Day: May 13, 2022

Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K

Bitcoin (BTC) failed to clinch $31,000 by the Wall Street open on May 13 as new warnings forecast a continuation of the downside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar declines, stocks bounce at week’s end Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after reaching just short of $31,000 earlier on the day. United States stock markets saw some relief, the S&P 500 up 2.2% and the Nasdaq gaining 3.3% on the open. The conspicuous exception was Twitter stock, which at the time of writing traded down…

What happened? Terra debacle exposes flaws plaguing the crypto industry

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The past week has been a dark period in the history of crypto, with the total market capitalization of this industry dipping as low as $1.2 trillion for the first time since July 2021. The turmoil, in large part, has been due to the real-time disintegration of Terra, a Cosmos-based protocol that powers a suite of algorithmic stablecoins. Approximately a week ago, Terra (LUNA) ranked among the 10 most valuable cryptocurrencies in the market, with a single token trading at a price point of $85. By May 11, however, the…

Bitcoin Price Takes Deepest Dive Since 2020, Will BTC Bounce?

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Suffering the effect of the current bloodbath in the crypto market, Bitcoin’s (BTC) price on May 12 hit its lowest valuation of $26,350 since December 2020. The ongoing bearish trend has remarkable similarity with the previous mid-season bearish trend that lasted from May to June 2021. In both market crashes, Bitcoin’s price broke the resistance level of $30,000. Recently, it had dropped more than it reversed back in June 2021 when the BTC’s valuation stopped losing at $29,800. In contrast, its price in the current market clash has touched the…

SHIB, DOT Nearly 30% Higher, as SOL Also Surges – Market Updates Bitcoin News

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Cryptocurrency markets were mostly in the green on Friday, as DOT was up by nearly 40%, moving away from an 18-month low. Although SOL, AVAX, and MATIC all rose by over 20%, it was SHIB that was one of the standout gainers in today’s session. Polkadot (DOT) DOT was one of today’s biggest gainers, as it climbed by nearly 40% during Friday’s stretch, moving away from recent lows in the process. On Friday, DOT/USD surged to a peak of $11.73, which comes less than 24 hours after it hit a…

Coinbase, MicroStrategy and Other Crypto Stocks Finally See Some Relief After Recent Losses

“The extent of the damage caused from the depegging of recent stablecoins, and collapse of LUNA is unknown and will likely continue to play out in the weeks to come, but we expect that recent events in the crypto market to be catalysts for regulation, particularly around stablecoins, which we think would be welcomed by investors,” Chris Allen, an equity research analyst at Compass Point told clients in a note Friday. Source

Why the Fed Will Go Back to Easy Money

But in 2009 and beyond, the Obama Administration was thrust into battle with a Republican-controlled Congress. The two sides searched, against all odds, for a bipartisan agreement to back fiscal spending projects, but other than the controversial trillion-dollar bailout programs that kept Wall Street from imploding, nothing substantial to address mainstream America’s needs was ever passed. Stimulus initiatives became piecemeal and politicized and were ultimately insufficient to give the U.S. economy what it needed to grow. Source

‘A Dark Day for Crypto’ — A Deep Dive Into the Obliterated Terra Token Ecosystem and Damaged Apps – Bitcoin News

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Following a few days of carnage, the two leading crypto assets built on top of the Terra blockchain have plummeted to significant lows. LUNA has dropped to $0.00000100 per coin and the once-stable coin terrausd (UST) hit a low of $0.044 per unit. After temporarily halting the Terra blockchain and restarting it, the team has once again halted block production at block height 7,607,789. The team restarted the chain again at 8:46 a.m. (ET) and disabled onchain swaps. Do Kwon’s ‘Amusing Morning’ of De-Pegging Jokes Becomes a Scary Reality Five…

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Grayscale Bitcoin Trust Discount Widens to All-Time Low of 30.79%

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Last year Grayscale applied to the U.S. Securities and Exchange Commission (SEC) to convert GBTC into a spot exchange-traded fund. Many analysts are skeptical the SEC will approve the conversion anytime soon, though some traders have bought GBTC as a way of betting on the prospect of the SEC’s nod; in that sense, a wider discount signals dimming optimism for such an approval. Original