The 0.1% ask depth on Binance, a measure of buy-side liquidity, crashed to just 1.2 BTC ($30,000) from 100 BTC as volatility exploded after a false report of BlackRock’s (BLK) spot exchange-traded fund (ETF) approval circulated on social media. The leading cryptocurrency popped 7.5% to $30,000 in a knee-jerk reaction to the rumor, only to give up gains after BlackRock denied the report. Original
Standard Chartered forecasts potential growth in Bitcoin’s valuation, emphasizing mining dynamics and intrinsic supply constraints as key drivers. Recent forecasts published on Oct. 11 by Standard Chartered suggest that Bitcoin, the leading cryptocurrency, could experience significant price appreciation in the coming years. While the bank had predicted a $100,000 valuation for Bitcoin by the end of 2024, the latest insights from their top FX analyst, Geoff Kendrick, indicate a possible 20% increase to that figure. Bitcoin’s (BTC) volatile journey has seen an impressive 80% price increase since the beginning of…
Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame. Bitcoin Likely Bottoming: Here’s Why Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few…
On October 2, Mike McGlone, Commodity Strategist at Bloomberg, took to social media X (formerly known as Twitter) to express his concerns about the state of the crypto market. Despite Bitcoin’s (BTC) recent rise, McGlone highlighted a disturbing trend and raised the possibility of a cryptocurrency recession. Factors Behind Crypto Market’s Recession Risk McGlone pointed out the concept of “positive beta vs. negative liquidity” and its implications for the cryptocurrency market. Bloomberg’s senior Macro Strategist suggested that the weakness observed in the third quarter of 2023 could be either a…
The U.S. economy has been facing turbulent times lately, with the U.S. personal consumption expenditure (PCE) inflation index rising by a significant 3.5% over the past 12 months. Even when excluding the volatile food and energy sectors, it’s evident that the efforts made by the U.S. Federal Reserve to curb inflation have fallen short of their 2% target rate. U.S. Treasuries have lost a staggering $1.5 trillion in value, primarily due to these rate hikes. This has led investors to question whether Bitcoin (BTC) and risk-on assets, including the stock…
Bitcoin’s Slips Below $27K, But What Might Government Shutdown Mean for Prices Source
While Bitcoin’s journey toward sustainability shows promise, much work is ahead to assess its environmental consequences fully. There’s a prevalent notion that as Bitcoin (BTC) grows, so does its environmental footprint. But the latest data seem to paint a different picture. Consider this: since 2019, Bitcoin’s computational power, or hashrate, has surged four times. You’d expect the associated carbon emissions to follow suit. Surprisingly, data suggests they’ve only gone up by a modest 6.9%. Emissions Decline as Energy Use⬆️👉Despite 4x Hashrate, carbon emissions (blue) are only⬆️6.9% since 2019🤔Remember, Miners don’t…
An ex-Alameda employee claims a trader at the firm punched in a wrong decimal which led to bitcoin’s 87% drop on Binance.US in 2021. Original
Hopes for a spot bitcoin ETF and the latest regulatory actions could prove a further catalyst. Original
In the latest episode of Cointelegraph’s Market Talks, host Ray Salmond speaks with Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence. When asked whether Bitcoin’s (BTC) pre- and post-halving price action could differ from previous cycles due to a change in global monetary policy, Coutts said: “I’ve been writing about this for most of the year. We do have some strong fundamentals in the space, but ultimately, what drives risk assets is liquidity. The longer that we have this tightening cycle, and if we start…