Bitcoin Price Drops Below $60,000: Key Reason Explained
The Bitcoin price has fallen to a low of $59,604 today, marking a 4% decrease. According to several renowned crypto analysts, this movement was largely driven by the phenomenon known as the CME gap, a concept critical in Bitcoin futures trading at the Chicago Mercantile Exchange (CME). Why Is Bitcoin Down Today? A “CME gap” is a term used to describe the price gap that emerges on the Bitcoin CME futures chart. Unlike Bitcoin’s spot markets that operate 24/7, the CME Bitcoin futures market only trades five days a week, closing over the weekend and on holidays. This difference in....
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The Bitcoin price began Friday, August 16 from beneath the $57,000 level, following a sudden 7% fall on Thursday. While the premier cryptocurrency is showing good signs of recovery, a prominent crypto analyst has explained how the latest price decline may have pushed the BTC price into a bearish phase. Bitcoin MVRV Drops Below 1-Year […]
Those who plan to short the ongoing bull run must think twice, as per on-chain analyst Kim-Young Ju. The chief executive of CryptoQuant, a data analytics firm, said in a Thursday tweet that traders have no reason to place bets on Bitcoin’s potential fall. He explained that despite the cryptocurrency’s short-term downside correction from its […]
As per a report by The Sydney Morning Herald, Bitcoin firm Digital CC (ASX: DCC) has said that it is dumping 'mining' and is now entering the remittance market as it sees a more profitable scenario in money-transmitting operations. What makes the news more worthwhile is the fact that this Bitcoin company was the first miner to be publicly listed on the ASX, and hence, its declaration is bound to create ripples in the market. The report further cites Executive chairman Zhenya Tsvetnenko who said that the decision to shift out from the mining business was because the company was losing....
Litecoin, a peer-to-peer currency and open-source global payment network, announced it will be halving on Tuesday, Aug. 25, marking what the Litecoin Association calls a milestone in the cryptocurrency's 4-year history. The association has produced a video that describes the halving's significance to Litecoin. After the halving, Litecoin will reward miners 25 coins rather than 50 new coins per block for solving blocks, Litecoin explained in a video. "The halving process doesn't just happen once," the video explained. This process happens every four years for both Litecoin and Bitcoin, as....
Have you ever wondered if the price of bitcoins affects bitcoin business? Could this be a reason for businesses not to accept a volatile currency? Do sales plunge when the price drops? I started doing a little investigating into whether it does or it doesn't, and I was somewhat surprised by the answer. Transaction volumes have stayed in the $50 million dollar range over the summer for the most. However, it is hard to tell if the transaction volumes are just people moving bitcoins from one wallet to another or if those transactions represent the exchange of goods or services. Some....