The cryptocurrency’s volatility cuts both ways. Source
Explaining Bitcoin’s ‘Flash Crash’
Tag: Bitcoins
Analyst says Bitcoin’s fall no reason to panic
A popular cryptocurrency analyst known for his YouTube channel, CryptosRUs, issued a call for calm after Bitcoin saw a steep price decline over the weekend. On Dec. 11, Bitcoin (BTC) fell from around $44,000 down to $40,000, a drop of nearly 10% in a short period. It has since rebounded slightly to around $42,000 at the time of this writing. According to the analyst, a few potential factors are behind this sudden fall. One is an upcoming meeting between major central banks, such as the European Central Bank, to discuss…
This $28K Pixelated Avocado Could Add to Bitcoin’s Raging Censorship Debate
“Elegantly weaving the nuanced tapestry of Bitcoin’s history, culture and core technicalities, each unique, pixelated, and hand-crafted piece forms part of a masterful, yet playful guide to the revolutionary realm,” the Sotheby’s description reads. “Shroomtoshi created a standalone digital art collection that captures the cryptocurrency zeitgeist through nostalgic and hyper-referential modes.” Original
Bitcoin’s (BTC) Famed Bull Market Pullbacks Have Been Elusive. Here’s Why
Derivatives are usually leveraged instruments, allowing traders to take bullish (long) or bearish (short) positions worth more than the amount they have deposited as a margin at the exchange. Leverage is a double-edged sword, magnifying both profits and losses. It also exposes traders to liquidations, or forced unwinding, due to margin shortfalls. Furthermore, mass liquidations often lead to exaggerated bullish or bearish moves, so the greater the use of leverage, the higher the probability of liquidations injecting volatility into the market. Source
Bitcoin’s massive rally wiped out $6b in short positions in 2023
Short sellers in the cryptocurrency industry have faced losses exceeding $6 billion this year, primarily due to Bitcoin’s (BTC) remarkable rally since the start of January. A Dec. 5 report by S3 Partners reveals that traders who took short positions against publicly listed cryptocurrency companies like Coinbase, MicroStrategy, and Marathon Digital are currently facing on-paper losses amounting to $6.05 billion. Most of these losses have occurred in the past three months during a period marked by a dramatic turnaround in Bitcoin’s (BTC) value, the report goes on to state. After…
Bitcoin’s huge rally has nuked $6B in shorts this year: S3 Partners
Crypto industry short sellers have lost at least $6 billion trying to bet against publicly-traded crypto firms this year, due largely to Bitcoin’s (BTC) outsized rally since Jan. 1. According to a Dec. 5 report from research firm S3 partners, traders who bet against publicly traded crypto firms such as Coinbase, MicroStrategy, and Marathon Digital are now nursing $6.05 billion in on-paper losses. The bulk of the losses for short sellers have been concentrated in the last three months. After Bitcoin fell to a quarterly low of $25,133 on Sept.…
Here’s what chart analysts say about bitcoin’s path from here to $50,000
After spending much of 2023 stuck near $30,000, bitcoin broke above $40,000 last weekend and has remained above that level for much of this week. Now the next stop could be close to $50,000. Bitcoin has been moving more quickly and persistently for several weeks, notching new 2023 highs more frequently. After beginning November at about $34,000, it’s kicked off December above $40,000 for the first time since April 2022 and is already up 16% for the month already. Chart analysts say the next level of resistance to watch is…
Bitcoin’s return to ATH will be soon thanks to Bitcoin ETF
Senior analyst Vetle Lunde of K33 Research analyzes Bitcoin’s market trends ahead of the U.S. decision on the first spot Bitcoin ETF. Lunde’s report offers a detailed perspective on the crypto market and forecasts potential trends in the coming months. Lunde attributes the recent positive momentum in Bitcoin to the growing anticipation of the SEC’s decision, noting a significant rise since October, backed by strong institutional demand. He draws parallels with past events that have historically boosted Bitcoin’s value, such as the CME BTC futures launch in 2017, Coinbase’s IPO…
Bitcoin’s path to $69k hinges on post-ETF volume
QCP Capital attributes Bitcoin’s price surge primarily to developments surrounding the much-anticipated spot ETF. The cryptocurrency market is witnessing another dramatic surge in Bitcoin prices, with a remarkable 15% increase since the start of December. This uptick contributes to a significant 158% gain year-to-date for the leading token. The catalyst for this latest surge was the SEC’s announcement on Dec. 1, stating that Jan. 5 would be the final deadline for rebuttal comments on spot ETFs. This timeline sets up the following week for probable approval, a development eagerly awaited…
Why Are People Spreading Falsehoods About Bitcoin’s Water Use?
Bitcoin miners in aggregate pay for electricity to process blocks of transactions, and the number of blocks is predictable (one every 10 minutes or so). The calculable metric is consumption (of electricity or water) per block. Each block can contain one or thousands of transactions, depending on demand and size (in terms of memory consumption). Currently, there are around 3-4,000 transactions per block, but earlier this year, the number was more like 1,000. Original