Tag: bitcoin drop

Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus
26Apr By adminNo Comments
Technology

Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus

[ad_1] Bitcoin reached an almost four-week low, with the cryptocurrency continuing to lose momentum since breaking above $30,000 earlier this month for the first time since June.The original digital currency was little changed on Monday after earlier falling as much as 1.9% to $26,989. That was the first time the price was below $27,000 since March 28. Other digital assets were mostly flat to higher, with Ether little changed and Avalanche up about 2%. Crypto-related stocks also extended their slide from last week. Coinbase, the biggest US digital exchange, has slumped for six straight trading sessions since Bitcoin hit its recent high of around $31,000 on March 14. MicroStrategy retreated for a fourth day. There has been some “overheating” of the market, said Aya Kantorovich, co-founde...
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Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000
24Apr By adminNo Comments
Technology

Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000

[ad_1] Bitcoin's rebound is just the start of a rally that will take it past $50,000 next year courtesy of a process known as halving that curbs the supply of new tokens, according to projections from crypto analysts.The largest digital asset has climbed 70% since Dec. 31 in a partial revival from an epic rout in 2022. While the token at the moment is struggling in the vicinity of $30,000, halving holds the potential to trigger an advance of at least 78%, according to Bloomberg Intelligence and Matrixport. A halving – or halvening – cuts in half the amount of tokens that Bitcoin miners receive as reward for their work. The quadrennial event is due next around April 2024 and is part of the process of capping Bitcoin supply at 21 million tokens. The coin hit records after each of the last...
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Bitcoin Stumbles This Week After $30,000 Threshold Fails to Hold
23Apr By adminNo Comments
Technology

Bitcoin Stumbles This Week After $30,000 Threshold Fails to Hold

[ad_1] Bitcoin is ending the week on a down note after failing to sustain momentum once it pushed past $30,000 for the first time since June.The largest cryptocurrency by market value has dropped about 10% since last Sunday to around $27,300, rounding out its first weekly loss in four. Bitcoin had climbed as high as $31,013 on March 14, and has surged around 65% this year, helping to soften the blow from a similar-sized decline in 2022. The weekly drop comes amid improving bank deposits, a fluctuating outlook for higher interest rates and a risk-on rally in some US stocks. “Bitcoin saw a loss of short-term momentum earlier this week, which has given way to a corrective phase,” said Will Tamplin, senior analyst at Fairlead Strategies.“The one concern is whether the rally to $30k was mere...
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Bitcoin Trading Signal Hints at an Upcoming Leap Back Above $30000
21Apr By adminNo Comments
Technology

Bitcoin Trading Signal Hints at an Upcoming Leap Back Above $30000

[ad_1] Bitcoin's rally this year is facing a test as the token struggles around $30,000. A pattern buried in the coin's recent swings suggests it could vault above that level again en route to a 7% short-term gain.The pattern is a minimum daily jump of 3% followed by a next-day reversal of at least that magnitude during a generally bullish period for Bitcoin. The token flashed that signal over Tuesday and Wednesday. Bitcoin rose about 7% on average over three, five and 10 days after the previous 17 such signals in the last five years, data analyzed by Bloomberg show. The study identified bullish periods by using the token's relative strength index, a momentum gauge, which had to be above 50. Bitcoin has rebounded about 74% in 2023 from last year's crypto rout, helped by expectations of ...
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Bitcoin Barrels Past Banking Sector Troubles Toward One of its Biggest Weekly Gains
18Mar By adminNo Comments
Technology

Bitcoin Barrels Past Banking Sector Troubles Toward One of its Biggest Weekly Gains

[ad_1] Bitcoin is on course for one of its biggest weekly gains of recent years, bolstered by wagers on eventual cuts in interest rates as the token rides out convulsions in the banking sector.The largest digital asset is up about 25% since the start of Monday. It's had a weekly jump of at least that much only 10 times in the past five years, data compiled by Bloomberg show. Smaller coins like Ether and Dogecoin are also rallying. The collapse of three regional US lenders and wobbles at Credit Suisse Group AG are strengthening expectations of an end to the monetary tightening that pummeled crypto in 2022. The ructions are also reviving claims from Bitcoin's most ardent supporters that the token is an alternative to fiat currency. “The current turbulence within the US banking sector, po...
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Bitcoin Rally Is Much-Needed Lifeline for Troubled Miners After Grim Quarter
1Mar By adminNo Comments
Technology

Bitcoin Rally Is Much-Needed Lifeline for Troubled Miners After Grim Quarter

[ad_1] Bitcoin's new year rally is resuscitating many crypto-mining companies seeking to escape from near financial ruin after one of the most devastating quarters ever for the nascent industry. Whether they succeed in making a comeback remains in question.High electricity costs, a plunge in digital assets prices and persistent network competition in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Core Scientific Inc., the largest public Bitcoin mining company by computing power, went bankrupt and multiple major miners warned of liquidity crunches. While struggling miners have garnered some relief from Bitcoin's 40% rebound this year, they are still under financial pressure. The rise in Bitcoin has made it easier for miners to raise cap...
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Bitcoin Miners Deleverage, Scale Back as Crypto Winter Continues into 2023
11Jan By adminNo Comments
Technology

Bitcoin Miners Deleverage, Scale Back as Crypto Winter Continues into 2023

[ad_1] Cash-strapped Bitcoin miners are reducing loans and scaling back their operations as the crypto-mining industry continues to weather a plunge in the digital asset’s price. Cash-strapped Bitcoin miners are reducing loans and scaling back their operations as the crypto-mining industry continues to weather a plunge in the digital asset's price.During the historic bull run in late 2021, miners raised billions of dollars in debt financing to fund their expanding operations. But since the crash early last year, publicly traded miners are refinancing and selling coin reserves as well as equity to repay loans and cover operational costs. “Miners are trying to deleverage to avoid margin calls or an imminent liquidity crunch if Bitcoin drops below a certain price point,” Wolfie Zhao, an ...
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How 2022 Became A Very Bad Year for Crypto — And Its Biggest Players (Podcast)
14Dec By adminNo Comments
Technology

How 2022 Became A Very Bad Year for Crypto — And Its Biggest Players (Podcast)

[ad_1] Crypto spent most of 2022 in free fall, with players and prices reeling from the collapse of TerraUSD, Celsius, Voyager Digital and then FTX. It's safe to say that 2022 wasn't the best year for crypto. By late January, Bitcoin had already shed half of its value from its all-time high of nearly $69,000 set in November 2021. Bitcoin's descent accelerated after the first major crisis of this year — the collapse of an algorithmic stablecoin called TerraUSD. The implosion of what was once considered an ambitious experiment for decentralized finance, or DeFi, sent shockwaves through the industry, ultimately triggering the collapse of crypto hedge fund Three Arrows Capital as well as crypto lenders Voyager Digital and Celsius. It started to feel a bit like the Hunger Games — crypt...
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Bitcoin Erases Drop Sparked by US Fed’s Warning of Rate-Hike Pain
22Sep By adminNo Comments
Technology

Bitcoin Erases Drop Sparked by US Fed’s Warning of Rate-Hike Pain

[ad_1] Cryptocurrencies fought off declines triggered by another large US Fed interest-rate hike, though sentiment remained cautious. Cryptocurrencies fought off declines triggered by another large Federal Reserve interest-rate hike, though sentiment remained cautious given the central bank's warning of economic pain ahead from tightening policy. Bitcoin, the largest token, was about 1.2% higher as of 10:50 a.m. in London on Thursday after earlier sliding as much as 4% toward levels last seen in 2020. Second-biggest coin Ether continued to underperform, shedding 2%. Markets are shuddering at the Fed's determination to fight inflation by constricting financial conditions. Shorter maturity Treasury yields jumped more than ...
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