Monat: Juli 2022

Bitcoin (BTC) rose to a seven-day high above $24,000 this week, hitting its highest price level since mid-June.  

The benchmark cryptocurrency has however found it hard to break higher, with a subsequent cooling pushing it to lows of $22,600 on Friday evening.

Market observers, including analysts at JPMorgan and Citi say the sentiment across the market is improving as the negativity heightened by recent turmoil dissipates. But what BTC levels are analysts watching?

Analysts share key Bitcoin levels to watch

Popular crypto analyst Rekt Capital says the next important move for BTC/USD this week is to achieve a weekly candle close at or above the 200-week moving average. The key price level then is around $22.8k.

“BTC is see-sawing around the 200-week MA all week,” the analyst said, adding that “the most important thing will be the confirmation relative to the 200-week MA in the form of a Weekly Candle Close. The 200-week MA represents the price point of $22800.”

Crypto trader Mayne suggests bulls need to hold above $22.5k to maintain this week’s positive outlook.

“Simple view, potential range break out. Upside could be juicy if we can hold above $22.5k/range high. Lose the range high, this was likely a deviation. The move above range high becomes your risk as you target shorts back into the range.”

Another analyst, the pseudonymous Shardi B says Nasdaq’s 1.87% dip on Friday may cascade into the crypto market, a likely scenario given the high correlation between risk assets (crypto and equities).

$BTC

Nasdaq fell off a cliff…causing short term damage here…

Watching the $22.768 line…. pic.twitter.com/ywlgZsrlKL

— Don’t Follow Shardi B If You Hate Money $ (@ShardiB2) July 22, 2022

Crypto trader CryptoGodJon says flipping higher and holding above $24.5k could see a breakout to the $27k-$28k range. However, a dip from current levels could easily open up a path to $20k and even lower.

$BTC

I think a big move for #BTC is going to happen soon

Break above and hold $24,200 I think we squeeze to $27-$28k fairly quickly

If we start accepting back into the range I am looking for a flush down to $20k

Pretty easy invalidation on both, stay safe. pic.twitter.com/YVw7PGKK44

— CryptoGodJohn (@CryptoGodJohn) July 22, 2022

The post Bitcoin price outlook: What levels are analysts watching? appeared first on CoinJournal.

• Tesla, MicroStrategy and Block owned about 85% of Bitcoin held by public companies, currently numbering 27 according to data by CoinGecko.
• The three companies faced paper losses of up to $5 billion as Bitcoin price fell to $18,700 in June.
• Tesla sold 75% if its bitcoins in Q2.

MicroStrategy, Tesla and Block (formerly Square) saw their combined Bitcoin (BTC) holdings shrink by $5 billion in value during the second quarter of 2022, Bloomberg reported.

The hit comes after a 59% dive for BTC price in the quarter, with the calculations reflecting the three companies’ holdings based on previously disclosed figures.

For Michael Saylor’s MicroStrategy and Jack Dorsey’s Block, these are only paper losses since the companies have not declared any sales of Bitcoin within the period.

Data from CoinGecko shows MicroStrategy holds 129,218 bitcoins acquired at a combined value of $4 billion, while Block holds 8,027 bitcoins that were valued at over $366 million in March. 

Tesla, on the other hand, announced it had sold 75% of its Bitcoin (BTC) holdings in the quarter, adding $936 million in cash to its balance sheet. However, the electric carmaker purchased its bitcoin at $1.5 billion.

$5 billion ‘paper losses’

As Bitcoin price fell below $20,000 in June, with prices around $18,700 on June 30, the three firms’ combined losses were around $5 billion.

The quartet had owned roughly 85% of the BTC held by public companies in the quarter, with 70% of the paper losses marked on MicroStrategy.

Saylor has previously said his company has not sold its Bitcoin, but investors are likely to be keen on seeing this reflected in the company’s Q2 earnings report on 2 August. Block is also set to release its results on 4 August.

The post MicroStrategy, Tesla, Block faced a $5 billion hit on their Bitcoin bet in Q2 appeared first on CoinJournal.

Zipmex crypto exchange has announced the resumption of withdrawals after it announced on Wednesday that it had halted withdrawals due to the ongoing crypto market meltdown.

However, only withdrawals from the Trade wallet, one of the exchange’s wallets, have resumed.

Zipmex uses two types of assets (Trade Wallet and Z Wallet). The Trade Wallet is used by users to deposit crypto assets and fiat to trade on the platform. On the other hand, Z Wallet allows users to earn bonuses and rewards once they deposit their funds.

Z Wallet operations to remain closed

However, according to the announcement, withdrawals will only be available on the Trade wallet starting today at 7 a.m. ET while Z wallet operations will remain closed until further notice.

📣 Important Announcement📣

Maintenance on the Trade Wallet has ended. Withdrawals for your Trade Wallet are now enabled as of 22 July 2022 at 18:00 (GMT+7).

Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice. pic.twitter.com/voMInELlH5

— ZIPMEX (@zipmex) July 22, 2022

However, this is after the platform said yesterday in a Facebook post that it is exploring all the available options and plans to restore withdrawals from some wallets.

Zipmex recovers some of its funds

Notably, Zipmex had an exposure of $5 million to Celsius and $48 million to Babel Finance, which had halted withdrawals earlier on because of insolvency pressure. However, Zipmex noted that it has recovered some of the assets from its partners.

The company said:

“Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets, there were no materially adverse impacts to our operations.”

The post Crypto exchange Zipmex resumes withdrawals appeared first on CoinJournal.