Cryptocurrency

This article was originally published on U.Today More

Bitcoin had reached a new yearly high of $45,000 in the past week before falling precipitously for the third time in 2023.Bitcoin plunged to a low of on Dec. 11 after a stormy stretch that wiped out over 11% of the largest digital currency and sparked forecasts of more volatility as the year came to a close.The cryptocurrency has dropped since Saturday, marking its worst performance since mid-August. The drop from nearly $45,000 weighed down larger crypto markets as well.Some analysts blamed apprehensive speculators who were hedging their bets ahead of the recent Federal Reserve monetary policy meeting.However, most analysts were unable to pinpoint a specific cause, describing the pullback as an expected correction given Bitcoin’s 152% year-to-date gain.According to , the recent price correction occurred as Bitcoin short-term holders took profits in statistically significant amounts, halting the rise. This comes after a period of rapid price growth in recent months.On-chain analytics firm spots a recent increase in the number of addresses holding over 1,000 BTC, or Bitcoin whales.An increase in whale addresses shows that larger Bitcoin investors are becoming more confident. The rise in whale addresses is related to Bitcoin price changes, though not necessarily directly proportional.The stockpiling of Bitcoin by whales is beneficial because it can affect market liquidity and volatility.This article was originally published on U.Today More

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Ethereum’s price chart illustrates this recent downturn. After a period of consistent gains, ETH has encountered resistance, leading to a pullback that is stoking a mix of apprehension and anticipation among traders. The sharp decline in price from its recent highs has left investors questioning the durability of the bull run and whether Ethereum can muster the strength to pivot back to its former upward trajectory.A closer look at the price action shows has not yet exhibited the full magnitude of a reversal. One of the critical factors influencing Ethereum’s performance is the support, or lack thereof, for the decentralized finance (DeFi) ecosystem built on its blockchain. Unfortunately, the network has been plagued with unstable conditions, manifesting in the form of enormous transaction fees. These issues have dampened enthusiasm for DeFi projects, traditionally one of the primary catalysts for Ethereum’s demand and, consequently, its price.The market’s response to challenges has been tepid. Without robust support for the DeFi sector, Ethereum’s potential for a swift recovery seems compromised. The high gas fees have notably deterred smaller investors and projects, which has a knock-on effect on the entire Ethereum-based DeFi landscape. This setback comes at a time when competition from other blockchains with lower fees and faster transactions is intensifying. However, Layer-2 networks on Ethereum might change this in favor of the second-biggest blockchain in the industry.This article was originally published on U.Today More

Mow stated that people who hate and criticize Liquid Bitcoin do not even realize that in the future they will still end up using the Liquid Bitcoin infrastructure indirectly anyway. Basically, it was a hidden warning that their criticism is in vain. The former Blockstream CSO explained that Liquid Bitcoin is being adopted by various popular services (without naming any as an example, though), which are integrating it for settlement and rebalancing.After , he stated that he planned to concentrate on helping whole nations and states adopt Bitcoin. It was Mow and Blockstream that stood behind ’s issuance of “Volcano BTC Bonds” backed by Bitcoin. Prior to that, the state adopted BTC as national currency a few years ago. As Mow left Adam Back’s company, speculation sparked within the cryptocurrency community as to what country will adopt Bitcoin next (perhaps with Mow’s helping hand).Now, he said, we are about to see the clash of Bitcoin supply shock with the demand shock. He expects the approaching Bitcoin halvening to make sure the supply shock happens. The expert pointed out that financial institutions are now accumulating BTC en masse, expecting their Bitcoin ETF filings to be approved by the SEC very soon.This week, representatives of four funds who plan to issue ETFs met with the regulator – BlackRock (NYSE:BLK), Fidelity, Franklin and Grayscale.This article was originally published on U.Today More

As reported by U.Today, the Bitcoin Ordinals market an overwhelming response following the official announcement by Binance regarding the listing of BRC-20 SATS (1000SATS). The spot trading pairs for 1000SATS were launched on Dec. 12, 2023, opening up trading opportunities with pairs such as 1000SATS/USDT, 1000SATS/FDUSD and 1000SATS/TRY.In addition to the overall trading volume, the on-chain transaction volume of SATS $21 million, further solidifying the overwhelming demand for these newly listed BRC-20 Ordinals. This spike in on-chain activity suggests that investors are not only actively trading but also engaging in significant movements of SATS on the blockchain.Overall, the introduction of BRC-20 SATS on Binance has undoubtedly played a pivotal role in fueling the excitement around these digital assets. The availability of spot trading pairs has provided users with various options to engage with 1000SATS, allowing for seamless trading against major currencies like USDT, FDUSD and TRY.As the market continues to evolve, enthusiasts and investors are left wondering whether now is the opportune moment to dive into the Bitcoin Ordinals space. The recent surge in trading activity and the record-breaking volumes may signal a shift in the cryptocurrency landscape, with Ordinals as a viable investment option. However, market participants are urged to approach with caution, considering the inherent volatility of cryptocurrency markets.This article was originally published on U.Today More

The price chart of displays a stark long wick dipping down, an uncommon sight that indicates a violent shift in price over a very short period. This wick represents a severe, rapid price drop followed by an equally swift recovery, which often leads to a significant number of traders being caught off guard, with their positions liquidated as the market rapidly moves against them.So, what led to this dramatic movement?First, a liquidity crunch can precipitate such a situation. In a market where many traders are positioned on the long side, a sudden drive to sell can trigger a cascade of liquidations due to a lack of immediate buy orders at current or slightly lower levels, causing the price to plummet until it hits a level where liquidity is available.Second, a long squeeze may occur when the market is heavily biased toward long positions. If the market begins to turn, those with leveraged long positions may be forced to sell to cover their positions, thus amplifying the downward price pressure.The unexpected nature of this wick caught thousands of traders by surprise, resulting in massive losses for those with leveraged positions. However, the aftermath of the wick saw a spike in buying power, indicating that many investors saw this as a buying opportunity, thereby pushing the price back to a relatively stable zone.Ethereum is known for its volatility, but a wick of this magnitude is a rare occurrence even for a cryptocurrency market. Investors might consider staying less leveraged in order to safeguard themselves from such dramatic swings.This article was originally published on U.Today More