Crypto Comeback: Bitcoin Bounces Back After Falling Below $30000
Bitcoin is living up to its volatile reputation after fighting back above $30,000.
Bitcoin is fighting back from its latest downslide that stoked fears of a mass liquidation after the worlds largest token broke below $30,000.
The virtual currency rose as much as 5.8% to $33,821 in Wednesday trading one day after dramatic rout briefly wiped out gains for the year.
Fundamentals are healthy and there is too much negativity priced in, said Felix Dian, who runs crypto-focused fund at MVPQ Capital in London. Derivatives data, including backwardation in futures, tell us that there is a strong short base at the moment, making any leg lower unlikely to be durable as shorts get squeezed.
For the past month, Bitcoin has been trapped within a range of the mid-$30,000s, suggesting that the enthusiasm for digital assets is starting to fade.
Regulators are also stepping up scrutiny of the industry. Chinas latest broadside came Monday, when the nations central bank said it had summoned officials from the biggest lenders as well as AliPay to reiterate a ban on cryptocurrency services.
Even so, crypto-related investment products continue to be rolled out. The Bitcoin Fund listed on the Nasdaq Dubai exchange Wednesday, the first of its kind to trade in the Middle East. The fund traded up 11% from the reference price.
He cites levels below $28,000 as a trigger for a mass exodus from Bitcoin.
Shiba Inu Millionaire Retires From Warehouse
Wednesday 10 November 2021 12:00 , Anthony Cuthbertson
Speaking of meme coins, dogecoin rival Shiba Inu has also failed to capitalise on the recent market momentum and is down significantly from the all-time high it saw at the end of October.
Despite this, it remains orders of magnitude more valuable than it was at the start of the year, with a new report revealing that one supermarket warehouse worker in the north of England made enough money to retire at the age of 35 from just a £6,000 investment.
You can read the full story here.
Cryptocurrency Prices Today Bounce Back Bitcoin Ether Dogecoin Surge
1 min read.Livemint
- Chinas central bank on Friday had said that all cryptocurrency-related transactions are considered illegal
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Cryptocurrency prices today surged, having rebounded from selling in the past few sessions, driven by an intensifying crackdown on the asset class in China. Bitcoin surged 5% to $44,269, having fallen to just below $41,000 in the wake of Friday’s announcement of a blanket ban on crypto mining and transactions in China – the most wide-ranging clampdown yet.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, rallied 10% to $3,167, recouping its Friday losses. Cardano prices were marginally higher whereas dogecoin was up 2% to $0.20. The performance of other digital tokens also improved as XRP, Litecoin, Uniswap, Stellar surged over the last 24 hours.
Chinas central bank on Friday said all cryptocurrency-related transactions are illegal. The People’s Bank of China also said it will bar financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.
After the statement, the popular offshore exchange Huobi stopped allowing new users to register with a mainland China phone number and in a statement Sunday said it would gradually retire existing mainland China user accounts” by December 31, as reported by Bloomberg.
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Bitcoin And Ethereum Flash Crash In Unison
Thursday 11 November 2021 10:47 , Anthony Cuthbertson
Bitcoin and Ethereum have mirrored each others price movements overnight, both suffering a flash crash before steadying.
Several other leading cryptocurrencies have copied this pattern, including Cardano , Ripple , Solana and Polkadot .
Its pushed the overall crypto market back below $2.9 trillion, however by its own notoriously volatile standards its barely more than a blip. Whether its the start of something more serious will be determined within the next few hours, though BTC and ETH remain within 5 per cent of their all-time highs.
Crypto Market Analysis: December 6 2021
Bitcoin and ether suffered a major flash crash over the weekend, sending cryptoasset values down by some 20% at points. Prices have now recovered somewhat but both cryptos remain trading well below pre-weekend levels.
Bitcoin began last week trading in the $57,000 range, with some movement during the week, but nothing remarkable. This changed on Friday however as the cryptoasset began to fall precipitously. BTC declined to a low of $45,412 in a matter of hours a near 20% collapse.
Ether likewise fell victim to the flash crash. Having traded up toward $4,700 midweek ETH began to fall in trading on Friday from around $4,600 to a low of $3,652 a fall of over 20%.
Both cryptoassets have regained a measure of stability since, with prices rebounding modestly. BTC is now trading around $47,900 while ETH is trading around $4,000.
Speculation has been rife over what caused the flash crash, with some analysts citing the expiry of leveraged positions. Other evidence meanwhile points to significant increased activity with investors moving cryptoassets from wallets to exchanges making reaction to price movement more precipitous when it comes.
The wider backdrop of investment market fears over Omicron seems to be in play too however.
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Coinbase Testing Subscription Service
Thursday 4 November 2021 18:00 , Anthony Cuthbertson
Coinbase is reportedly working on a new subscription service that would allow customers to avoid paying crypto trading fees in return for a monthly fee.
The largest cryptocurrency exchange in the US will offer the subscription to a small number of users to start, according to a report today in The Block, which will also offer added insurance protection if an account is compromised.
Were always looking to learn more about how we can best serve our customers in different ways, a spokesperson told the publication. Right now, we are still in early stages, so everything about the future product experience will be shaped by the feedback we receive from our users.
Will Crypto Recover Bitcoin Bears And Bulls Collide
Investors and analysts alike are clashing over the crashing. Can Bitcoin recover from its losses? If Bitcoin is the figurehead of the entire industry, its future could forecast that of the entire world of digital currency.
Adam Button of Forex Live is bearish on Bitcoin, but not necessarily on crypto. Button has made clear his view that Bitcoin is not the currency of the future, and its time everyone stopped pretending that. He makes his case that in tech, being the first to do something doesnt give you a stranglehold on an industry. He believes that crypto will recover, and whoever has the best model will overtake Bitcoin in due time.
Traders of Crypto founder Antony Portno is another analyst bearish on Bitcoin. He says that its unclear how Bitcoin will recover, since Musks rejection of Bitcoin is just the first sign of crypto-influencers turning back on the currency. Kevin Brown of Scottish Friendly and says that investors must be prepared to lose all of their money because of the wild volatility.
This is not to say that everybody is turning their backs on crypto, however. There are many Bitcoin and crypto bulls, like Chris Harper of Birmingham Mail. Harper cites Aprils correction before soaring to an all-time high as evidence enough that Bitcoin can recover again. Not to mention, green cryptos are on the rise, and sentiment that crypto is the future of currency is still high.
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What Price Did Bitcoin Drop To
The crash saw the price of Bitcoin plummet to £21,719.56 at around 10.45am on 20 July – around half the value from its record high of £47,240.05 on 14 April 2021.
The drop in price was significant and was level with mid-January 2021 levels before the crypto enjoyed a fruitful three months which saw its value skyrocket.
Its valuation was boosted by the news that Tesla had bought $1.5b of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
Yet Teslas decision to reverse its policy to accept Bitcoin as payment for its products sparked a downward spiral for the crypto – 21.43% down – and fellow digital currencies.
There have been fluctuations since, with a 3.20% market drop in the 24 hours prior to 9.15am on 17 November 2021.
Solana Price Record Follows Remarkable Year
Thursday 4 November 2021 10:04 , Anthony Cuthbertson
Solanas latest price surge has seen it reach above $2.40 for the first time in its history. The all-time high for Solana follows an astonishing year for the altcoin, which started the year trading below $2.
Its creators claim its fortunes are directly related to the potential of Solanas underlying technology, which they say includes the fastest blockchain in the world.
Literally the goal of Solana is to carry transactions as fast as news travels around the world so speed of light through fibre, CEO Anatoly Yakovenko said during a developer conference in September. Who were competing with is Nasdaq and the New York Stock Exchange.
You can read more about Solana and its remarkable rise right here.
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Has Bitcoins Bubble Burst
When assets rise very quickly in price, typically this makes a crash much more likely. Or at the very least a correction, when the price falls back down to a more normal level.
That is the situation bitcoin is in right now. Although no one can really say what is a normal level for bitcoin.
It took the cryptocurrency 11 years from launch to get to $20,000 per coin, but only three weeks for bitcoins price to double from there.
A decisive year for currency was in 2013. The Bitcoin price 8 years ago went from $13.40 at the start of the year to its height in December of $1,156.10, before falling to around $760 three days later.
Fast forward to 2020/21 and the price had soared by more than 700% in 12 months. A single bitcoin had been priced at an all time high of $63,000 in April 2021. It is now trading at just over $50,000.
Where it is heading next is equally unpredictable.
Find out more: Is cryptocurrency a good investment?
Why Is Crypto Going Down Will The Slide Continue
Bitcoin is the face of the cryptocurrency market. And the majority of price movement within the market is dependent on Bitcoins success or failure.
For example, most altcoins face volatility when Bitcoin begins to drop. Anything from negative press to government crackdowns can cause a chain reaction that leads to a crypto crash.
At the moment, Bitcoin is trading around $30,000 after hitting an all-time high of $64,829.14 in April. So why is crypto going down so quickly after most digital currencies were reaching new highs in recent months?
Recent government crackdowns and the resulting backlash have led to market uncertainty and volatility. And while most experts believe its only a matter of time before the crypto market recovers, many investors are trying to determine if nows the time to get in or get out.
So lets take a look at the bigger picture. Bitcoin finished June down 6%, and the volatility has continued into July. On the other side of the crypto spectrum, the meme token Dogecoin is down more than 70% over the past two months after hitting an all-time high of $0.740796.
According to a CryptoCompare, trading volume on Coinbase, Binance, Bitstamp and Kraken fell more than 40% in June. These are some of the largest and most popular cryptocurrency exchanges. And in total, the crypto market lost more than $1.3 trillion in a two-week span.
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Ethereums Record Price Explained
Tuesday 2 November 2021 14:28 , Anthony Cuthbertson
Weve heard from some crypto industry figures to hear their thoughts on Ethereums latest price record.
The general consensus is that ethers price rally is being driven by a surge in decentralised app, NFT and gaming token usage, which was boosted by news last week that Facebook now Meta is pivoting its focus to the creation and development of a metaverse.
One expert predicts Ethereum could hit $10,000 in 2021 more than double its current price.
You can read the full story here.
Ethereum And Solana Surge Pushing Crypto Market To All
Wednesday 3 November 2021 09:38 , Anthony Cuthbertson
The cryptocurrency market has hit a new record high this morning.
With a combined market cap above $2.75 trillion, it is now worth more than the top 10 largest banks combined.
Ethereum and Solana hit individual all-time highs, after a price increase of 5 per cent and 12 per cent respectively over the last 24 hours. Bitcoin is still a few thousand dollars away from its personal best but is up more than 2 per cent since this time yesterday.
Heres the full story:
Wednesday 3 November 2021 02:53 , Vishwam Sankaran
Bitcoin, ethereum and solana surge
Several cryptocurrencies including bitcoin and ethereum have grown over 3 per cent in the last 24 hours, taking the global crypto market to a value of about $2.73 trillion.
Bitcoin has risen in value by about 3.5 per cent in the last 24 hours.
Meanwhile ethereum hit an all time high value of over $4,600, and continues to be priced around the mark.
Solana has grown by over 10 per cent in the last 24 hours and Polkadot has surged by about 4 per cent during this period.
Meme coins dogecoin and shiba inu however have slipped in value in the last day with the latter dropping by over 4 per cent.
The global crypto market has grown in value by about 4 per cent in the last 24 hours.
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Bitcoin Price In Calm Before The Bullish Storm’
Tuesday 2 November 2021 14:25 , Anthony Cuthbertson
With the price of bitcoin holding steady at around $61,500, one industry figure has described it as the calm before the bullish storm.
Dan Held, director of growth marketing at the crypto exchange Kraken, told his Twitter followers: Strap on your moon boots.
It follows the same narrative pushed by several leading analysts, who are predicting a record-breaking end to 2021, with November typically being a strong month for bitcoin. If patterns from previous bull runs are followed, the BTC price could go parabolic before the end of the year, however any so-called black swan event could scupper investors hopes of fresh all-time highs.
Feels like the calm before the bullish storm. Strap on your moon boots #Bitcoin
Mini Price Crash Prompts Calls To Buy The Dip’
Thursday 11 November 2021 11:13 , Anthony Cuthbertson
As has now become common throughout this record-breaking market rally, the latest flash crash has led to semi-ironic celebrations across social media and bitcoin forums to buy the dip.
One popular post on r/Bitcoin stated: Time to stock up while its on sale!
Even famed whistleblower Edward Snowden, who last tweeted bout buying bitcoin in March 2020 when it briefly crashed below $5,000.
With a new record high yesterday, every single flash crash so far in 2021 has proved to be a flash sale, as every time it has recovered to another al-time high.
Eventually, however, market momentum may run out, and the crash could take years, rather than days or months, to fully recover.
Buy the dip they said.Cause I’m freee.. freeee faaaaaalling.
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Bitcoin Ethereum Cardano Price Plummets Will It Bounce Back
- With rising liquidations, Ethereum has underperformed.
- With the price nearing $1.8, a breakthrough is imminent.
Crypto traders seem to be unhappy following early Tuesdays market fall. But the indications and reiteration of a historical trend scream ideal. Also, new data reveals significant institutional investments in the crypto market. Bitcoin had the highest weekly inflows of $97 million, followed by Ethereum and Cardano with $17.3 million and $16.4 million, respectively. Crypto expert Jason Pizzano identifies key entry and departure locations for Bitcoin, Ethereum, and Cardano.
Bitcoin Prices Bounce Back After Falling Below $30000 Climbing 15%
Bitcoin prices showed their strength today by rallying.
Bitcoin prices have shown resilience today, rallying after breaking through $30,000 and reaching their lowest since January.
The worlds most prominent digital currency lost value today, falling from close to $33,000 around midnight EDT to $28,814.75 at roughly 10 a.m., CoinDesk figures show.
After declining to this point, bitcoin was trading at its lowest since January 4, additional CoinDesk data reveals.
However, after suffering these losses, bitcoin bounced back, rallying more than 15% to reach almost $33,300 this afternoon.
Several technical analysts provided optimistic interpretations of this run up in price.
Katie Stockton, the founder and managing partner of Fairlead Strategies, LLC, noted that The recovery attests to the support near current levels.
Further, she stated that it shows a welcome reaction to oversold indications!
William Noble, the chief technical analyst of research platform Token Metrics, also weighed in on the matter, emphasizing that while the recent declines have been significant, they arent the end of the world.
Even though bitcoin fell through $30,000, it didnt reach $26,000, which he considers the ultimate psychological support point since it is Michael Saylor’s average purchase price for the digital asset.
Jason Lau, COO of cryptocurrency exchange OKCoin, also offered his input, providing some technical analysis.
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Best Strategy To Buy If Bitcoin Will Go Back Up
Bitcoin is a highly speculative asset and as such, it is very difficult to determine its movement. But if it does go back up the best strategy to but is the DCA method.
This is a very popular trading strategy that has been proven to work, especially if it is done over a long period. This strategy involves buying small quantities of a digital asset at specific times over a long period.
With this method, rather than investing all your capital at the same time, you split them into several small amounts and choose a particular time and day of the week to invest.
Then, you systematically invest those small amounts of money until you have invested the entire investable capital.
This strategy helps to reduce the impact of market volatility, which is very common in any speculative market. In essence, you will gain more bitcoin by purchasing in bits than you would if you invested all your money at once.