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Day: June 13, 2022
Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds
Bitcoin’s month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year. Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into midday on June 13 when BTC hit a low of $22,592. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what several market analysts are saying…
Crypto users take to Twitter to lament the ongoing market downturn
Crypto traders and investors started out the week with a major shock to the markets. As assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to voice their dismay (or in some cases jubilation) with the current state of crypto. Inflation, potential interest rate hikes, a looming recession, and yet another DeFi fiasco have all contributed to the current onslaught seen in markets on Monday. As a result, Bitcoin’s (BTC) price plunged to levels not seen since late 2020, several crypto exchanges limited users…
Cardano Resists Downward Pressure, Can ADA’s Price Push Bears Away?
Cardano (ADA) has been following the general sentiment in the market. The fifth cryptocurrency in terms of market capitalization has been trending to the downside but at a slower pace than larger cryptocurrencies. Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes At the time of writing, Cardano (ADA) trades at $0.48 with a 6% and 14% loss in the 24-hour and 7-day chart, respectively. The second crypto by market cap Ethereum (ETH) records a 30% loss over the same period, Binance Coin (BNB) a 24%, Solana…
Crypto Lending Company Blockfi Cuts Staff by 20% – Bitcoin News
On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market. Blockfi to Lay off ‘Roughly 20%’ of Its Workforce Digital currency values are not that hot these days, and the crypto economy slipped below the $1 trillion region on June 13. The…
Scientists claim to have designed a fully decentralized stablecoin pegged to electricity
Researchers at the federally funded Lawrence Livermore National Laboratory in California have combined statistical mechanics and information theory to design a class of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. Livermore’s Maxwell Murialdo and Jonathan L. Belof say their innovation would make it possible to transmit electricity without physical wires or a grid and create a fully collateralized stablecoin pegged to a physical asset – electricity – that is dependent on its utility for is value. According to the scientists, the E-Stablecoin…
US trademark filing hints at Arizona State University planning classes in the metaverse
One of the largest public universities in the United States by enrollment may be planning to launch virtual classes in the metaverse in the future. According to records submitted to the United States Patent and Trademark Office, or USPTO, on June 7 and June 8, the Arizona Board of Regents on behalf of Arizona State University filed seven applications for variations of its name — ASU, Arizona State, Arizona State University — as well as that of its football team, the Sun Devils, to be used in a virtual environment.…
ANALYST WHO ACCURATELY PREDICTED BITCOIN AND CRYPTO COLLAPSE DETAILS ROCK BOTTOM TARGET FOR BTC!!
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io The crypto analyst who predicted Bitcoin would crash this year is revealing what he thinks will be the bottom price for the benchmark cryptocurrency (BTC). “BTC – Some of the reasons why I think we should see new lows in the coming days: BTC broke the $30,000 support zone, which was the main pivot of the bull run. This is a zone, not a level. It’s between $29,000-$31,000, taking all the wicks. Now it’s testing that zone as resistance.” The analyst says…
Bitcoin price falls below its ‘realized price’ but is it time to buy the dip?
On June 13, cryptocurrency prices plunged deeper into bear market territory after Bitcoin (BTC) sliced through its current trading range and briefly touched $22,600, its lowest level se since December 2020. According to BTC historical data, the market has now reached valuation metrics that show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below its realized price, which represents the average price of every coin in supply based on the time it was last spent on-chain. Bitcoin realized price vs. actual price. Source: Glassnode…
Litecoin’s Latest Update Lands the Coin in Trouble as Major Exchanges Delist It
Litecoin’s latest update, the Mimblewimble Extension Blocks (MWEB) network, has landed the cryptocurrency giant in soup as major exchanges in South Korea announced that they would be delisting the coin. This comes after the new privacy feature was added to the upgrade, granting more privacy to users during transactions. After the upgrade, two prominent South Korean cryptocurrency exchanges, Upbit and Bithumb, have recently announced that they will delist Litecoin due to the new privacy feature. According to the exchanges, Litecoin’s Mimblewimble Extension Blocks (MWEB) network is in direct conflict with…