For the first time in 6 months - Bitcoin broke $ 60,000, approaching its all-time high of $64,863.10.
Confidence is growing among investors as rumors hit the market that the US SEC will approve an exchange-traded fund (ETF) based on bitcoin futures as soon as next week.
The previous day teased traders when Bitcoin peaked at $ 57,125 near midnight on Thursday, and left many feeling we were on the cusp of finally crossing $60k again.
At the time of publishing, Bitcoin sits just 8% away from it's all time high...
Now the question is: Will crossing the $60k threshold be the warning sign for people sitting on the sidelines to finally take the leap and buy Bitcoin? Will current traders HODL what they have and buy more?
Or will traders be tempted to take profits now, while the price is close to BTC's all-time high?
We expect to officially know the SEC's decisions on bitcoin futures ETFs on Monday, but so far there's been nothing coming out of the SEC to dispute the rumor - a sign it's likely true.
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Author: Ryan Stewart
Silicon Valley News Desk | Breaking Crypto News
The definition of 'panic' says those feeling it have 'uncontrollable anxiety' often causing 'wildly unthinking behavior' - so when we look at incidents of 'panic selling' it's no surprise that when the panic is over and we look back, it often becomes clear that decisions made weren't made logically.
Selling crypto in response to anything happening in China is one of those illogical decisions.
The ONLY Way Economic Turbulence In China Effects Crypto is if WE Allow it...
Did people forget China COMPLETELY cut ties with the cryptocurrency market?
China's authoritarian ban on cryptocurrency trading and mining (so, everything) means that news from China triggering crashes in crypto is caused entirely by people outside of China panic selling, and including crypto among the assets they're dumping.
People based in China may decide to sell off US stocks, but they aren't dumping crypto they don't own.
Until the past year many would rightfully point out 'but many Chinese do own crypto, the government can't actually stop it'. But this isn't like before.
Yes, a couple years ago there was a thriving underground of Chinese crypto traders ignoring government warnings. Today it's not worth the risk - people have been arrested, and financial service companies face harsh penalties for serving anyone suspected of profiting from crypto.
In other words, with both law enforcement and the banking industry in China actively enforcing the ban, successful trading would be followed by the nearly impossible task of getting those profits into the country.
Profits made legitimately would need to go through a money laundering process - this is the point 99.9% of people call it quits.
"China’s government is doing everything they can to ensure that bitcoin and other cryptocurrencies disappear from the Chinese financial systems and economy" said Fred Thiel, a member of the Bitcoin Mining Council.
The Final Nail in Coffin of Crypto in China was the Launch of their Own Digital Currency...
With the launch of their own digital currency, the digital Yuen, they see crypto as a competitor to their own digital coin. In a country where getting rid of competition is as easy as outlawing the competitor, the competition was over before it started.
China May Have Wanted Bitcoin DEAD, Everywhere...
It's also worth noting that many suspect the move to ban crypto mining actually had much larger goals - to destroy bitcoin completely.
It's a bit disturbing to think about, but the idea of pulling half of all miners offline sounds like a good way bring chaos to the crypto market - and that's exactly what China did.
Thankfully, the chaos never came.
Instead of crashing, Bitcoin proved it's resiliency. Miners around the world were quick to pick up the slack, and there's rumors of Chinese miners fleeing the country with their equipment but preferring to keep their destination unknown for now.
In Closing...
My point is simple - China made their stance clear, their economy is to have no ties to cryptocurrency, period. Currently, when Chinese investors sell assets in a panic sell-off, it won't include crypto.
On weeks like this our disconnect from China is an advantage - so let's take advantage of it. Crypto could be a 'safe haven from Chinese market volatility' because on a technical level that's true - investors just need to treat it that way.
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San Francisco Newsroom /
The price correction of bitcoin (BTC) has the cryptocurrency touching $ 30,000 - last time it was this price was January of this year 2021. For a moment, the cryptocurrency misplaced approximately 30% of its marketplace cost inside 24 hours.
During the morning of this Wednesday, May 19, BTC fell to that level, even though it bounced again to $36,000 shortly after. According to statistics from CoinMarketCap , it is visible that at its lowest this day, bitcoin fell to $ 30,066.
As mentioned, the lowest since the beginning of the year, and it's been an intense bull marker since, with bitcoin had doubling to a brand new all-time high above $ 64,000 in mid-April.
BTC's buying and selling began the day at $42,900, leaving it with peak losses of of nearly $ 13,000 at some point of the crash.
This puts this disappointing week's total depreciation at 40%.
Some Blame Elon...
The drop did occur after Tesla billionaire founder Elon Musk tweeted criticism of Bitcoins alleged environmental effect via its mining.
But I'm skeptical if enough people really make financial decisions solely based on Elon's thoughts.
But Others Say It Was China...
Others believe that the Chinese governments choosing to prohibit cryptocurrency operations within financial instructions being considered a valid form of payment.
Sounds scary until you research how many times China has 'banned' bitcoin - and you'll really be amazed when you see the countries trading volume.
Analysts Believe This Will Turn Around - Soon...
The predictions of numerous analysts are extremely promising , using statistics inclusive of the conserving of value within Bitcoin, and currently, signs point to investors who sold seem to be re-buying at lower prices and ready to take the ride again!
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Author: Fernando Perez
Latin America Newsdesk
What we're seeing is... odd.
In reality, there was some extremely good news this week. The US House Of Representatives did something they rarely do - pass bills with the support of both parties.
Among them, some huge changes for cryptocurrency as real action began to stop the US from falling behind. Including plans for classifying cryptocurrencies as an 'asset' like gold, rather than a security - finally freeing crypto from regulations written in the 1940's.
That story barely had a chance to be seen before the markets suddenly plummeted.
Now imagine you're one of the billionaire (or at least have a few hundred million) investors who made your way over from Wall Street to the crypto markets this year...
We know on Wall Street there's some investors who just have some fantastic "luck".
Somehow always pulling out right before the market crashes on the average person. Then, they even know when to put their money back in too - shortly before a stock skyrockets.
When it comes to crypto, there's still a bunch of these guys on the sidelines - watching the market has them feeling left out - excluded, embarrassed, angry that they had 'missed the boat'.
Or had they?
Imagine how stupid they feel having no understanding of cryptocurrency, yet average people's investments are outperforming theirs by hundred percent's.
But when you're above the average peasant, you look out for your fellow elite.
We may be looking at the last chance being given for big money to get in at a lower price...
A door opened by their friends who did get in on time. All it takes is a few people controlling large sums to dump their holdings, lowering the price, they re-buy, and so do their friends who had previously been left out.
The scare...
Thrown out as something being 'considered' so the story could be forgotten overnight, the media spent a day scaring everyday investors that Biden wants to tax profits at 43% - more than double the current rate.
Why would the Biden administration willingly float a rumor like this? Well, the financial services industry didn't give him $250 million (more than double Trump) for nothing. They certainly didn't give all that money to someone who would double the tax on their profits either.
But the initial panic caused both crypto and stock markets to take a sharp dive.
Today the stock market is recovering just as fast as it fell, because reality set in. Biden wouldn't have the votes to pass this even if he wanted to. Obama, with his party in the majority of both Congress and Senate, still wasn't able to pass more than a 5% raise from 15% to 20%.
So this appears to be nothing more than a perfect rumor to trigger a medium sized, short term drop in the market.
It could all be coincidence...
Everyone hates to think millions of us have just been jerked around with by maybe a couple dozen egomaniacs sitting in their mansions within their gated community. Perhaps they're just as confused as us.
But isn't this strange - that regulatory uncertainty was their main reason for not investing.
Then on the SAME DAY it becomes apparent that the US Gov is working to resolve these issues in a way that is favorable to crypto investors - those investments suddenly go on sale at the biggest discount all year?
Today people were given a chance to buy Bitcoin as if they had bought in February. Not a bad deal.
Is all this just a victimless crime? Well, if your life savings was in the form of 0.5BTC, you may have sold in a panic. The market will bounce back twice as fast as it dropped, and someone unable to check the charts while at a day job, or even asleep could themselves in a position of losing thousands just to buy back their original holdings.
But like I said, probably all just a coincidence.
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Author: Oliver Redding
Seattle Newsdesk /
Bitcoin's price topped $ 0,000 today for the first time in history and continued its rapid rally as several major corporations add cryptocurrencies to their assets.
It didn't hold long, but at the time of publishing it's still trading above $49k.
Bitcoin has received a series of boosts from big companies like Tesla and Mastercard showing support. Tesla announced last week that it had bought $ 1.5 billion worth of Bitcoin and plans to accept bitcoin as a payment method for its vehicles, while Mastercard said it will open it's network to crypto. PayPal and BNY Mellon are among other big names to jump so far in 2021.
There's also a lot of people on edge wondering if printing trillions of dollars in response to the coronavirus will impact traditional fiat currencies, which so far have somehow remained unscathed. Regardless, Bitcoin presents a safe-haven for those worried this will change.
Currently, the 'bullish' factors at play remain in play - we expect more companies to move in to the space, and expect government's to continue to provide the motivation.
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Author: Mark Pippen
London News Desk
The cryptocurrency market is growing at an incredible pace. Currently, with Bitcoin at around $48,000 and Ethereum above $1,700, their total market capitalization is over $ trillion dollars.
That's $1,000,000,000,000 USD between the two currencies.
Bitcoin is among the 10 most valuable assets in the world, already beating the total value of companies like Tesla, Facebook, Visa, Paypal and MasterCard.
Ethereum is also starting to sneak up on the world's financial powers. Currently the 53rd most valueble asset in the world, its combined value exceeds AT&T, Pfizer and Pepsi.
Is It Ever REALLY Alt Season?
Understanding just how big the two giants of crypto are really puts things into perspective. They're 'bigger'...by a LOT.
Currently, Bitcoin and Ethereum together account for 75% of the total value of the entire cryptocurrency market.
Leaving only 25% of the market's net worth to be divided among countless of other coins.
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Author: Oliver Redding
Seattle Newsdesk
Everyone agrees that today's bitcoin price movement is thanks to Tesla, who announced a $ 1.5 billion purchase in BTC.
We have also now confirmed that the purchase did indeed take place mid January of this year, but did not go public until today.
Just a few hours after the news was released, the price of bitcoin rose from $ 39,000 to over $ 44,000.
$50,000+ Bitcoin On The Horizon?
Optimistic expectations for this year seem to be found everywhere. According to various analysts in the Bitcoin and financial world, there has already been a profit taking period.
Because people filled their need to take some profits after the previous all-time high last month - they're now mentally prepared to accumulate, and HODL.
Averaging the predictions of my 3 favorite analysts after todays news, the new short-term price target would be $56,000.
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Author: Justin Derbek
New York News Desk