Tag: BTCUSD

Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

by CryptoPotato

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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TA: Bitcoin Turns Lower, Why BTC Could Extend Losses Below $42.5K

by NEWSBTC

Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500.

  • Bitcoin attempted another upside break above $45,500 but failed.

  • The price is trading below $43,500 and the 100 hourly simple moving average.

  • There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could decline sharply if there is a clear move below the $42,500 support zone.

Bitcoin Price Corrects Gains

Bitcoin price attempted an upside break above the $45,500 resistance zone. However, BTC struggled to gain pace above the $45,500 level. A high was formed near $45,900 and the price started a fresh decline.

The price moved below the $45,000 and $44,500 support levels. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $43,500 and the 100 hourly simple moving average.

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Bitcoin is now finding bids near the $42,600 level. A low is formed near $42,664 and the price is now consolidating losses. An immediate resistance is near the $43,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

The first major resistance is near the $44,000 level and the 100 hourly simple moving average. The next key resistance is near the $44,250 level. It is near the 50% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

Bitcoin Price

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Source: BTCUSD on TradingView.com

A clear upside break above the $44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $45,500 level.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $44,250, it could continue to move down. An immediate support on the downside is near the $42,600 zone.

The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price could start a major decline towards the $41,200 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,500, followed by $41,200.

Major Resistance Levels – $44,000, $44,250 and $45,500.

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Over $200 Million in Liquidations Amid Massive Bitcoin Volatility

by CryptoPotato

The liquidations in the crypto market skyrocketed to $200 million on a daily scale as bitcoin, and most altcoins, dumped and pumped in a matter of hours. This came following reports about the US inflation rates, which spiked to a new 40-year high.

  • CryptoPotato reported earlier today when the primary cryptocurrency had reclaimed $44,000 and seemed rather calm around that level.

  • However, BTC neared $45,000 in the following hours, but the bullish run was stopped in its tracks after the US showcased its latest inflation rate numbers.

  • After the Consumer Price Index displayed its highest percentage in over 40 years for the month of January of 7.5%, bitcoin headed straight south.

  • In a matter of minutes, BTC dumped by nearly $2,000 to just over $43,000. Most alternative coins followed, but this retracement was short-lived.

  • Bitcoin reacted well and initiated a leg up that drove it upwards by $2,000, thus breaching $45,000 for the second time in a few days. Somewhat expectedly, most altcoins followed suit.

  • This enhanced volatility caused mass pain for some leveraged traders. Data from Coinglass shows that the liquidations shot up to over $200 million on a daily scale and more than $120 million in the past four hours.

  • So far, the number of liquidated traders stands close to 70,000, while the single-largest liquidation order happened on FTX and was worth $1.5 million.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%

by CryptoPotato

Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on.

  • The Consumer Price Index (CPI) is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.

  • Many people also refer to it as an approximation of the current inflation rates.

  • There are indexes available for various states and geographic areas.

  • For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.

  • February 2022 CPI information is scheduled for release for March 10th.

  • With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.

photo_2022-02-10_15-44-08
Chart by TradingView

  • At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.

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Who Gets the Bitcoin Fortune? Everyone Lays Claims on Bitfinex’s Recovered $3.6M BTC

by CryptoPotato

Barely two days after the U.S. Department of Justice (DOJ) seized about $3.6 billion worth of BTC related to the 2016 Bitfinex hack, dozens of individuals have started laying claims on the bitcoin fortune.

According to a Bloomberg report, the DOJ has seen a massive surge in the number of people who wish to regain their funds after it revealed plans to set up court proceedings for victims of the hack.

Speaking to Bloomberg, David Silver, a lawyer who specializes in financial and crypto-related fraud, noted that since the DOJ recovered the $3.6 billion worth of BTC on Tuesday, he has been approached by dozens of people claiming to have been affected in the hack.

“The world has changed dramatically since 2016, and everyone is going to lay claim to this newfound bag of Bitcoins,” Silver noted.

Bitfinex Wants it

Bitfinex has also joined the long list of those vying for rights to the recovered bitcoins. The exchange noted that it had fully settled all affected users after the hack.

Following the attack, which led to the theft of over 119,000 BTC from Bitfinex, the exchange generalized the losses to more than 30% of all users’ accounts and moved to compensate the victims.

It created and issued BFX coins to customers, one BFX token for every $1 lost, and they could either exchange the tokens for the U.S. dollar or the company’s stock.

Bitfinex also created a Recovery Right Token (RRT), which will allow customers who had converted the BFX coin to the company’s shares to lay claims on the stolen bitcoins if they were ever recovered.

According to Bitfinex, there are currently about 30 million RRT tokens outstanding. With a ratio of one RRT to $1, the exchange has to reimburse $30 million to holders of the RRT token.

In a statement on Tuesday, the crypto exchange explained it would ensure that it solidified its rights to the recovered funds.

“Bitfinex will work with the DOJ and follow appropriate legal processes to establish our rights to a return of the stolen bitcoin,” the company said.

Affected Users Disagree

Several customers have expressed their opposition to Bitfinex getting rights to the recovered bitcoins, considering how much the asset has appreciated over the past five years.

The stolen bitcoins, which were worth an estimated $71 million at the time of the hack, are now more than $4.5 billion.

Speaking on this, Alan Aronoff, a victim of the hack who claims to hold about $50,000 worth of Bitfinex stock, said,

“I think that’s ridiculous. That’s my Bitcoin that they took from my multisig wallet. I would like my Bitcoin back… They can have their equity back. I’ll take my Bitcoin, thank you very much.”

Who Gets the Bitcoin Fortune?

With many people seeking to get the funds, former assistant U.S. Attorney Kellen Dwyer noted that the legal processes involved in the case could likely take a couple of years.

“That process could take the heck of a long time. It certainly could be multiple years before anybody sees any cash,” he said.

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

by CryptoPotato

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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World’s Largest Asset Manager BlackRock to Launch Crypto Trading Services (Report)

by CryptoPotato

The world’s largest asset manager plans to double down on its cryptocurrency engagement by launching such trading services, asserted a new report. This comes a year after the company dipped its toes by trading bitcoin and reporting owning stocks of BTC mining companies.

  • Citing people familiar with the matter, CoinDesk informed that BlackRock aims to enter the digital asset space with “client support trading and then their own credit facility.”

  • This will allow investors to borrow from the asset manager by providing cryptocurrencies as collateral.

  • Another source claimed that public pension organizations, endowments, and sovereign wealth funds will have the option to trade cryptocurrencies through BlackRock’s integrated investment management platform – Aladdin (Asset, Liability, Debt, and Derivative Investment Network.)

  • The NYC-based behemoth with over $10 trillion in AUM sampled the cryptocurrency industry last year by making a profitable short-term bitcoin trade through the Chicago Mercantile Exchange (CME).

  • Later on, reports emerged indicating that the firm owned nearly $400 million worth of shares of Bitcoin mining companies.

  • In the meantime, the organization’s executives, such as CEO Larry Fink and CIO Rick Rieder, praised bitcoin and some altcoins. Fink even predicted that BTC could become a great asset class and a threat to the US dollar, but it still has to prove itself.

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TA: Bitcoin Holds Uptrend Support, Why 100 SMA Is The Key

by NEWSBTC

Bitcoin remained well supported near the $42,700 support zone against the US Dollar. BTC is rising and might accelerate higher above $44,850 in the near term.

  • Bitcoin is holding gains, but it is still well below the $45,000 resistance zone.

  • The price is trading above $43,000 and the 100 hourly simple moving average.

  • There is a key rising channel forming with support near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could decline sharply if there is a clear move below the 100 hourly SMA.

Bitcoin Price Aims Fresh Increase

Bitcoin price started a downside correction below the $44,000 level. BTC even declined below the $43,000 level, but the bulls appeared near the $42,700 zone.

The price also remained stable above $42,500 and the 100 hourly simple moving average. A low was formed near $42,709 and the price started a fresh increase. There was a clear move above the $43,200 and $43,500 resistance levels.

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Besides, the price climbed above the 50% Fib retracement level of the downward move from the $45,500 swing high to $42,709 low.

There is also a key rising channel forming with support near $44,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $42,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $44,500 level.

Bitcoin Price

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Source: BTCUSD on TradingView.com

The next major resistance is near the $44,850 zone or the 76.4% Fib retracement level of the downward move from the $45,500 swing high to $42,709 low, above which the price may perhaps rally above $45,000. In the stated case, the price could continue to rise towards the $46,500 level.

Downside Break in BTC?

If bitcoin fails to start a fresh increase above $44,850, it could continue to move down. An immediate support on the downside is near the $44,000 zone.

The next major support is seen near the $43,500 level and the 100 hourly simple moving average. If there is a downside break below the $43,500 support, the price could start a major decline towards the $41,200 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $44,000, followed by $43,500.

Major Resistance Levels – $44,850, $45,000 and $45,500.

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Ukraine Received Over $570k in Bitcoin Donations to Support Fight Against Russia

by CryptoPotato

A recent report from blockchain analytics company Elliptic revealed that Ukrainian volunteer groups and non-government organizations (NGOs) received more than $570,000 in Bitcoin donations throughout 2021.

900% Increase From 2020

Interestingly, the total Bitcoin donations made to Ukrainian NGOs in 2021 represent a 900% increase from the previous year.

These volunteer groups emerged in 2014 to support protesters during the Maidan Revolution, which led to the removal of the pro-Russia President Viktor Yanukovych from power.

Following Yanukovych’s ousting, Russia invaded and annexed the Crimean Peninsula from Ukraine, which led to a civil war. Since then, the two neighboring countries have been in a state of war, and the volunteer groups have been supporting the Ukrainian military by providing weapons and medical supplies.

Donors Choose Crypto

According to Elliptic, these organizations receive donations from private individuals and entities via fiat and cryptocurrencies. However, in 2021, the groups received more Bitcoin donations compared to fiat, as the cryptocurrency allows donors to make contributions without restrictions.

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“Bitcoin has also emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups,” the report stated.

The document further revealed that Come Back Alive, one of the largest non-government organizations supporting the Ukrainian Army, raised nearly $200,000 via Bitcoin donations in the second half of 2021.

Other volunteer groups like the Ukrainian Cyber Alliance and Cyber Partisans raised $100,000 and $84,000 respectively over the past year via crypto donations.

Mirotvorets, another group with strong ties to the Ukrainian government and law enforcement agencies, has raised over $268,000 through Bitcoin donations since it launched, the report said.

Crypto Donations on the Rise

Meanwhile, donating cryptocurrencies to volunteer groups and charity organizations is not a new concept.

In October 2020, the Feminist Coalition, an advocacy group in Nigeria, received over $165,000 via Bitcoin donations to support the fight against police brutality in the country.

In November 2021, CryptoPotato reported that Fidelity Charitable, the largest grantmaker in the United States, received more than $270 million in crypto donations last year, a 400% increase compared to 2017.

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After Three Months Of Fearful Market, Bitcoin Sentiment Turns Greedy Again

by NEWSBTC

Data shows the Bitcoin market has turned greedy again after almost three months of fear sentiment among investors.

Bitcoin Market Becomes Greedy Again After Almost Three Months Of Fear

The relevant indicator here is the “fear and greed index,” which tells us what the general sentiment among investors currently is.

The metric uses a numeric scale that goes from zero to hundred for representing this sentiment. All values below fifty fall into the “fear category,” while those above belong to “greed.”

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When the index shows extreme values of above 75 and below 25, the market sentiment is that of extreme greed and extreme fear, respectively.

Some investors prefer to sell when the market is extremely greedy as tops have historically formed during such periods. Similarly, they also think buying during extreme fear is better as bottoms tend to usually occur then.

Related Reading | No New Lows: “Parabolic” Bitcoin Indicator Could Suggest The Local Bottom Is In

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There is a famous Warren Buffet quote that resonates with this philosophy: “be fearful when others are greedy, and greedy when others are fearful.”

Now, here is a chart from this week’s Arcane Research report that shows the trend in the Bitcoin fear and greed index over the past year:

Bitcoin Fear And Greed Index

The indicator's value seems to have sharply risen recently | Source: The Arcane Research Weekly Update - Week 5

As you can see in the above graph, when the report came out yesterday the market sentiment had almost exited the fear territory as the indicator showed a value of 48.

Since November, the market had been quite fearful, often dipping into extreme fear. But recently the metric has observed a sharp uptrend, and today, the investor sentiment is finally back to greed for the first time in three months as the index’s value is now around 54.

Bitcoin Greed

The Bitcoin fear and greed index has now crossed the fifty mark | Source: Alternative.me

The market sentiment turning to that of greed can prove to be bullish for the price of Bitcoin as sucha sentiment usually occurs during bull rallies.

Related Reading | Bitcoin Taker Buy/Sell Ratio Shows “Buy” Signal As BTC Lifts Off

BTC Price

At the time of writing, Bitcoin’s price floats around $43.5k, up 13% in the last seven days. Over the past month, the crypto has gained 5% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to have surged over the past few days | Source: BTCUSD on TradingView

Over the past couple of weeks, Bitcoin has enjoyed some sharp uptrend. Yesterday, the price of the crypto briefly broke past the $45k mark, but it wasn’t long before the coin came back down to the current levels.

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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Bitcoin (BTC) $ 41,921.23 4.72%
Ethereum (ETH) $ 2,240.31 2.01%
Litecoin (LTC) $ 72.76 0.68%
Bitcoin Cash (BCH) $ 250.79 9.00%