Kategorie: Bitcoin News

The cryptocurrency market has lost more than 60% of its value over the past few months.

Cypherpunk CEO Jeffrey Gao believes that people can sell Bitcoin and be bullish about the cryptocurrency. 

Bitcoin is down by more than 65% of its value since the start of the year. Bitcoin hit an all-time high of $69k in November 2021 but is currently trading around $23k per coin.

The bear market has seen some investors, including Tesla, sold off some of their bitcoins. Gao said investors can be bullish about Bitcoin and still sell their coins. He said;

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.

Over the longer term, at least at this point in time, I would be more bullish on Bitcoin conservatively than those other tokens. But over the next two or three months, I’m probably more partial towards Ethereum and Solana.”

Gao said although he is bullish about Bitcoin, he is more optimistic about certain altcoins like Ether and Solana (SOL). 

The CEO revealed that Cypherpunk started the liquidation process in early May, prior to the Terra network collapse. He said; 

“By the time that it happened, we probably offloaded about 30% or 40% of the risk. We sold another portion when BTC briefly traded above $30,000 in late May. The final one-third we probably got rid of was sometime in June.”

Gao pointed out that the broader cryptocurrency market has witnessed forced liquidations, with some of the leading institutions like Voyager, Three Arrows Capital and Celsius getting involved in operations that lacked risk management. 

The Cypherpunk CEO lamented that the absence or near absence of risk management is what really separates the crypto industry from the other mature financial markets. 

The total cryptocurrency market cap remains above $1 trillion, down from the all-time high of $3 trillion recorded in November 2021.

The post You can sell Bitcoin and still be bullish, says Cypherpunk CEO appeared first on CoinJournal.

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming.

The cryptocurrency market is trading in the green zone again. The market has added less than 1% to its value in the last 24 hours, and the total market cap stays above $1.1 trillion.

The broader market is experiencing a mixed performance, with some coins and tokens currently trading in the red zone while others are performing positively. 

Bitcoin is up by 0.38% in the last 24 hours. The leading cryptocurrency didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Over the past seven days, Bitcoin has added nearly 5% to its value. This has allowed the leading cryptocurrency to maintain its position above the $20k psychological level.

However, the bulls would need to push higher to enable Bitcoin to move towards the $25k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing well over the past few days. The technical indicators show that the bulls are currently in charge of the market.

The MACD line crossed the neutral zone into the positive territory as Bitcoin rallied higher. Thus, indicating positive momentum for the leading cryptocurrency. 

The 14-day relative strength index of 60 shows that Bitcoin is above the neutral level. If the bulls remain in charge, Bitcoin could enter the overbought region in the coming days or weeks.

At press time, Bitcoin is trading around $23,860 per coin. BTC could surge past the $24k resistance level before the end of the day if the bulls remain in control.

However, it would need to support of the broader cryptocurrency market to move past last month’s high of $24,693 and head towards the $25k psychological level.

The bears might still regain control and push BTC below the $23k support level. However, BTC should comfortably stay above the $22,132 support level in the short term.

The post Bitcoin continues to struggle to push past the $24k resistance level appeared first on CoinJournal.

There has been a lot of negative news around cryptocurrencies in the last few months. Despite this, cryptocurrencies have rebounded, and through the first week of August, the total market capitalization has remained steady above the $1 trillion mark. There is also a lot of good news that could also see the whole cryptocurrency market rally throughout the month. 

One of them is that BlackRock, one of the most significant investment funds, is getting into crypto. The institution with more than $1 trillion in assets under management is looking to partner with Coinbase. The partnership aims to create a platform through which institutional investors who form part of BlackRock’s client base can enter the crypto market. Not only is this bullish news for the whole crypto market, but it also creates a perfect opportunity for several large-cap cryptocurrencies to rally within the month. That’s because big money tends to focus on large-cap cryptocurrencies. 

If you are looking to bet on large-cap cryptocurrencies, here are a few you would want to keep in mind throughout the month.

Ethereum (ETH)

Ethereum (ETH) is one of the top altcoins that have the potential to rally in August if the BlackRock news positively impacts the market. That’s because, besides the market news, Ethereum has a lot going on. One of them is the upcoming merge that will finally see Ethereum run as Eth 2.0. That aside, Ethereum is one of the cryptocurrencies that BlackRock’s institutional money is likely to buy. That’s because it happens to be one of the most secure cryptocurrencies after Bitcoin. Ethereum is already outpacing Bitcoin in August, so there is a strong chance that the momentum could continue.

Cardano (ADA)

Cardano (ADA) is one of the cryptocurrencies that could see its price move as the BlackRock news filters into the market. One thing that makes Cardano attractive to investors is that it is highly decentralized. After the recent issues affecting high-profile cryptocurrencies, the odds are that decentralization will take centre stage in cryptocurrency investments going into the future. Besides its attractiveness to institutional money, the Cardano developer team has announced some significant upgrades in the short term. This could also play a role in giving Cardano momentum in August.

Bitcoin (BTC)

Bitcoin (BTC), being the largest cryptocurrency, is an obvious choice for institutional money. As such, now that BlackRock is interested in the crypto market, Bitcoin can reap big. Bitcoin is already showing positive signs. 

After dropping below $20k not so long ago, it has bounced back and is now holding steady above $22k throughout August. There is also data showing that the majority of the Bitcoin in existence today has been taken off exchanges making the number one crypto highly illiquid.

As such, if institutional investors such as BlackRock take an interest in Bitcoin, its value could go up significantly. Even a tiny order could take BTC to unexpected prices within the month.

The post Trillion-dollar investment fund takes an interest in crypto – Which cryptos could reap big? appeared first on CoinJournal.

Former Twitter CEO Jack Dorsey’s digital payments firm, Block Inc., registered a $1.9 billion profit in the second quarter of 2022 despite the ongoing turmoil within the crypto market. Revenue from Bitcoin services, however, dropped and only accounted for about $41 million of the overall profit.

The firm cited price volatility and lack of consumer demand for the reduced revenue from Bitcoin compared to past years.

The Q2 report showed that the digital payment firm saw its year-to-year profits climb by about 29%. This comes amid the reduced Bitcoin business.

Block Inc. Bitcoin business

Block Inc. generates Bitcoin revenue primarily from BTC trading services through its digital payment application Cash App. The reduced gross Bitcoin gross profit suggests that Bitcoin could be a high-cost venture for the digital payments firm.

Commenting about the reduced Bitcoin revenue, Block Inc. stated:

“The year-over-year decrease in Bitcoin revenue and gross profit was driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of Bitcoin during the quarter.”

The Block also realized a $36 million impairment loss on its BTC holdings, although that is just a loss on paper.

The firm was, however, quick to emphasize that the slump in Bitcoin profits does not reflect the broader performance of the firm’s business.

Following Block’s Q2 performance, investors seem to be quite impressed despite the fact that the firm’s stock dropped by over 7% in the after-hours trading.

The post Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops appeared first on CoinJournal.

Bitcoin has been trading above the $20k level in recent weeks, and Sam Bankman-Fried says he will accept the leading cryptocurrency trading around $35k by the end of the year.

Sam Bankman-Fried, the CEO of FTX, revealed in a recent interview with Fortune Magazine that he would accept Bitcoin trading around the $35k region by the end of the year.

Bitcoin reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. At press time, Bitcoin is trading close to the $23k level after recovering from its recent losses. 

When asked about his predictions for Bitcoin and Ether and whether BTC would reach $100k soon, Bankman-Fried said;

“Boy, Ethereum is interesting. Obviously, with the upcoming merge⁹, there’s huge volatility, right? I think it could get way better or way worse—I just don’t know the answer.

I think Bitcoin’s a little bit easier to predict. If there’s more pain and more liquidations, that changes things. But a bit more recovery from the carnage, and regulatory clarity—that could be a big exogenous shock, a positive shock that could come over the next year. We’d be lucky to hit $100K, but I wouldn’t rule it out. But, you know, if you told me at the end of the year, Bitcoin is gonna be at $35K, I’d fucking take that.”

SBF added that he believes the ultimate strength of the cryptocurrency industry comes from blockchain technology being able to assert itself as a positive influence on the global economy. He said;

“There’s been skepticism of me from people who, correctly, view me as coming at it from a pragmatic rather than ideological perspective. I believe in blockchain because I think it’s useful and can make the world better in very specific practical ways.

My belief is that the industry is contingent on blockchains, ultimately being able to have a real positive impact on the world. I’d like to think I do a good job of representing other people who believe in the industry even if they came at it from a different angle originally, but there is always a little bit of unease there.”

Bankman-Fried’s FTX has become one of the leading crypto exchanges in the world, only behind the likes of Binance. 

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