Bitcoin

Despite being around for a long time now, numerous individuals still consider cryptocurrencies to be undergoing experimentation. However, Bitcoin has been able to gain some form of importance in the financial domain. This is such that governments and central banks worldwide are planning towards the regulation and introduction of their own digital currencies. We have numerous cryptocurrencies in the market but Bitcoin remains the leader despite its remarkable shortcomings. At press time, the dominance of Bitcoin was 62.97 percent, while its…

Bitcoin has been trading on the sideways and has once again failed to close its daily candle over $7.2k. Hence, it is vulnerable to more downside this weekend and in the coming week. Bitcoin may fail to make any notable trend defining moves in the days ahead either. According to an analyst, its direction will be influenced by the direction the United States stock market trends next week. That is, its performance this weekend will be dull such that it…

Reports have it that Bitcoin holdings on one of the renowned cryptocurrency exchange Bitfinex have reduced by 66k over the previous four weeks. As of Mar. 17 this year, the number of Bitcoins held in the exchange was 200,140. However, the number declined by 33 percent to only 134,091 Bitcoin by Apr. 13. This huge decline is similar to the experience with another exchange BitMEX, which recorded a 38 percent reduction in its number of Bitcoin holdings following the massive flash crash that…

There has been a large recovery in Bitcoin network’s computing power following its second biggest fall in history. Coin Metrics revealed that the network’s total computing power (also called the hash rate) has returned to normal 2020 levels after a substantial decline in March 2020. The hash rate stands for the miners’ aggregate computing power on Bitcoin network. When the hash rate is high, it is a sign of more miners’ harder efforts towards finding new Bitcoin blocks, together with the sustenance…

Many cryptocurrency market participants and Bitcoin enthusiasts are looking forward to wide usage of Bitcoin as currency. However, scalability is among the greatest challenges hindering the achievement. Bitcoin’s proof of work consensus algorithm is exceedingly essential based on immutability viewpoint; however, it has not been able to do as expected regarding transaction speeds when in competition with other forms of payments. People argue that Bitcoin is suitable as a store of value asset and not as a medium of exchange.…

Many Bitcoin enthusiasts have robust support for the Stock-to-Flow (S2F) model used for the prediction of Bitcoin prices. According to the model’s forecast, Bitcoin price will become more than $100k by 2021. Nevertheless, according to some analysts, the model use for Bitcoin is untoward. Their argument is that Bitcoin’s supply is fixed; hence the model is unable to dictate market movements. An analyst known as Hugo Nguyen on Twitter tweeted about the statements by Coinmetrics founder Nic Carter on the viewpoint. According to the S2F model’s…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $196 billion. Bitcoin ends the week where it started it at around $6,800 after surging mid-week to $7,400 Ethereum value surged by a total of 23% in the past seven days. XRP rises to $0.19 and bravely battles to overcome the $0.20 barrier COVID-19 has now spread to 210 countries worldwide and killed over…

BTC/USD Pair Price Analysis Over the previous week, the attempt by the BTC/USD pair tried to surge over two barrier levels ($7.4k and $7.5k) failed. The pair attained $7,470 and in recent times began to fall. It was able to break the $7.2k support level to land in a declining area. The pair’s 4-hour chart shows a break beneath a key bullish trend line with support at $7.2k. Currently, the pair is close to a critical support at $6.7k and…

Some factors should make traders go short on Bitcoin following the 50 percent crash in March. The crash compelled numerous people to abandon the crypto domain as the liquidity of cryptocurrency markets fell recently. Dan Tapiero of DTAP Capital and Gold Bullion International noted the unbelievable nature of the latest price action in the investment-level corporate bond market. Charts revealed that corporate bonds’ index is about to attain its lifetime highs following an extreme 20 percent retracement, coming from bonds…