Category Archive : Bitcoin

Funds Lost Billions in the Terra Collapse. Here are the Ongoing Effects; Bitcoin Sees Red

By early afternoon, bitcoin had fallen almost 4% over the past 24 hours to the low end of the $29,000-$30,000 range it has occupied for the nearly two weeks since the UST stablecoin and LUNA token that supports it imploded. The largest cryptocurrency by market capitalization, has dropped 26% from its high this month near $40,000 and roughly 55% since reaching its record peak last November. Ether, the second largest crypto by market cap, was down approximately 3.5% over the same period and changing hands a little below $2,000.

Read more at www.coindesk.com

Gensler: Bitcoin may be a commodity – Protocol

Gensler: Bitcoin may be a commodity  Protocol

Read more at www.protocol.com

What Davos Man Thinks of Bitcoin and Crypto This Year – CoinDesk

What Davos Man Thinks of Bitcoin and Crypto This Year  CoinDesk

Read more at www.coindesk.com

Bitcoin Pizza Day Sees Crypto Payments Gain Traction

Sunday was Bitcoin Pizza Day, the annual crypto industry holiday celebrating the first known use of bitcoin as a payments currency.

And while it’s usually celebrated largely trying to find a pizzeria that will take crypto payments and reminding the buyer just how rich he’d be if he hadn’t traded 10,000 bitcoins for two large pies in 2010, this year was decidedly different.

For one thing, it’s a whole lot easier to do on the 12th anniversary. Really, it started getting easier last year — Visa that summer said that more than $1 billion had been spent on crypto cards from industry firms like Coinbase and BlockFi.

But with debit cards from Visa and Mastercard that spend in crypto but pay in fiat growing more common, it seems likely that by next year, Bitcoin Pizza Day won’t involve much of a scavenger hunt at all.

See also: As Crypto’s Popularity Grows, Gateway Providers Help Merchants Accept it. Here’s a Closer Look

Simply put, 2022 is the year that paying by bitcoin — and other cryptocurrencies — started gaining some mainstream traction. An April study by PYMNTS and BitPay found that 23% of U.S. consumers — nearly 60 million — had owned crypto in the past 12…

Read more at www.pymnts.com

Bitcoin and Other Cryptocurrencies Aren’t Dead Just Yet

People have forgotten what unregulated markets are like. We’ve had 90 years of the SEC and reasonably regulated, well-behaved stock markets. And it turned out really well. People can trade in some sort of confidence that there are rules and so on. And people talk about crypto and Bitcoin and so forth as if this is a well-behaved, high-volume market where someone checking that nobody is just lying about everything. And none of that’s the case.

A pile of crypto is not a pile of capital that you can develop or invest or whatever. It’s just some stuff you can buy, sell, or hold. And early investors can only pay with money from later investors. There is no way “we’re all gonna make it” because it’s a game of winners and losers and the winners are the big guys, and the losers are the moms and dads and grandmothers and the young people who are desperate in their economic situation and looking for “one weird trick” they can have to win.

This is all assuming there is no real-world use case for crypto stuff.

I won’t say that philosophically it’s impossible, but I will say that it hasn’t shown any sign of it in the 11 years that you’ve been able to exchange bitcoins for actual…

Read more at www.wired.com

Bitcoin: Place Your Bets On BITO (NYSEARCA:BITO)

Tevarak/iStock via Getty Images

The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), a fund that tracks the performance of near-dated Bitcoin futures contracts, was the talk of the investing town in late 2021. BITO launched to much fanfare last October, but it very closely marked the top of the cryptocurrency craze. The ETF, based on Bitcoin futures prices, featured a double-top pattern near $44. Shares then went on to plummet more than 60% to a recent low under $18.

BITO: Straight Down From the October 2021 Launch

BITO Chart

Stockcharts.com

No Bounce

There hasn’t been much of a bounce in the last week despite the crypto market weathering the Terra (LUNA) and TerraUSD (UST-USD) stablecoin saga fine. I would’ve expected more volatility and downside price action among the major tokens such as Bitcoin (BTC-USD) and Ethereum (ETH-USD) this month considering LUNA – once a top-10 by market cap coin – fell from more than a $40 billion valuation to essentially zero within a month and a half.

Terra Was Once a $40 Billion Market Cap Coin: In the Top 10 Biggest Before Its Fall

Bitcoin market cap LUNA

Bank of America Global Research

BITO’s Next Move

So where do we stand today with respect to shares of BITO? We must…

Read more at seekingalpha.com

Bitcoin Whale Just Transferred $66M Worth of BTC Onto Coinbase

What happened: An anonymous cryptocurrency wallet holding $66,776,766 of Bitcoin BTC/USD just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as:

1EGQvGCbzQRwP89DooJWM82i1uF2SAWvx1

You can view more details about the transaction here.

Why it matters: Cryptocurrency transfers from wallets to exchanges is typically a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.

When whales transfer bitcoin onto an exchange, this typically means they are looking for liquidity. It’s unlikely that the investor plans to hold their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It’s likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.

Price Action: Bitcoin is up 1% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain data sourced from Whale Alerts…

Read more at www.benzinga.com

Bitcoin (BTC) could fall to $8,000, a 70% drop: Guggenheim’s Minerd

Scott Minerd, Chairman Investments and Global Chief Investment Officer, Guggenheim Partners, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022.

Patrick T. Fallon | AFP | Getty Images

Bitcoin could drop further and fall to $8,000 from its current levels, Guggenheim Chief Investment Officer Scott Minerd predicted Monday.

That would represent a more than 70% drop to Monday morning’s price of just over $30,000.

“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive,” Minerd told CNBC’s Andrew Ross Sorkin in a “Squawk Box” interview at the World Economic Forum in Davos, Switzerland on Monday.

Minerd is referring to the U.S. Federal Reserve’s hiking of interest rates and tightening of monetary policy.

Since falling below $30,000 earlier this month, bitcoin has struggled to rally substantially above that level. It has regularly dipped below $30,000.

If Minerd’s forecast comes true, it would inflict further pain on bitcoin and the broader cryptocurrency market which has seen around $500 billion wiped off its value…

Read more at www.cnbc.com

BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments – Market Updates Bitcoin News

Bitcoin rallied to above $30,000 to start the week, as bulls returned to crypto markets on Monday. The news comes as it was announced that fashion brand Balenciaga is set to accept crypto payments. ETH also moved higher on the news.

Bitcoin

BTC climbed to its highest point in four days earlier in today’s session, as markets reacted to the news that Balenciaga had decided to begin accepting crypto payments.

Following a bottom of $29,710.18 on Sunday, BTC/USD surged to a peak of $30,590.59 during Monday’s session.

Today’s climb comes as bitcoin continues to move away from its recent support at $28,800, following marginal gains in the past few days.

Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments
BTC/USD – Daily Chart

As a result of this mini run of results, BTC is now trading close to a resistance point at $30,900, with the RSI also at a ceiling of its own.

Looking at the chart, the 14-day Relative Strength Index is currently tracking at 40.67, which is close to its ceiling at 41.63.

Recent bullish momentum will be tested as we approach this level, with bears likely to begin re-entering the market.

Ethereum

ETH was also up over the course of today’s session, as it once again rose above $2,000 following a…

Read more at news.bitcoin.com

The Bitcoin Awakening with John Vallis — What Bitcoin Did

John Vallis is a Bitcoin podcaster who hosts Bitcoin Rapid Fire. In this interview, we discuss what freedom means, parallels between Bitcoin and religious values, living a meaningful life, psychedelics and their importance, and a new civilisation centred on truth.

– – – –

Bitcoin provides freedom. Financial freedom; freedom from coercion; freedom of movement. But how should those who benefit from Bitcoin use this freedom? Should they use it to fulfil their own desires? Or are there higher values that Bitcoiners should strive to attain? Should Bitcoiners draw back into their citadels? Or, should they actively engage in trying to shape a better world?

Such decisions will be influenced by the values such individuals hold. In our fiat economy, self-interest is deemed to be the principle that supports a functioning and prosperous society. Institutionally driven moral codes have been supplemented by the needs of the market. Religion has been replaced; prayer and faith have given way to data and patterns.

It is assumed that science and rejection of the divine have driven a more advanced society. And yet, ephemeral pursuits of money and power seem to be the root of a lot of the problems we…

Read more at www.whatbitcoindid.com