Bitcoin

Stable at $67,000 as analysts await more Fed signals By Investing.com

Published

11 months ago

20 May, 2024

Investing.com – The price rose slightly on Monday after recovering over the weekend, although the token still remained range-bound amid lingering caution over the outlook for US interest rates.

The world’s largest cryptocurrency moved little in the last 24 hours and stabilized at US$67,085.1 at 09:13 ET (13:13 GMT). It still remained within the $60,000 to $70,000 trading range established since mid-March, with few catalysts available for an immediate breakout.

Appetite for Bitcoin has also been overshadowed by a stellar rally in metals markets. A combination of safe-haven demand and long positioning hit a record high on Monday.

Bitcoin Range as More Fed Signals in Sight

This week’s focus has been squarely on further suggestions from the Federal Reserve, which are likely to influence the outlook for interest rates.

The Fed’s late-April meeting is scheduled for this Wednesday, while a number of Fed officials — notably members of the rate-setting committee — are expected to speak this week.

Any further indications on interest rates will largely be in focus, after some subdued inflation readings for April put the market’s focus squarely on a rate cut in September. But Fed officials warned that the bank needed more convincing that inflation was slowing.

The also stabilized from last week’s losses, limiting any major upside in Bitcoin. Fears of potential geopolitical instability in the Middle East, following the death of Iran’s President and Foreign Minister in a helicopter crash, also kept risk appetite subdued and traders leaning towards safe havens such as gold and the dollar. .

This came amid dwindling capital flows into crypto investment vehicles as enthusiasm over Bitcoin exchange-traded funds launched earlier this year fizzled out.

Crypto Price Today: Altcoins Track Moderate Bitcoin Moves

Most major altcoins also moved in a stable to bearish range on Monday, tracking muted moves in Bitcoin as sentiment remained subdued.

The world’s No. 2 token rose 0.4% to $3,090.91 while falling 0.3%. rose 5.1%.

Memecoins had mixed performance, with DOGE and SHIB rising 1.2%, while SHIB remained stable.

Altcoins have struggled to gain traction in recent months as much of crypto capital flows have remained largely focused on Bitcoin. Potential regulatory moves against Ethereum by the Securities and Exchange Commission have also dampened appetite for altcoins.

Number of new Bitcoin wallets is the lowest since 2018

The number of new Bitcoin wallets has fallen to the lowest level since 2018, pointing to waning interest and reduced activity within the Bitcoin ecosystem.

According to data from The Block, just an average of 275,000 addresses were added to the Bitcoin network every day last week, compared to 625,000 addresses six months ago.

Other closely watched metrics also declined, including miner revenue measured by hash rate, which reached record levels. Transaction fees and volume metrics on the network are also in the red.

Meanwhile, despite the current slowdown in on-chain metrics, new protocols on the Bitcoin network are attracting record levels of interest from venture capital firms, potentially setting the stage for a future resurgence.

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

9 months ago

1 August, 2024

Financial Block Staff

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

9 months ago

1 August, 2024

Financial Block Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

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ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Published

9 months ago

1 August, 2024

Financial Block Staff

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Published

9 months ago

1 August, 2024

Financial Block Staff

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

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