Category: Cryptocurrency News

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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Some parts of the virtual stratosphere are again rife with photos of the Titanic sinking. For those in the know, obviously, that alludes to what has befallen Bitcoin these days. There was supposed to be a good ounce of jubilation in recent days when the world’s most popular crypto showed signs of renewed vigor and reclaim a price level that would have eased the fears of many but, nope. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens June Not A Good Month For Bitcoin According to data from Coingecko, Bitcoin fell below $20,000 on Thursday, to $19,112, a drop of 4.5 percent over the previous week. The most popular cryptocurrency fell below $20,000 for the third time in as many weeks, extending the crypto market’s June slump to the very end of the month. The price of Bitcoin has reached a consolidation period and its downward trend appears to have halted following a major shakeout to $17,000. This area is likely to provide substantial support, since it encompasses the 2017 all-time high, and it might trigger a short-term recovery to the $30,000 zone. Multiple variables contribute to Bitcoin’s price fluctuations, and as long as these factors persist, this unpredictability and price variation will persist. Three Arrows Collapse Hit Bitcoin Popular Defi tokens such as Solana and Avalanche fell more than Bitcoin as fears of contagion grew in the wake of the failure of the hedge fund Three Arrows Capital. Prior to this month, the price of BTC has fallen below $20,000 at least three times: Tuesday evening, Thursday morning, and two weeks ago, when the most sought-after cryptocurrency asset broke the heavily-monitored threshold after fluctuating below $25,000 for five days. BTC total market cap at $364 billion on the daily chart | Source: TradingView.com Bitcoin’s reasonably stable trading after hitting a low of $17,560 on June 18 spurred confidence that the damaged cryptocurrency market was preparing for a turnaround. Deutsche Bank Is Bullish Nevertheless, the sector remains under pressure because of the central banks’ efforts to drain liquidity and a succession of high-profile cryptocurrency collapses that have eroded investor trust. The crypto market is drastically different from its position at the end of 2020. On December 16 of that year, $20,000 set a record high. At the beginning of this year, an 11 percent decline in Bitcoin’s value to $42,000 was referred to as a “bloodbath week.” Despite Bitcoin’s price decline of roughly 60 percent over the previous 90 days – and in the wake of this downturn – Deutsche Bank’s analysis indicates that BTC’s price might still achieve a 30 percent rally above its present level by the end of the year. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image Fast Company, chart from TradingView.com

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A new report suggests that a notorious North Korea-affiliated hacking group may be behind last week’s $100 million Harmony attack.

MAS said that the company had assets under management in excess of the permitted amount, and provided false information.

Rosfinmonitoring is conducting hundreds of investigations into cases involving cryptocurrencies, the head of the agency announced. Hundreds of thousands of Russians take part in crypto deals abroad, the top regulator also reported to the Russian president. Russian Authorities Initiate 20 Criminal Cases Linked to Crypto Assets The Federal Financial Monitoring Service of the Russian Federation, […]