Wednesday, June 29, 2022

What’s Happening With Crypto Market

What Is Happening To Bitcoin


Bitcoin, and those invested in it, has been on a rollercoaster ride of late, rising and falling sharply on the back of a number of news stories.

To summarise, these dramatic ups and downs over the past few months:

  • 16 December 2020: Price hits $20,000 per coin for the first time
  • 13 April2021: Value hits a record high of $63,375
  • 22 June 2021: Falls to under $30,000 for the first time in 5 months
  • 2 August2021: Bitcoin rallies to its highest level since May at $40,000
  • 23 August 2021: Price returns to above the $50,000 mark

So what is happening? Well, lots.

The I Newsletter Cut Through The Noise

Bitcoin and other leading crypto coins experienced a significant drop in share price after investors began dumping mining equipment as China announced fresh regulations.

  • Bitcoin -1.21%
  • Binance Coin +3.17%
  • Cardano -3.82%
  • Terra -5.98%
  • SHIBA INU -12.24%

It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.

A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.

Now the countrys central bank, Peoples Bank of China, has effectively banned digital coins after announcing all transactions of cryptocurrencies are illegal.

The decision has already had an impact on the global crypto market.

This is whats going on in the world of cryptocurrencies

About The Currency Calculator

Once you select the base and target currencies from the list and enter the desired amount into the provided field, the currency calculator immediately gives you the result. Additionally, you can also choose whether to calculate the result based on the current exchange rate or the exchange rate on a certain date. This way, the Markets Insider currency calculator allows you to search for historical exchange rates. The result provided by the currency calculator is displayed in a clearly arranged table. Here, the currency calculator shows the opening and closing rate as well as the lowest and highest rates for the respective date.

General information about currencies:

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Bitcoin’s Perceived Value Sways

One reason why Bitcoin may fluctuate against fiat currencies is the perceived store of value versus fiat currency. Bitcoin has properties that make it similar to gold. It is governed by a design decision by the developers of the core technology to limit its production to a fixed quantity of 21 million BTC.

Because that differs significantly from fiat currency, which is dynamically managed by governments that want to maintain low inflation, high employment, and satisfactory growth through investment in capital resources, investors may allocate more or less of their assets into bitcoin as economies built with fiat currencies show signs of strength or weakness.

What Is Happening With Market Today


Guy from Coin Bureau just touched on this recently, so this might help. He’s saying that there’s been low liquidity in the BTC market possibly because whales are aware of the BTC becoming legal tender in El Salvador today, so they’ve been gobbling BTC up left and right.

Low liquidity of BTC means that it’s a hell lot more sensitive to movement in price. Which makes sense. If you make a ripple in a bathtub of water, you make big effect on all of the surface. If you make a ripple in a lake, you’re not affecting a lot of the surface water.

Anyways, today is when the whales are taking profit since El Salvador is buying. Taking profit moves price down, and since low liquidity means more increase sensitivity to price movements, the price went down hard.

This killed a lot of leverage traders when the BTC went below the threshold and saw their BTC collateral liquidated, which pushed prices down even further, which killed even more leverage traders.

Then exchanges went down so even more people can’t log on to put more into their collateral, and now even more liquidation happened.

That’s about what Guy believe has happened. It makes sense so I’m on board with that.

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Who Were Competing With Is Nasdaq And The New York Stock Exchange Says Solana Founder

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A crypto crash that wiped hundreds of billions of dollars from the market this week has led to fresh fears that bitcoin and its rivals could lose all the gains made in 2021.

But one leading cryptocurrency managed to not just make it through the turmoil unscathed but actually soared to new record highs.

Solanas SOL token hit an all-time high on Thursday, peaking at $214.96 according to CoinMarketCaps price index. Just one year ago it was worth less than $2.

The price surge has boosted Solanas market cap above $60 billion and pushed it ahead of both dogecoin and Ripple this week to rank as the worlds sixth most valuable cryptocurrency.

The majority of the crypto market slid with BTC, demonstrating the relative immaturity of the asset class and the markets dependency on bitcoin, said Alexandra Clark, a sales trader at UK-based digital asset broker GlobalBlock. But Solana remained largely unaffected and instead have seen double digit returns.

Exactly how it has managed to buck the market trend may have something to do with its underlying technology, which its backers hope could see it eventually rival the likes of Ethereum and Cardano .

How Bitcoin Has Fueled Ransomware Attacks

But Gensler has called on Congress to give regulators the authority to write new rules.

He also wants more resources more money and manpower to regulate cryptocurrencies. For years, leaders of the SEC and the CFTC have complained that Congress hasn’t given them enough money for them to their jobs.

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What Is Happening With The Crypto Market

Over the past five days, the value of bitcoin has continued to fall. This comes against the backdrop of the largest hash rate decline in the main cryptocurrency network since November last year and record transaction fees.

Today, April 20, the cost of bitcoin dropped to $ 53.6 thousand, price on the Binance crypto exchange is $ 55.6 thousand. Over the past five days, the first digital coin has fallen in price by 13% .

This comes amid the largest drop in Bitcoin network hashrate since November last year due to a massive shutdown of mining farms in Chinas Xinjiang province as a result of power outages. On April 15, even before the shutdown of Chinese mining farms, according to the analytical service Bit info charts , the average hash rate in the bitcoin network was 157.5 EH / s. , it is 98.53 EH / s.

Due to the decrease in the hash rate, the average transaction fee on the network of the main cryptocurrency has grown to the highest level ever in the history of $ 58.4. The last time this figure reached $ 54 was in December 2017.

This led to a massive liquidation of long positions of traders. According to the service, crypto traders lost over $ 9 billion per day. The last time a similar drop in quotations was observed at the end of February. Then Bitcoin set a new maximum value, and then fell in price by 21% .

The correction happened earlier than I expected, and as always it was quite unexpected. Nevertheless, the bulls bought back the fall rather quickly, he noted.

Meme Town Renovations And Uplifts

WHATS HAPPENING in Crypto TODAY?!?!?! – Market update June 22

Recently Dogecoin co-founder, Billy Marcus proposed an ethereum bridge and NFT compatibility. This was proposed to bolster onchain activities in dogecoin which has been seeing declines in its usage considering it has no actual solid use cases.

SHIB and Dogecoin have experienced a significant run up over the past few months. Each meme token is currently listed on major exchanges with the SHIB community calling for it to be listed on Robin Hood.

When it comes to meme tokens, the unexpected always happens. What will happen next in the SHIB or dogecoin community? No one knows except those in meme town.

Till next time, hello!

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Cfd Trading On Cryptocurrencies

CFDs trading are derivatives, which enable you to speculate on cryptocurrency price movements without taking ownership of the underlying coins. You can go long if you think a cryptocurrency will rise in value, or short if you think it will fall.

Both are leveraged products, meaning you only need to put up a small deposit known as margin to gain full exposure to the underlying market. Your profit or loss are still calculated according to the full size of your position, so leverage will magnify both profits and losses.

Jacobi Asset Management Wins Bitcoin Etf Approval In Guernsey

Bitcoin exchange-traded funds are popping up across the Atlantic. Newcomer digital assets manager Jacobi Asset Management said Friday that it won approval from regulators on the island of Guernsey to launch a physically-backed bitcoin ETF. The news comes as U.S. investors await the fate of a spate of bitcoin futures-linked ETFs from the Securities and Exchange Commission .

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Security Breaches Cause Volatility

Bitcoin can also become volatile when the Bitcoin community exposes security vulnerabilities in an effort to produce massive open-source responses in the form of security fixes. This approach to security is paradoxically one that produces great outcomes, with many valuable open-source software initiatives to its credit, including Linux. Bitcoin developers must reveal security concerns to the public in order to produce robust solutions.

It was a hack that drove the Yapian Youbit exchange to bankruptcy, while many other cryptocurrencies have also made headlines for being hacked or having stashes of cryptocurrencies stolen. As an early example, in April 2014, the OpenSSL vulnerabilities attacked by the Heartbleed bug and reported by Google security’s Neel Mehta drove Bitcoin prices down by 10% in a month.

Bitcoin and open-source software development are built upon the same fundamental premise that a copy of the source code is available for users to examine. This concept makes it the responsibility of the community to voice concerns about the software design, just as it is the responsibility of the community to come to a consensus about modifications to that underlying source code as well. Because of the open conversation and debate regarding the Bitcoin network, security breaches tend to be highly publicized.

Why Bitcoin Has A Volatile Value

Whats Happening In Crypto Market / Here S What Happened In ...

      Many factors drive price fluctuations in the Bitcoin spot rate on cryptocurrency exchanges. Volatility is measured in traditional markets by a volatility index known as the Cboe Volatility Index . More recently, tools for measuring the volatility of Bitcoin and other cryptocurrencies have also become available. Among the most popular of these is the Bitcoin Volatility Index, known as BitVol, which aims to track the expected 30-day implied volatility of the world’s leading digital currency by market cap.

      Historically, Bitcoin’s value has been quite volatile. In a single day in May 2021, the price of Bitcoin plunged by about 30% before recovering to be down about 12%. But why is Bitcoin so volatile? Here are just a few of the many factors behind Bitcoin’s volatility.

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      Nvax Stock: The Huge Reason Novavax Is Plunging Today

      Investors are reacting poorly to some bad news about Novavax’s vaccine manufacturing

      Covid-19 cases are decreasing across the U.S. and parts of Europe, but for the nations still struggling to gain access to vaccines, a recent setback in production means further bad news. Maryland-based seemed to be making progress in the race to produce a successful vaccine, but recent reports have indicated that the company is having trouble meeting the standards of regulatory agencies. Shares of NVAX stock have been plunging since the news broke.

      What Is Happening To Bitcoin And Cryptocurrency Market

      Bitcoin, the worlds largest crypto asset by market cap, is down nearly 40% since hitting a record of just under $65,000 in mid-April. With this Bitcoin plunge, the overall cryptocurrency market is in a downtrend.

      The last week was one of the worst-performing weeks for the cryptocurrency market. According to CoinMarketCap, Bitcoin is 18% down in the last 7 days. Ethereum, the second-largest crypto asset, has dipped 26% in the last seven days. This bearish trend for the crypto market was the same for almost every crypto asset.

      Over a year ago, Bitcoin was trading at around $9,000 and then went on to peak at near $65,000 last month. Bitcoin has lost about 40% of its value since April 13 when it hit a high of $64,863 per coin. But why the prices of Bitcoin and the overall crypto market are falling? According to experts, the cryptocurrency market is seeing a wider sell-off due to the events that happened last week.

      The first major event, as Crypto Economy reported, happened on May 13th, when influential Elon Musks company electric automaker company announced that it had suspended Bitcoin payments for vehicle purchases. The announcement wreaked havoc on Bitcoin as the price of crypto king dropped from around $54,659 to $46,980.

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      Ray Dalio Says If Bitcoin Is Really Successful Regulators Will Kill It

      On Wednesday, Ray Dalio told CNBC that he believes that regulators would ultimately take control of bitcoin if the cryptocurrency is successful.

      “I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” Dalio told Andrew Ross Sorkin on CNBC’s “Squawk Box” at the SALT conference.

      “You have El Salvador taking it on and you have India and China getting rid of it. And you have the United States talking about how to regulate it and it could still be controlled,” he said.

      Still, Dalio disclosed that he has “a certain amount of money in bitcoin,” but noted that the allocation is smaller than his gold exposure.

      “It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time,” he said.

      Accounting Treatment Of Cryptocurrencies


      Under current accounting guidelines, cryptocurrencies are most likely not cash or cash equivalents since they lack the liquidity of cash and the stable value of cash equivalents. However, the accounting treatment of cryptocurrencies is still uncertain as there has not been official guidance on the issue from the International Finance Reporting Standards or The American Institute of CPAs .

      2014 Internal Revenue Service Ruling

      In the US, IRS Revenue Ruling 2014-21 stated that holders of cryptocurrencies should account for them as personal property, with gains or losses on purchases or sales. The value of cryptocurrency holdings on balance sheets would be at cost or fair market value at the time of receipt. Therefore, with the rapid increase in price, sales of cryptocurrencies lead to enormous gains at the time of sale: just consider the capital gains taxes on buying Bitcoin at $100 in 2013 and selling it for more than $4,000 in 2017!

      International Tax Treatment of Cryptocurrencies

      Outside the US, accounting treatment of cryptocurrencies varies. In the EU, a decision of the European Court of Justice rules that cryptocurrencies should be treated like government-backed currencies, and that holders should not be taxed on purchases or sales. In countries such as Germany and the UK, cryptocurrencies are treated like private money and not subject to tax outside of commercial use.

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      Current & Future Uses Of Blockchain Technology & Cryptocurrency

      Since its inception, Bitcoin has been rather volatile. But based on its recent boom â and a forecast by Snapchat’s first investor, Jeremy Liew, that it would hit $500,000 by 2030 â and the prospect of grabbing a slice of the Bitcoin pie becomes far more attractive.

      Bitcoin users expect 94% of all bitcoins to be released by 2024. As the number moves toward the ceiling of 21 million, many expect the profits miners once made from the creation of new blocks to become so low that they will become negligible. But as more bitcoins enter circulation, transaction fees could rise and offset this.

      As for blockchain technology itself, it has numerous applications, from banking to the Internet of Things. It is expected that companies will flesh out their blockchain IoT solutions. Blockchain is a promising tool that will transform parts of the IoT and enable solutions that provide greater insight into assets, operations, and supply chains. It will also transform how health records and connected medical devices store and transmit data.

      Blockchain wonât be usable everywhere, but in many cases, it will be a part of the solution that makes the best use of the tools in the IoT arsenal. Blockchain can help to address particular problems, improve workflows, and reduce costs, which are the ultimate goals of any IoT project.

      First Us Bitcoin Futures Etf May Debut Monday Filing Says

      — Asset manager ProShares signaled plans to launch a Bitcoin futures exchange-traded fund as soon as Monday, an action that would end an eight-year wait for a security tracking the cryptocurrency on the U.S. stock market, according to a filing.Most Read from BloombergOut-of-Practice Airline Pilots Are Making Errors Back in the AirThe Worlds Rich and Powerful Are Stashing $500 Billion in This Tax HavenWhy Buying a Second or Even Third Home Is Becoming More Popular Than EverThe Bigge

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      Fund sponsor ProShares appears to have won regulatory approval late Friday for its Bitcoin Strategy ETF.

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      Bitcoin mining should be as easy as plugging a rig into a power source,’ Square CEO jack Dorsey said.

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      ProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists.

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