No let-up in risk assets means Bitcoin faces more selling pressure, but hope remains that a key moving average could soon see a challenge.
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Bitcoin price limps under $20K as Asia extends global stocks weakness
Bitcoin (BTC) returned under $20,000 on June 29 as analysts stayed hopeful of a trip higher.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTraders looks to $19,500 for support
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week in Asian trading hours.
The weakness followed rangebound behavior near $21,000, this characterizing a market still in tune with moves in global equities.
The S&P 500 had finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng was likewise 2.1% lower, while China’s Shanghai Composite Index traded down 1.4%.
With few bullish cues coming from macro, Bitcoin thus had little stopping it from revisiting the lower end of a range in place for several weeks.
Trader puts faith in crypto despite the failed first investment
Despite his initial losses in trading, JC Enriquez still strongly believes that crypto will bring him more profit in the years to come.
Trader puts faith in crypto despite the failed first investment
Despite his initial losses in trading, JC Enriquez still strongly believes that crypto will bring him more profit in the years to come.
Trader puts faith in crypto despite the failed first investment
Despite his initial losses in trading, JC Enriquez still strongly believes that crypto will bring him more profit in the years to come.
Bear market will last until crypto apps are actually useful: Mark Cuban
The billionaire investor said a bigger focus on applications and utility outside of finance would bring more back to the crypto space and possibly reverse the declining market.
MakerDAO looks to invest $500M into ‘minimal risk’ treasuries and bonds
The DAO intends to generate yield with its native DAI stablecoin via traditional investments in US treasuries and possibly even corporate bonds.
Regulatory uncertainty creates rash of ‘novel’ lawsuits: Legal experts
“Litigation and enforcement activity is likely to accelerate in the current regulatory climate, perhaps in unpredictable ways,” says lawyers from Choate Hall & Stewart LLP.
Surprise twist as BlockFi receives Money Services License in Iowa
Despite a significant fine from Iowa’s regulator just two weeks earlier, BlockFi has scored itself a license in the state.
Battle-hardened Ronin bridge to Axie reopens following $600M hack
The Ronin bridge tied to Axie Infinity is back up with a new design after Sky Mavis introduced a circuit breaker system and daily withdrawal limits.
75% of Marathon's mining fleet still offline two weeks after huge storm
Marathon’s CEO Fred Thiel said that it will take time to get the facility back to full strength, but that the company could decide to speed up its move out of Hardin.
Bitcoin miner Mawson to defer all major capital expenditures until market conditions normalize
The bear market is affecting all segments of the crypto industry, including Bitcoin miners, which have seen their revenues decline sharply this year.
Key Bitcoin price metrics say BTC bottomed, but traders still fear a drop to $10K
On-chain and technical analysis indicators suggest BTC price may have bottomed, but several traders are still wary that price could fall as low as $10,000 in the short-term.
Key Bitcoin price metrics say BTC bottomed, but traders still fear a drop to $10K
The crypto market is currently going through a period of heightened volatility as global economic conditions continue to worsen amid a backdrop of rising inflation and interest rates.
As the headwinds impacting global financial markets beat down all traces of bullish sentiment, many crypto investors are predicting that Bitcoin (BTC) price could drop to as low as $10,000 before a market bottom is found.
BTC/USDT 1-day chart. Source: TradingViewWhile many traders scoffed at the idea of BTC falling below its 2017 all-time high, the recent dip to $17,600 suggests that this bear market could be different from the last one.
Here’s what several analysts are saying about the possibility of Bitcoin falling to $10,000 in the next few weeks.
Historic pullbacks point to a low at $10,350
Insight into how BTC may perform in the short-term can be gleaned by looking at its performance during the bear market cycles of 2013 and 2017. In 2013, the maximum drawdown for Bitcoin was 85%, which took place over a period of 407 days. The maximum drawdown in 2017 was 84% and this period lasted for 364 days.
That's 'Sir' Crypto Dad: French order knights former CFTC chair Chris Giancarlo
The first of his name, king of the punks and the first regulators, protector of the seven tokens, the keeper of the great CBDC, the breaker of blockchains and father of crypto.
Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales
Russia is turning to blockchain technology in an effort to counteract the economic isolation brought on by the sanctions imposed due to its invasion of Ukraine.
Are custodied crypto funds at risk? Industry veterans explain
Investments under custody are usually very safe, until the accountability of the custodian is called into question.
Are custodied crypto funds at risk? Industry veterans explain
Investments under custody are usually very safe, until the accountability of the custodian is called into question.
Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’
To mine, or not to mine, that is the question. Professional Bitcoin miners discuss the nuance of BTC mining and whether now is a good time to get started.
‘Unique phenomenon’: All 5B toncoins mined on PoS TON blockchain
The TON Foundation, an organization developing the Telegram-initiated blockchain project, the TON blockchain, on Tuesday officially announced that TON miners have mined the final toncoin.
"Tens of thousands of miners have mined the entire issuance of toncoins, which was about 5 billion tokens,” TON Foundation founding member and core developer Anatoly Makosov said in a statement to Cointelegraph. The last toncoin was mined on June 28, he noted.
The end of toncoin mining marks a major milestone in TON's distribution, starting its new era as an entirely PoS blockchain. From now on, new toncoins will only enter circulation via PoS validation, the TON Foundation said. That will result in a cut in the total influx of new toncoins into the network by around 75% to the existing limit of 200,000 tokens per day.
The TON price has immediately reacted to the news, surging 34% over the past 24 hours. The token is trading at $1.41, according to data from CoinGecko.
TON seven-day price chart. Source: CoinGeckoBy definition, proof-of-stake, or PoS, is a consensus algorithm that operates depending on a validator’s stake in the network. The PoS algorithm is opposed to proof-of-work, or PoW, the original consensus algorithm of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which is based on blocks validated through computing power provided by miners.