest economy in the world is unmistakably losing strength, and if it cannot maintain $1,000, it may go as low as $700 or even lower. Ethereum Falls Below $1k Over the past few hours, the price of ethereum has deviated from a key level of support and fallen under $1,000. This is why more selling pressure might cause a downturn below $900...

NewsBTC: Bitcoin Enters Hibernation Mode As Network Activity Lulls

Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. This drawdown was expected as a reduction in network activity usually follows a rush to get out of the digital asset during the decline. This lull has brought various metrics back towards normal territories and daily miner revenues remain drowsy during this time. Network Activity Slows After the price of bitcoin had crashed to $17,600, there was a rush to get out of the digital asset. This had led to a tremendous surge in network activity. Average transaction volume had shot up from around...

NewsBTC: What’s Protocol Monetary Trade Policy, and Why Is it Such a Big Deal?

Innovations that push boundaries tend to generate buzz before they’re fully adopted by the broader DeFi community. Protocol Monetary Trade Policy is the newest one on the horizon. It’s already considered by some as the evolution of liquidity mining, despite being relatively new in the space. The policy’s proponents say it will greatly benefit the DeFi ecosystem, but it’s worth examining exactly what Protocol Monetary Trade Policy is, how it compares to traditional DeFi economics, and whether it truly has the potential to revolutionize the crypto-economic space. What is Protocol Monetary Trade Policy? Protocol Monetary Trade Policy (PMTP) is a...

NewsBTC: Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

Over the past few hours, the price of bitcoin has deviated from a key level of support and fallen below $19,000. The transaction history reveals that many addresses purchased Bitcoin for more than $20,000. These market players would soon liquidate their holdings to prevent further losses, which would set off a decline toward $16,000 Inflation Warnings Affect Bitcoin Price Due to major inflation worries and rate hikes indicated by central banks, particularly the US Federal Reserve, BTC has almost lost half of its value over the previous month. Bitcoin’s market valuation has fallen from $1.27 trillion in November 2021 to...

NewsBTC: Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

Bitcoin and other altcoins have suffered massive losses since May. But after a point, things started changing a bit. For example, bitcoin that fell to $17K on June 18 recovered to trade between $20K and $21K from June 19 to June 28 when it traded above $21K in the early hours of the day. Unfortunately, the crypto could not sustain the recovery above $21K and lost more than $500 some hours later. The change in Bitcoin price resulted from mixed reactions in the market concerning regulators’ stance on crypto. According to Gary Gensler, the SEC boss, regulators place Bitcoin and...

NewsBTC: Bitcoin Slides Under $20K – Another Collapse In The Offing?

Some parts of the virtual stratosphere are again rife with photos of the Titanic sinking. For those in the know, obviously, that alludes to what has befallen Bitcoin these days. There was supposed to be a good ounce of jubilation in recent days when the world’s most popular crypto showed signs of renewed vigor and reclaim a price level that would have eased the fears of many but, nope. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens June Not A Good Month For Bitcoin According to data from Coingecko, Bitcoin fell below $20,000 on Thursday, to...