What are cryptocurrencies? | Uncomplicated
Bitcoin saw an uptick in price on Thursday after hitting its lowest level since 2020 this week.
Some cryptocurrency analysts speculated that Wednesday’s low could be the bottom of the cycle as it bounced off its four-year moving average, but others are warning that greater volatility could be in the offing. road.
BTC remains down more than 70% from its all-time high, which it reached in November 2021, although previous major downturns from then-record highs in 2013 and 2017 have resulted in corrections of more than 80% .
The overall crypto market is still below $1 trillion, following steep price drops for other top cryptocurrencies like Ethereum (ETH), Cardano (ADA), and Solana (SOL) over the course of of last week.
Major platforms including Celsius and Binance experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.
Crypto exchange Coinbase also announced that it was cutting more than 1,000 employees after previously rescinding job offers, but Binance announced that it was hiring an additional 2,000 employees.
Bitcoin Price “Hasn’t Hit Freezing Point Yet” During Crypto Winter
Not everyone is convinced that $20,000 will be bitcoin’s low in this cycle, with some analysts pointing to +80% price declines after previous all-time highs.
These corrections typically last for years, not months, which means we could be in the midst of a so-called “crypto winter”.
We heard from Dr. Lil Read, Senior Thematic Analyst at GlobalData, who gives a decidedly bearish view on bitcoin and the rest of the crypto market.
Anthony CuthbertsonJune 16, 2022 11:22 am
Bitcoin bounces off a four-year moving average
Bitcoin fell to a few hundred dollars yesterday at $20,000, which means a lot to those with a particular view of the cyclical nature of cryptocurrency.
It’s a fact that anyone who has bought and held bitcoins for at least four years has never lost money. For some, this is proof of its intrinsic value as a store of value, but yesterday BTC came within 1% of destroying that notion by falling below the 2017 price peak.
It is for this reason that some crypto market analysts say that yesterday’s price level marked the bottom, pointing to BTC’s four-year simple moving average.
Others have dismissed this analysis and say the latest rally is just a “dead cat bounce” on the way to more losses.
Anthony CuthbertsonJune 16, 2022 10:34 a.m.
Tether sees another wave of takeovers
Investors withdrew nearly $1.6 billion in 48 hours from Tether’s USDT.
The stablecoin’s circulating supply has fallen to around $70 billion, the lowest since October 2021, according to data from CoinMarketCap.
Vishwam SankaranJune 16, 2022 07:21
Bitcoin miners reduce production
Bitcoin miners reportedly cut production due to the crypto market crash and soaring energy costs.
Bitcoin’s hash rate, which measures the amount of energy expended to mint new coins, is down 4% since the start of this week, according to data from Blockchain.com.
“Right now it’s not fun being in mining,” said Alexander Neumueller, digital assets project manager at the Cambridge Center for Alternative Finance, according to the Financial Times.
Vishwam SankaranJune 16, 2022 06:28
Bitcoin sinks but regains value
After dropping very close to the $20,000 mark on Wednesday, Bitcoin edged higher to over $22,000, rising in value by around 3% over the past day.
The major cryptocurrency is still down more than 25% from its price last week.
Ethereum is also up over 2% in the past day, but is down over 30% from its value a week ago.
Cardano, polkadot and dogecoin are up over 10% in the last 24 hours.
The overall crypto market is up 3% in the past day, but still below the $1 billion mark.
Vishwam SankaranJune 16, 2022 04:42
“Bitcoin is the best performing asset”: MicroStrategy CEO reacts to falling prices
We reported earlier that over $1 billion had been wiped from MicroStrategy’s bitcoin holdings following the latest market downturn.
CEO Michael Saylor spoke about the losses on live TV today, appearing on CNBC to say he had a long-term view of the bitcoin market, noting that bitcoin has never dipped below its average. single mobile over four years in its history. This means that anyone who has ever bought bitcoin and held it for more than four years has not lost money.
“I think it’s been a net positive,” he told CNBC.
“Over any time frame – two years, four years, eight years – bitcoin is the best performing asset, I can’t think of a better idea.”
Anthony CuthbertsonJune 15, 2022 5:30 p.m.
Coinbase’s downsizing shows the dangers of relying on HODL, instead of a calculated approach to the crypto industry, according to Dmitry Gooshchin, co-founder of AI trading platform EndoTech.
“Investors and pioneers have failed to incorporate market volatility into their business models, which is an oversight given that volatility is an inherent component of this young market. Clearly, investors and crypto pioneers have taken a HODL approach instead of a more calculated approach to this fledgling industry,” Gooshchin said.
Adam SmithJune 15, 2022 5:00 p.m.
Binance crypto exchange is recruiting
Just a day after Coinbase announced it would be laying off 18% of its workforce – totaling around 1,100 people – rival crypto exchange Binance announced it was hiring.
CEO Changpeng Zhao, known as CZ, said the company had 2,000 open positions, which he attributed to Binance not spending the money on expensive crypto ads and brokerage deals. sponsorship in the last bull run.
Anthony CuthbertsonJune 15, 2022 4:39 p.m.
Crypto crash: MicroStrategy’s bitcoin losses top $1 billion
Today’s losses mean that MicroStrategy, the world’s largest corporate investor in bitcoin, has now lost over $1 billion from its initial investment.
CEO Michael Saylor remains adamant that the company will not sell its holdings and that previous concerns about a margin call on one of its loans were overblown.
After spending nearly $4 billion on its stock, MicroStrategy’s BTC is now worth less than $2.7 billion. Proponents would say that the USD value may go down but the number of bitcoins remains the same.
You can find out more here.
Anthony CuthbertsonJune 15, 2022 4:02 p.m.
stETH fell to $4 billion from around $10 billion last month, with holders selling as the price of ether plummets.
“In the short term, stETH will face tremendous selling pressure,” the Huobi Research Institute report said. “Turbulence is expected in the near future.”
Adam SmithJune 15, 2022 3:00 p.m.
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Bitcoin News – Live: Crypto Market Recovery Or “Dead Cat Rebound”? – Tech Tribune France
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