Kategorie: Bitcoin News

The broader cryptocurrency market is down by more than 2% in the last 24 hours.

The cryptocurrency market has been underperforming over the past 24 hours. Following last week’s rally, the broader market started this week in a bearish fashion.

The crypto market has lost more than 2% of its value in the last 24 hours, with the total market cap still above the $1 trillion mark.

Bitcoin rallied close to the $24k mark last week, adding more than 10% to its value within seven days. However, it has shed some of its gains and is down by more than 2% in the last 24 hours.

At press time, Bitcoin is trading above the $22k level and risks dropping below this psychological point if the broader cryptocurrency market continues to underperform.

Key levels to watch

The BTC/USD 4-hour chart has turned bearish as Bitcoin has been underperforming over the past 24 hours. The technical indicators show that Bitcoin has been struggling over the past few days. 

The MACD line has dropped below the neutral zone, indicating that the bears are currently in control of the broader cryptocurrency market.

The 14-day relative strength index of 39 shows that Bitcoin could enter the oversold region if the bears remain in control.

At press time, Bitcoin is trading around $22k per coin. If the bearish sentiment continues, the leading cryptocurrency could drop below the $21,549 support level. 

In the event of an extended bearish performance, BTC could drop below the $21k support level for the first time in a week. 

However, the bulls were able to pull BTC above $20k a week ago and could regain control of the market in the short term. If that happens, BTC could surge past the $22,500 resistance level again before the end of the day.

Unless there is an extended bullish momentum, BTC could find it hard to move past the $23,500 resistance level in the short term. 

The post Bitcoin risks dropping below $22k as the broader market retraces appeared first on CoinJournal.

The South Korean government has moved to defer proposed cryptocurrency taxes up to 2025. The country has cited the weak market conditions as one of the reasons for the move. 

This is a big move considering South Korea is one of the biggest global cryptocurrency markets. If the move spurs an increase in demand for cryptocurrencies in the country, it could trigger a positive price move across the markets. 

The big question then becomes, which cryptocurrencies will benefit the most if there is a surge in crypto demand in South Korea? 

According to recent research by top crypto exchanges in South Korea, the most popular cryptocurrencies in the country are Bitcoin, XRP, Ethereum, Dogecoin, and Cardano, in that order. As such, these cryptocurrencies are likely to lead the way in gains if the move to defer taxes triggers an increase in demand. 

Besides the news coming out of Korea, there is a strong case for investing in any of these cryptocurrencies. Here’s why. 

Bitcoin (BTC)

In the last two weeks, Bitcoin bulls have managed to hold the price above the $20k support. This indicates that after a selloff that has lasted for most of the year, Bitcoin could be close to the bottom. If factors like the Korean news help push Bitcoin through the $25k resistance, then Bitcoin could trade back above $30k in the next few months. For this reason, Bitcoin comes across as a good investment at current prices.

XRP (XRP)

For a while, XRP has been held back by the ongoing case between Ripple and the SEC. However, all indications are that the case could end within the year. If it ends in favor of Ripple and the market keeps going up, XRP could end the year as one of the top cryptocurrency performers. 

Ethereum (ETH)

Ethereum seems to be making a good rebound, following Bitcoin’s lead. However, over and above being uplifted by broader market dynamics, Ethereum has a lot of positive news this year. One of them is news touching on the Ethereum upgrade to Eth 2.0. After two years in the works, the transition process is almost complete, and it comes with many perks that could boost Ethereum’s price. They range from deflationary tokenomics to better scalability, making Ethereum attractive to developers. 

Dogecoin (DOGE)

The king of meme coins is highly popular in Korea, and that’s a good reason to keep an eye on it in H2 of 2022. That’s because it responds well to the hype, and if Korean hype drives up its price and the broader market goes up, DOGE could rally. Besides, Elon Musk still loves DOGE, and he remains one of the most influential people in crypto. 

Cardano (ADA)

Cardano is likely to get a boost from Korean hype, but that’s just a small portion of its potential. Cardano is one of the best scaling platform blockchains in the market today. At the same time, Cardano adoption has increased since it introduced smart contract functionality in 2021. When you combine such fundamentals and potential hype, it’s not hard to see why Cardano has a bright future ahead.

The post Cryptocurrencies to watch as South Korea defers crypto taxes appeared first on CoinJournal.

Bitcoin (BTC) price rose as much as 8% in 24 hours to top $24,287 on crypto exchange Coinbase, its highest price in over a month.

The upside came as a broader market rally saw most cryptocurrencies post significant gains to erase recent losses, with Ethereum (ETH) seeing the most gains at the top of the charts with over 50% in gains in a little over a week.

Analyst says rally likely to fade near current levels

BTC has shed some of the gains and currently trades around $23,500. But can it kick on and see a major breakout short term?

Katie Stockton, co-founder Fairlead Strategies founder, told CNBC’s ‘Squawk Box’ in an interview that while the world’s largest cryptocurrency had seen as strong rally over the past few days, this looked more like  sharp bear market rally than one likely to sustain into a major relief rally.

“If you do look at past bear market cycles, we’ve seen some massive relief rallies,” she noted, highlighting the +20% gains seen in some assets. However, she feels that despite the surge, indications are that this isn’t going to evolve into a “major relief rally.”

Stockton said the overall market’s outlook remains vulnerable to a downside, noting the market is “challenged” amid an oversold volatility reading and overbought mega cap (stocks) ahead of earnings reports.

According to the analyst, the current upside is more likely to fade near levels reached so far, with potential signals for a sustained upward move including a breakout above $25k and improvement in momentum gauges.

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FTX’s Sam Bankman-Fried is willing to lose money to ensure that the cryptocurrency industry operates as it should.

Bankman-Fried,  FTX co-founder and CEO, told attendees at the Bloomberg Crypto Summit in New York on Tuesday that he isn’t bothered by losing some money if his bailouts keep the crypto infrastructure humming.

The FTX boss said market leaders need to spend money to ensure that everything operates as it should. He said;

“It’s OK to do a deal that is moderately bad in bailing out a place. The bar is not: Is this a good return on investment? It’s more about maintaining the health of the wider industry.”

The cryptocurrency market has been in a bearish trend for the past few months, and this has affected numerous cryptocurrency companies. Bankman-Fried said he had allocated $1 billion.

Bankman-Fried has already spent hundreds of millions of dollars to bail out companies such as BlockFi and Voyager Digital. However, it hasn’t worked out as planned.

FTX has the option to acquire BlockFi for $240 million, while Voyager Digital filed for bankruptcy earlier this month. 

When asked about the bailout to Voyager Digital, Bankman-Fried laughed and shrugged off the the money spent on the company. 

According to Bankman-Fried, the struggles within the broader market is not yet over, as many companies as struggling with their finances. He stated that the conversations he has had with some crypto firms revealed that many of them are still not clear about their financial picture. 

However,  Bankman-Fried said he is interested in helping cryptocurrency companies figure out their finances. 

Bankman-Fried revealed that FTX has plans to purchase bitcoins. However, the company will only do so when the leading cryptocurrency hits a certain figure. He said;

“We did have real conversations at some point. There was a price. We did not hit that price.”

The broader cryptocurrency market has been performing well over the past few days, with Bitcoin currently trading above $23k per coin. 

The post It is worth losing money to prop up the crypto industry, says Bankman-Fried appeared first on CoinJournal.

Celsius, a renowned crypto lender, has obtained crucial approval to go ahead with its plan of building a Bitcoin mining plant as it tries to find ways of returning it back to financial stability.

The value of Celsius assets decreased from $22.1 billion to $4.3 billion between March 30 and July 14, this year, with approx. $1 billion in third-party liquidations.

Celsius was brought down by the collapse of Terra LUNA and it has since been struggling to remain afloat something that forced it to file for Chapter 11 Bankruptcy in the US to as it tried to restructure. Prior to filing for Chapter 11, Celsius had tried a number of measures including ETH tokens from Bancor to settle its DAI loan with Aave so that it could free the WBTC it had provided as collateral. Celsius had borrowed 100 million DAI tokens on Aave forcing Marker DAI to disable DAI supply to Aave to avoid more exposure to Celsius.

The plan to build a Bitcoin mining facility is part of Celsius’ plans of stabilizing the company following its current financial crisis.

However, Celsius was recently sued for supposedly using customer deposits to rig the price of CEL tokens while failing to properly hedge risks. Therefore, the new venture of building a BTC mining plant will be widely watched seeing that Celsius is yet to resume withdrawals.

Investing $3.7M for the new Bitcoin mining plant

Celsius intends to invest a whopping $3.7 million in constructing the new Bitcoin mining facility and an extra $1.5 million in importing mining equipment and paying for customs.

Celsius already has a mining plant in the US that presently operates over 43,000 mining rigs. By adding a new mining facility, Celsius intends to increase the number of mining rigs that it shall be operating to 112,000 by the second quarter of 2023.

The increased mining operations will in return increase the number of bitcoins that Celsius will have something the company believes will be a source of finances.

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