Crypto market – pressnews

Bitcoin Struggles to Recover After Near 10% Drop

4Jan

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Technology

Bitcoin Struggles to Recover After Near 10% Drop

[ad_1] 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...

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

31Oct

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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...

Crypto Memes Kick Back Into High Gear After Bitcoin ETF Frenzy

30Oct

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Crypto Memes Kick Back Into High Gear After Bitcoin ETF Frenzy

[ad_1] If there's one thing that crypto enthusiasts love more than the digital assets themselves, it's memes. A frenzy of crypto-based memes have gained fresh momentum last week as Bitcoin rallied.Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in Bitcoin pushed the largest crypto by market value up by more than 25% over the past two weeks to around $35,000 on Wednesday — its highest level in about 18 months. The breakout gives bulls some hope even as reminders of the industry's recent woes linger. Just last week, Sam Bankman-Fried took the stand in his own defense of criminal charges stemming from the collapse of his crypto exchange FTX. He has pleaded not guilty. We are now on WhatsApp. Click to join. Memeco...

Crypto’s Most Powerful Woman Speaks Out as Crisis Rocks Binance

29Jun

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Crypto’s Most Powerful Woman Speaks Out as Crisis Rocks Binance

[ad_1] One senior Binance executive has managed to stay out of the global spotlight over the past six years and counting — even now as governments everywhere intensify their crypto clampdown: Yi He.As a co-founder of the besieged digital-currency empire, she's one of the most powerful players in the $1.2 trillion industry. She also has much to lose as the regulatory onslaught deepens and causes an existential crisis for crypto's largest exchange. After successfully marketing Binance in its early days across media platforms, Yi He — a former host on Chinese television — proved instrumental to its meteoric rise. Now she's confronting the most dangerous moment in the history of the firm, a dominant force in everything from token trading and venture capital to digital art. US financial watc...

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...

PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News

13Feb

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PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News

[ad_1] PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what...

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...

Crypto Mining Stocks Eye Best Month in a Year Atop Bitcoin Jump

17Jan

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Crypto Mining Stocks Eye Best Month in a Year Atop Bitcoin Jump

[ad_1] A Bitcoin rebound has put crypto mining stocks on course for their best monthly performance in at least a year, providing some respite from the debt and energy-price worries that pummeled the shares in 2022. A Bitcoin rebound has put crypto mining stocks on course for their best monthly performance in at least a year, providing some respite from the debt and energy-price worries that pummeled the shares in 2022. The 20-member MVIS Global Digital Assets Mining Index is up 64% so far in January, outstripping Bitcoin's 28% advance. That's the gauge's best month since its inception at the end of 2021 and contrasts with last year's 88% drop. The Luxor Hashprice Index — which seeks to measure how much a miner can expect to earn from the computing power used for the Bitcoin netwo...

4Jan

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Beware the Dangers of Crypto Regulation

[ad_1] With so many unknowns and the risks of contagion mostly contained, the best policy right now is caution. The collapse of FTX and the charges against Sam Bankman-Fried have brought many renewed calls for crypto regulation, from both commentators and legislators. That is precisely why this is a time for caution. No matter how strong the temptation, we should not overregulate. Begin with two central facts. First, there are numerous ways for small and large investors to lose their money, including by investing in risky equities. Regulating crypto won't end that danger. Second, despite being one of the largest financial frauds in history, FTX has not created systemic financial risk, which should be the main concern of regulators. And market forces already have made the risk from ...