U.S. stocks may be set for a subdued start to a big week of earnings, but bitcoin and other cryptocurrencies have been far from quiet.

Bitcoin prices BTCUSD, +0.37% slumped over the weekend, at one point reaching $51,907 — down around 20% from a recent peak of $64,829 in February. The benchmark crypto recovered some ground into Sunday evening and was trading at $56,341 early on Monday.

Some are viewing the pullback as a pause, including former Goldman Sachs GS, -1.29% hedge-fund manager Raoul Pal. The crypto bull said in a tweet he always feels “relieved” after big liquidations of leveraged longs on crypto, adding that it “cleans up the market.”


In our call of the day, Miller Taba ... Read more »

Category: News | Views: 169 | Added by: 4zvezda | Date: 19.04.2021 | Comments (0)

Bitcoin and the nearly 8,000 other cryptocurrencies it has spawned promise to revolutionize finance but it’s doing so leaving a dirty footprint. Mining Bitcoin consumes as much electricity as entire countries like Argentina or Ukraine.

Although the recent surge in bitcoin price has driven even more mining operations across the world, mining tends to be concentrated in certain regions — regions where energy tends to be cheap.

By far, the largest bitcoin mining hub is China’s Inner Mongolia, which is responsible for 8% of all the planet’s bitcoin mining. For comparison, the entire United States is responsible for just 7.2% of global bitcoin mining. However, this is set to change after the Chinese government ordered Inner Mongolia to shut down all cryptocurrency mining operations and ban new crypto operations ... Read more »

Category: News | Views: 211 | Added by: danyagames2007 | Date: 19.04.2021 | Comments (0)

A survey by the Bank of America has shown that 74% of fund managers believe that Bitcoin is in a bubble. According to fund managers, Bitcoin also comes in second among overcrowded trades.

The Bank of America recently conducted a survey of the crypto market, which revealed that 74% of fund managers viewed Bitcoin as a bubble. The survey was conducted by obtaining views from 200 fund managers managing $533 billion worth of assets in their management.

Among the fund managers who participated in this survey, 74% affirmed that Bitcoin was in a bubble, 16% did not accept that Bitcoin was in a bubble, while 10% of fund managers were not sure of their response. This makes Bitcoin more volatile than stock, where only 7% of investors ... Read more »

Category: News | Views: 179 | Added by: danyagames2007 | Date: 19.04.2021 | Comments (0)

Bitcoin had a super-depressive weekend session as traders decided to secure the profits off its Coinbase-led market rally, but all is not lost for the flagship cryptocurrency yet.

Bullish traders showed remarkable resistance against the declines in the BTC/USD exchange rates. In retrospect, the weekend crash came as a part of a broader downside correction that began after the pair refreshed its record high to $64,896.75 (data from Coinbase).

But it retraced shortly after testing its 50-day moving average (the blue wave) as support, a move reminiscent of Bitcoin’s multiple upside retracements since October 2020.

The 20-DMA support appeared in confluence with another price floor, provided by the lower trendline o ... Read more »

Category: News | Views: 182 | Added by: danyagames2007 | Date: 19.04.2021 | Comments (0)

The People’s Bank of China (PBoC), the country’s central bank, appears to be changing its attitude towards digital currencies. On April 18, it was revealed that the PBoC is referring to bitcoin as an “investment alternative.”

The remarks were made at a CNBC panel at the Boao Forum for Asia. It was here that the PBoC deputy governor, Li Bo, said, “We regard bitcoin and stablecoins as crypto-assets[…]These are investment alternatives.”

In 2017, China began cracking down on cryptocurrency trading and exchanges, while also banning initial coin offerings (ICOs). These recent comments out of Beijing are being deemed “progressive” by industry experts and important to the conver ... Read more »

Category: News | Views: 227 | Added by: 4zvezda | Date: 19.04.2021 | Comments (0)

Congressman Kevin McCarthy has urged Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell not to ignore bitcoin like they have been trying to do. He believes it is the future, emphasizing, “I do not want America to fall behind” other countries.

Government and the Fed Should Not Ignore Bitcoin

GOP leader Kevin McCarthy talked about bitcoin in an interview with CNBC last week. Congressman McCarthy serves California’s 23rd district and is currently the Republican leader in the U.S. House of Representatives.

He was asked specifically if he thinks that Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have a good understanding of digital c ... Read more »

Category: News | Views: 185 | Added by: 4zvezda | Date: 19.04.2021 | Comments (0)

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