Cryptocurrency

In July 2020, after months of trading below $10,000, Bitcoin began a price run that would later define its history. Bitcoin surpassed the $10,000 mark and would later reach highs above $65,000 in the months that followed – specifically, in April 2021.Bitcoin subsequently waved goodbye to the sub-$10,000 level, a threshold it has not revisited since. Reflecting on this, Rizzo tweeted, “4 years ago today, you had your last chance to buy Bitcoin under $10,000.”Since then, Bitcoin has experienced tremendous growth, bidding farewell to the sub-$10,000 level, a price point that now appears to be a distant memory.From subsequent highs of nearly $65,000 in April 2021 to the declines that followed and then highs above $69,000 in November 2021, the 2022 bear market and its current all-time highs of nearly $74,000 in mid-March, Bitcoin’s journey has been nothing short of captivating.VanEck, an issuer of spot Bitcoin and Ethereum ETFs, predicts that BTC’s price might reach $2.9 million by 2050 if some significant hurdles are cleared.According to VanEck’s estimates in a Wednesday report, Bitcoin might become a vital part of the world monetary system in the coming decades.If events unfold as VanEck predicts, Bitcoin’s price might climb by nearly 44 times, gaining 16% annually from its present price of above $67,000, and its market capitalization might skyrocket to $61 trillion.This article was originally published on U.Today More

This price recovery has not gone ignored, with MicroStrategy Cofounder and Chairman Michael Saylor issuing a bold statement to capture the moment.Saylor took to X to share his excitement about Bitcoin’s price rebound. In a tweet, Saylor wrote: “Don’t miss liftoff. Bitcoin.” This brief-yet-powerful message encapsulates his belief in Bitcoin’s potential and might be a call for the crypto community to stay focused as Bitcoin navigates its path in the short term.Bitcoin’s price recovery to $67,000 comes as the crypto market successfully fends off further losses following a sell-off earlier this week.The cryptocurrency market extended its losses on Tuesday, the first trading day for Ethereum ETFs, as Mt. Gox handed more Bitcoin to creditors and investors cashed out after the cryptocurrency’s best week since March.A reversal in stocks sent the S&P 500 and Nasdaq Composite to their lowest levels since 2022, impacting cryptocurrencies. Bitcoin fell to a low of $63,479 on Thursday after three consecutive days of losses, before rebounding significantly.There is little expectation that the Federal Open Market Committee, which sets interest rates, will make any movements during its policy meeting next Tuesday and Wednesday. However, the market anticipates a rate decrease at the September meeting, which would be the first in years.As inflation reached its greatest level in more than 40 years in mid-2022, the Fed launched a series of aggressive hikes, raising its benchmark borrowing rate to its highest level in almost 23 years.However, the Fed has remained on hold for the past year while it assesses shifting data that, earlier this year, suggested a comeback in inflation. But it has recently shown a steady cooling, prompting many policymakers to discuss the possibility of at least one cut this year.This article was originally published on U.Today More

In a significant move this July 2024, BTCC has launched up to 50x leverage on over 300 USDT-margined trading pairs. This development follows the successful introduction of 500x leverage on major trading pairs, including BTC, ETH, XRP, SOL, and DOGE. BTCC has now decided to elevate the futures trading experience by increasing the available leverage from 20x to 50x, setting a new standard in the crypto trading world where most exchanges only provide up to 20x leverage for their traders.Since this launch, nearly 25% of orders have been placed with 50x leverage, showcasing the strong demand among traders. The 300+ cryptocurrencies feature many of the coins in the market right now, such as PEPE, SATS, WIF, SHIB, ZK, WLD, AVAX, and TON.About BTCC Exchange BTCC, established in 2011, is one of the world’s longest-serving and most reputable cryptocurrency exchanges. Known for its robust security measures and user-friendly platform, BTCC offers a wide range of features, including spot trading, futures trading, and copy trading, catering to both novice and experienced traders.Website: https://www.btcc.com X: https://x.com/BTCCexchange ContactAaryn Lingpress@btcc.comThis article was originally published on Chainwire More

Nevertheless, it appears that Bitcoin has escaped this bearish pattern and is unlikely to face it. Rebounding from important support levels and continuing on its upward trajectory, the price action of Bitcoin has shown resilience. The mini death cross scenario has not yet materialized since the 50 EMA is still above the 100 EMA. This suggests that the increased selling pressure that some had anticipated might not appear on the market. This optimistic perspective is supported by on-chain data. A total of 72% percent of Bitcoin addresses are in the money, meaning that they contain Bitcoin that was bought for less than its current market value.This points to a high degree of investor confidence and possible support levels that might stop additional losses. In addition, the correlation between volume and price suggests that Bitcoin is receiving a consistent stream of capital inflow, which is essential to keeping its price levels stable. Currently, the price is at a critical point of $67,105, where almost 89,000 addresses are at the money, forming a strong support zone. The general mood of the market is still cautiously optimistic. Bitcoin’s ability to hold above significant moving averages and support levels suggests that its bullish trend may continue despite the recent volatility. To see which way the market may move, traders and investors should closely monitor rapid price changes and on-chain metrics, to foresee a surge in selling pressure.This article was originally published on U.Today More

Kwenta, the leading onchain perpetuals exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a substantial 1.9 million ARB grant, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in onchain perpetuals trading.Kwenta and Perennial’s Expansion StrategyKwenta, known for being a UX layer for perps trading on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a comprehensive marketplace for onchain perpetuals. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by providing traders with a powerful, familiar interface to interact with smart contract liquidity.Perennial’s vision is to create a single, global liquidity layer where all markets, all chains, and all liquidity converge into one decentralized nexus. By integrating Kwenta’s premier trading interface with Perennial’s advanced perps infrastructure, users on Arbitrum will benefit from an optimized trading experience. Trade orders on selected Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.Incentive Program DetailsThe newly launched incentive program focuses on two main areas:Team InsightsThe introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to offer a decentralized trading experience that is both highly efficient and user-friendly. This model of specialization showcases how projects can synergize to deliver superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to elevate the standard of onchain perpetuals trading, making it more accessible and appealing to a wider audience.For more information, users can visit Kwenta’s website and Perennial’s website. Users can also read Perennial’s launch announcement for additional details.About Kwenta and PerennialKwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single app to compare and trade on multiple onchain venues.Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of trading applications. Its modular and efficient design supports customized markets, leveraging fast execution and capital efficiency to power DeFi apps.ContactsBurt RockKwentaburt@kwenta.ioLucas TerryPerenniallucas@perennial.financeThis article was originally published on Chainwire More

The world’s largest cryptocurrency rose 5% in the past 24 hours to $67,295.0 by 09:06 ET (13:06 GMT), recovering from lows of around $63,000 hit earlier in the week.Bitcoin was caught up in a wave of selling pressure across global financial markets, which saw investors dump risk-driven assets. This risk-off trend was particularly damaging to crypto, given the sector’s highly speculative nature.But this risk-off trend appeared to easing somewhat on Friday. Some analysts are growing increasingly optimistic about Bitcoin’s price outlook following a rebound toward a critical resistance level earlier this week.After testing the 50-day simple moving average support near $63,500, bitcoin has surged past $67,000 and is now approaching a resistance line defined by the trendline connecting the March and April highs. This descending trendline has been a significant hurdle, capping gains on Monday and previously in May, making it a key level for bulls to overcome.Analysts suggest that a breakthrough may be imminent.Two potential catalysts could influence this move. First, the U.S. core personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, eased slightly from a year ago in June, helping pave the way for a widely anticipated September interest rate cut. Second, Republican presidential candidate Donald Trump’s upcoming speech at the Bitcoin conference in Nashville could play a significant role.”Incoming PCE data could be the final nail in the coffin for high interest rates and lead to imminent rate cut announcements, while Trump’s speech at the Bitcoin conference could start a stronger rally if rumors of an announcement of a national strategic reserve for BTC come true,” analysts at digital assets advisory firm BRN, said in a note seen by CoinDesk.These developments could propel bitcoin to new highs, analysts added.The PCE price index rose by 0.1% in June and increased 2.5% year-over-year, according to the Commerce Department’s report on Friday. This aligns with Dow Jones estimates. In May, the year-over-year increase was 2.6%, with the monthly measure remaining unchanged.Trump is set to appear as a keynote speaker at the Bitcoin Conference in Nashville on Saturday, with his appearance coming as the former president struck a largely pro-crypto tone in recent campaigning efforts. Crypto traders will be largely watching to see if he maintains this rhetoric during the address, and whether he will provide plans for more regulatory clarity in the U.S. crypto industry. Speculation over a Trump presidency had afforded Bitcoin some strength last week, especially as the Republican candidate was seen leading in approvals after a failed assassination attempt. But Democratic frontrunner Kamala Harris, who was endorsed by President Joe Biden after he dropped out of the election race, was seen narrowing the gap with Trump, polls showed this week. A Harris presidency is expected to potentially continue the government’s regulatory crackdown on crypto, which had rattled the industry over the past two years. Marathon Digital Holdings Inc (NASDAQ:MARA), one of the biggest Bitcoin miners in the U.S., said on Thursday it had purchased $100 million of Bitcoin off the open market, and that it held over 20,000 Bitcoin tokens on its balance sheet.The miner also vowed to retain all of its mined Bitcoin, and that it will also buy more tokens from the open market.Among broader crypto markets, altcoin prices tracked a recovery in Bitcoin, with traders also awaiting key U.S. inflation data and a Federal Reserve meeting in the coming days. World no.2 token Ether rose 3% to $3,238.67, seeing its first positive session since the launch of spot exchange-traded funds in U.S. markets this week.ADA and SOL rose 5% and 6.6%, respectively, while XRP dropped 3.3%. Among meme tokens, DOGE added 5% while Investing.com Shiba Inu Index rose 3.2%  More

Despite the stagnation, Bitcoin’s price remains at $67,000, a recovery from last week’s dip into the $50,000 range, but the all-time high above $74,000 still seems so near and yet so far.Such market conditions often lead to anxiety among investors, as fear, uncertainty, doubt and greed dominate sentiment. These emotions can lead to painful decisions and mistakes.However, for Samson Mow, a well-known figure in the cryptocurrency space, these fluctuations are not cause for concern. Mow, famous for his bold predictions, including a forecast of reaching $1 million BTC, maintains an optimistic outlook.This cycle, Mow suggests, is a fundamental characteristic of Bitcoin’s market dynamics.Whether this is really how the bitcoin price works remains to be proven, but anyone who has spent enough time in the crypto market understands it’s hard to argue with such an explanation. Especially the “melting faces” part.This article was originally published on U.Today More

He did not provide any explanation for this unexpected decision, leaving the crypto community on X puzzled. Heated discussions have been rising about what made Elon Musk order the removal of the hashmoji of the world’s flagship cryptocurrency, which was added by the Twitter cofounder and its former CEO Bitcoiner Jack Dorsey.Several Bitcoin influencers have commented on that removal, including JAN3 boss Samson Mow, an early Bitcoin adopter, BTC millionaire Jeremy Davinci and trader @TheMoonCarl.It seems, however, that it is not only Bitcoin but hashmojis for all other cryptos have been removed from X.In February 2021, the company announced purchasing $1.5 billion in Bitcoin. After that, Musk announced that Tesla started to accept Bitcoin payments for the electric automobiles it produces. This pushed the world’s largest crypto to a historic price peak above the $60,000 level in April.However, in the same month, Musk suddenly announced that Tesla stopped accepting Bitcoin over environmental concerns about proof-of-work-based BTC mining.Tesla continued holding Bitcoin on its balance sheet, though, but then it began to gradually sell its BTC stash. The aforementioned $184 million worth of Bitcoin is all that is left of it by now.While one may think that Elon Musk could perhaps be clearing space and removing the hashmojis of Bitcoin and other cryptocurrencies, he has made it clear several times that none of his companies, including X, are going to launch their own cryptocurrency.This article was originally published on U.Today More