Multiple technical factors suggest that the Bitcoin bull market has come to an end. Analysts at JPMorgan asserted that the downward price action is not over yet and defined the Grayscale Bitcoin Trust unlock period as a trigger for another leg down.

Whales buy the dip ahead of the Grayscale Bitcoin Trust unlock
Grayscale, the world’s largest digital currency asset manager, offers institutional investors exposure to Bitcoin by issuing shares of its Grayscale Bitcoin Trust (GBTC). With a total of $21.7 billion worth of assets under management, the investment firm has offered a 205% return based on the Market Price of its shares in the past 12 months. 

When institutions purchase GBTC shares, there is a six-month lockup period that they have to go through before they can sell their holdings. Therefore, the shares of t ... Read more »

Category: News | Views: 179 | Added by: danyagames2007 | Date: 06.07.2021 | Comments (0)

Crypto king Bitcoin has slumped by nearly half its mid-April peak of over $64,000. Amid momentary spurts, the digital currency is yet to recover and sustain beyond the $34,000-mark it has been trading at since May last week. Its share in the total crypto market cap has also plummeted from nearly 70 per cent in January this year to 44 per cent currently, data from CoinMarketCap showed. The Bitcoin bear market, in fact, is likely to continue ahead until its market share recovers back to more than 50 per cent, according to a cryptocurrency expert at JPMorgan.

“A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to ... Read more »

Category: News | Views: 147 | Added by: danyagames2007 | Date: 06.07.2021 | Comments (0)

Traditional word-of-mouth tipsters like the media and your taxi driver no longer give you suggestions on buying and trading Bitcoin. Enthusiasm about cryptocurrencies is declining, as Bitcoin fell below the psychological resistance level of $30,000 before bouncing back. Still, volatility is a label of cryptocurrency, which, for investors, is nothing new. The Chinese exodus coupled with environmental concerns brought Bitcoin to a standstill, inciting fear in investors.

Investors’ Sentiments are Shattered

The Fear and Greed Index is below 25 despite the bull’s attempt to increase Bitcoin’s worth. Plan B, a crypto analyst, presented a poll result comparing differences in opinion 3 months apart. The new result shows that 41% of people consider Bitcoin will stay below $100K this year, compared to 16% who shared their ... Read more »

Category: News | Views: 144 | Added by: danyagames2007 | Date: 06.07.2021 | Comments (0)

One Bitcoin is currently worth US$34,611 (AU$45,540). That gives the world’s biggest crypto a market cap $649 billion.

That’s nothing to sneeze at. But it wasn’t too long ago – mid-April, in fact – when Bitcoin claimed a market cap north of US$1.1 trillion. At the time, it was still trading near its all time highs of US$64,829.

Year-to-date, Bitcoin remains up 18%. Again, nothing to sneeze at, if you can stomach the volatility.

But with some 4,000 cryptocurrencies in virtual circulation, we thought we’d turn the spotlight on today’s best performing crypto.

This little known token has gained 40 times more than Bitcoin today
While Bitcoin has gained 1% over the pa ... Read more »

Category: News | Views: 155 | Added by: danyagames2007 | Date: 06.07.2021 | Comments (0)

Bitcoin bull Michael Saylor said the cryptocurrency's volatility will always hurt those who invest purely to trade or based on speculation in a recent interview with Northman Trader's Sven Henrich over the weekend.
"The people that invest in bitcoin as traders - and they don't, they don't have a technology view or the macro view - they're always going to be disappointed because of volatility," Saylor said.
He urged investors not to put more money than they can lose into bitcoin and crypto markets, especially if they were basing trades on speculation and said he is not in a place to give advice to anyone planning to invest or trade with bitcoin over a short timeframe.
"If on the other end ... Read more »

Category: News | Views: 181 | Added by: danyagames2007 | Date: 06.07.2021 | Comments (0)