Bad omen? US dollar and Bitcoin are both slumping in a rare trend
Bitcoin struggles to regain momentum despite the dollar falling to a seven-week low. The price of Bitcoin (BTC) was struggling to stay above $56,000 on April 20, which whale clusters pinpointed as a crucial short-term price level.Yet, the U.S. dollar index (DXY) has continued to fall in recent weeks, dropping to its lowest point in seven weeks to 90.85.Bitcoin (blue) vs. DXY (orange) Source: TradingViewWhy is this a concerning trend?Alternative stores of value in the likes of Bitcoin and gold are priced against the U.S. dollar. Hence, when the dollar drops, the value of Bitcoin should....
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The popular meme known as Pepe the Frog is gradually becoming a tradeable CounterParty asset through the Bitcoin Blockchain known as Rare Pepes, they are created with pictures of Pepe and are held in the Rare Pepe Wallet. Rare Pepe cards can be transferred like cards through the browser-based wallet. Rare Pepe cards. According to Bitcoin.com, each card design has to be voted by the Rare Pepe Foundation which issues all Rare Pepe card XCP assets. The Foundation is there to ensure the card images are dank and relate to Bitcoin or cryptocurrency in general. Once approved, the cards are....
Even at this point in Bitcoin’s evolution, it’s still relatively rare for cryptocurrencies to hit mainstream news headlines unless volatility reaches dramatic extremes. It’s even more extraordinary for blockchain apps to get picked up by the global media. Cryptokitties is one of those rare exceptions. When it launched in December 2017,....
Bitcoin is slumping as the DXY breaks out and the U.S. stock market tanks. The price of Bitcoin (BTC) is extending its slump below $49,000 on March 5 as the U.S. dollar index (DXY) reached the highest levels since November 2020. DXY (blue) vs. BTC/USD (orange). Source: TradingviewMeanwhile, the prospect of rising rates and a potential stock market top is putting downward pressure on equities and Bitcoin, causing the entire cryptocurrency market to pull back.Rising treasury yields — the biggest threat to Bitcoin?Bitcoin and risk-on assets, in general, have been heavily affected by rising....
Next month in New York, the popular auction house Christie’s plans to auction a rare lot of Cryptopunk non-fungible token (NFT) collectibles. The sample of work sold will be approximately nine rare Punks, courtesy of the project’s creators Larva Labs. Nine Rare Cryptopunks Going to Auction On May 13, 2021, the British auction house founded in 1766 by James Christie plans to auction nine one-of-a-kind NFTs from the Cryptopunk project. Christie’s said it will be the first of a kind occasion of “groundbreaking work offered at a traditional auction house.” The....
In December of 2013, Dogecoin took the crypto-community by storm, tethering a popular meme to an altcoin. This year, Rare Pepe assets are bringing the meme enthusiasm back, and Pepes are in high demand. What Happens When You Mix Rare Pepe Assets With Blockchain Technology. Pepe the Frog is a very popular meme created by Matt Furie in 2005. Over time,....