Tag : Bitcoin

Business

Bitcoin surpasses $60,000 as market recovers from sell-off

AdminAugust 10, 2024August 10, 2024

by AdminAugust 10, 2024August 10, 2024024

With a nearly 44% increase year-to-date, Bitcoin leads a strong recovery in the cryptocurrency market....

Business

Bitcoin and gold set for major breakout as ‘macro summer’ begins

AdminJuly 29, 2024July 29, 2024

by AdminJuly 29, 2024July 29, 2024012

Bitcoin and gold could see significant price movements as macroeconomic conditions improve, with analysts predicting new all-time highs....

Business

Biden administration firm on vetoing overturn of SEC crypto rules

AdminMay 9, 2024May 9, 2024

by AdminMay 9, 2024May 9, 2024030

Biden admin opposes H.J. Res. 109, aims to safeguard SEC's crypto rules, citing market stability amidst House voting and industry pushback....

Business

Bitcoin price soars to $64K amid weak US job data

AdminMay 4, 2024May 4, 2024

by AdminMay 4, 2024May 4, 2024042

Bitcoin's rally to $63,920 follows dovish Fed signals and weaker job data, with analysts predicting a slow, steady climb....

Business

Bitcoin plummets to $57k as crypto market suffers pre-Fed jitters

AdminMay 1, 2024May 1, 2024

by AdminMay 1, 2024May 1, 2024030

Bitcoin's $57k tumble reflects broader crypto slump amid Federal Reserve rate anxieties, signaling market caution....

Japanese firm Metaplanet dives into bitcoin with ¥1 billion purchase

Business

Metaplanet makes waves in Asia with ¥1 billion bitcoin investment

AdminApril 26, 2024April 26, 2024

by AdminApril 26, 2024April 26, 2024038

Metaplanet echoes MicroStrategy, investing ¥1 billion in Bitcoin, reshaping Asian markets with its bold move....

Business

JPMorgan CEO Jamie Dimon denounces Bitcoin as fraudulent

AdminApril 20, 2024April 20, 2024

by AdminApril 20, 2024April 20, 2024041

Jamie Dimon's recent critique of Bitcoin sparks a heated debate on its legitimacy, stirring controversy within the financial community....

Business

Market jitters – Bitcoin halving sparks investor unease

AdminApril 16, 2024April 16, 2024

by AdminApril 16, 2024April 16, 2024018

Turbulent times ahead - Bitcoin ETFs grapple with market volatility, sparking concern among investors navigating choppy waters....

Business

Bitcoin’s $62K dive sparks exodus amid market mayhem

AdminApril 13, 2024April 13, 2024

by AdminApril 13, 2024April 13, 2024026

Bitcoin's $62K plunge triggers market exodus amid turmoil, sparking widespread panic among investors and traders alike....

Bitcoin experienced a significant drop of $5,000 within a span of 24 hours, as interest rates surged, marking the second consecutive day of decline for the cryptocurrency at the outset of the new month and quarter. This decline was influenced by the rising Treasury yields and the strengthening of the U.S. dollar. According to Coin Metrics, the flagship cryptocurrency plummeted by more than 6% on Tuesday, settling at $65,150.00, thereby accumulating a two-day loss of approximately 7%. This decline commenced after a trading period where Bitcoin was valued at around $70,000 on Monday morning. The dip was attributed to the release of data indicating growth in the manufacturing sector for the first time since September 2022 and a decrease in investor speculation regarding potential rate cuts in June. As a result, Bitcoin's value has retreated by about 11% from its all-time high recorded on March 14. Ether, another significant cryptocurrency, mirrored Bitcoin's decline by losing 6% of its value, reaching a trading price of $3,240.27. Simultaneously, the 10-year U.S. Treasury yield surged to its highest point of the year, while the U.S. dollar, which typically moves inversely to Bitcoin, reached its peak in almost five months. Analysts attributed Bitcoin's correction partly to the robust performance it exhibited in the first quarter. Joel Kruger, a market strategist at LMAX Group, stated, "Bitcoin doesn’t need much excuse to go through a period of correction after such an explosive performance in Q1." He further explained that the recent strength in U.S. economic data, coupled with persisting inflation concerns, led to a reevaluation of Federal Reserve expectations, resulting in increased demand for the U.S. dollar due to more attractive yield differentials. The drop in Bitcoin's value might have been exacerbated by a significant transfer of over 4,000 bitcoins to the Bitfinex exchange by a large holder, commonly referred to as a "whale." Data from CryptoQuant highlighted a surge in the exchange's reserves, typically indicating heightened selling activity, coinciding with the sudden decline in Bitcoin's price late Monday night. This decline also had a ripple effect on stocks linked to the performance of Bitcoin. Notably, cryptocurrency exchange Coinbase saw a 4% decrease, while software provider MicroStrategy, which closely correlates with Bitcoin's price movements, experienced a nearly 7% drop. Mining-related stocks such as Marathon Digital and Riot Platforms witnessed losses of 7% and 6%, respectively, while CleanSpark, a prominent miner in 2024, slid by 6%. Looking ahead, April could prove to be a tumultuous period for cryptocurrencies and associated stocks, particularly mining companies. Investors are keeping a close eye on the upcoming Bitcoin halving event, slated for the second half of the month. This event is expected to reduce miner rewards and subsequently impact their revenue. Moreover, while the recent dip in Bitcoin's value may raise concerns among investors, it's essential to consider the broader trajectory of its performance. Despite the recent market turbulence, Bitcoin has maintained a positive trajectory throughout the year. As of now, Bitcoin has recorded a notable 53% increase in value since the beginning of 2024, signaling continued interest and confidence in the cryptocurrency among investors and market participants alike. Bitcoin's ability to weather fluctuations and demonstrate consistent growth reflects its enduring relevance and appeal to investors seeking exposure to alternative assets.

Business

Bitcoin slides $5,000 amid rising treasury yields and dollar strength

AdminApril 2, 2024April 2, 2024

by AdminApril 2, 2024April 2, 2024028

Bitcoin's $5,000 plunge amid rising yields and dollar strength signals market turbulence and investor caution....

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