Category: Bitcoin

Bitcoin’s shellacking during global markets decline calls into question ‘safe haven’ theory again

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Cryptocurrencies were among the hardest assets hit this morning as bitcoin slid 15% toward its worst day since June 2022. The turmoil has investors wondering, once again: what happened to the narrative that bitcoin is a store of value, and a hedge against uncertainty? Bitcoin lost as much as 17% on Monday after the broad-market sell-off intensified over the weekend. The Dow Jones Industrial Average fell as much as 1,000 points Monday following a 611-point decline Friday, while the tech-heavy Nasdaq lost as much as 6% at one point. BTC.CM=…

Bitcoin optimism high heading into a historically slow trading month

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Investors have several reasons to be optimistic toward bitcoin even as it enters one of the sleepiest trading months of the year. The flagship cryptocurrency ended July — usually a strong month — up 5% at $65,596.41, according to Coin Metrics. In June, bitcoin fell 8%. It has finished 7 of the last 11 Augusts in the red, generating an average 2.69% return for the month, according to CoinGlass – largely thanks to a more than 65% gain in August 2017. “We predicted that the elections would be a major…

Ethereum To Match Bitcoin’s Strength and Surge? Indicators Turn Green

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Ethereum price started a decent upward move from the $3,080 support zone. ETH is recovering and might aim for a test of the $3,500 resistance zone. Ethereum is showing positive signs from the $3,150 pivot zone. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $3,280 support zone. Ethereum Price Eyes…

Ethereum Targets Recovery: Can It Mirror Bitcoin’s Performance?

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Ethereum price extended losses and tested the $3,080 support zone. ETH is recovering and might aim for a test of the $3,350 resistance zone. Ethereum tested $3,080 and started a recovery wave. The price is trading below $3,350 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $3,180 support zone. Ethereum Price Recovers above $3,200 Ethereum price…

Bitcoin Price Falls Again: Is Bearish Momentum Returning?

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Bitcoin price started another decline below the $66,500 level. BTC is gaining bearish momentum and might revisit the $63,200 support. Bitcoin started a fresh decline from the $68,500 resistance zone. The price is trading below $65,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses and trade toward the $63,200 support zone. Bitcoin Price Gains Bearish Momentum Bitcoin price failed to…

Ether ETFs seem set to launch on Tuesday, six months after bitcoin funds’ debut

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Representation of Ethereum, with its native cryptocurrency ether. Dado Ruvic | Reuters The Securities and Exchange Commission appears to have given the green light for exchange traded funds that hold ether, the world’s second-largest cryptocurrency. Trading is expected to begin as soon as Tuesday. Several fund issuers submitted additional registration statements on Monday afternoon, and exchanges have given notice that the funds will trade on Tuesday, indicating that the SEC has signed off on the funds. The regulator did not immediately respond to a request for comment from CNBC on…

BlackRock’s Larry Fink says he’s a ‘major believer’ in bitcoin

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Key Points BlackRock CEO Larry Fink told CNBC’s “Squawk on the Street” that he sees a future for bitcoin after previously being a “proud skeptic” of the cryptocurrency. BlackRock has become a significant player in crypto. Bitcoin has the potential to be a way for everyday investors to guard against significant government turmoil, according to the head of the world’s biggest asset manager. BlackRock CEO Larry Fink told CNBC’s ” Squawk on the Street ” that he sees a future for bitcoin after previously being a ” proud skeptic ”…

Bitcoin may be bound for ‘summer of 2021 style’ correction, data shows

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Bitcoin is not expected to retest its record until later this year, but data shows this correction could get uglier before a recovery begins — similar to how the cryptocurrency fared between two all-time highs in 2021. A bitcoin valuation indicator, CryptoQuant’s Bitcoin Profit and Loss Index, is currently hovering around its own 365-day moving average. This key threshold helps traders determine whether bitcoin is in a bull or bear market. Historically, a crossover of the index to the downside has marked major corrections, including the one between May and…

Bitcoin is holding support and ready to make another run at a record, according to the charts

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Bitcoin has pulled back in recent weeks following the announcement that creditors to the collapsed Mt Gox exchange will be returned approximately $9 billion of bitcoin and the fear is that supply will hit the market. That pullback has materialized and according to our Elliott Wave analysis of the bitcoin chart, support has possibly been formed in the zone of $59k – $49k. If successfully defended, this sets up a third attempt to break through the formidable $65k – $73k resistance zone. In fact, we just added a 2% holding…

Investor demand returns to bitcoin despite stagnant price, data shows

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Crypto investors have been feeling a kind of déjà vu with the sluggish price of bitcoin having barely budged for months now. However, data shows demand for the cryptocurrency has slowly been returning and could soon be reflected in prices. Bitcoin has been wrestling with $70,000 for much of this year, its struggle was exacerbated when miners began selling their bitcoin in greater amounts last month, seeking to cover operating expenses following weeks of depressed transaction fees and the slashing of miners’ block reward at the halving . Some larger…