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    Bitcoin (BTC) Loses 30% to Gold

    Schiff points out this 30% decrease as a clear sign of Bitcoin entering a bear market, at least when measured against the traditional safe-haven asset, gold.BTC/USD Chart by TradingViewHis past recommendations to choose gold over Bitcoin when the latter was trading below the $20,000 level have been met with criticism, especially since Bitcoin’s price, despite its volatility, stands around the $65,000 level today.As for now, the price of digital gold is hovering above the crucial support level represented by the 200-day moving average, near $49,800. If Bitcoin’s price maintains above this line, it might indicate continued faith among investors and a potential rebound. Resistance is seen around the $67,300 level, which, if broken, could invalidate the bearish sentiment and signal a possible bullish reversal.As for growth scenarios, consolidation above the $61,000 level followed by a sustained push above the $67,300 resistance could see Bitcoin regain its upward momentum. Such a move would be crucial to challenge the bearish perspective and may signal that Bitcoin’s price in gold terms is not the sole indicator of its market health.However, the Bitcoin and gold comparison is more complex than you might think, as both assets serve different functions and react to the market differently. Gold is more of a traditional safe haven asset, while Bitcoin offers more risk exposure and acts like a digital store of value.This article was originally published on U.Today More

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    ‘Really Bullish on Bitcoin’: Samson Mow Breaks Silence After Crypto Bloodbath

    Following a sharp decline in the price of Bitcoin, triggered by geopolitical tensions, Mow’s confidence in the cryptocurrency remains unwavering. Despite recent losses, he maintains a bullish stance, expressing his conviction that Bitcoin holds strong potential for future growth.The recent market downturn saw Bitcoin losing nearly 14% of its value, reaching a low of $60,660, its lowest level in almost a month. Altcoins experienced even greater losses, with the TOTAL 2 index indicating a 22% decrease in total capitalization, equivalent to approximately $250 billion.Mow’s steadfast confidence in BTC stands in stark defiance of the recent bloodbath. While many faltered in the face of uncertainty, the advocate remains undiscouraged, asserting his bullish stance on the flagship cryptocurrency.BTC to USD by CoinMarketCapHowever, looming on the horizon is the impending Bitcoin halving, scheduled to occur in just five days. This event adds an additional layer of uncertainty to the market, prompting speculation about its potential impact on Bitcoin’s price trajectory.While Mow’s bullish stance may provide reassurance to some investors, the broader market remains cautious as it navigates through this period of volatility.This article was originally published on U.Today More

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    Bitcoin price pares some losses following Iran’s attacks at Israel

    Israel announced it neutralized 99% of the 300 identified threats aimed at its territory.Iran’s army declared the conclusion of Tehran’s operation without further actions.U.S. President Joe Biden condemned Iran’s strike, labeling it “unprecedented” and called for a coordinated diplomatic response with G7 leaders.The recent hostilities follow heightened tensions between Iran and Israel, particularly since the start of the war in Gaza in October. Accusations and counter-accusations have escalated, with Iran accusing Israel of an attack on its consulate in Damascus on April 1.Investors will be following developments in this region quite closely amid the potential for further escalation and instability in the region.Bitcoin is now trading below the near-term support around $64,500. The next support lower is located near $60,000. More

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    Bitcoin price drops 7% on reports Iran launched attacks at Israel

    According to the Israel Defense Forces (IDF), the attacks are involving unmanned aircraft launched from Iranian territory towards Israel. The confirmation of attacks has raised concerns about the potential for a regional war.”We are monitoring the threat in the airspace. It is a threat that takes several hours to reach the territory of the State of Israel,” said IDF. Bitcoin price fell more than 7% on the news. The price action was testing 3-week lows below $62,000. At the time of writing, Bitcoin price was down 6.4% on the day.The recent hostilities follow heightened tensions between Iran and Israel, particularly since the start of the war in Gaza in October. Accusations and counter-accusations have escalated, with Iran accusing Israel of an attack on its consulate in Damascus on April 1.Investors will be following developments in this region quite closely amid the potential for further escalation and instability in the region. More

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    Bitcoin (BTC) Halving Might Bring Suffering in Short Term, Analyst Charles Edwards Says

    In particular, the fourth Bitcoin (BTC) halving looks dangerous for miners with old-gen hardware. Some of them will “go bust” as soon as this year, Edwards admits.The fourth Bitcoin (BTC) halving is expected to happen April 19, 2024, at about 1:53 p.m. UTC once the largest cryptocurrency reaches 840,000 block height.The mining rewards will drop from 6.25 BTC per block to 3.125 BTC per block. As such, some miners with less energy-efficient hardware might go underwater in the next cycle.For instance, Bitmain Antminer S19, one of the most popular generations of ASIC miners for SHA-256 coins — BTC, LTC and others — will only be profitable post-halving when the BTC price is over $80,000, some estimations reveal.Thus, Bitcoin (BTC) becomes a scarcer asset, which, combined with the limited net supply, makes it more valuable economically.Tether and Bitfinex CTO Paolo Ardoino is excited by the role of the BTC halving in the tokenomics of the orange coin:After the previous halving that took place May 10, 2020, Bitcoin’s (BTC) price rallied by almost 600% in just 18 months.This article was originally published on U.Today More

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    Bitcoin Price Alert: Two Crucial Indicators Forewarned BTC Drop to $65,000

    Bitcoin’s recent price crash from $71,000 to $65,000 surprised the cryptocurrency market, but based on on-chain data, this downturn was not entirely unexpected.Crypto research firm Kaiko tweeted on April 11 that expectations for near-term volatility were increasing. This is because implied volatility for expiries in the following two weeks jumped from 59% to 71% in just two days.Aside from that, two key indicators had been flashing warning signs, hinting at the impending correction before it unfolded.According to on-chain analytics firm CryptoQuant, these indicators have signaled weakness since late March but might have been disregarded because of market exuberance.The key metrics, traders’ unrealized profit margins and the realized price, have signaled weakness since late March. In this light, CryptoQuant urges the crypto community to keep an eye on these metrics if the current market correction persists.As Bitcoin saw its first drop below $66,000 since April 4, liquidations since the past day have reached a whopping $920 million. According to Santiment, S&P 500 and gold prices have also retraced alongside cryptocurrencies, suggesting CPI and inflation concerns are being revealed across sectors.Compared to previous cycles’ ATH breaks, it might be argued that the current euphoria phase (market in price discovery) is still relatively early. Previous euphoria stages have seen multiple price drops of more than -10%, with the majority being significantly deeper, with 25% being the norm.At current pricing, Bitcoin is down 8.32% from its all-time high of $73,750 set in mid-March.This article was originally published on U.Today More

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    XRP vs BTC: Legendary Trader Peter Brandt’s Cryptic Comment Sparks Intrigue

    In a surprising and cryptic prediction, Brandt stated that the XRP/BTC chart was “headed to Antarctica,” leaving investors and analysts puzzled about the implications of his statement.The statement “headed to Antarctica” could be interpreted in several ways. On the one hand, it might imply a cold, bearish outlook for the XRP versus BTC chart, suggesting that prices could plummet to new lows, much like the frigid temperatures of the Earth’s southernmost continent. On the other hand, it could symbolize a journey into uncharted territory, exploring depths previously unseen by the crypto market.The second scenario seems likely given Brand’s response to an X user who asked, “Or to rephrase. To a level where XRP begins to out perform BTC historically.”Brandt responded in the affirmative, saying, “Or, to put it another way, to a level where not a single buyer has a profit.”Cryptocurrencies tumbled on Friday as risk-off sentiment in traditional markets spread over to digital assets. Bitcoin (BTC) plunged to lows of $65,110 in Friday’s trading session before slightly rebounding to above $67,000. It is currently down 5% in the last 24 hours.XRP sharply dipped, reaching lows of $0.507 from highs of $0.616 in Friday’s trading session. At the time of writing, XRP remains higher than its prior day lows, albeit down 11.56% in the last 24 hours to $0.54.The XRP versus BTC chart has long been a subject of scrutiny and speculation within the cryptocurrency community, with XRP reaching almost a seven-year low against Bitcoin.Thus, Brandt’s commentary on the XRP versus BTC chart has garnered attention, with many eager to decipher the meaning behind his cryptic forecast. Without providing further details, Brandt’s statement remains open to interpretation.Investors and enthusiasts will be watching closely to see if Brandt’s chilly forecast comes to pass or if the market will defy expectations and chart a course to warmer waters.This article was originally published on U.Today More

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    Dogecoin Founder’s Comment on Crypto Market Crash Stirs DOGE Community

    On Friday, when the crypto market turned red with DOGE falling by over 19%, Markus offered his audience another peculiar comment on the state of things. His statement triggered a supportive response from the DOGE community.The cryptocurrency influencer Markus’ tweet is full of sarcasm, and it says, “oh no everything died we are dead.” In his manifold previous tweets over the past years, the DOGE creator has made his attitude toward crypto trading clear — he believes it to be a sort of gambling where nobody really knows why prices go up or down and cannot really predict rises and falls, since in most cases they come totally out of the blue.On Friday, the world’s leading cryptocurrency Bitcoin suddenly entered a massive correction as it plunged from slightly above $70,000 to the $67,490 zone, losing 7% of its value worth $2,500. Later on, BTC pared some of its losses, recovering to $67,472, where it is changing hands as of this writing.Ethereum followed suit, plunging by over 10% from $3,525 to the $3,161 level but later recovering a little and now trading at $3,259. Overall, approximately $735 million worth of cryptocurrencies has been liquidated within the last 24 hours across the market.DOGE crashed by slightly over 19%, hitting $0.1610 briefly. Two attempts to recover undertaken by Dogecoin have led it to $0.1712.This event that happens once in every four years will again cut the newly minted amount of Bitcoin per block in half, this time taking it down to 3.125 BTC per newly generated block. Many are expecting BTC to skyrocket after that with altcoins to follow suit.This article was originally published on U.Today More