Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Bitcoin Price At Risk Of Further Squeeze, BTC Bulls Defend $20,000

The Bitcoin price is holding on at its current levels with bullish momentum fading on lower timeframes. The crypto market’s recent sideways price actions seem related to the upcoming macroeconomic events and their potential influence across global markets.  Related Reading: Bitcoin Mining Giant Argo Blockchain Gets Negative Cash Flows And Stock Price Dips At the time of writing, the Bitcoin price trades at $20,500 with sideways movement in the last 24 hours and a 6% profit over the previous week. Other cryptocurrencies in the top 10 by market capitalization are displaying strength as BTC moves sideways, with Dogecoin (DOGE) leading, followed by Ethereum (ETH) and Solana (SOL).  The Bitcoin Price In The Short Term, Risk Of Spike In Volatility The Bitcoin price is under heavy influence from macroeconomic forces. The U.S. Federal Reserve (Fed) is trying to mitigate inflation by tightening its monetary policy, hiking interest rates, and reducing global liquidity.  Consequently, Bitcoin and risk-on assets have trended to the downside for 2022. In October, BTC showed a higher correlation with traditional assets due to increased economic uncertainty.  Per a recent report by Arcane Research, this status quo is likely to continue. The research firm believes that the Bitcoin price mid-term will still suffer from a high correlation to macroeconomic forces.  Fed Chairman Jerome Powell is facing enormous pressure to pivot its monetary policy from internal and external agents in the United States. If Powell gives in, the Bitcoin price will likely benefit and extend its bullish momentum.  However, Arcane Research believes it is more probable that Powell stays in its current course, preparing markets for further interest rate hikes. The financial institution and its leadership want to lower inflation in the U.S. dollar regardless of the fallout in global markets.  During tomorrow’s Federal Open Market Committee (FOMC) meeting, Powell might offer more clues. The market expects further hikes, but any sign of dovishness could trigger another upside move.  Bitcoin Market Susceptible To Squeezes In that sense, Arcane Research records two factors that might contribute to a possible uptrend. The first is high leverage across the crypto market.  Short positions continue to pile up as the Bitcoin price trends to the upside. These positions are fuel for BTC if the market takes the long route.  In addition, tomorrow’s FOMC meeting will likely trigger volatility which might lead Bitcoin to squeeze out these short positions and reclaim previously lost territory. As Arcane Research noted, volatility during these events is historically high. Related Reading: How MoneyGram Will Let Users Trade Bitcoin And Crypto However, the same is true for the short side of this trade. If the market overreacts to further tightening, expecting the Fed to come out dovish, the cryptocurrency could suffer and revisit the bottom of its range at $18,600. Arcane Research noted:  Prepare for shaky markets in early November, as the event calendar is enormously busy in the first half of the month. Tomorrow comes the first.

Lightning Network releases emergency update after critical bug on LND nodes

The bug led LND nodes to fail to sync chain in the second critical bug in less than a month.

Elon Musk Says Twitter to Charge $8 per Month for Blue Checkmark Verification — Plans to Reward Content Creators

Tesla, Spacex, and Twitter boss Elon Musk has decided to charge $8 per month for users of the social media platform to have a blue checkmark. “This will also give Twitter a revenue stream to reward content creators,” Musk explained, adding that “it is the only way to defeat the bots and trolls.” However, many […]

South African grocery giant ‘Pick n Pay’ intends to accept Bitcoin in all stores nationwide

The company said it will allow customers to pay with any bitcoin lightning-enabled app and QR codes for speedy payments.

The pump you want isn’t coming anytime soon

Don't get me wrong, I think the future for crypto is strong and I continue to stack, but….. There are plenty of posts around here saying 'crypto winter is over', or 'such and such has high activity, pump coming'….etc…etc… It is worth remembering that we have followed the four year cycle pretty dang closely, the…
Read more

Memecoin Cult Continues: Dogecoin And Shiba Inu In The Lead

October began with a decline in Bitcoin, altcoin, and memecoins like Dogecoin prices backed by the Fed’s quantitative tightening and interest rate hike. Bitcoin slumped below the 20k psychological level, giving rise to tensions among investors in the market. However, the month ended with a massive price rally for some altcoins across the market. While bitcoin price slumped below 20k and later made a recovery, Memecoins hit milestone gains, with DOGE increasing by 25%. SHIB and others followed closely after DOGE. How Dogecoin And Other Memecoins Are Faring The price of DOGE has rallied upward after Elon Musk completed the Twitter acquisition. On October 25, DOGE traded at $0.06 before jumping to $0.1 over the weekend. The memecoin jumped to a five-month high of $0.15 before falling back to $0.11 on Monday. November appears like a bull time for DOGE as it pumped above $0.15 after a 15% rise but now stands at $0.13. Dogecoin was one of many memecoins that experienced the bulls while others followed closely. In the last 24 hours, Shiba Inu has gained more than 8%. Shiba Inu currently trades at $0.00001283 with a 24-hour high of $0.00001345. Shiba Floki Inu (FLOKI) and Baby Dogecoin recorded more notable gains. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? Binance Coin also increased significantly, adding more than 5% value daily, and is now trading at $325. Uniswap exhibited a similar price increase with BNB and surpassed the $7 mark. Similarly, Ether, XRP, Cardano, Tron, and Avalanched, are also gaining, while Solana, MATIC, and Polkadot have declined insignificantly. Bitcoin Price Outlook Although not as impressive as DOGE and other memecoins, Bitcoin, the leading cryptocurrency, did not do badly last week. Bitcoin has hovered around $19,000 levels in the previous weeks and jumped above $20,000 on Tuesday, October 25. On two occasions, Bitcoin rose to $21,000, with Saturday’s price being the highest since September 13. However, BTC did not celebrate this comeback long before bearish sentiments took position and pushed the asset back. BTC fell to $20,500 and tended toward $20,000 on Monday, but it managed to maintain the $20k level. It is currently trading above $20,400. Meanwhile, the BTC market cap declined to $395 billion, and its dominance is down by 1.5% in the last seven days, evaporating to 38.6%. Since the crypto market has much price volatility, especially with current macroeconomic conditions, traders must act cautiously. Furthermore, four major events are coming in the next ten days, which may bring uncertain outcomes in the market. Considering the impacts of the previous events – the release of CPI numbers and FOMC meetings—on Bitcoin, it is not wrong to expect more price volatility soon. The Federal Reserve meeting, nonfarm Payroll data of the Bureau of Labor Statistics, mid-term elections, and the October CPI index are upcoming in the next ten days. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? Featured Image From CNBC, Charts From Tradingview

Crypto regulation is 1 of 8 planned priorities under India's G20 presidency, says finance minister

Nirmala Sitharaman’s comments came amid the Reserve Bank of India launching its digital rupee pilot program for the wholesale segment.

Why did Yuga Labs purchase Crypto Punks IP?

I had the chance to attend the hNFT fest this weekend in Barcelona and one thing that came across from a number of the attendees was, in my opinion, their dislike of the Yuga Labs BAYC project. Historical value of NFTs aside, I asked myself, why did Yuga Labs bought the project in the first…
Read more

Bitcoin Mining Giant Argo Blockchain Gets Negative Cash Flows And Stock Price Dips

Though the crypto winter seems to be over, its impact on Bitcoin and the crypto market still lingers. Several crypto-related firms have gone down the drain over the pressure in the market. Some are still battling to stay afloat despite the forces’ influence while managing their operations. Most companies related to Bitcoin mining are getting more heat from the fluctuating market trend. Most Bitcoin miners have shut down businesses, but some filed for bankruptcy as they couldn’t weather the storm. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? Argo Blockchain is reportedly facing a negative cash flow, with the value of its shares declining. The pressure is getting more intense for the crypto mining giant in financing its continuous operation. More failures in such financing quests could lead to a halt in its process or a drastic cash drop in the future. Bitcoin Mining Giant Argo Blockchain With No Adequate Sources To Fight Insolvency The BTC miner released a press statement disclosing its previous financial plans. It noted how the firm has been exploring diverse economic opportunities. However, it has no concrete assurance in signing such agreements or completing fruitful transactions. It revealed that the company needs to consummate financial activities offering enough working capital for its operational requirements. Such economic growth is necessary for its sustainability in the next twelve months from today to avoid becoming bankrupt. According to the press, the firm had a partnership plan with an investor to generate $27 million through shares subscription. However, the attempt came out unsuccessful. Also, Argo Blockchain reported the sales of some of its mining equipment to preserve cash and enhance its liquidity. For example, it recorded selling about 3,843 brand-new Bitman S19J Pro machines in the firm’s last batch of inventory scheduled for October. Argo Blockchain Stock Plummets Following the recent downward financial stance, Argo’s shares performance has plummeted. The data indicated a decline of almost 50% over the past 24 hours. Also, the stocks report from the beginning of the year shows a dip of over 80%. The struggle by Argo has been going on for some time now. Finally, the Bitcoin mining firm got a $25 million BTC-backed loan from Galaxy Digital, an investment management company, in September 2021. The loan targets to support the miner’s cash flow requirements and expansion plans in West Texas. Argo has been selling its BTC, holding monthly throughout 2022. This move is the necessary option to cut down its part of the agreement and increase its balance sheet. In June this year, the firm sold about 637 Bitcoin at $24,500 per token. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? However, it seems to sell more Bitcoin tokens than it has produced. In June, the company mined about 179 BTC but sold 637 BTC coins. featured Image From Pexels, Charts From Tradingview