Cardano Leios: Hits Halfway to 1K TPS Demo blockchain.news
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In a blazing start to March, the feverish activity of Bitcoin has set it up for its largest monthly increase in almost three years early Thursday. Money pouring into listed bitcoin funds is fueling a huge gain, and bitcoin is now just a stone’s throw away from a record high.
Source: Coingecko
Investor Frenzy As Bitcoin Set To Reclaim $64K
The primary cryptocurrency rose as much as 14% late Wednesday to momentarily reach $64,000 — its first move above $60,000 since November 2021 — before reversing part of the gains.
BTC was trading at $62,540 as of this writing, according to data from Coingecko.
Due to “fear of missing out” on potential price increases, investors are rushing to buy cryptocurrencies, which brings back memories of the crypto bull market that drove the main cryptocurrency asset to a record high of around $69,000 in November 2021.
Since the beginning of the year, the value of bitcoin has more than tripled, recovering from a 64% decline in 2022. That is an incredible recovery from a slew of scandals and bankruptcy that had cast doubt on the sustainability of digital assets.
Meanwhile, the sudden changes in price have been whipsawing both bulls and bears. According to CoinGlass, centralized exchanges had short liquidations of $176 million and long liquidations of $86.1 million over the previous day.
Bitcoin market cap currently at $1.22 trillion. Chart: TradingView.com
Crypto Rising
After prices crashed during the “crypto winter” of 2022, investors lost interest in spot bitcoin exchange-traded funds. However, this year’s approval and introduction of these funds to the US market has rekindled interest in cryptocurrencies.
According to LSEG statistics, the top 10 spot bitcoin ETFs saw inflows of $420 million on Wednesday alone, the highest amount in nearly two weeks. Voltages increased when the three most well-known, operated by Grayscale, Fidelity, and BlackRock (IBIT.O), ignited a whole new interest.
Ahead of April’s halving event, which occurs every four years and reduces the rate at which tokens are generated by half as well as the prizes paid to miners, more traders have now been flocking to bitcoin.
Source: Alernative.me
What The Experts Are Saying
“Bitcoin optimism is fueled by factors like spot BTC ETF inflows, the imminent halving reducing new issuance, and renewed confidence in the crypto asset class, according to Jonathon Miller, managing director at Kraken Australia.”
“When people see these kinds of increases in a short period of time . . . then it just draws in people and Fomo does kick in,” said Timo Lehes, co-founder of blockchain company Swarm.
“It’s just insane.”
“We could see the all-time high being broken any day now,” said Simon Peters, an analyst at trading firm eToro. “The driving force behind it is without a doubt the [bitcoin funds].”
A New ATH This March?
As Bitcoin experiences brief but notable fluctuations, reaching $64,000 before retracing to the $62,000 mark, the cryptocurrency market remains dynamic and full of anticipation. Investors and enthusiasts are closely monitoring the price movements, speculating on the possibility of a new all-time high (ATH) in March.
Featured image from Pexels , chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The price of Bitcoin is maintaining an upward trajectory, catching many off guard this weekend. As of now, BTC has surged by 3.0% in the last 24 hours, and sustaining a 12% rally in the last week. At $30,780, according to data by Coingecko, the top crypto is just inches away from reaching the vaunted $31K, a territory it briefly crossed in April 10 this year.
The $30,000 mark holds considerable significance for Bitcoin, functioning as both a psychological milestone and a technical resistance point. Psychologically, it represents a round number that influences investor sentiment, inspiring confidence when surpassed and raising concerns when it becomes a barrier.
Technically, $30,000 historically acts as a level where selling pressure tends to intensify, impacting short-term and long-term price movements. As a result, this price level is closely monitored by traders and investors, making it a critical reference point in the cryptocurrency market.
The Anticipated Boost: Bitcoin ETF’s Impact On The Crypto Market
There’s a lot of excitement about the possibility of the U.S. Securities and Exchange Commission allowing a Bitcoin exchange-traded fund (ETF). This could be a big boost for the struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy Digital, thinks it’s very likely that the U.S. will approve this kind of investment fund for Bitcoin soon. This news could be a major reason for Bitcoin’s price to go up.
Bitcoin may soon break over its overhead resistance and begin a rapid surge, according to trading group Stockmoney Lizards. They anticipate widespread participation in the ETF and a subsequent surge in the run-up to the halving in April 2024.
BTCUSD inching closer to the key $31K territory. Chart: TradingView.com
The financial industry is currently witnessing the active participation of major players such as BlackRock, which manages assets above $10 trillion. These firms are also actively pursuing the approval of their applications for exchange-traded funds (ETFs), thereby creating an environment filled with eager expectation.
As a result of Bitcoin’s steady ascent, tokens formed by the forking of the alpha coin, namely Bitcoin Cash (BCH) and Bitcoin SV (BSV), had a significant surge of up to 26%, surpassing other altcoins in terms of gains. This surge may indicate a potential manifestation of enthusiasm.
BTC price action in the last 24 hours. Source: Coingecko
Prospects Of A Bitcoin ETF In Late 2023 Or Early 2024
Several industry experts are suggesting that the long-anticipated approval of a spot Bitcoin exchange-traded fund (ETF) could materialize sometime between late 2023 and early 2024. This revelation has sent ripples of excitement throughout the cryptocurrency community and the broader financial world.
If BlackRock’s spot Bitcoin ETF is approved, Matrixport, a provider of cryptocurrency services, projects that the price of Bitcoin would rise to between $42,000 and $56,000. The community of U.S. registered investment advisors and prospective investment inflows from gold ETF investors form the basis of the extremely optimistic forecast.
A Bitcoin ETF is a big deal because it makes it easy for regular folks to invest in Bitcoin without needing to deal with all the complicated stuff that comes with digital currencies. It’s like a bridge that connects the regular money world with the wild world of cryptocurrencies, which could help more people get into Bitcoin.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Collection FRAC Lorraine
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Cardano’s Vasil hard fork, which was supposed to be triggered in June, is halfway to completion
According to data provided by PoolTool, 36% of stake pool operators (SPOs) have updated their nodes to version 1.35.3, which was released last week.
The heavily tested version has been picked for the upcoming Vasil hard fork upgrade.
As reported by U.Today, 75% of SPOs are required to upgrade their nodes before the much-awaited upgrade takes place.
On top of that, Input Output has to onboard at least 25 cryptocurrency exchanges before the mainnet launch takes place in order to ensure a sufficient level of liquidity.
Cardano’s decentralized development community also has to rally behind the Vasil hard fork before it gets implemented.
Concerns about Cardano’s testnet dominated recent discussions within the community following a scathing Twitter thread published by an ecosystem developer.
During a recent livestream, Input Output’s Charles Hoskinson reassured investors that there were no quality issues with the Vasil upgrade.
Most recently, Hoskinson opined that discussions regarding complex technical matters should be kept off social media.
The Vasil upgrade was initially supposed to go live on mainnet in early June, but it has been pushed back on several occasions due to technical difficulties.
The ambitious upgrade is expected to greatly enhance Cardano’s scaling capabilities.
Cardano’s Alonzo hard fork, which was launched last September, has enabled smart contracts.
ADA token has underperformed due to the testnet controversy, shedding 18.24% over the past week.
Michael Burry, the co-founder of Scion Asset Management, predicted on Twitter that the market fall is about halfway through. Pointing to the massive downfall in the S&P 500, Nasdaq, and Bitcoin prices, Burry predicted that the market went through multiple compressions, with earning compression to follow.
Michael Burry became famous for predicting and profiting off the subprime mortgage crisis of 2008.
Burry’s Series of Predictions
Burry highlighted that after adjusting the inflation, the S&P 500 is down 25-26%, NASDAQ is down 34-35%, and BTC is down 64-65% so far this year. According to Burry, this downward trend in the market is a result of multiple compressions.
Recently, Burry also predicted that the bullwhip effect will force the Federal Reserves to revise their interest rates hike. The bullwhip effect refers to an erroneous overestimation of the demand, leading to a stockpile of inventories. Burry believes that the deflationary pulses from the effect will be revealed in the Consumer Price Index, which will lead The Fed to reverse its quantitative tightening.
What The Future Holds For Crypto
The core Personal Consumption Expenditures data, released by the Bureau of Economic Analysis, came out to be at 4.7%. It increased by 0.3% in the month of May, which was less than what many experts had predicted.
While the core PCE does not factor in energy and food, it as a sign of cooling inflation. Despite the popularity of the CPI, the Fed prefers the use of PCE to gauge the level of inflation.
Bitcoin will likely face its worst quarter in a decade. Its 58% drawdown the largest since the 3rd quarter of 2011. Inflation and hawkish monetary policies from central banks are important factors in Bitcoin’s downfall.
With the SC ruling in the GBTC and SEC lawsuit, along with CPI reveal on the 13th of July followed by the Q2 reveal on the 28th of July, the next month will be of key importance to the crypto community.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
This week brought the most brutal crypto rout of 2022.
Yesterday, the bitcoin price was down 26% for the week. Ethereum’s price crashed 35%, BNB
The world’s biggest one, tether, dropped its peg with the dollar and plunged to $0.95 for the first since 2017. Meanwhile, terraUSD and luna—its algorithmic peers—lost 85% and 99% of their value before their blockchains were halted.
On the positive side, this morning bitcoin and major altcoins rebounded by double digits. Still, commentators, including Bitcoin’s
“The $BTC all-time high is $68,990. An 80% draw-down is $13,798. $27k is about halfway there,” it tweeted yesterday.
[Ed note: Investing in crypto is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Digital generated image of golden deflated balloon in shape of bitcoin sign lying down on purple … [+]
Zooming out
Who’s to blame for this rout? Many analysts pin it on stablecoins.
“Shockwaves swept through cryptocurrency markets on Thursday as tether, the largest “stablecoin” and a foundational part of the digital asset ecosystem, broke its peg to the dollar in the latest blow to the struggling sector”, Alex Hern of the Guardian wrote.
However, it’s likely the other way around. The crypto market had been chugging downhill since May 4, which perfectly coincides with the Fed’s half-point rate hike. After that, stocks crashed and the tech-heavy Nasdaq lost 13% of its value.
That makes sense. As I wrote before, cryptos are highly correlated to risk assets, especially tech stocks. And since they have a higher beta, they work as a de facto amplifier of stock moves:
“For starters, major cryptos are highly correlated to the stock market. They also have a high beta to stocks. That means crypto, in effect, amplifies stock moves. If stocks soar, cryptos soar higher. And vice versa. If stocks tumble, crypto goes into free fall.
Then the rout in stocks stirred up panic selling in cryptos. And in turn, the sell-off in cryptos wreaked havoc on algorithmic stablecoins, such as terraUSD, which has to do with how they are constructed.
Here’s a good explanation from Coindesk’s Ekin Genç:
“TerraUSD
The thing is, this arbitrage system breaks when there are large withdrawals and not enough demand to offset them, e.g. in a market crash like the one we just saw. Think of it as the bank run of stablecoins.
Looking ahead
If recent market moves are any indication, crypto is largely at the mercy of other risk assets and how they’ll fare during the Fed’s battle with inflation.
That’s because, despite its store of value promise, crypto is still a high beta version of stocks. And its “reactivity” is only growing stronger. In a recent analysis, Coindeks reports that bitcoin’s correlation to the Nasdaq is the highest on record.
Are we going to see a “decorelation” anytime soon? Time will tell. But so far, the crypto price action points to the contrary.
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