Bitcoin Financial News

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin [BTC], the largest cryptocurrency, continues to struggle around the $21k line. At press time, BTC suffered a fresh 5% correction as it traded at $21.1k. Well, this is the first half of the story.

On July 26, Bitcoin (BTC) price dropped below $21,000, giving back the majority of the gains accrued in the previous week and returning to the $23,300 to $18,500 range that Glassnode analysts describe as “the Week 30 high and Week 30 low.” 

“But you can’t buy a coffee with Bitcoin,” the Bitcoin (BTC) critics chanted. Gibraltar, a tiny British Overseas Territory in Europe just blew a hole in that FUD as popular coffee chain Costa Coffee now accepts Bitcoin over Lightning. 

Funding rates in the market for bitcoin (BTC) and ethereum (ETH) perpetual futures contracts reveal that most crypto derivatives traders continue to lean bullish, despite falling spot prices over the past 24 hours.

Central African Republic's digital coin finds few buyers

Bitcoin (BTC) fell below $21,000 for the first time in eight days on July 26 as Wall Street prepared for a decision on United States' anti-inflation policy.

Record-breaking heat waves are being documented across the world as extreme weather is worsening due to climate change. States throughout America are continuing to see temperatures rise above 100 degrees Fahrenheit (38 degrees Celsius), while the United Kingdom recently saw temperatures reach 104 degrees Fahrenheit (40 degrees Celsius). 

Subsequently, there are fears that Bitcoin prices will take longer to recover.

A prominent on-chain metric is suggesting that Bitcoin could yet form a long-term bottom soon. The difficulty of mining a Bitcoin block recently saw the most significant negative decrease since 3 July 2021.

The ongoing crypto price dip has caused some investors to lose their appetite, but American grill restaurant chain Chipotle has a plan on how to use crypto to promote its jalapeño-rich food. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Data from a recent Ark Invest report highlights another utility for Bitcoin (BTC) mining in the realm of sustainability and energy. 

Bitcoin (BTC) rose to a seven-day high above $24,000 this week. This is the highest price level of BTC since mid-June. However, BTC has found it hard to break higher, with a subsequent cooling pushing it to lows of $22,600 on Friday evening. Financial analysts have stated that the sentiment across the market is improving as the negativity heightened by recent turmoil dissipates. A similar pattern was observed in the price of Ethereum (ETH). It is currently consolidating above the $1,500 level. The price of ETH has faced resistance near the $1,600 level. The next possible resistance is near $1,700. The cryptocurrency market crash in June 2022 was spurred by momentary de-risking from Wall Street as several investors now feel highly pessimistic regarding the economy due to increasing inflation, a vulnerable stock market, and rising interest rates. In the last few months, the cryptocurrency market has increasingly tracked the stock market. This makes it more intertwined with global economic factors.

Philippines’ think tank Infrawatch PH continues efforts to ban Binance in the country by asking more regulators to investigate the cryptocurrency exchange over alleged illegal operations.

The electric car maker Tesla has revealed that it still holds digital assets worth approximately USD 222m, after saying last week that it had sold 75% of the bitcoin it held on its balance sheet. The company has posted a USD 64m gain on the sale.

The Bitcoin (BTC) community, or “plebs” as they are affectionately known, are a force to be reckoned with. They banded together in less than 7 days to stack over $160,000 (7 BTC) in a “stackchain.”

Bitcoin (BTC) fell to $21,000 on July 26 after it emerged that major United States cryptocurrency exchange Coinbase was under investigation.

While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. 

Electric car manufacturer Tesla (TSLA) announced it earned a profit of $64 million from the sale of 75% of its BTC holdings, despite a $170 million impairment loss through the second quarter of 2022.

Coinbase is facing a new probe as the crypto winter wages on.