bitcoin market – pressnews

Bitcoin’s Big Moves Are Being Magnified by a Protracted Lack of Liquidity

31Oct

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Technology

Bitcoin’s Big Moves Are Being Magnified by a Protracted Lack of Liquidity

[ad_1] A protracted dearth of liquidity in cryptocurrency markets is playing a key role in the more than 10% swings in the price of Bitcoin seen in recent weeks. Market depth remains at its lowest point this year even with the recent resurgence in trading activity being spurred on in part by expectations for a Bitcoin exchange-traded fund, FalconX's research team found. They measure market depth by looking at the average volume of Bitcoin trading activities within 1% of its current price, on a 24-hour basis. The drop in overall liquidity was dubbed the “Alameda Gap” last November by blockchain-data firm Kaiko. Alameda Research was the trading arm of Bankman-Fried's failed FTX digital empire. The lingering effect is largely a result of the huge losses that market makers incurred after t...

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

26Apr

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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...

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

24Apr

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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...

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

23Apr

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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...

Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto

5Mar

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Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto

[ad_1] Bitcoin dropped to the lowest level in about two weeks, part of a wider retreat in crypto markets as investors digested the unraveling of a key industry payments network. The largest token by market value sank as much as 6% before paring some of the slide to trade 4.9% lower at $22,323 as of 1:44 p.m. Friday in New York. Smaller coins such as Ether, Avalanche and the meme token Dogecoin also suffered declines. The digital-asset industry is absorbing the fallout of the troubles at crypto-friendly US bank Silvergate Capital Corp., which has said that it's reviewing whether it can remain viable. The bank offers a widely used payments network that facilitates the real-time transfer of funds between crypto firms. But many digital-asset exchanges, stablecoin issuers and trading d...

Bitcoin Trades Back Up to $22,000 as Regulatory Concerns Ease

16Feb

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Bitcoin Trades Back Up to $22,000 as Regulatory Concerns Ease

[ad_1] Bitcoin hovered near $22,000 amid a bout of stability in crypto markets following a selloff sparked by worries about a US clampdown. The largest token dipped less than 1% as of 1:10 p.m. Wednesday in Singapore. Smaller coins such as Ether, Cardano and Binance Coin were also little changed. Recent US steps such as shutting down issuance of a Binance-branded stablecoin, BUSD, have stirred fresh uncertainty for digital assets. The curbs are among the reasons why a bounce in crypto from 2022's rout has cooled. Bitcoin may be “reentering a slumber,” Bendik Schei, research head at Arcane Research, wrote in a note. He said there were signs of reduced institutional participation, such as a drop in open interest for CME Group Inc. futures. Crypto...

Bitcoin’s 2023 Bounce Is Fizzling as SEC Turns Up Heat on Crypto

11Feb

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Bitcoin’s 2023 Bounce Is Fizzling as SEC Turns Up Heat on Crypto

[ad_1] Bitcoin's new-year rebound has hit the buffers, hampered by a crypto crackdown in the US and fears that higher-for-longer interest rates will sap investor appetite for speculative assets.The largest token's 6% three-day retreat is the worst over such a time-span since December, while a gauge of the largest 100 digital assets is down 5%. Bitcoin hovered near $21,850 as of 6:25 a.m. Friday in London. Crypto exchange Kraken on Thursday said it will scrap digital-asset staking products in the US and pay $30 million to settle Securities and Exchange Commission allegations that the service broke rules. The development highlighted escalating regulatory skepticism about the crypto sector, which continues to squirm under the ramifications of the collapse of the FTX group. “Regulators hav...

Bitcoin’s Rally Stalls Just Shy of a Trading Signal Last Seen Before the Token’s Record Run

7Feb

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Bitcoin’s Rally Stalls Just Shy of a Trading Signal Last Seen Before the Token’s Record Run

[ad_1] Bitcoin's 2023 rally is stalling after coming tantalizingly close to forming a trading signal last seen when the token was setting records. The coin's near 4% slide in the seven days through Sunday was the largest weekly drop since November, paring its year-to-date gain to 39%. Bitcoin remains on the cusp of a golden cross, where the 50-day average price tops the 200-day. This pattern occurred before bull runs in 2020 and 2021. “Most instances of a golden cross have resulted in favorable returns for Bitcoin, and many have occurred at critical long-term inflection points,” Sean Farrell, Fundstrat Global Advisors' digital-asset strategy head, wrote in a note. Over the past five years, Bitcoin rose an average 22% in the 60 days after a gold...

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

5Dec

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Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

[ad_1] Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered.A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank's Global Head of Research Eric Robertsen wrote in a note on Sunday. Demand could switch from Bitcoin as a digital version of gold to the real thing, spurring to a 30% rally in the yellow metal, Robertsen also said. This possible outcome involves a reversal in interest-rate hikes as economies struggle and more crypto “bankruptcies and a collapse in investor confid...

Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years

2Dec

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Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years

[ad_1] Crypto advocate Mike Novogratz dropped his forecast for Bitcoin to climb to $500,000 in five years, citing the Federal Reserve’s interest rate increases. Crypto advocate Mike Novogratz dropped his forecast for Bitcoin to climb to $500,000 in five years, citing the Federal Reserve's interest rate increases.It will, but “not in five years,” Novogratz said Thursday during an interview on Bloomberg Television. The biggest change that happened is that Fed Chair Jerome Powell found “his central banking superpowers.” Like most risk assets, Bitcoin has slumped this year because the Fed is raising rates to contain inflation, Novogratz, the chief executive of Galaxy Digital, said. Bitcoin has tumbled more than 60% this year, dropping to around $17,000. Fallout from the bankruptcy of the ...