On July 28, the bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, by adding roughly 18 megawatts (MW) of capacity to the operation. The mining facility dubbed “The Bunker,” now has approximately 3.8 exahash per second (EH/s), after the 18 MW increase boosted the computational power by 200 […]
Bitcoin continues to trend to the upside over the short term as the crypto market hints at further gains. The bullish momentum seems to be driven by the positive earnings seasons and the U.S. Federal Reserve (Fed) interest rates hike. The financial institution announced a 75 basis points (bps) increase in interest staying within market expectations. Bloomberg Intelligence’s Senior Commodity Strategist Mike McGlone believes the Fed might have marked the pivot for Bitcoin. By staying within market expectations, the financial institutions might give room for the bullish trend to expand in the coming months. The Fed has been trying to mitigate inflation in the U.S. dollar, as measured by the Consumer Price Index (CPI). This metric stands at a 40-year high but seems poised to trend downwards. The Bloomberg Intelligence analyst claims the price decrease across the commodities sector hints at this possibility and could provide the Fed with the support to “lighten the rate hike sledgehammer”. This would benefit stores of value assets, such as Gold, U.S. treasury bonds, and Bitcoin. The cryptocurrency has been suffering, McGlone argues because it’s deemed a nascent asset with relatively new technology. This disadvantage might fade into the background as Bitcoin’s adoption curve increases versus its total supply. As seen below, if the cryptocurrency follows the internet’s adoption curve, it could record over 1 billion users by 2025. In the short term, BTC’s price might benefit from mitigation in the macro-economic factors playing against it. The next major event will be July’s CPI print to be announced in August, which might result in more fuel for the current bullish price action. McGlone wrote: (Fed’s) “meeting by meeting” comment may mark the pivot for #Bitcoin to resume its tendency to outperform most assets. New and untested are becoming past tense fast for the benchmark crypto, likely in the early recovery days from a severe drawdown. Can Bitcoin Resume Its “Propensity To Outperform”? Further data provided by McGlone shows a decrease in BTC’s price 250-day volatility versus the Bloomberg Commodity Spot Index. As seen below, whenever this metric trends downside, the price of Bitcoin reacts moving in the opposite direction. A decline in BTC’s price 250-day volatility marked the beginning of the 2012 and 2017 rallies. In that sense, McGlone pointed out: The lowest-ever Bitcoin volatility vs. the Bloomberg Commodity Index (BCOM) may portend a resumption of the crypto’s propensity to outperform (…). If history is a guide, Bitcoin volatility is more likely to recover vs. commodities when the crypto heads towards new highs.
I am looking for a DCA service outside of european jurisdiction. Best case would be something like pocketbitcoin.com. Can somebody give a recommendation? Right now I am stacking with Nuri, a german service. But due to europen/german regulation intentions i need something different. submitted by /u/raulelmachico [link] [comments]
$24,000 BTC price refuses to flip to support while the weekly close remains shrouded in uncertainty.
Bitcoin has rallied once more above $24,000. This impressive rally follows an intense week where the FOMC’s announcement has basically shown that the United States is now in a recession. Investors had flocked to the bitcoin off the back of the news, causing the digital asset to surge immensely during this time. As the digital asset has beat one important technical level, it remains to see if it can beat another. Accumulation Triggers Rally There are a lot of factors that usually trigger a rally, such as the one that has sent the price of bitcoin soaring high. One of those has been a renewed accumulation trend from investors who are flocking to the digital asset to provide cover during uncertain economic times. Such a rally, if it continues, can put the digital asset on a well-established bull trend. Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store? However, there are still obstacles in the way of bitcoin. This means that even though the digital asset continues to rise now, it could very well witness a reversal trend that sends it spiraling back downwards. To avoid such a fate, it is important that the sellers are completely cut out, replacing these investors and traders with more determined long-term holders. BTC’s hold on $24,000 remains shaky | Source: BTCUSD on TradingView.com Whales have been a subset that has been trying to reverse the sell-offs. With the decline in bitcoin, it had presented an opportunity for investors to increase their holdings, and it was especially prominent among investors holding between 100-1,000 BTC on their balances. Can bitcoin Reach $28,000? Bitcoin’s recovery has put it on an impressive bullish path. However, this bullish trend has not been fully established. It has seen some obstacles along the way, and bears have begun to put up resistance in the market. An example has been at the $24,000 level. Although bitcoin has been able to beat this level multiple times, it continues to fight a hard battle to hold onto it. The mounting resistance at this point has proven to be an important level for bears to hold. Related Reading | Elevated Bitcoin Open Interest Levels Puts Market In Vulnerable Position For the cryptocurrency to reach $28,000, it would have to beat the resistance at $24,000 and further at $25,000. Furthermore, there is an expected resistance at $28,000, given that it was the yearly low for bitcoin in 2021. However, if accumulation continues to ramp up at the rate it is, the digital asset has a good chance of reaching this high. Featured image from GoBanking Rates, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
“While significant, the $2.2M worth of crypto donated to pro-Russian orgs still pales in comparison to the tens of millions in crypto donated to Ukraine,” said Chainalysis.
KuCoin’s new investment product aims to increase the liquidity of and access to leading nonfungible token collections such as BAYC.
submitted by /u/AptitudeSky [link] [comments]
The graph was a notable mover in Friday’s session, as the token rallied to a multi-week high. Prices rose by as much as 16% in today’s session, with chainlink also seeing its price climb by a double-digit percentage. Overall, the global crypto market cap is up 1.92% as of writing. The Graph (GRT) The graph […]
I’m surprised as to how many people are still confused about this. So here are some footnotes.Ethereum’s roadmap has a lot of upgrades but the most significant two will be merging and Sharding. – Oh no! What will happen to my staked ETH? Don’t worry about that. When the merge with beacon chain happens (Ethereum…
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