Over the past week, the correlation between the red metal and cryptocurrency has grown tighter, which bodes well for investors. But a strengthening U.S. dollar may suggest a less rosy future. Original
It’s been a near-unprecedented year of extremes and black swan events for the crypto market, and now that 2022 is about to wrap up, analysts are reflecting on the lessons learned and attempting to identify the trends which may point to bullish price action in 2023. The collapse of Terra Luna, Three Arrows Capital and FTX created a credit crunch, a severe reduction in capital inflows and an increased threat that additional major centralized exchanges could collapse. Despite the severity of the market downturn, a few positives have emerged. Data…
The relief rally in the United States equities markets took a breather this week as all major averages closed in the red. Traders seem to have booked profits before the busy economic calendar next week. The S&P 500 index dropped 3.37%, but a minor positive for the cryptocurrency markets is that Bitcoin (BTC) has not followed the equities markets lower. This suggests that crypto traders are not panicking and dumping their positions with every downtick in equities. Crypto market data daily view. Source: Coin360 The range-bound action in Bitcoin suggests…
“BOLT 12 adds a ton of functionality to Lightning invoices. It also adds privacy,” said Jack Sweeney, communications manager at LN Capital, creators of Torq – capital management software for Lightning routing nodes – in an interview with CoinDesk. “The real difference between BOLT 12 and something like lnproxy is that BOLT 12 is a protocol-based solution, whereas something like lnproxy is an application layer solution.” Original
In Nov. 2021, bitcoin’s market valuation managed to make it into the top ten list of assets ranked by market capitalization, as it was the eighth largest market cap last year on Nov. 9. Since then, bitcoin is 75% lower in value against the U.S. dollar and the leading crypto asset’s market capitalization has dropped down to the 26th largest position among the most valuable assets and companies worldwide. Bitcoin’s Market Cap Is Just Below Chevron’s and Just Above the Home Depot’s Market Valuations Just over a year ago in…
“There are many risks, including from macro markets and the risk perceived in holding crypto on an exchange, post-FTX. Moving to stablecoins is a most defensive posture, vs. moving into BTC, which is still a volatile asset in the end,” Rosenblum told CoinDesk when asked if stablecoins have replaced BTC as crypto market safe-havens. Original
On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks. Bitcoin Miners Catch a Break as the Network’s Difficulty Drops 7.32% Lower Bitcoin’s difficulty retarget has dropped, which makes it a bit easier for bitcoin miners to find a block than it was during the two weeks prior. The difficulty change occurred around 8:50:29 p.m.…
Last year and during the first half of 2022, speculators assumed the third-largest bitcoin address was a ‘mysterious whale,’ even though the wallet had shown strong characteristics of being a cryptocurrency exchange. The address known as “1P5ZED” has since been replaced by another address, after the wallet started to transfer its entire bitcoin balance in mid-July 2022. The bitcoin address “1LQoW” is now the third-largest wallet today, and it’s very likely that the owner of the 1LQoW wallet is the same entity that managed the 1P5ZED wallet. The Third Largest…
During the last seven days, bitcoin’s price has remained above the $16K region following the aftermath of FTX’s collapse. Since then, a number of ‘sleeping bitcoins’ that sat idle for five to nine years have been moving during the last four days. Bitcoins that were worth far less back then are being transferred for the first time in years. $20M Worth of Old Bitcoins Move After Sitting Dormant for Years Bitcoin’s (BTC) price has remained steady during the last seven days, ranging between $16,150 to $16,995 per unit, and a…
On Dec. 2, the United States dollar index (DXY), an index that measures the dollar’s strength against a basket of top foreign currencies, reached 104.40 which was the lowest level seen in 5 months. To recap, the U.S. dollar’s weight against the basket of top foreign currencies grew by 19.6% in 2022 until late September as investors looked for protection against the impact of a hawkish Federal Reserve and, more recently, the rising energy costs and effect of high inflation. The U.S. dollar’s retreat may have been an interim correction…