Author: NBTC
On Thursday, the price of Bitcoin, the leading cryptocurrency, surged to an intraday peak of $62,729 on the Bitstamp exchange. The largest cryptocurrency is up 26% over the past four days after plunging to $49,557, the lowest level since the start of the year. As noted by popular cryptocurrency analyst Byzantine General, the cryptocurrency market has witnessed “the most epic” bear trap ever. Bitcoin collapsed in tandem with global stock markets, but it managed to recover in a swift fashion together with them. On the daily chart, the cryptocurrency recently recorded its biggest green candle ever in dollar terms. card…
Barclays has upgraded both Coinbase and Robinhood to equal weight from underweight. Analysts at the British bank argued that both companies have “matured meaningfully.” Coinbase, in particular, could profit from a friendlier regulatory environment as a result of the presidential election in November, Barclays said. British banking giant Barclays has upgraded both Coinbase (COIN) and Robinhood (HOOD) to equal weight from underweight, citing better business models. Both company’s stocks opened the day higher on Friday after the report was sent out overnight. The stocks later dropped more than 3% as bitcoin (BTC) and broader crypto market index CoinDesk 20 fell.…
Leading cryptocurrency Bitcoin rose above $62,000 in the morning before retreating. BTC, which continues to recover after the sharp and steep decline it experienced last week, has increased by up to 7% in the last 24 hours. This rise was one of Bitcoin’s biggest single-day percentage gains in recent months, and this rise caught investors in short positions upside down. According to Coinglass data, $221 million worth of leveraged positions were liquidated in the last 24 hours, $157.8 million of which were short positions and $63.7 million were long positions. Approximately $100 million worth of short positions in Bitcoin were…
Roaring Kitty is back after a two-month Twitter hiatus, with the meme stock influencer’s return causing the price GameStop (GME) to spike in value. But the post from the notorious meme stock influencer implies that he’s no longer interested in pet supplies retailer Chewy, causing its price to briefly plunge as a result. After two months of silence, Roaring Kitty—aka Keith Gill—has returned with a meme referencing Pixar’s “Toy Story 2,” when the character Andy drops his toy cowboy Woody, saying “I don’t want to play with you anymore.” The market apparently took this as a sign that Gill is…
In the swiftly advancing world of decentralized and blockchain technologies, the development activity operates as a crucial contributor to a project’s growth. As per the statistics from CryptoDep, many AI and Big Data projects have shown substantial developer activity during the past thirty days, indicating a commitment to further advance the technology. ⚡️ Top #AI & Big Data Projects by Developer Activity (30d) Dev.Activity – the development activity of a project done in its public Github repositories. Development Activity metrics are measured in a number of @Github events. #TheGraph – 144#Near – 138#Oraichain – 84.6… pic.twitter.com/Ko3QnqwzXY — 🇺🇦 CryptoDep #StandWithUkraine…
Bitcoin could potentially retest its all-time high later this year should the U.S. economy avoid a recession, Grayscale Research says. Despite the recent roller-coaster of volatility in the crypto market, analysts at Grayscale Research forecast that prices could climb higher in the coming months. In an Aug. 8 research report, Grayscale analysts suggested that if the U.S. economy achieves a “soft landing” and avoids recession, token valuations could rebound, with Bitcoin (BTC) potentially revisiting its “all-time high later this year.” “Shifts in the U.S. political landscape around the crypto industry may also reduce downside risks to valuations compared to past…
Market analysts suggest investors may have overreacted to Fed governor Christopher Waller’s latest speech, while some warn there is still no clear evidence to support a 50 basis point rate cut. Waller’s highly anticipated speech triggered significant market volatility, largely due to his promises of “strong action” and potentially “early rate cuts” if necessary, according to analyst Cameron Crise. However, Crise noted that the market may have overlooked the conditional nature of Waller’s remarks, particularly the emphasis on the word “if.” In his speech, Waller expressed optimism that the economic expansion would continue and spent considerable time explaining why the…
XRP investors could witness their holdings surge to unprecedented levels if XRP ever reached the audacious $10,000 price target. The crypto market has not been particularly favorable to some assets, including XRP. Since hitting an all-time peak of $3.31 in January 2018, XRP has failed to surpass this price level. Within this period, other crypto assets have witnessed new heights across two market cycles. For instance, Bitcoin (BTC) surpassed its 2017 peak of nearly $20,000 during the 2021 market cycle. The premier crypto asset hit a new high of $69,000 in November 2021. Following this top, BTC again reached a…
Cryptocurrency and broader financial markets showed signs of stabilization midweek after experiencing significant declines from August 2 to August 5. Crypto Assets and Financial Markets Stabilize After Recent Drops Despite traditionally low correlation between major tokens and other asset classes, recent volatility in traditional markets has impacted crypto valuations. The decline began after a weaker-than-expected U.S. employment report on Aug. 2. The report pointed to a rise in the unemployment rate reminiscent of past recessions, raising fears of an economic downturn. This led to weaker performance in cyclical assets like stocks, while strengthening traditional safe havens like U.S. Treasuries, the…
Welcome to the On the Margin Newsletter, brought to you by Ben Strack and Casey Wagner. Here’s what you’ll find in today’s edition: Making sense of the jobs report that didn’t necessarily clear up what size rate cut the Fed could opt for. The formalized call for a crypto question at next week’s presidential debate, and why it’s needed. Friday means a recap of economic data and developments! More Goldilocks data sends markets lower The pivotal report that some analysts say will determine the size of the Federal Reserve’s interest rate cut later this month is here, and, shocker, it…