Tag Archives: btcusdt

The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low. The Effects of the Chinese Crackdown Although Bitcoin has been banned in China for years, the Asian Superpower doubled down on its stance just recently. It went further this time by ordering...

Things in the cryptocurrency market are looking increasingly bad as the price for bitcoin just crashed below $30,000. Bitcoin’s price is currently trading below $30,000. This hasn’t happened in months as the last time we saw these levels was in January 2021. BTC/USD. Source: TradingViewOther cryptocurrencies are also following suit with most of the altcoins charting double-digit declines on the weekly. This has also led to almost $800 million worth of liquidated positions...

Now, on-chain analytics and reports from fund managers are showing significant Bitcoin outflows amid continued crypto restrictions in China. Multiple Bitcoin Bear Market Signals In its weekly report for the period ending June 21, 2021, published on Monday, digital asset investment outfit CoinShares revealed $79 million in outflows from institutional crypto investment funds. This report marks the third consecutive seven-day period to see a negative balance on the flow of...

As a continuation to its nightmare’s week, Bitcoin dropped another 8% from today’s $35,600 opening price and recorded a current low of $31,700, according to Bitstamp. The primary cryptocurrency has been in a downtrend since reaching a weekly high of above $41.3K on Tuesday, and so far had seen a drop of 24% in just six days. After another Death Cross that took place on Saturday, where the 50-day MA crossed below the 200-day MA, the bulls are now attempting to defend a...

Michael Saylor’s business intelligence giant now owns over 100,000 bitcoins after the company purchased another chunk of 13,005 BTC for nearly $500 million. Consequently, the firm now has 0.5% of all bitcoins ever to exist. The founder and CEO of the NASDAQ-listed company announced the latest purchase earlier on June 21st. It came after the firm raised $500 million through an offering of senior secure notes, as reported earlier. MicroStrategy has purchased an additional...

The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets. CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected to the crypto space. Although that had an immediate adverse effect on the market, with prices starting to...

Following a somewhat stagnant weekend in which BTC remained in a range between $35,000 and $36,000, the asset dumped to a two-week low of just over $32,000. Most alternative coins have performed even worse, with ETH plummeting beneath $2,000 for the first time since May. Altcoins in Red; ETH Below $2K Altcoins have been gradually declining in value for the past several days. Ethereum has been at the forefront as it traded well above $2,600 less than a week ago. However, the...

The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments. S2F’s Methodology & Accuracy Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given asset. The basic hypothesis is that the easier it is to produce a good, the harder it is for it to retain value,...

With the second quarter of 2021 almost done and July just around the corner, bitcoin might be headed towards a highly volatile month, and Grayscale could receive the blame. This is because one of the largest unlockings from GBTC will take place in the middle of the month as accredited investors will receive access to over $600 million worth of BTC. Volatility in July Because of GBTC Unlocking? Founded in 2013, Grayscale is the leading digital asset manager enabling...

The Russian oligarch Oleg Deripaska blamed the Bank of Russia for its strict regulations imposed on digital assets. In his opinion, the central bank obstructs the citizens from involving in cryptocurrencies like Bitcoin. Russia Should Add BTC As a Payment Method One of the wealthiest Russians – Oleg Deripaska – used his Telegram account to criticize the Bank of Russia on its crypto stance. He surmised that the country should add the primary cryptocurrency as a payment method,...