Bitcoin

Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone. Bitcoin started another decline from the $68,200 resistance zone. The price is trading below $68,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover but the upsides might be limited…

Fidelity Investments’ Director of Global Macro, Jurrien Timmer, explains the recent slowdown in Bitcoin adoption. While he acknowledges Bitcoin as “exponential gold” and a potential store of value, Timmer highlights the divergence between the deceleration in Bitcoin’s network growth and its price movements. Network Growth vs. Price Gains Timmer emphasized that Bitcoin’s price is primarily driven by its network growth, influenced by its scarcity, monetary and fiscal policies, and market sentiment. Despite Bitcoin’s price gains, its network growth has slowed.…

Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national electrical infrastructure. Miners consider gas-flaring energy as an alternative to bypass national grid and revive Bitcoin mining operations. In Venezuela, once a burgeoning hub for Bitcoin mining, the industry faces severe setbacks due to lack of energy resources and governmental support. The once-thriving mining farms have fallen silent, with the government disconnecting them from the national electric system, citing the industry’s strain on the power supply which…

Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls continuing to hold up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a significant price jump from here. Bitcoin Can Still Make A 35% Jump Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in.…

At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June 11. Currently, Bitcoin is stable, trending above $67,000 and down despite gains on June 12. Still, even at this level, there are concerns because the coin, despite all the confidence across the board, remains below $72,000. This reaction line is emerging as a key liquidation area. If broken, BTC could unleash a wave of short liquidation, accelerating the lift-off to $74,000 and beyond.…

Better than expected inflation data came out Wednesday morning and Bitcoin put on a spurt on the news. However, Federal Reserve Chairman Powell did his customary jawboning act in order to dampen market exuberance. Bitcoin fell back as a result. FOMC meeting ups and downs Markets were fairly nervy going into the Federal Open Market Committee meeting which began on Tuesday. On the day, Bitcoin fell as much as 5%, which was equivalent to a reversal of around $3,450.  On…

MicroStrategy has unveiled a strategic initiative to augment its Bitcoin (BTC) holdings. It announced an offering of $500 million in convertible senior notes due 2032. This move, targeted at qualified institutional buyers, highlights the firm’s commitment to Bitcoin as a central investment asset. MicroStrategy’s Bitcoin Portfolio is Worth Over $14 Billion These convertible senior notes offer a dual benefit, allowing holders to convert their investment into company stock under predefined conditions. Structured as unsecured and senior, these notes ensure priority…

Former President Donald Trump’s recent statement about wanting all Bitcoin to be made in the US has sparked a debate within the crypto community. While some Bitcoin enthusiasts initially welcomed the idea, many experts argue that Trump’s stance misunderstands Bitcoin’s fundamental principles. Trump’s Bitcoin Vision Sparks Debate Crypto journalist Laura Shin raised a critical question. She asked why Bitcoiners celebrated Trump’s statement about making all Bitcoins in the US. She emphasized that this could create jurisdictional risk, making Bitcoin less…

As Bitcoin exchange-traded funds (ETFs) continue to garner attention, they also pose unprecedented risks to the cryptocurrency market.  These financial instruments, designed to attract institutional investors, could potentially destabilize the entire industry due to several inherent vulnerabilities. The Biggest Risks in the Current Cycle Arthur Hayes, co-founder of BitMEX, emphasized the dangers associated with centralized entities managing large volumes of crypto assets. He pointed out that the main risk in previous cycles stemmed from centralized counterparties facing credit issues.  “We…