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Bitcoin is Heading to $14,000: Here’s Why According to DataDash
Nicholas Merten – a veteran cryptocurrency analyst and founder of DataDash – has called for Bitcoin to sink to $14,000 following its plunge below $19,000 over the weekend. The analyst cited both technical and macroeconomic factors, including an indicator that he calls “absolutely damning” for Bitcoin’s price. Deeper Waters for Bitcoin? In a video published on Monday, Merten pointed out that Bitcoin’s 200-week moving average (WMA) has turned into a level of price resistance, rather than support. The primary cryptocurrency has almost always stayed above the average throughout its existence, with rare descents below it marking cyclical bottoms. However, Bitcoin […]
Crypto: Why are cryptos falling? Ether drops after Merge, while bitcoin slides to 3-month low
Bitcoin Bitcoin on Monday plunged to its lowest level since June 19, as investors expect the Federal Reserve to raise interest rates again later this week, with its two-day meeting due to conclude Wednesday. The cryptocurrency BTCUSD, -1.77% traded at as low as $18,277.5 on Monday, according to CoinDesk data. Bitcoin has lost about 3.7% over the past 24 hours and almost 55% year-to-date. The drop was in line with U.S. stocks, with all three major indexes trading lower Monday. The S&P 500 SPX, +0.43% has finished below an important support level at 3,900 on Friday. Ether ETHUSD, -1.02% on […]
ApeCoin Skyrockets 16% Daily, Bitcoin Taps $20K (Weekend Watch)
Cryptocurrency After the recent volatility and price declines, bitcoin finally saw some relief by touching $20,000. Most altcoins have seen slight gains as well. Once again, though, Ripple stands out as the best performer from the larger-cap alts, while ApeCoin has soared by 16%. Cryptocurrency BTC Back at $20K It’s safe to say that the past week or so didn’t go all that well for the primary cryptocurrency. The asset had spiked to a multi-week high at just under $23,000 on September 13, but the overall bearish sentiment and the US CPI numbers brought it down quickly. In a matter […]
US Sanctions IRGC-Affiliated Hackers on Ransomware Charges
In a new move carried out by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), multiple sanctions were handed out due to the accused’s ransomware activities. Ten Individuals and two shell companies known for extorting US businesses and infrastructure providers have been sanctioned, prohibiting all commercial activities with the designated parties – in cryptocurrency or otherwise. In tandem, the DOJ has also launched criminal charges against three named persons in absentia. Hospitals and Transportation Nodes Under Attack The attacks, spearheaded by alleged IRGC shell companies Najee Technology and Afkar System, targeted government offices and businesses across […]
How Stablecoin Innovation Could Offer a Hedge Against Inflation
Bitcoin Industry insiders once touted Bitcoin as an inflationary hedge, but economic reality has called this logic into question. Can a stablecoin provide the solution that Bitcoin can not? Today Bitcoin is trading at $19,686, down 71.4% from its all-time high of $69,044 last Nov. With many countries around the world experiencing inflationary problems, the expectation would be that the price of Bitcoin should be rising. That simply is not happening. Has Bitcoin failed? With inflation in the U.S. hitting 40-year highs, it appears as though Bitcoin has failed as an inflationary hedge. Instead BTC seems highly correlated to stocks, […]
Long-Term Bitcoin Holders Now Own 13.62 Million BTC
Long-term Bitcoin (BTC) holders are not ready to sell their digital assets despite the latest crypto market correction. Glassnode’s data indicates that the long-term holders of the world’s most valuable digital currency now own approximately 13.62 million Bitcoin, which is the highest level on record. “Total supply held by Long-Term Holders has reached a new ATH of 13.62M BTC, LTH supply is the volume of Bitcoin which has been dormant for 155-days and is statistically the least likely to be spent during market volatility,” Glassnode noted. Bitcoin network has remained volatile during the last few days. Earlier this week, the […]
