Bitcoin
How to buy food with Bitcoin?
Bitcoin (BTC) is a dynamic monetary asset with the potential of being both — a commodity and a currency. For instance, the Securities and Exchange Commission (SEC) classified BTC as a commodity, whereas El Salvador made Bitcoin a legal tender in 2021. So, does this make BTC a store of value or a medium of exchange? It can do both — On one hand, BTC can be added to treasuries as an inflationary hedge. On the other hand, it could also serve the retail purpose of paying for routine expenses. Almost over a decade ago, the first person to utilize Bitcoin for a business transaction was Laszlo Hanyecz, who spent 10,000 BTC on two pizzas, or as the crypto community addresses it, the Bitcoin pizza. However, that is not the amount of BTC anyone needs to actually buy food in the real worl...
Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes. This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting. Daily cryptocurrency market performance. Source: Coin360 The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Co...
ApeCoin risks 30% crash after APE staking debut in December
The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors. Fundamental — ApeCoin Staking launch In the past two weeks, APE’s price is up over 50% after bottoming at around $2.60. The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin’s staking debut. The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically. The feature announcement has resulted ...
Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K
Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader teases BTC long as $16,500 reappears Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight. The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over COVID-19 measures. A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing. As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower. Popular trader Crypto Tony even felt comfortable going long BTC on th...
How low can the Bitcoin price go?
Bitcoin is a “buy the dip” opportunity with the BTC price at $16,000 or a bear market capitulation waiting to happen, depending on who you ask. Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021. BTC price performance has given investors up to 77% losses, but how much lower can BTC/USD really go? Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency’s newest bear market. After coming off all-time highs to start the year at around $46,000, BTC/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView confirms. That has placed the pair in historical bear market bottom territory — having lost a maximum ...
Price analysis 11/25: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated. Daily cryptocurrency market performance. Source: Coin360 The negative events of the past few days do not seem to have scared away the small investors who remain on an acc...
Cybercrooks to ditch BTC as regulation and tracking improves: Kaspersky
Bitcoin (BTC) is forecasted to be a less enticing payment choice by cybercriminals as regulations and tracking technologies improve, thwarting their ability to safely move funds. Cybersecurity firm Kaspersky in a Nov. 22 report noted that ransomware negotiations and payments would rely less on Bitcoin as a transfer of value as an increase in digital asset regulations and tracking technologies will force cybercriminals to rotate away from Bitcoin and into other methods. As reported by Cointelegraph, ransomware payments using crypto topped $600 million in 2021 and some of the biggest heists such as the Colonial Pipeline attack demanded BTC as a ransom. Kaspersky also noted that crypto scams have increased along with the greater adoption of digital assets. However, it said that people have be...
Bitcoin price returns to $16K amid warning over BTC whale selling
Bitcoin (BTC) headed higher into the Nov. 22 Wall Street open after setting another two-year low. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Thanksgiving buywall appears at $12,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp. Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% versus the day’s lows. Talk among analysts remained tied to the Digital Currency Group family, including Grayscale, currently at the center of rumors over the fallout from the defunct exchange FTX. For monitoring resource Material Indicators, a “guard rail” bid at $12,000 could ultimately be what protected the market should a major capitulation occur over the Thanksgiving holida...
Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows
Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown. The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC). Cathie Wood buys the dip With FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out. According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21. These join a larger tranche of 273,327 shares from Nov. 15, that purchase completed just a week after FTX fell apart. ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark Since then, GBTC has come under the spotlight as ...
Bitcoin price levels to watch as traders bet on sub-$14K BTC
Bitcoin (BTC) held steady at the Nov. 21 Wall Street open following a weekly close at levels not seen since late 2020. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering above $16,000 after dipping below the level overnight. Sentiment remained on a knife edge as rumors over crypto business conglomerate, Digital Currency Group (DCG) continued to swirl. Concerns focused on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing across social media. Coinbase, the GBTC custodian, reportedly confirmed its Bitcoin holdings — over 635,000 BTC — were safe and present on the day. GBTC was just one of multiple potential victims...
GBTC next BTC price black swan? — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week still replaying November 2020 after its lowest weekly close in two years. The largest cryptocurrency, just like the rest of the crypto industry, remains highly susceptible to downside risk as it continues to deal with the fallout from the implosion of exchange FTX. Contagion is the world on everyone’s lips as November grinds on — just like the Terra LUNA collapse earlier this year, fears are that new victims of FTX’s giant liquidity vortex will continue to surface. The stakes are decidedly high — the initial shock may be over, but the consequences are only just beginning to surface. These include issues beyond just financial losses, as lawmakers attempt to grapple with FTX and place renewed emphasis on urgent Bitcoin and crypto regulation. With that, it is n...
GBTC Bitcoin discount nears 50% on FTX woes as investors stock up
The largest Bitcoin (BTC) institutional investment vehicle is coming under suspicion as it trades at a record discount. The Grayscale Bitcoin Trust (GBTC) is the latest Bitcoin industry entity to feel the heat from the debacle over defunct exchange FTX. FTX woes see Coinbase pledge trust in GBTC owner With contagion and fears over a deeper market rout everywhere in Bitcoin and altcoins at present, misgivings are impacting even the best-known — and trusted — crypto industry names. In recent days, it was the turn of GBTC, the long-embattled Bitcoin investment fund, amid problems at a related crypto firm, Genesis Trading. As Cointelegraph reported, parent company Digital Currency Group (DCG), as well as operator Grayscale itself, swiftly sought to reassure investors and the market that its fl...
