Bitcoin has recovered from a mini flash crash at the end of last week and is back trading above $34,000 on Monday.
The price rebound has had a knock-on effect for the broader crypto market, with Binance Coin, Ripple (XRP) and dogecoin all rising by 2-5 per cent overnight.
Of the leading cryptocurrencies, only Ethereum (ether) failed to make meaningful gains over the weekend.
The latest movements have failed to jolt bitcoin out of its recent stasis, with the world’s leading cryptocurrency moving by less than 1 per cent week-on-week.
It has failed to break above $36,000 or below $32,000 since late June, though some analysts are hopeful a big move is on its way.
According to one indicator, bitcoin is on the verge of flashing a major buying signal, similar to the one seen in October 2020.
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Crypto market turns red
All of the most valuable cryptocurrencies by market cap are currently on the slide.
Over the last 24 hours not a single one has seen any price gains, with Ethereum (ether) seeing the biggest losses, according to CoinMarketCap’s index.
On a week-on-week basis only Binance Coin has seen its price rise, while dogecoin experienced the largest dip of more than 10 per cent.
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 within the narrow band it has been in since late June.
Anthony Cuthbertson12 July 2021 20:05
Argentina bill could see workers paid in bitcoin
A member of Argentina’s congress has submitted a bill that would allow workers to receive their salary in bitcoin.
José Luis Ramón said: The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.”
Michael Saylor, CEO of MicroStrategy, noted Argentina’s exchange rate against the dollar has “weakened from 15 to 174 in five years”.
He added: “That means $100 saved in ARS would be worth $8.62 today. If saved in BTC, it would now be worth $5,270. Bitcoin is hope for Argentina.”
Anthony Cuthbertson12 July 2021 15:57
Apple co-founder says bitcoin is better than gold
Apple co-founder Steve Wozniak has launched his own cryptocurrency and described bitcoin as being better than gold.
Launching his new WOZX token at the Talent Land Jalisco 2021 tech conference, Wozniak said: “Gold 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 Cuthbertson12 July 2021 13:35
US Senator invests in bitcoin and ethereum
US Senator Pat Toomey has disclosed tens of thousands of dollars in cryptocurrency investments.
Public Records filings reveal the Pennsylvania Republican invested as much as $30,000 in Grayscale Ethereum Trust and Grayscale Bitcoin Trust.
Last month Senator Toomey wrote to Treasury Secretary Janet Yellen asking for less burdensome regulations for cryptocurrencies.
He warned recent proposals “would have a detrimental impact on financial technology, the fundamental privacy of Americans, and efforts to combat illicit activity.”
Anthony Cuthbertson12 July 2021 12:59
Bitcoin price ‘a ticking time bomb’
Another market indicator is also suggesting a major price move is coming for bitcoin.
Bollinger Bands – which measure moving averages – are used by traders and investors to understand if an asset is overbought or undersold, therefore allowing them to figure out which direction it might be heading.
A sustained period of stability means bitcoin is expected to enter a period of high volatility. Crypto investor Lark Davis describes bitcoin as a “ticking time bomb”.
This is the narrowest it has been in 2021.
Anthony Cuthbertson12 July 2021 12:24
Hydroelectric plant finds mining bitcoin is more profitable than selling electricity
A 124-year-old power plant has begun mining cryptocurrency as it’s more profitable than selling electricity.
The Mechanicville facility in New York state is the latest to benefit for the China mining exodus and the subsequent drop in hashrate.
“We think this is the oldest renewable energy facility in the world that’s still running,” Albany Engineering CEO Jim Besha told the Albany Times Union, adding that the plant “can actually make more money with bitcoin than selling the electricity to National Grid.”
Anthony Cuthbertson12 July 2021 11:58
Bitcoin ‘buy signal incoming’
A crypto market indicator suggests bitcoin’s price could finally break out of the narrow $32k-$36k band that it has been stuck within for the last fortnight.
The 90-day exponential moving average of the ratio of buyers to sellers is about to hit the “launch zone”, according to analyst Cole Garner at CryptoQuant.
“Since 2019, a touch of the green box historically signals a big bullish move is right around the corner,” he writes.
“The last touch was in October 2020, just above $10k. We’re almost there.”
Anthony Cuthbertson12 July 2021 10:51
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Anthony Cuthbertson12 July 2021 10:42