Down

Down 4% so far, Bitcoin is having a down-week. Could this current fall in price start to snowball as investors lose hope and start to sell, or is Bitcoin going to surprise the market once again and break free of the shackles of the last 14 weeks? Bears in control for now There is plenty of bearish sentiment around in the press and on social media regarding Bitcoin. Just to begin, there is the fact that hedge funds have built…

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.…

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…

In a major milestone for Ethereum and layer-2s, Optimism, a layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless fault proofs. Even though the platform manages over $7 billion of assets, according to L2Beat, Optimism, like most optimistic rollups, lacked a way of trustlessly verifying transactions. It relied on a centralized sequencer and fraud-proof system for this function. Optimism Activates Trustless Fraud-Proof System Activating the open-source fault-proof system is crucial to…

The post Why the Bitcoin Price is Down Today? appeared first on Coinpedia Fintech News The cryptocurrency market has taken a significant downturn today, with Bitcoin falling below its $71,000 support level to $68,500, and Ethereum dropping to $3,600. The global crypto market cap has decreased by 2.60% to $2.55 trillion, while total market volume surged by 42.17% to $106.43 billion. Meanwhile, many are wondering what’s the key reason behind the sudden market drop. Reasons Behind the Market Decline The…

Despite the innovative launch of Cardano Ogmios v6.4.0, ADA’s price has experienced a slight decline. The launch reflects Cardano’s commitment to expanding blockchain functionality and fostering community participation. Following the recent update from CNF regarding Cardano’s Project Catalyst and the launch of Fund 11, which allocates 50 million ADA for community-driven initiatives, Cardano has introduced a new release, Cardano Ogmios v6.4.0. This development, highlighted in an official tweet by Cardano Updates, and detailed further on the GitHub page of Cardano…

The post Memecoins Tumbling Down, FLOKI, & Pepe Plunge Heavily: What’s Next? appeared first on Coinpedia Fintech News The crypto markets are facing extreme bearish pressure as the Bitcoin price is slumping hard after losing the $68,000 support level. This has also compelled the other altcoins to undergo a notable pullback, in which the memecoins have taken the lead. The tokens which were leading the top performers now face massive pullbacks. Among them are PEPE and FLOKI, which are feared…

After being rejected from $72,000 just over a week ago, the $BTC price has come down to test support at $67,000. A bounce here, or perhaps a bit lower at $66,000, could be the next move for bitcoin. $BTC at strong support  Source: Coingecko/TradingView In the daily chart above, the $BTC price is still meandering along inside the bull flag, although within the bull flag some levels of support have developed. If $BTC can stay above these supports the likelihood…

A recent market report by research firm Kaiko noted how Grayscale’s Spot Ethereum ETF could have a negative impact on Ethereum’s (ETH) price. This is based on the firm’s expectations that Grayscale’s Ethereum Trust (ETHE) could follow a similar path to Grayscale’s Bitcoin Trust (GBTC). Ethereum Could Face Significant Selling Pressure From Grayscale’s Outflows Kaiko noted that Ethereum could face significant selling pressure from Grayscale’s ETHE once the Spot Ethereum ETFs begin trading. This is because the fund has been…