Bitcoin Financial News

Bitcoin was at $36,026, having fallen 10% on Friday and dropping as low as $34,000 on Saturday.

The global cryptocurrency market-capitalisation rose by 1.13 percent over the last 24 hours to $1.63 trillion, while the trading volume over the same period tumbled by 35.81 percent to $83.88 billion.

‘Buy the dips and sell the rally,’ would be any seasoned trader’s piece of advice for timing the market. But, this timing can seldom be accurate in real-time.

All cryptocurrencies other than Bitcoin (BTC) were first described as altcoins for a single reason: There was a rise of projects that copied and pasted Bitcoin’s source code. The cryptocurrencies in the early stages weren’t unique enough to have a distinctive term, so “altcoin” (alternative coins) best fit their description. The community, at that point, didn’t put too much thought into other cryptocurrencies due to Bitcoin’s potential advancement — its future price growth, use cases, mainstream adoption, etc. It was the leading head in crypto.

Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.

Erik Thedéen, the Vice-chair of the European Securities and Markets Authority, recently recommended a ban on proof-of-work mining in the EU. Citing its impact on Sweden, he stated,

The word “altcoin” is derived from “alternative” and “coin.” Altcoins refer to all alternatives to Bitcoin. Altcoins are cryptocurrencies that share characteristics with Bitcoin (BTC). For example, Bitcoin and altcoins have a similar basic framework. Altcoins also function like peer-to-peer (P2P) systems and share code, much like Bitcoin.

As Bitcoin dove into a pool of red yet again – taking many investors’ sentiments with it – El Salvador’s President Nayib Bukele happily announced that he hadn’t missed the dip after all. On the contrary, the head of state reported that El Salvador had bought another 410 Bitcoin for $15 million.

Bitcoin sliding 4% and Ether down some 7% in late-afternoon US trading after an already brutal week. Bitcoin, the largest cryptocurrency by market value, traded at about $35,300 as of 4:15 p.m. It earlier touched $34,042.77, representing a loss of more than 50% from its all-time high last November. And it’s not alone: As crypto traders reacted this week hawkish signals from the Fed as well as fresh regulatory hints by the White House and the threat of an outright ban in Russia, the declines in Ether — the second-largest token — and in newer coins have outpaced Bitcoin’s fall. Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana’s SOL and DeFi-play Avalanche’s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.

Bitcoin continued to plunge on Saturday following Friday’s cryptocurrency market crash, dropping 5.6 per cent to sit below the $35,000 (€30,851) threshold for the first time since August.

Bitcoin has been on a downward spiral since the beginning of the year, but now it is recording steep corrections. The coin has already lost over 17% of its value over the past week, trading at around $35,500 at press time. 

From a $69,000 ATH  just last year, Bitcoin has now lost 50% of its value in the current market fall. We can see that the markets are volatile and the adoption in the sector is undeniably at its peak.

The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.

Bitcoin dropped again on Saturday and was last down around 4 per cent for the day, hovering around the $35,000 level. Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall on Friday. The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the U.S. Federal Reserve.

Mumbai: Indian crypto investors, most of who have jumped on the crypto bandwagon in the past year, are a jittery lot as cryptocurrencies again fell sharply across the board in the past 24 hours following a selloff led by technology stocks in the US on Friday. “I started investing last year after being influenced by friends and business partners,” said Gopala Somani, a Delhi-based crypto investor. “I kept investing even till the last week, thinking it was time to buy the dip. But now I am stuck. My portfolio is down and in the red. If I sell, it will be a significant loss.”Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase. Bitcoin has dropped 17% in the past week, Ethereum 26.66%, Binance Coin 28.74%, Cardano 19.43%, and Solana 31.90%. The popular meme coin, Shiba Inu, dropped 30.03%, while DogeCoin slid 32 % in the past seven days. At 5 pm on Saturday, the Coinable website said the overall market was down 12.19%.

The global cryptocurrency market capitalisation dropped to $1.6 trillion from $1.7 trillion during the last 24 hours while the trading volume rose from $126 billion to $130 billion.

The year 2022 is here, and banks and the traditional banking system remain alive despite decades of threatening predictions made by crypto enthusiasts. The only endgame that happened— a new Ethereum 2.0 roadmap that Vitalik Buterin posted at the end of last year. 

Bitcoin dropped below the $40k mark and was below the $37.6k area as well, and was trading near $35k at the time of writing. The price was strongly pushed downward in recent hours and was highly volatile even at the time of writing as buyers tried to force some reaction at the $34.8k level. On higher timeframes as well, NEAR Protocol has had extremely bearish momentum behind it in the past week and has lost around 45% in the past week.

The crypto market and the stock markets showed weakness in recent days. Bitcoin was unable to find strong buyers at the $40k area and, after a few days of skirmishing the bears have come out on top. Algorand has slipped beneath strong levels of former support and flipped them to resistance. This looked likely to occur once more at the $0.95 area for Algorand, where short positions could be opened.

It has been somewhat of a rollercoaster ride for Bitcoin in the past week. While Russia’s announcement of a possible crypto trading and mining ban has put pressure on the market, SEC’s rejection of two more physically-backed Bitcoin ETFs wasn’t good news either. And as a result, Bitcoin is trading in a weak range of $35,000 and $36,000 at the time of writing.