The Crucial Silver Lining to Bitcoin’s Recent $1,000 Drawdown
Bitcoin has faced a strong correction over the past few days after peaking at $11,200 last week. At the recent lows, BTC traded for $10,200, meaning it had dropped over $1,000 from those highs. The coin now trades at $10,500 as of this article’s writing, technically in no man’s land. A trader thinks that the prevailing trend is still bullish because the cryptocurrency held a pivotal support level during the drop. Other signs also show […]
Related News
Bitcoin has undergone a strong rejection over the past two days. The coin dropped from the $11,200 highs it was trading at just days ago to a recent low around $10,200 on Coinbase. BTC now trades for $10,450, having slightly bounced in tandem with other legacy markets. Bitcoin’s Monday drawdown came as the S&P 500 fell over 2.5% during the session lows and as the U.S. dollar jumped. Despite uncertainity about BTC’s price action in […]
The drawdown in bonds is not much less than bitcoin’s drawdown from its all-time high. Legacy finance is demonstrating to be just as volatile as bitcoin.
Jeffrey Tucker, via Wikimedia Commons. It is no secret that the cryptocurrency industry is fraught with scams. Some of the more high-profile bitcoin scams-such as Mt. Gox-receive mainstream press coverage and reinforce the misguided stereotype that criminals are bitcoin's primary user group. Many in the Bitcoin community are understandably worried by this. However, Austrian economist Jeffrey Tucker sees a silver lining Tucker says the proliferation of bitcoin scams is actually a "bullish sign" for the bitcoin industry because scams tend to coalesce around budding industries with explosive....
A recent report by Juniper Research forecasts a three-fold increase in bitcoin transaction volumes this year if Donald Trump's prospects of winning the presidential elections increases. The upcoming presidential elections in the United States may just be the thing Bitcoin wants right now. The domestic and foreign policies of the presidential candidate Donald Trump may increase the usage of bitcoin by three fold. Contrary to the speculations from all quarters, the value of Bitcoin has remained steady since mining reward halving. Those who were expecting a sudden increase in the bitcoin....
During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022. More Than $3.4 Billion in Bitcoin Has Been Removed From....