Month: January 2022

Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022

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Global financial markets, stocks and cryptocurrencies took a knock on Jan. 10 after rumors that the Federal Reserve may hike interest rates four times in 2022 circulated and sparked a sell-off and sent the benchmark 10-year Treasury yield briefly above 1.8%. Data from Cointelegraph Markets Pro and TradingView shows that a massive wave of selling broke Bitcoin’s (BTC) support near $42,000, resulting in a plunge to $39,660 before buyers stepped in to buy the perceived dip. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts are saying about this latest drawdown…

Arbitrum Network Stalled Due to Sequencer Downtime – Bitcoin News

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The Arbitrum network, an Ethereum L2 (Layer 2) rollup, experienced some difficulties that caused a complete stop in the production of blocks and the confirmation of transactions. According to reports from the Arbitrum team, this incident had to do with downtime regarding its sequencer, a special node that manages the order of transactions, leaving the network unusable for approximately seven hours. Arbitrum Stalls for 7 Hours The network of Arbitrum, an optimistic scaling rollup for the Ethereum network, stopped completely on January 9, leaving users unable to make…

Single inactive volcano has 90% chance of powering El Salvador’s Bitcoin City, according to president

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El Salvador President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project. In a Sunday notice, Bukele said there was a 90% probability of using the Conchagua volcano to supply 42 megawatts — “enough to provide energy to the entire Bitcoin City,” according to the president. The El Salvadoran leader said the state-owned electrical company LaGeo was continuing to increase its production of geothermal power from different volcanoes in the country, with one of…

Bitcoin Stabilizes Above $40K Support; Resistance Near $45K

Bitcoin (BTC) selling pressure is starting to wane after last week’s price dip. The cryptocurrency is holding short-term support at around $40,000, although upside appears to be limited near $43,000-$45,000. BTC is down about 2% over the past 24 hours, although the price action has been fairly muted over the past few days. The relative strength index (RSI) on the four-hour chart is rising from oversold levels, which typically precedes a brief price bounce. On the daily chart, the RSI is the most oversold since Dec. 10. Upside momentum has…

Crypto Exchange Binance Lists Two Altcoins Built on Ethereum, Triggering Rallies

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A pair of crypto assets that facilitate peer-to-peer (P2P) connectivity got a power surge after being listed on crypto exchange giant Binance. In a new announcement, Binance says that the utility token of Alchemy Pay (ACH), a payment system that serves as a bridge between the crypto and fiat economies, will now be available for trading. According to the project website, Alchemy Pay serves as “an all-in-one online and offline crypto-fiat gateway service for businesses,” and also enables financial institutions to offer cryptocurrency investment services. News of the Binance listing…

Bitcoin Open Interest Continues To Rise, Short Squeeze Incoming?

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On-chain data shows Bitcoin open interest and estimated leverage ratio metrics have continued to rise recently. This could mean that a short squeeze may be coming soon. Bitcoin Open Interest Rises Despite Decline In Price As pointed out by an analyst in a CryptoQuant post, the BTC open interest has shown uptrend over the past month, despite the price of the crypto moving down. The “open interest” is an indicator that measures the total amount of Bitcoin futures contracts that are currently open in the market. When the value of…

Dez Bryant Taps Chainlink for ‘Dynamic’ Sports NFTs

“I was sitting back playing [NBA 2K], thinking, ‘Man, you can buy your player their own digital clothes, shoes, everything,” Bryant told CoinDesk in an interview. “I thought, what if athletes could offer something like this to their fans for them to own. We’ve been on a mission ever since.” Source

Digital Asset Funds Hit by Record Weekly Outflows of $207M

As crypto prices fall, fund investors remain bearish with record weekly outflows from digital asset investment products totaling $207 million in the seven days through Jan. 7. The spate of redemptions adds to the pressure on the market that began in mid-December, bringing the four-week outflow total to $465 million. Investment funds focused on bitcoin, the world’s largest cryptocurrency by market cap, saw outflows of $107 million during the seven-day period, according to a report published Monday by CoinShares. Bitcoin’s outflows were a “direct response” to the minutes of the…

Bitcoin’s Hashrate Slides 15% in 10 Days, Price and Difficulty Puts Pressure on BTC Miners – Mining Bitcoin News

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The price of bitcoin has been on a long losing streak since November 10, 2021, when the leading crypto asset tapped an all-time high at $69K per unit. During the last two weeks, bitcoin has shed more than 19% in value, and the network’s hashrate has dropped from over 200 exahash per second (EH/s) to 174 EH/s losing roughly 15% in ten days. Civil Unrest in Kazakhstan Leads to Hashrate Loss Speculation, Kazakhstan’s Bitcoin Miners Say Issues Did Not Affect Them This week the civil unrest in Kazakhstan caused a…