Crypto hedge fund Pantera Capital’s Dan Morehead says more "major meltdowns" will happen in the sector because of mistakes by the Fed. Read more about this Do you think the Fed is solely to blame for the recent liquidations and bankruptcies in the crypto space? submitted by /u/predictany007 [link] [comments]
Getting started in a cryptocurrency career may appear complicated at first, but it gets easier as one sets out a clear path to follow.
Grayscale Investments, the world’s largest digital currency asset manager, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s decision to reject its application to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF). Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application Grayscale Investments […]
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https://www.techrepublic.com/article/pentagon-finds-concerning-vulnerabilities-on-blockchain/ A report commissioned by the Pentagon concluded that the blockchain is not decentralized, is vulnerable to attacks and is running outdated software. The report, “Are Blockchains Decentralized, Unintended Centralities in Distributed Ledgers”, uncovered that a subset of participants can “exert excessive and centralized control over the entire blockchain system.” The findings of the report…
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From accusing the SEC of suppressing Bitcoin to suggesting alternatives, the community showed varied responses to Grayscale’s legal challenge against the SEC.
Over the past few hours, the price of bitcoin has deviated from a key level of support and fallen below $19,000. The transaction history reveals that many addresses purchased Bitcoin for more than $20,000. These market players would soon liquidate their holdings to prevent further losses, which would set off a decline toward $16,000 Inflation Warnings Affect Bitcoin Price Due to major inflation worries and rate hikes indicated by central banks, particularly the US Federal Reserve, BTC has almost lost half of its value over the previous month. Bitcoin’s market valuation has fallen from $1.27 trillion in November 2021 to under $366 billion at present. Jerome Powell, the chairman of the Federal Reserve, reaffirmed the Fed’s commitment to raising interest rates in order to reduce inflation. He stated during the ECB meeting that the challenge of inflation was more concerning to him than the potential for rising interest rates to cause the U.S. economy to enter a recession. “Is there a risk we would go too far? Certainly, there’s a risk,” Powell said. “The bigger mistake to make – let’s put it that way – would be to fail to restore price stability.” BTC/USD falls below $20k. Source: TradingView Powell argued that the Fed needs to quickly raise rates because a gradual hike may give consumers the impression that increased commodity prices would not go away. He said that rate increases might be lessened before the next year. Related reading | Doom To Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From Crypto Winter Following Powell’s remarks, U.S. equity market futures declined, with those for the S&P 500 dropping 1.59% and those for the tech-heavy Nasdaq 100 losing 1.9%. Asian markets were down, with the Asia Dow index and Japan’s Nikkei 225 both down 1.54%. Data Suggests Whales Are Waiting On-chain data on CryptoQuant suggests that most traders are awaiting the next significant price decline. The price anticipation appears to be for a short-term opportunity, though. On-chain data also implies that big whales are waiting for a good opportunity to accumulate cryptocurrencies, not only tiny and average traders. Data shows that, interestingly, whales’ holdings in Bitcoin are not now growing. This demonstrates unequivocally that the whales are awaiting a better opportunity. Whales’ holdings between 100 and 1,000 and between 1,000 and 10,000 Bitcoins currently exhibit a flat line. Related reading | Bitcoin Slides Under $20K – Another Collapse In The Offing? Featured Image from Pixabay and Chart from tradingview.com
Bitcoin and other altcoins have suffered massive losses since May. But after a point, things started changing a bit. For example, bitcoin that fell to $17K on June 18 recovered to trade between $20K and $21K from June 19 to June 28 when it traded above $21K in the early hours of the day. Unfortunately, the crypto could not sustain the recovery above $21K and lost more than $500 some hours later. The change in Bitcoin price resulted from mixed reactions in the market concerning regulators’ stance on crypto. According to Gary Gensler, the SEC boss, regulators place Bitcoin and other tokens under commodities. Gensler mentioned that a spot Bitcoin ETF might not be the best for the financial market. So, the commission will not approve any application filed to launch a spot BTC ETF. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? The Securities and Exchange Commission boss made all these assertions when a media firm interviewed him. After the interview, many Bitcoin holders started selling off again, causing a fall in Bitcoin price. Many Bitcoin Holders Grab More Coins During the market crash and price plunge, many investors wondered whether to sell off or buy more to increase their portfolio. However, according to Glassnode data recently, some Bitcoin holders believe this market crash is the right time to buy more BTC. The firm disclosed the data over the weekend on Twitter, revealing that more than 100 whale addresses are buying more Bitcoin this period. The data showed that these whales grab these coins at a discount due to the present panic in the market. Also, Glassnode noted that the current trend might last long. Another indicator showing interest in buying more among the whales is the amount of BTC in several wallets. And the addresses that had from 10BTC to 10,000BTC have added more coins in two weeks. Then those wallets above 10,000BTC have grown since the second month of 2022. Miners Feel The Strain The crypto winter of 2022 also affected miners terribly. They are trying to make a profit which hasn’t been easy due to the bear market. Many miners have given up their equipment to reduce pressure. An analysis by strategists has shown that miners in the public sectors are responsible for 20% of miners’ sales between May & June. They also indicated that it might be the same for the private sector miners. But then, miners struggle to pay back the $4 billion loans collateralized by their mining equipment. According to a report, many miners have defaulted on the loan agreement, while others show weakness. Related Reading | Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet The reason is that the bear market has crashed the value of the mining rigs used as collateral. As a result, the loan increases since the collateral worth now no longer matches the loan amount. Featured image from BBC, charts from TradingView.com
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