Bitcoin
Bitcoin (BTC) Surge Threatened by Sharp Fall
Bitcoin surging in recent weeks has made financial pundits, especially the so-called experts in cryptocurrency, predict a time of downturn despite reaching $20,078.40 last week, according to CoinMarketCap.
The positive expectations that the CME Bitcoin was going to appreciate far above $20,000 suddenly became dicey and the momentum could no longer continue. As it stands, Bitcoin’s free flowing surge has been checked. It is currently trading at $13,485.90 and forecast suggests it may be down by 21% in less than 24 hours. The market value for the cryptocurrency now stands slightly above $231 billion, while the 24-hour trading volumes have moved above $18 billion. By implication, Bitcoin has seen a 30% correction since its upsurge last week.
According to Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney, she insisted that a correction is always going to happen. “Keep in mind that bitcoin has gone up a lot this year, so a correction is always likely. A lot of the capital is flowing from bitcoin into alternative coins. You’ve seen companies like Verge and Ripple, which are over 400 percent in the last week.” The Ripple surge is testament to Shane’s observation as it is currently trading at $1.04 according to CoinMarketCap.
Bitcoin price was always going to witness a plunge, but no one knew exactly when and the cause. Stephen Innes of the Asia Pacific at Oanda Corp noted that the fall in the price of Bitcoin is a necessary check that was going to happen regardless of whether there are checks or not. It was a warning for investors who are not willing to risk it all.
“At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.” Innes stated.
A bitcoin derivative Bitcoin Cash (BCH) is emerging as a strong player in the market, a reason attributed to the fall in Bitcoin. In more specific terms, the fall became apparent after the cryptocurrency was recently registered on the largest U.S cryptocurrency exchange – Coinbase. The price of Bitcoin Cash surged by over 70% after the report and there were also news of possible insider trading which the exchange has said that they will be investigating the matter.
Recently, five of South Korea’s Bitcoin Exchange became vulnerable to attacks, which could also account for the fall. Some of the worst hit includes the popular exchange Bithumb as confirmed by MBC, a South Korean media outlet which hired security personnel to investigate. It was discovered that hackers could easily break in the security procedures by using “basic hacking tools” as described by the security team, putting at risk a lot of user data and funds.
Rapid Bitcoin is known to be volatile and many see Bitcoin trading as gambling. The inclusion of Etherum, Litecoin and Ripple has also impacted the cryptocurrency market, surging to over $600 billion.
We will be updating our subscribers as soon as we know more. For the latest on cryptocurrencies, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of airpix via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
