Bitcoin recovered from a mini flash crash at the end of last week and is once again trading above $ 34,000 on Monday.
The price rebound had a ripple effect in the broader crypto market, with Binance Coin, Ripple (XRP), and dogecoin all increasing 2-5% overnight.
Among the major cryptocurrencies, only Ethereum (ether) failed to make significant gains over the weekend.
The latest moves have failed to lift bitcoin out of its recent stasis, with the world’s leading cryptocurrency moving less than 1% week-on-week.
It hasn’t gone over $ 36,000 or $ 32,000 since the end of June, although some analysts are hopeful that a big step is on the way.
Bitcoin is about to emit a major buy signal, similar to that seen in October 2020, according to one indicator.
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The crypto market turns red
All of the most valuable cryptocurrencies by market cap are on the slide right now.
In the past 24 hours, not a single one has seen a price increase, with Ethereum (ether) taking the biggest losses, according to the CoinMarketCap index.
Week over week, only Binance Coin saw its price rise, while dogecoin saw the biggest drop of over 10%.
Despite the market downturn, bitcoin’s losses remain relatively insignificant compared to the volatility it experienced in the first half of 2021, and it continues to trade in the narrow band it has been in since late June.
Anthony CuthbertsonJuly 12, 2021 8:05 PM
Argentina’s bill could see workers paid in bitcoin
An Argentine congressman submitted a bill that would allow workers to receive their wages in bitcoin.
JosÃ© Luis RamÃ³n said: The idea is that they can strengthen their autonomy and retain the purchasing power of their remuneration.
Michael Saylor, CEO of MicroStrategy, noted that Argentina’s exchange rate against the dollar has “gone from 15 to 174 in five years.”
He added, âThat means $ 100 saved in ARS would be worth $ 8.62 today. If it were registered in BTC, it would now be worth $ 5,270. Bitcoin is hope for Argentina.
Anthony CuthbertsonJuly 12, 2021 3:57 PM
Apple co-founder says bitcoin is better than gold
Apple co-founder Steve Wozniak has launched his own cryptocurrency and describes bitcoin as better than gold.
Launching his new WOZX token at the Talent Land Jalisco 2021 technology conference, Wozniak said, âGold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle. I do not invest in bitcoin, but I believe in it for the future.
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Anthony CuthbertsonJuly 12, 2021 1:35 PM
US senator invests in bitcoin and ethereum
US Senator Pat Toomey has disclosed tens of thousands of dollars in cryptocurrency investments.
Public records reveal that the Pennsylvania Republican has invested up to $ 30,000 in Grayscale Ethereum Trust and Grayscale Bitcoin Trust.
Last month, Senator Toomey wrote to Treasury Secretary Janet Yellen asking for less onerous regulations for cryptocurrencies.
He warned that the recent proposals “would have a negative impact on financial technology, fundamental American privacy and efforts to combat illicit activity.”
Anthony CuthbertsonJuly 12, 2021 12:59 PM
The price of Bitcoin “a ticking time bomb”
Another market indicator also suggests that a major price move is ahead for bitcoin.
Bollinger Bands – which measure moving averages – are used by traders and investors to understand whether an asset is overbought or undersold, allowing them to determine which direction it might be heading.
An extended period of stability means that bitcoin is expected to enter a period of high volatility. Crypto investor Lark Davis describes bitcoin as a “time bomb.”
This is the narrowest it has been in 2021.
Anthony CuthbertsonJuly 12, 2021 12:24 PM
Hydropower Plant Finds Bitcoin Mining More Profitable Than Selling Electricity
A 124-year-old power plant has started mining cryptocurrency because it is more profitable than selling electricity.
The Mechanicville facility in New York State is the latest to benefit from the Chinese mining exodus and the subsequent drop in hashrate.
“We believe this is the oldest renewable energy facility in the world that is still in operation,” Jim Besha, CEO of Albany Engineering, told the Albany Times Union, adding that the plant “may actually make more money with bitcoin than selling electricity to National Grid. “
Anthony CuthbertsonJuly 12, 2021 11:58 AM
Bitcoin ‘buys incoming signal’
A crypto market indicator suggests that the price of bitcoin may finally break out of the narrow band of $ 32,000 to $ 36,000 in which it has been stuck for the past fortnight.
The 90-day exponential moving average of the buy-to-sell ratio is about to hit the âlaunch pad,â according to CryptoQuant analyst Cole Garner.
âAs of 2019, a touch of the green box has historically signaled that a big bullish move is imminent,â he said. written.
âThe last touch was in October 2020, just over $ 10,000. We are almost there.”
Anthony CuthbertsonJuly 12, 2021 10:51 AM
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Anthony CuthbertsonJuly 12, 2021 10:42 AM