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What's Next for the Bitcoin Price, Which Is Struggling To Find Support?
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On January 10, the price of Bitcoin (BTC) dropped below $40,000 for the first time in 110 days, sending a warning to aggressive traders. Long (buy) futures contracts worth $1.9 billion were liquidated that week, which caused dealers' trust to crash. The "Fear & Greed" index for cryptocurrencies touched 10 on January 10—its lowest point since the crisis in March 2020. The index measures trader sentiment by taking into account past volatility, market velocity, volume, Bitcoin dominance, and social media. As usual, the anxiety proved to be a buying opportunity, as the value of the entire cryptocurrency market soared by 13.5%, going from a low of $1.85 trillion to $2.1 trillion in less than three days.
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Bitcoin Will Remain Below $30k This Year, According To Invesco.
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Business Insider reports that Invesco analyst Paul Jackson has issued a warning that the price of bitcoin may drop below $30,000 in the near future. He estimates that there is a good 30% chance that such a dire scenario will come to pass. Jackson is reminded of the years before the Great Depression by the unreasonable exuberance in the Bitcoin market. On important spot platforms, the biggest cryptocurrency was trading close around $42,000. The Federal Reserve's tough stance is currently one of the main obstacles for Bitcoin. In an effort to put pressure on risky assets like equities and cryptocurrencies, the central bank is projected to increase interest rates three times this year. On the technical aspect, the largest cryptocurrency recently established a "death cross," which is often a trailing stop-loss and is meant to indicate a significant correction.
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Despite warnings, the price of bitcoin has risen above $37,000, but why?
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As traders anticipated a barrier retest, Bitcoin (BTC) broke above $37,000 during the Wall Street opening on January 29th. BTC avoids a significant resistance test. After dropping to $36,211 on Bitstamp earlier in the day, according to statistics from CoinMarketCap and Trading1View, BTC/USD is again returning to its typical pattern. Trading participants anticipated that momentum would keep moving resistance levels closer to $40,000 as part of the range-bound behaviour, whether or not the eventual consequence was a new decline. Prominent trader Crypto Ed commented on the impending diagnosis, saying, "The negative scenario appears most possible, which is precisely why I predict we'll see an unexpected move." Anbessa, a well-known trader and analyst, reiterated earlier demands for $38,500 to signal the end of Bitcoin's corrective phase.
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For $25 million, MicroStrategy buys 660 bitcoins.
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In the midst of a market dip on Monday, MicroStrategy, a prominent Bitcoin (BTC) investor, announced the purchase of another sizable amount of BTC, reaching 125,051 BTC. According to an authorised form submitted to the US Securities and Exchange Commission (SEC) on Tuesday, MicroStrategy purchased 660 BTC for "approximately $25 million" in cash between December 30, 2021, and January 31, 2022. The study found that the average cost per BTC to purchase, including fees and expenses, was $37,865. As of January 31, MicroStrategy held over $3.78 billion in bitcoins, with an average purchase price of about $30,200 per bitcoin, fees and expenses included. The most recent disclosure came after the SEC allegedly disregarded MicroStrategy's Bitcoin accounting methods in mid-January, which caused MicroStrategy shares to fall.
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Traders withdrew $800 million from Bitcoin through exchanges.
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BTC worth $800 million was taken out of exchanges when the first cryptocurrency's price surged and now trades for more than $40,000. The sudden rise in the price of bitcoin came as a surprise in a market where structural and on-chain data pointed to digital gold's continuous depreciation because the market had previously failed to recover. However, even though the majority anticipated that the bull market would come to an end and that prices would fall below $30,000, centralised exchanges were routinely experiencing reserve losses, which showed that traders were not engaging in the aggressive selling that the majority had forecast. The "decoupling" of the majority of currencies on exchanges from the stock market, which declined as Bitcoin and other digital assets traded, was the first positive sign for the industry.
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"Dogecoin Billionaire" Fails to Profit Despite Significant Losses
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Contessoto refused to sell his Dogecoin assets amid a slump in May of last year, despite briefly losing his millionaire status. Glauber Contessoto, formerly known as the "Doge Millionaire," is rapidly losing his wealth. Despite being far ahead of his investment, he is no longer a millionaire Dogecoin. In a video he posted in mid-May, Mr. Contessoto revealed the value of his cryptocurrency portfolio had dropped by over $1.8 million in a year, but he had still made $281,000 from his investment. Despite briefly losing his millionaire status, Mr. Contessoto refused to liquidate his Dogecoin holdings during the crash in May of last year. At the time, Mr. Contessoto had declared his support for Dogecoin.
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Shiba Inu Tokens Are Being Distributed By Binance To New Users
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A new promotional offer for potential consumers has been made public by the cryptocurrency exchange Binance, in which users may be eligible to earn free Shiba Inu (SHIB) tokens. Those who sign up on the website using a referral link would receive the majority of the prize pool ($80,000). Up to 308,000 SHIB tokens may be given to each new customer. In accordance with the arrival order of new people, the gifts will be distributed. The deal would be good until March 21. The remaining $20,000 will also go to Binance users who have traded more than 1,000 USDT tokens across all trading pairs that support the Shiba Inu cryptocurrency. The exchange would combine the trade volume of both master accounts and subaccounts. The initial promotion period will be followed by the delivery of these prizes.
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Due to Elon Musk's tweet, the price of Dogecoin is once again highlighted.
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Elon Musk, the founder of Tesla, announced his intention to expand the payment option for his space exploration company, SpaceX, only a few months after Tesla began accepting Dogecoin (DOGE) for goods purchases. The CEO of SpaceX and Tesla, Elon Musk, has intimately expressed interest in accepting meme currency payments across his multibillion-dollar businesses and has been a steadfast advocate of the DOGE ecosystem since 2019. Historically, when investors try to capitalise on the buzz, Musk's pro-DOGE tweets have had a quick and favourable effect on DOGE's request prices. However, despite a negative crypto request, the latest information about SpaceX's intention to accept DOGE payments for goods had little impact on the market.
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31.90 percent of the total supply of DOGE is under Robinhood's control.
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DOGE worth $5.1 billion is stored by Robinhood. A recent tweet shows that the company has $5,103,182,345 worth of Dogecoin. The equivalent DOGE value is 42,317,050,147. That many Dogecoins are kept by Robinhood in two cryptocurrency wallets with eight verified addresses. This is equivalent to 31.90% of the total supply of DOGE. The company is the owner of the meme cryptocurrency on behalf of its customers. Elon Musk issues a remark regarding both McDonald's and DOGE. Elon Musk, a multibillionaire and the CEO of Tesla and SpaceX, had previously commented on the subject of Dogecoin transactions and the multinational fast food giant McDonald's. He might presume, based on his tweet, that the Dogecoin army has exerted significant effort to persuade the company to accept the original parody cryptocurrency.
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Will Dogecoin & Shiba Inus Be Successful In 2022 As Well.
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The Dogecoin and Shiba Inu communities have historically engaged in healthy competition during conversations over the worth of the assets. However, according to IntoTheBlock statistics, investors are currently earning exactly the same amounts from both assets. Shiba Inu's correction led to a profit of 54%. Shiba Inu's In/Out of the Money signal indicates that roughly 50% of investors are now losing money or drawing even on SHIB. As the token updated its all-time high (ATH) hour by hour throughout the asset's mind-boggling 1,000 percent rise, almost every single entry into the dog-based cryptocurrency resulted in a profit. The asset, however, failed to show any signs of recovery after hitting an all-time high in October and fell for three months before nearing the rangebound that was established in November.
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Grayscale Announces New Shareholder In Its GBTC
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The owner of the Grayscale Bitcoin Trust (GBTC), managed by renowned crypto asset manager Grayscale, has just purchased fresh shares. The parent firm of Grayscale, "DCG" Digital Currency Group, announced its intentions to purchase about $250 million worth of GBTC shares in an official update on March 10. The action, which comes at a tumultuous time for GBTC, follows intentions to acquire experts in the ETF [Exchange-traded Fund] industry, suggesting that the company may be diversifying. DCG "has authorised the acquisition by DCG of up to $250 Mln worth of shares of Grayscale Bitcoin Trust," according to the statement.
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Over $61,000 Price for Bitcoin What follows could surprise you.
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Bitcoin has just found its charm again and surged to new all-time highs after a lengthy period of dips and consolidation since Mid-February this year. According to CoinMarketCap, the top cryptocurrency by market cap increased to nearly $60k in a rapid rise that began soon after 10:00 UTC on Saturday. According to Jehan Chu, co-founder and managing partner of Kinetic, a Hong Kong-based trading firm, "Bitcoin is testing the sonic barrier around $60k, and institutional investment continues to create momentum with Chinese online firm Meitu the newest to execute a Bitcoin treasury strategy." Additionally, Beeple's $69 Mln NFT record shows the full power of cryptocurrencies and fuels interest in retail.
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The best performing asset of all time is bitcoin.
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The most popular cryptocurrency, Bitcoin [BTC], has outperformed every other asset class over the previous ten years by at least a factor of ten. Charlie Bilello, the CEO and founder of Compound Capital Advisors, summarised the milestone by compiling the performances of the top asset classes using Ycharts data. In contrast, according to a different assessment by Messari researcher Roberto Talamas, Bitcoin has generated an average annualised return of 230 percent, which is more than 10 times greater than the second-ranked asset class. U.S. Large Caps, which are shares in American companies with a market capitalization greater than $10 Bln, came in second with an annualised return of 14 percent, trailing the United States Nasdaq 100 Index by 20 percent.
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Bitcoin owners anticipate a higher price in the coming days.
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Only 36% of the circulating Bitcoin [BTC] has been moved on-chain in the last six months, further reducing the liquid supply of the cryptocurrency. According to statistics just released by on-chain cryptocurrency data aggregator Glassnode on March 21, 50% of Bitcoin's supply was in circulation during the peak of the 2017 market. According to the statistics, not many long-term investors are inclined to sell their Bitcoin at the current price levels, indicating that Bitcoin's whales are hanging out for higher prices and that the current bull trend may still have a long way to go. The age of BTC moved on-chain can be compared to provide some understanding of market sentiment.
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Fourth Consecutive Drop in Mining Difficulty for Bitcoin.
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Mining new Bitcoin [BTC] is becoming easier despite China's ongoing crackdown on cryptocurrency mining, as BTC just experienced another decline in mining difficulty. According to data from Bitcoin explorer BTC.com, the Bitcoin network earlier on July 18 announced its 4th straight negative adjustment of mining difficulty, down 4.8 percent. At block 691,488, the mining difficulty rate was reduced by the most recent adjustment, dropping from 14.4 trillion to 13.7 trillion, the lowest level since June of last year. After exceeding 25 trillion on May 13th, the difficulty metrics have now practically halved over the past two months. Fourth Consecutive Drop in Mining Difficulty for Bitcoin. The most recent BTC mining adjustment comes after a string of consecutive difficulty cuts that began with a lowering of over 16 percent on September 29th.
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Bitcoin mining by Bitfarms increased by 47.5 percent in July.
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The Nasdaq-listed mining company Bitfarms reported that July was its greatest month yet, with a total output of 391 Bitcoin [BTC] generated at a pace that increased by 47.5 percent. In accordance with an official press release published earlier on Thursday, Bitfarms' monthly Bitcoin production has nearly doubled since the year's beginning, averaging about 13 BTC each day. According to projections from Fortune, Bitfarms made $14 million in profit earlier in July, an increase of 80% from its lowest-output month of 2021, February. According to the Canadian corporation, 96% of the mined bitcoins—worth $69 million at the end of July—have been transferred into custody. Founder and CEO of Bitfarms Emiliano Grodzki continued, "The company aims to continue adding bitcoin to its record as output increases." Bitfarms now make about 1.5% of the global economy.
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Despite wallet crashes, McDonald's El Salvador begins accepting bitcoin.
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In truth, I was well prepared to decline when I just went into a McDonald's in San Salvador to inquire about accepting Bitcoin payments for breakfast," writes journalist Aaron van Wyrdum. To my amazement, though, they also printed a QR code that directed me to my Lightning Network account page. I'm currently eating a typical breakfast. Id="attachment 15774" align="aligncenter" width="507" caption=""] Despite wallet crashes, McDonald's El Salvador begins accepting bitcoin. Despite wallet crashes, McDonald's El Salvador begins accepting bitcoin. [/caption] A representative for the OpenNode service stated that as of right now, both the Panda Express network and McDonald's locations in El Salvador accept Bitcoin.
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