Category: Cryptocurrency News

On Monday, the cryptocurrency and Bitcoin market turned positive, attempting to break out of its current downturn, with market capitalization rising 1.5% to $1.37 trillion. The largest cryptocurrency, Bitcoin , reached $30,554, up 1.2%. Bitcoin Price Sheds Gains The Bitcoin price’s downhill movement is becoming increasingly apparent. A rally towards $33,700 is possible. For nearly two weeks, the Bitcoin price Fear and Greed indicator has been at high fear levels. Because more investors are afraid to invest in the present BTC price, this Index can be utilized as a contrarian positive indicator, allowing smart money to accumulate huge orders. On the 6-hour chart, what was formerly deemed to be a confusing sideways market is now coiling into a very bullish pattern, indicating smart money involvement. The price of bitcoin is creating a sideways triangle. From an Elliott wave standpoint, the lengthy sideways action justifies a wave B pattern. Since the initial countertrend rally on May 13th around $31,200, it has spent disproportionate time in the $30,000 zone. If the technicals hold, another countertrend profit-taking rise with targets of $33,700 and $34,000 will occur before significant bearish resistance returns. A breach below wave A at $28,630 invalidates the bullish premise. If the bears succeed in breaking through this barrier, the next target might be $23,500, a 20% drop from the current BTC price. The United States’ macroeconomic conditions aided the rise of crypto markets on May 23. President Joe Biden announced intentions to reduce trade tariffs with China before the market opened, bolstering investor confidence. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Miners’ Stocks Up And Down Bitcoin’s network difficulty is expected to decrease by 3.3 percent during its next automated readjustment this week, according to the latest projections. The drop will be the biggest since July 2021, and it’s apparent that Bitcoin’s slump has put miners’ profits in jeopardy. Despite the fact that their wallets’ moves to exchanges touched a 30-day low on May 23, according to on-chain monitoring platform Glassnode, miners are not displaying indications of capitulation. At the start of a new trading week, bitcoin miner stocks were up and down in equal measure. Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 Featured image from Unsplash, chart from TradingView.com

Registrations are now open for the VERSE token sale, which will begin in the later part of June 2022. Interested parties who register can participate in the token sale immediately upon launch. Miami, Florida – May 23rd, 2022 – VERSE is the rewards and utility token distributed to holders who participate in the Bitcoin.com ecosystem. […]

Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear market on the horizon. Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with bitcoin closing so many weeks in the red, it is expected to get worse. Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 One thing that has been consistent when bitcoin has closed multiple weeks in the red has been the downtrend that has usually followed the market. Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market. BTC marks eight consecutive red close | Source: BTCUSD on TradingView.com However, the market has never seen anything like this. It would be natural to want to use historical context when something alarming occurs but with no point of reference, there is no way to tell where the market might go from here.  Bitcoin In For A Bear? Even though there is no historical context to compare the current market conditions to, the opposite has happened before. Last year, bitcoin had recorded eight straight weeks of green closes. What followed this was multiple bull rallies that saw the price of the digital asset eventually hit its all-time high of $69,000. If this were to be taken and compared to current market conditions, with the eight consecutive red closes, the digital asset is likely in for multiple dips and crashes that will likely send it back into the $20,000 territory. So it is very likely that the bottom of the market is not as many would like to believe. Related Reading | MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals There are indicators that suggest otherwise though, such as bitcoin trading above its 5-day moving average. But this is only a good indicator for the shorter term as longer-term indicators remain bearish. Small investors are also picking up the pace when it comes to accumulating BTC. The number of Bitcoin wallets with more than 1 BTC on their balance had recently touched a new high, now sitting at 844,906. While this points to positive sentiment among these investors, in the grand scheme of things, these smaller investors hold too little to actually move the market. So if there is to be any recovery, the digital asset would need some movement from larger holders. Featured image from Unsplash, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

One might think that this is jab at Ethereum specifically, but it really isn't. I’m just trying to share a misconception that a lot of people seem to fall for. Yes, a layer 1 might be completely decentralized by design which maximizes security for users. But once that L1 starts performing horribly and starts relying…
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South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme. 300% Return on Investment The South African […]

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Only 12% of American adults used crypto in 2021, and the demographic gap between those who invested in it and those who used it in transactions was enormous.

Experts point out sticking points as well as greatest needs in the creation of central bank digital currencies for domestic and cross-border, wholesale and retail, uses.

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FTM price recovers from its May 12 low after the launch of the fUSD stablecoin and the possible return of Andre Cronje.