What are cryptocurrencies? | Uncomplicated
After rising slightly in value on Thursday, bitcoin fell another roughly 7% in the past 24 hours and fell below $21,000 as the overall crypto market fell below the $900 million mark.
While many analysts speculated that Wednesday’s low could be the bottom of the cycle, others warned that more volatility could be on the way.
BTC remains more than 70% down from its November 2021 all-time high.
The overall crypto market is valued at around $892 million as major cryptocurrencies including Ethereum (ETH), Cardano (ADA) and Solana (SOL) have fallen over 20-30% over the past last week.
Major platforms including Celsius and Binance experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.
Crypto exchange Coinbase also announced that it was cutting more than 1,000 employees after previously rescinding job offers, but Binance announced that it was hiring an additional 2,000 employees.
Musk sees logic in integrating crypto payments into Twitter
Tesla chief Elon Musk said it “made sense” to integrate digital payments into Twitter.
The multi-billionaire, who has a deal to buy Twitter for $44 billion, said “it would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”
“Money is fundamentally digital at this point and has been for some time,” he reportedly said at Twitter’s general meeting.
Vishwam SankaranJune 17, 2022 05:48
Crypto volatility throws more stablecoins on the peg
Volatility in the crypto market is affecting more stablecoins, with their market capitalization falling to $156.8 billion on Thursday from around $181 billion in early May.
Tether, the world’s largest stablecoin, saw another round of redemptions, with investors withdrawing around $1.6 billion in 48 hours from USDT.
The stablecoin also fell to $0.993 on Wednesday but quickly regained its peg with the US Dollar.
“Stablecoin’s market capitalization goes hand-in-hand with sentiment and liquidity in crypto markets, and it is mildly concerning that USDT appears to be seeing another round of selloffs,” wrote crypto digital asset manager IDEG. in a note, according to Reuters.
Vishwam SankaranJune 17, 2022 05:00
Bitcoin sinks towards the $20,000 mark
Bitcoin has fallen more than 7% in the past 24 hours and fell below the $21,000 mark.
The major cryptocurrency is down over 30% in the past week and its current price is close to $20,700.
Ethereum has also lost more than 10% in value over the past day and is sitting below the $1100 mark.
Among altcoins, cardano and dogecoin are down around 7% in the past day, while solana and polkadot are down more than 10% over that time.
The overall crypto market has lost nearly 7% in value in the past 24 hours and is valued at just under $900 billion.
Vishwam SankaranJune 17, 2022 03:37
New Crypto Launched Amid Market Chaos
Amidst all the market chaos, payment company Circle has launched a new stablecoin that will be pegged to the euro.
The aptly named Euro Coin (EUROC) follows Circle’s other hit, USD Coin (USDC), which is currently the world’s fourth most valuable cryptocurrency by market capitalization.
“Circle has set industry-leading standards for transferring financial value over the internet with USDC,” said Jeremy Allaire, co-founder and CEO of Circle.
“There is a clear market demand for a digital currency denominated in euros, the second most traded currency in the world after the US dollar. Together with USDC and Euro Coin, Circle is helping usher in a new era of fast, inexpensive, secure, and interoperable exchange of value around the world.
Euro Coin will be available from June 30.
Anthony CuthbertsonJune 16, 2022 7:00 p.m.
Bitcoin Whales Accumulate During Price Drop
CoinMarketCap has released its latest analysis of bitcoin’s price slump, which saw it plunge to an annual low on Wednesday.
The main price index, which is owned by crypto exchange Binance, examines metrics such as trading volume, momentum, and the cryptocurrency’s correlation to traditional stock markets like the Nasdaq 100.
An interesting trend is that large-scale holders, known as whales, appear to have been hoarding bitcoin throughout this downturn.
“There is a positive net flow of 71.95k BTC which signals an accumulation of large players,” the analysis notes.
“This is the group of holders who generally represent the true believers in the technology and those who will be prepared to endure the ups and downs of the token. Since they are there for the vision of the project, they will take more risks.
Anthony CuthbertsonJune 16, 2022 5:53 p.m.
Bitcoin is “the antidote to chaos”
MicroStrategy CEO Michael Saylor, whose bold bitcoin strategy has put the software company in the crosshairs of crypto critics, has once again affirmed his belief in cryptocurrency.
“Bitcoin is the antidote to chaos,” he tweets.
You can read more about MicroStrategy’s bitcoin bet here.
Anthony CuthbertsonJune 16, 2022 4:19 p.m.
Bitcoin price ‘close’ to bottom
Further analysis of market indicators suggests – but does not necessarily mean – that bitcoin could be near the bottom of this price cycle.
Kevin Svenson revisited a Relative Strength Index (RSI) analysis he did in April, noting that the latest price slump means the target has been met.
“Does that mean the bottom is in?” he wrote on Twitter. “Not necessarily. But it means we’re close.
Anthony CuthbertsonJune 16, 2022 3:10 p.m.
Bitcoin price crash prompts Binance boss to make ‘deep self-inflection’
A day after announcing 2,000 new job openings at Binance, the cryptocurrency exchange boss offered more thoughts on the latest bitcoin price crash.
Changpeng Zhao (CZ) has been making the rounds on US news channels, appearing on CNBC, Bloomberg and others to explain the impact of the recession.
“While many projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those who fail honestly will start new projects and learn critical lessons from the experience. industry is growing,” he said.
“While we benefit from the experience of previous cycles, we are not immune to this cycle either. We are going to do a deep self-inflection to better prepare for the next bull market. »
Anthony CuthbertsonJune 16, 2022 1:54 p.m.
Bitcoin Sees Largest Trading Influxes Since 2018 Bottom
Popular crypto market analyst Lark Davis noted that cryptocurrency exchanges are currently seeing their biggest inflows since 2018, when the market bottomed out after the 2017 price spike.
“Every time the market crashes, investors rush to sell the lows,” Davis writes.
Anthony CuthbertsonJune 16, 2022 11:36 am
Bitcoin Price ‘Hasn’t Hit Freezing Point Yet’ During Crypto Winter
Not everyone is convinced that $20,000 will be bitcoin’s low this cycle, with some analysts pointing to +80% price declines after previous all-time highs.
These corrections typically last for years, not months, meaning we could be in the midst of a so-called “crypto winter.”
We heard from Dr. Lil Read, Senior Thematic Analyst at GlobalData, who gives a decidedly bearish view on bitcoin and the rest of the crypto market.
Anthony CuthbertsonJune 16, 2022 11:22 am