Category: Cryptocurrency News

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The proposed legislation seeks to reduce friction in the usage of bitcoin as a daily currency. A bipartisan bill would exempt bitcoin transactions from tax obligations if the associated capital gains are $200 or less, seeking to incentivise the digital currency’s usage as a medium of exchange in the U.S. economy. Currently, any gain obtained…
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The crypto fear and greed index shows market is back in the extreme fear territory as Bitcoin has once again declined to $36k. Market Sentiment Returns To Extreme Fear As Bitcoin Drops To $36k Recently, as the price of the crypto recovered back above $38k, the market sentiment rose to that of fear. However, today, the price of BTC has again declined, leading to a return to extreme fear sentiment. The relevant indicator here is the “fear and greed index,” which measures the general sentiment among Bitcoin investors. The metric uses a numeric scale that goes from zero to hundred to represent the sentiment. Values below fifty mean the market is currently fearful, while values above the threshold signal a sentiment of greed. The extreme values of more than 75 or below 25 imply that investors are currently facing extreme greed or extreme fear, respectively. Related Reading | Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble? Very high values of the indicator usually occur around tops. On the other hand, very low values may be there during bottom formations. Because of this, some traders believe that it’s best to sell during extreme greed and to buy during extreme fear. As Warren Buffet put it, “Be fearful when others are greedy, and greedy when others are fearful.” Now, here is a chart from the latest weekly Arcane Research report that shows how the Bitcoin fear and greed index briefly rose up in value recently: The trend in the metric over the past year | Source: The Arcane Research Weekly Update – Week 4 As you can see in the above graph, the Bitcoin market has been extremely fearful for a while now as the price has continued to struggle. However, a few days back the sentiment improved a bit to that of fear as the crypto showed some recovery. On Sunday, the indicator surged to a value of 30, the highest it has been in the year 2022. Related Reading | Volume Of Bitcoin Illiquid Supply Points To Growing Bullish Sentiment At the time the report with the chart came out, the metric still had a value of 26. But now that Bitcoin has dropped below $37k again, the market sentiment has once again shifted into one of extreme fear. The fear and greed index has a value of 20 right now | Source: Alternative.me It’s currently unclear when the sentiment may see a real improvement. Back during the May-July 2021 mini-bear period, such extreme fear values continued for a few months before the bottom was in. BTC Price At the time of writing, Bitcoin’s price floats around $36.7k, down 0.1% in the past week. BTC’s price has plunged down in the past 24 hours | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

The Coachella Valley Music and Arts Festival is stepping into non-fungible token (NFT) technology space, according to the festival’s official Twitter account. Coachella partnered with the crypto exchange FTX US, and the NFTs are minted on the Solana blockchain. Coachella Partners With FTX US to Mint Solana-Based Digital Collectibles Since 1999, the festival co-founded by […]

The developer of Super Mario and Pokemon franchises cares more about providing a good experience for its players than winning a console race.

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Bitcoin and Ethereum have been moving sideways during today’s trading session. The top two cryptocurrencies were on their way to previous highs but were rejected near-critical resistance levels. Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy At the time of writing, Bitcoin trades at $36,943 with a 0.9% loss while Ethereum trades at $2,642 with a 0.7% loss in the last 24-hours, respectively. The general sentiment in the market has been shifting quickly with every move to either direction suggesting there is a lot of uncertainty in the market. In a recent report published by Bloomberg Intelligence’s Mike McGlone, Bitcoin and Ethereum are presented as a super combo that could boost the dominance of the dollar in the economy of the future. However, the short term seems poised for some more downside. Due to the bearish trend that has extended from Q4, 2021 into early 2022 with Bitcoin and Ethereum approaching last year’s lows. For Ethereum, McGlone believes ETH’s price could see $1,700 once again. At that time, the market presented an excess in leverage positions which left it vulnerable to a subsequent liquidation cascade. Once the futures market was purged of over-leveraged positions, Ethereum and Bitcoin were able to reach new all-time highs. In that sense, McGlone said: Ethereum approaching the lower end of its range has greater risks for shorts than longs. For Bitcoin, the scenario could be similar with $30,000s holding as critical support as it did back in 2021. If BTC’s price remains rangebound between these levels and $60,000, as the expert noted, a lot of traders could be “disappointed”. Most people expect Bitcoin and Ethereum to trend lower, even lower than during May and July last year, due to the shift in monetary policy from the U.S. Federal Reserve. However, this change could be already priced in, as NewsBTC reported. Bitcoin And Ethereum With Bullish Fundamentals Despite macro-economic pressures, Bitcoin and Ethereum maintain their strong fundamentals. Mainly, the expert supports its bullish thesis on these digital assets increasing demand versus their diminishing supplies. In that sense, McGlone noted: Our graphic shows this consolidation period may be ending, with the path of least resistance pointing higher. About 30% below the 52-week moving average has proven to be a good support reading. Bitcoin revisited this potential bottom in January for the first time since the 2020 trough. For Ethereum, the introduction of EIP-1559 and its burning mechanism could contribute to potential future appreciation as it becomes a scarcer asset. Although “less defined” than Bitcoin’s supply, ETH’s is in a downward trend. Related Reading | TA: Ethereum Below This Support Could Spark Another Sharp Decline These assets are still in their early days, despite the news of many big institutions integrating them into their business/investment strategies. Therefore, there is still have a lot of room to come out on top, especially in the current macro environment.

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