Category: Cryptocurrency News

Despite the market condition, top currencies, Bitcoin and Ethereum, struggle to regain their values. On the other hand, some altcoins, AR, and NMR are showing a significant gain charm over 14-days. Since the Fed Reserve decided to raise interest rates and the May inflation report, Bitcoin has been floating in a small zone between $19,000 and $20,000. Thus, it is difficult for it to recover any significant upward pace. Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact Bitcoin, the most valuable cryptocurrency, has dropped more than 70% in value since peaking at $67,000 in November 2021. However, according to CoinGecko data, BTC is now trading at $19,500 and has experienced losses of 7.8% and 5.4% during the last 7 and 14 days, respectively. Senior market analyst at the foreign exchange trading firm Oanda, Edward Moya, claims that Bitcoin is under pressure and finding it difficult to hold onto the $20,000 level. Ethereum had a successful year in 2021, reaching an all-time high price of $4850 in November. But since last month, the price of Ethereum, which had a great November like bitcoin, has been floating between $1,100 and $1,000. Meanwhile, it made an effort and struggled to recoup its value, but the price of Ethereum couldn’t rise beyond $1,100. CoinGecko data shows ETH is currently trading at $1,073.58, and in the past 7 and 14 days, ETH has lost 10.6% and 0.6% of its value, respectively. Significant Growth in AR and NMR Arweave (AR), one of the top 100 crypto assets by performance and market capitalization, is booming, while two of the most popular currencies are faltering. Per the statistics from CoinGecko, AR has reached $11 and increased by 10% in one day, 15% in seven days, and 32% in fourteen. A decentralized storage network, Arweave aims to provide a platform for the long-term archival of data. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin, named AR. Similarly, Numeraire (NMR) is also leading in week gainers. It displays a noteworthy increase of 122% over a week. NMR is currently trading at $19.37, per the statistics of Coinmarketcap. Additionally, during the previous 14 days, Numeraire has outperformed the rest of the cryptocurrency market and made massive gains, increasing by about 16% over the past day. As a result, trade volumes have exploded, according to CoinGecko. Related Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze Since its peak in May last year, NMR has dropped by 79%. It is, however, showing an uptrend at the moment, which may help it rise over these prior lows. Moreover, some other coins are showing positive vibes, including TerraUSD with a gain of 17% during the last 24 hours, RUNE showing a 13% gain in the previous 24 hours, Celsius with 15% in the same period, and CEEK with 15%. Featured image from Pixabay, and chart from Tradingview

Bitcoin bounces to five-day highs while Ethereum rises above the $1,100 mark.

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The crypto space can be overwhelming for beginners, there's just so many coins! But fret not, I created simple explanations for all major coins to help you level up your crypto knowledge. Enjoy! Bitcoin (BTC): The first crypto currency, created by Nvidia to boost graphics card sales Ethereum (ETH): BTC but can also calculate your…
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RUNE rose by over 10% to start the week, surging as global crypto markets pushed to enter the green on July 4. After a slow start to the day, the crypto market cap is up 3.15% as of writing, with SAND another notable mover, as it extended recent gains, rising by nearly 13% in the […]

The RSK sidechain is the first Bitcoin-based sidechain to be incorporated into Multichain.

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On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Read more about this: submitted by /u/predictany007 [link] [comments]

Bitcoin seems to be forming a new range around its current levels as the cryptocurrency moves between the $18,600 and $21,000 area. BTC’s price has seen some recovery during today’s trading session and might experience some volatility due to the U.S. Independence Day, July 4th. Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact At the time of writing, Bitcoin trades at $19,500 with a 4% profit in the last 24 hours. Data from analyst Ali Martinez indicates an increase in Bitcoin holdings from addresses with 100 to 10,000 BTC. These whales have been adding over 30,000 BTC to their holdings. In addition, Martinez records over 40,000 BTC leaving crypto exchange platforms. The less Bitcoin supply there is available on these venues, the less it can be sold on the market. These market dynamics translated into this weekend’s price action. In addition, Material Indicators records an increase in buying pressure from investors with a large bid (purple in the chart below) which coincides with short-term whale accumulation. These whales have been the “most influential” over the BTC’s price action and could be hinting at more gains. Material Indicators also recorded bullish momentum on the weekend’s price action. In fact, every investor class except retail and massive whales with over $1 million in bid orders seems to be buying into BTC’s price action, as seen in the chart below. Additional data provided by Santiment records a huge uptick in the number of long positions across exchange platforms. This coincides with the U.S. holiday, but it’s not necessarily good news for these operators: In the early hours of 4th of July 2022 in the US, there has been a massive uptick in #longs on exchanges in the previous hour. Trader optimism often correlates with holidays, which means there needs to be a greater degree of cautiousness of whales punishing the overly eager. What Is Causing Pain Across The Bitcoin Market There are some indicators of possible bullish price action in the short term, but the uptick in long positions merits cautions. The macro-economic outlook seems less optimistic and could spell more pain for Bitcoin and other cryptocurrencies. Trading desk QCP Capital claims its bullish outlook is “waning” on the back of the U.S. Federal Reserve’s (Fed) intentions of slowing down inflation in the country. The financial institution has been increasing interest rates for that purpose wreaking havoc across global markets. Initially, some experts believed the Fed was going to attempt to conduct a “soft landing”, and bring down inflation without harming the economy. This possibility might have been ruled out as the Fed finds itself between a rock and a hard place. QCP wrote: Fed Governor Williams stated the “need to get real rates above zero”. This means that the Fed is likely to ignore recession risks and will keep raising rates aggressively to reach their target of 3.5%-4% by year-end. Related Reading | TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside On top of the above, the financial institutions have been reducing liquidity off global markets while shrinking their balance sheet. This only signals more downside for the crypto market. 8/ Remember that the crypto bull cycle was fueled by balance sheet expansion. A contraction of this scale will surely have a dampening effect on prices. — QCP Capital (@QCPCapital) July 4, 2022