Bitcoin Archives

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

manamalive.comApril 13, 2024April 13, 2024

by manamalive.comApril 13, 2024April 13, 20240212

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.

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

manamalive.comApril 2, 2024April 2, 2024

by manamalive.comApril 2, 2024April 2, 20240212

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

Business

Bitcoin price dips below $70,000 amidst rising volatility

manamalive.comApril 1, 2024April 1, 2024

by manamalive.comApril 1, 2024April 1, 20240286

Market uncertainty prevails as Bitcoin's price dips below $70,000 amid heightened volatility ahead of April's halving....

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Bitcoin’s volatility sparks $400 billion crypto market value drop

manamalive.comMarch 20, 2024March 20, 2024

by manamalive.comMarch 20, 2024March 20, 20240231

Bitcoin's volatile ride triggers $400B crypto market plunge; rebound efforts falter amid profit-taking frenzy....

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Bitcoin’s price plunge triggers $800m crypto liquidation wave

manamalive.comMarch 16, 2024March 16, 2024

by manamalive.comMarch 16, 2024March 16, 20240195

Bitcoin's sharp decline triggers a $800 million liquidation wave, impacting market stability across the cryptocurrency sphere....

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Bitcoin correction signals potential dip to $58,000, say experts

manamalive.comMarch 15, 2024March 15, 2024

by manamalive.comMarch 15, 2024March 15, 20240222

Analysts predict Bitcoin correction, foreseeing potential dip to $58,000, highlighting market uncertainties....

Business

Bitcoin surge spurs daily influx of 1,500 millionaire wallets

manamalive.comMarch 13, 2024March 13, 2024

by manamalive.comMarch 13, 2024March 13, 20240252

Bitcoin's surge leads to 1,500 new millionaire wallets daily, indicating a wealth shift within the crypto ecosystem....

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Bitcoin ETFs surge to record high with $1 billion inflows in a day

manamalive.comMarch 13, 2024March 13, 2024

by manamalive.comMarch 13, 2024March 13, 20240223

$1B single-day influx drives Bitcoin ETF milestone, highlighting growing adoption and investment in digital assets....

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Bitcoin surges above $72,000 after UK’s crypto ETP approval

manamalive.comMarch 11, 2024March 11, 2024

by manamalive.comMarch 11, 2024March 11, 20240194

Bitcoin reaches $72,000+ as UK permits crypto ETPs, marking a significant milestone. Record high achieved!...

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Analysts warn of potential price correction amid Bitcoin’s record run

manamalive.comMarch 8, 2024March 8, 2024

by manamalive.comMarch 8, 2024March 8, 20240234

Analysts caution of potential Bitcoin price correction amidst record highs, signaling market volatility and uncertainty....