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
This bullish cycle of bitcoin began officially in July when it once again broke $10,000. This brought Bitcoin back into the headlines and caught the eye of those who sat on the sidelines in 2017.
It became clear that this time, many retail and institutional investors were not going to simply watch as it continued to rise.
Big money and everyday investors dove in head first, the top among them including Grayscale bitcoin fund (GBTC) which currently exceeds 10 billion in crypto assets, and MicroStrategy which just raised another $650M to bring their holdings to $1 billion. Other notable entry's include JPMorgan and Goldman Sachs.
Before today all this activity and Bitcoin's corresponding rising price was classified as 'recovery' - because anything under $19,834 happened once before, when it peaked in 2017.
But as of today, Bitcoin is officially done recovering and back to breaking new ground!
It's still on the rise as I write this, we have now smashed through the previous record and BTC currently sits at $21,346 (at time of publishing).
I expect the momentum to slow down soon, but it could still gain some before then.
Two Main Factors At Play:
It's really the classic law of supply and demand at play here.
The demand we talked about above, mixed with so many investors keeping their Bitcoins completely off of exchanges and in secure offline storage (aka 'cold storage').
Buyers, and there's lots of them, are basically currently forced in to a bidding war over a very limited supply of Bitcoin for sale, driving up the price at an abnormally fast pace.
No end in sight...
Ask the average Bitcoin investor how high they think it will go, and the answers you'll hear indicate most will continue holding on to theirs.
In fact, much of the Bitcoin for sale isn't *really* for sale, in the sense that they're done owning it - it's traders capitalizing on Bitcoin's famous volatility, and swing trading.
Selling some, but at the same time placing buy orders to purchase it back when the price drops, believing any dip will be followed by a rise back to the price they sold at. So far, a trading strategy that has paid off.
The next thing to watch out for: the #2 cryptocurrency launches it's upgraded version - Ethereum 2.0 is expected to give ETH a nice boost as well.
Shaan Puri is the director of Amazon-owned streaming platform Twitch, and he just tweeted "I have moved 25% into bitcoin."
He shared some details behind his decision, saying "Bitcoin is the only asset where you can go irresponsibly long – and then everyone tells you it’s not enough. And they’re probably right."
"I think people think this time it hits $20k is ‘just like last time’ but it’s not for many reasons." referring to the influx of established investment firms jumping onto the Bitcoin bandwagon, and thinks this is a wave that will continue for 2 more years.
Puri did not share how much Bitcoin his 25% bought him.
Earlier this year Twitch began offering 10% discounts to users who registered and paid with crypto.
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Author: Oliver Redding
Seattle Newsdesk
Bitcoin is quickly approaching new record highs, and Catherine Coley, CEO of Binance.US shares what she's observed, and what she believes is driving the price upwards during the current rally.
Video Courtesy of Bloomberg
That's right - in Bitcoin's entire lifespan it had only spent 20 days above $15,000 - until now.
Those days all fell between from Mid December 2017 and ended early January 2018 - a time period that includes Bitcoin's all time high when it briefly broke the $20,000 level.
But the market is VERY different now than it was back then.
What We Are NOT Seeing Signs Of...
As we all know, that epic rise was followed by a massive decline that brought Bitcoin down to the $3000s by the end of that year.
But this time, there's billions in institutional investments justifying the price. We also know many of those institutions have publicly stated their hopes for Bitcoin go beyond $20,000.
While last time it hit $20k a large portion if the market was made up of young investors somewhat shocked at the amount of wealth they were sitting on. They held on as long as the price kept rising, and had no problem selling once things took a downturn.
How Today's Market Would React...
I do not anticipate current investors feeling pressured to cash out if they see something like a dip from $20k to $19k- they're much more likely to hold believing it will recover and continue to soar to new highs.
We've seen the volatility reach about $2000 in either directional, while a slow steady climb happens simultaneously inching up the base number. All signs show that continuing.
There's still one announcement after another regarding large investments, or moves that make crypto more accessible to the public.
For example, today it was popular stock trading app Webull announcing the addition of crypto.
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Author: Mark Pippen
London News Desk
