Tag: Bitcoin Price Today

Technology

Bitcoin Struggles to Recover After Near 10% Drop

Bitcoin struggled to rebound from a precipitous drop which sent the largest cryptocurrency falling as much as 9.22% earlier in the week.The token was little changed on Thursday morning London time, trading at around $43,056 and marking a partial recovery from Wednesday's low, but still 6.2% away from the year's high.  Bitcoin had rallied to a 21-month high on Jan.2, ahead of ahead of an upcoming Jan. 10 deadline, that could see the US Securities and Exchange Commission approve the first exchange-traded fund tied directly to the asset's spot price. The token, along with the broader crypto market crashed suddenly on Wednesday, which some speculated occurred after Matrixport analyst Markus Thielen wrote in a note that he expects the SEC to reject all Bitcoin ETF proposals this month.The d...
Technology

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

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 the mel...
Technology

Bitcoin Has More Than Doubled This Year In Unforeseen Resurgence

Bitcoin has now more doubled in value this year in a surprising resurgence from a tumultuous 2022 that had some skeptics predicting the demise of digital assets.   The largest cryptocurrency by market value rallied for a third day, pushing the price back to around $35,000, the highest level in about 18 months. Bitcoin tumbled 64% last year amid industry scandals and bankruptcies. It reached a record of almost $69,000 in late 2021. Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in the cryptocurrency after a decade of deliberation has fueled a more than 25% rally over the past two weeks. “Sentiment is clearly bullish as more and more signs start to reveal what appears to be a likely, imminent listing for a s...
Technology

Crypto’s Dream of an Embrace by China Gets a Reality Check

A shakeup at China's central bank has poured cold water on speculation that the nation may be about to loosen a ban on digital-asset trading.Industry executives including Circle Internet Financial Ltd. Chief Executive Jeremy Allaire have seized on Beijing's quiet backing of Hong Kong's push to become a crypto hub to argue that the mainland may reverse its policy. They got a reminder about the risks of such extrapolations when Pan Gongsheng was named the top Communist Party official at the People's Bank of China. The move potentially puts Pan in the running for PBOC governor and was viewed as a signal of policy continuity at the institution, which in 2021 declared all crypto-related transactions illegal. The appointment Saturday also surfaced some historic but unusually colorful comment...
Technology

Bitcoin Perpetuals Seen Becoming an Even Bigger Driver of Prices

Bitcoin perpetual futures, one of the most popular derivatives contracts in crypto markets, are increasingly driving the largest digital token's price. That's according to Conor Ryder, research analyst at Kaiko, who points out that the Bitcoin perpetuals-to-spot-volume ratio is at its highest in nearly two years. Perps, as they're sometimes known in industry parlance, don't expire and have been hugely popular with traders as the derivatives market is a place where a lot of speculation can occur, according to the researcher. “It's a question of price discovery i.e. where the true price of an asset is actually determined. That is historically correlated with volumes, so wherever the majority of volumes are, the more influence that has on price,” Ryder said. “Perps have a larger share of...
Technology

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

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-founder of b...
Technology

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

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 three...
Technology

A Closer Look at Bitcoin’s Rally Suggests the Depth of Demand Is Deceptive

Crypto trading volumes seem to have surged last quarter as token prices spiked higher. But looking at the data more closely paints a different picture.When looking at overall trends, Bitcoin trade volumes seem to have spiked, with two trading pairs standing out during that stretch — Bitcoin-Tether and Bitcoin-BUSD, a relatively little-known stablecoin trading on the Binance platform that has since halted issuance, according to crypto market data provider Kaiko. Those two were the top-traded duos on that exchange in the first three months of the year. But isolating just the Bitcoin-dollar trade pair — which trades on exchanges like Coinbase and Gemini — shows volume was the lowest since 2020, the researcher said. During that time, regulators cracked down on the industry with a number of...
Technology

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

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 an eve...
Technology

Bitcoin Surged Past $30,000. Is Another Crypto Boom on the Way?

When Bitcoin plunged from around $30,000 to below $20,000 in little more than a week last year, Three Arrows Capital co-founder Su Zhu described the tailspin as the “nail in the coffin” for his hedge fund.Fast forward to today, and the largest cryptocurrency has just retraced that path from $20,000 back to $30,000 in the past month — but the industry is a shadow of what it was the last time the token crossed that milestone. That's because several more caskets were hammered shut in the domino-like wave of bankruptcies that followed Three Arrows' collapse: Voyager Digital, Celsius, FTX, Blockfi, Genesis Global, and other formerly high-flying startups. It's clear that while the mood has improved compared with last year's apocalyptic vibe, the promising Bitcoin rebound alone won't be enoug...