Aurelia Butler

To be sure, Bitcoin’s price fell to as low as $53,500 before buying interest rekindled, allowing it to reintegrate its former support around $56,500. Currently trading around $57,800, Bitcoin has dipped below the critical $60,000 mark. The pressing question, however, remains: will Bitcoin recover to its previous highs, or is it destined to fall further, potentially revisiting the lows of 2022 that wreaked havoc on the crypto market?At present, two primary reasons have led to the decline of Bitcoin price. First is the potential initiation of the distribution of confiscated Bitcoin from the collapsed Tokyo crypto exchange, MT. Gox, which was once a prominent crypto platform, which crashed after most of its crypto assets were stolen by hackers between 2011 and 2014. The second factor impacting Bitcoin’s price is the large-scale sale of Bitcoin by the German government. For several weeks, Germany’s government has been liquidating significant amounts of Bitcoin, totaling hundreds of millions of dollars. The sell-off recently intensified, with approximately $75 million worth of Bitcoin being transferred to exchanges such as Coinbase (NASDAQ:COIN), Kraken, and Bitstamp. The sell-off was seen as a part of a broader strategy, with $315 million worth of Bitcoin sold since mid-June, bringing total sales to over $390 million in less than a month. Despite market concerns, these sales represent a small fraction of Germany’s total holdings, leaving 40,359 Bitcoins still in reserve. Interestingly, the German government recently moved back 1,915 Bitcoins worth $111.5 million.As Germany continues to liquidate its Bitcoin holdings, analysts see it as an opportunity to capitalize on the dip. The ongoing sales by the German government are being closely monitored, with analysts predicting short-term market volatility. The strategic implications of these actions, both for Germany’s financial future and the broader cryptocurrency market, are a subject of significant debate.Some suggest that Bitcoin’s recent performance could indicate a “summer lull,” a pattern observed in previous cycles. This analysis pointed out that the cryptocurrency’s future in Q4 depends on its ability to regain and maintain key price levels in the coming weeks.Adding to the market’s unease is a noticeable decline in whale transactions, which have dropped significantly from 17,000 to below 12,000 in just one week. This decrease could signal waning interest from larger investors or a potential consolidation phase.Prominent trader Peter Brandt has issued a bearish prediction, suggesting that Bitcoin could drop to $44,000. Brandt highlights that the current correction should concern investors, noting that Bitcoin has breached the 200 exponential moving average, a historically reliable support line.This support breach raises the possibility of a more significant correction being underway. More

Market speculation is running high, with traders and investors closely monitoring Bitcoin’s price movements, anticipating potential breakthroughs or pullbacks in the coming days.After experiencing significant volatility in recent weeks, Bitcoin’s price shows signs of stabilization, although a bigger test lies ahead for its price action. In this regard, market analysts have identified several key resistance levels that Bitcoin must overcome to sustain its upward momentum.After dipping to lows of $54,278 in Monday’s trading session, Bitcoin saw a rebound that brought it closer to a crucial resistance level that could determine its short-term trajectory.According to crypto analyst Benjamin Cowen, the “short-term resistance for BTC is around $59,000. This is the 200 Daily SMA and would also correspond to a backtest of the trend line that BTC broke down from.”After climbing for two days at a stretch, Bitcoin retested the daily SMA 200 and briefly surpassed it, reaching highs of $59,341 in today’s trading session.At the time of writing, BTC was just up 0.83% in the last 24 hours, giving up its intraday gains as bulls confirmed resistance near the daily SMA 200.As spot prices fall, the ratio of investor Realized Profit to Realized Loss falls along with them. According to Glassnode, this indicator has now fallen into the 0.50 to 0.75 region, a more neutral level typically observed during bull market declines.Looking particularly at short-term holder losses, Glassnode reported a total realized loss of more than $595 million this week, the greatest loss-taking event since the 2022 cycle bottom. Furthermore, just 52 out of 5,655 trading days (less than 1%) had a higher daily loss value, indicating the severity of the decline in dollar terms.This article was originally published on U.Today More

SKALE is enhancing scalability and efficiency for over 10 million monthly active users, solidifying its position as one of the world’s most efficient blockchains.SKALE, the gas-less EVM-compatible modular blockchain network, today launched the Pacifica V3 upgrade which accelerates block mining speed by 108% and increases transaction throughput by 122%. Leveraging its unique modular AppChain architecture, this upgrade brings significant advancements to SKALE Network’s capabilities, including improved transaction speed and predictability, enhanced network performance, and improved developer tools.In the forthcoming V3.1 update coming in the last half of 2024, SKALE will support all pre-deployments in “skale-contract” functionality and optimize performance through disk partitioning for chains.In June 2024, SKALE saved users $400 million in gas fees while successfully supporting roughly 55 million transactions. For more information, users can visit SKALE.space.About SKALE: SKALE Labs is the foundation behind SKALE Network, a gas-less EVM-compatible modular blockchain, which is designed to provide a world-class experience for builders of games, AI, SocialFi, and web3 applications. As of Q1 2024, SKALE Network serves over 10 million monthly active users and saves billions in monthly gas fees with its innovative modular architecture. SKALE Chains feature high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchain by unlocking advanced features such as AI/ML smart contracts, on-chain file storage, interchain messaging, and zero-cost minting. Harmonizing speed, security, and decentralization, SKALE Labs was founded in 2018 by Jack O’Holleran and Stan Kladko, PhD. ContactPR ManagerKyle [email protected] article was originally published on Chainwire More

In a note, the firm initiates coverage on Iris Energy (IREN) and Core Scientific (CORZ) with Outperform ratings. Bernstein highlights the miners’ hybrid business model, leveraging their existing Bitcoin mining infrastructure for AI data centers. They point to recent deals, like CORZ’s $4.7 billion co-hosting agreement with Coreweave, as evidence of this trend.”Bitcoin miners enjoy a lead in the ‘large load’ power interconnect queue,” says Bernstein, giving them a significant advantage in the buildout of AI data centers. This, combined with their competitive power costs, positions them well for partnerships. The analysts forecast that 20% of Bitcoin mining power capacity will be used for AI by 2027, with IREN, CORZ, and other similar players leading the charge.Bernstein remains bullish on Bitcoin itself, predicting a price of $200,000 by 2025 and exceeding $1 million by 2033. However, they see the AI data center angle as a buffer against Bitcoin’s price volatility, potentially attracting more institutional investors.The report compares IREN and CORZ, noting CORZ’s lead in co-hosting agreements, while IREN boasts a strong power pipeline and data center expertise. Bernstein values IREN and CORZ at a target Enterprise Value (EV) to EBITDA multiple of 9.7x and 6.4x for fiscal year 2025, respectively.”If power is the key constraint, then Bitcoin miner’s power access look undervalued,” concludes Bernstein. They believe the current market undervalues these companies’ potential in the booming AI data center space. More