Downturn

In a month marked by a challenging correction in the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Within the past 24 hours, Optimism’s native OP token skyrocketed by 9%, positioning it as the best-performing token among the top 100 cryptocurrencies.  Behind this surge lies venture capital firm a16z, which has reportedly invested around $90 million in Optimism’s OP token, signaling further institutional support for the layer 2 protocol.  OP Receives Major Investment Sources…

Shiba Inu (SHIB) has tanked since the Bitcoin halving, defying the cyclic trend where altcoins spike following the halving as BTC investors seek better returns elsewhere. The Shiba Inu team attributes the dip to factors beyond the meme coin, such as the disappointing debut of the Hong Kong ETFs and policy and economic forecasts. Shiba Inu has been on a disappointing price run since the Bitcoin halving; in the past week, SHIB has lost close to 20% of its value.…

The post Analyst Predicts Significant Downturn for Bitcoin Price Before It Reaches $1 Million Milestone appeared first on Coinpedia Fintech News Billy Markus, famous for creating Dogecoin and his fondness for memes, posed a playful question about the Bitcoin halving on X, using his alter name “Shibetoshi Nakamoto.” He jokingly asked users if the halving meant the price would halve, too.  Is Bitcoin Crash on the Cards? The humorous remark from Markus taps into the worries of some Bitcoin fans…

The Bitcoin Network Value to Transactions (NVT) Golden Cross indicator attained overheated values coinciding with the recent local top in the price. Bitcoin NVT Golden Cross Surged To 3.17 During Recent Peak An analyst in a CryptoQuant Quicktake post explained that the NVT Golden Cross may have served as an indicator of the recent top in cryptocurrency prices. The “NVT” refers to an on-chain metric that tracks the ratio between Bitcoin’s market cap and transaction volume (both in USD). This…

Bitcoin (BTC) continues its price decline into the third day of April. BTC’s value momentarily dipped to $64,673 during the early trading hours in Asia. Nonetheless, a slight recovery was noted, with the cryptocurrency trading at $66,286 at the time of this report. The recent dip also marks Bitcoin’s lowest price point for the past seven days. Spot Bitcoin ETFs Outflows Stir Market Concerns Analysts are linking the recent downturn to outflows from US-traded spot Bitcoin exchange-traded funds (ETFs). According…

On March 14, Bitcoin (BTC) soared to a record $73,750 apiece, a staggering 70% increase since the beginning of the year. But such a triumphant rally was short-lived as traders, seizing the moment to secure profits, initiated a trend of BTC weakness that extended to March 19. On Tuesday, the original cryptocurrency plummeted over $10,000 to close below $62,000, which caused a ripple effect across the broader market. Having recently surpassed the $4,000 mark for the first time since December…

Bitcoin’s recent price tumble sparked concern among investors. Experts, however, believe the worst is over. Following this roller-coaster episode, the market is now eyeing the Dencun update with optimism. Expected to propel cryptos to new heights, this development could shape the future of digital assets and prove instrumental in their trajectory following such market downturns. BlastUP Presale Hits $2 Million: Anticipating the Next Big Thing in Crypto BlastUP, the premier launchpad on Blast, has recently made a splash in the…

Bitcoin's continued decline is sending ripples through the crypto market. Yesterday, the coin registered its largest single-day crash in over ten months. The trading frenzy that ensued resulted in the crushing of BitMEX, the most profitable crypto-derivatives exchange.    BTC shed nearly 50% of its value to close at about $3,800, a decline that proved too much for the exchange's handling. Skew markets reports that BitMEX experienced liquidations of up to $863 million. Additionally, the platform saw the liquidation of…

A stern warning by the incoming governor of the Bank of England, Andrew Bailey, has been issued against investing in Bitcoin. In a 4th March 2020 Address to the UK's members of parliament, Bailey said that Bitcoin lacks any intrinsic value. Anyone investing in Bitcoin must thus be prepared to lose all their funds. He chipped at the failure of Bitcoin to live up to its expectation of widespread adoption. The incoming governor starts his duty as the new head…