Bitcoin

Bitcoin is heading for its worst month since 2022 and could face more cuts in May

Published

12 months ago

30 April, 2024

Bitcoin is heading for its worst month since 2022 and could face more cuts in May

Bitcoin’s seven-month rally is on pause in May now that two key catalysts closely watched by investors this year – bitcoin ETFs and the halving – have ended. The leading cryptocurrency fell nearly 14% in April, according to Coin Metrics, and is on track to record its first negative month in eight, and its worst month since November 2022, when FTX collapsed. Still up 43% in 2024. BTC.CM = 1 million Bitcoin mountain last month “The well of catalysts to stimulate bitcoin appears to have run dry with ETF demand slowing and the halving behind us, and it could very “Well, we entered a multi-month sideways snooze festival, repeating March to October 2023, when bitcoin fluctuated in a trading range of $5,000, between $25,000 and $30,000,” said Antoni Trenchev, co-founder of Cryptocurrency exchange Nexo. May has proven to be a drag on bitcoin in recent years, but investors should avoid getting sucked into a negative mindset in the coming weeks, Trenchev added. If the cryptocurrency ends next month in the red, it will be the fourth year in a row. However, it has proven to be a winning month in previous halving years, 2012, 2016 and 2020. Furthermore, he said, history suggests that it is only a matter of time before the price of bitcoin rises rapidly after the halving. reduction by half. Bitcoin investors are hoping to see big returns in the coming months, not just because of this historical trend, but because of the success of the recently launched US bitcoin ETFs, which have dominated crypto investment discourse so far this year and will continue to do so. be the main story in the coming months, analysts say. “This halving reduced daily bitcoin issuance from 900 to 450 approximately – a fairly small reduction compared to the amount of ETF demand that flows into the asset on a given day, or in some cases not at all,” he said. Lyn Alden, founder of Lyn Alden Investment Strategy and board director at Swan Bitcoin. “Changes in demand tend to have a greater impact on the price of bitcoin over any multi-month period…that’s why if you look at halvings, bitcoin has historically performed well after halvings, but also the sample size for this has been quite small.” In the meantime, bitcoin could be pressured by macro and geopolitical pressures. On Tuesday, the Federal Reserve kicked off its two-day monetary policy meeting. Investors are watching closely to see if the central bank will keep rates higher for longer. Fed Chairman Jerome Powell and other lawmakers have made recent comments that have cemented the notion that rates may not arrive this year as previously expected. Furthermore, tensions have been rising in the Middle East and Bitcoin has yet to demonstrate that it can detach from a 10% sell-off in major US stock indices. “The market is evaluating some of the rate cuts they’ve seen… [and] there was a kind of flight to safety because of geopolitical issues,” Alden said. “All of this puts pressure on assets that are closely linked to liquidity, including bitcoin. It’s not the only variable, but it’s a big variable, so I would expect it to probably vary in a range for a while longer. But when you look out 12 months or so, I expect to probably see greater liquidity during that period.” Devin Ryan, director of financial technology research at JMP Securities, acknowledged these pressures but re-emphasized the impact that ETFs could have on the securities market. crypto On Tuesday, Hong Kong’s bitcoin ETFs began trading, Trenchev noted that Australia will likely follow suit and approve bitcoin ETFs later this year, and Japan, Singapore and South Korea could also join. to the movement, “further spurring bitcoin adoption around the world.” “The macro will ebb and flow — that will be important,” he said. of wealth management approving the ETF on their platforms. Basically, you are just removing a barrier for huge pools of capital to invest – that will be the biggest story.”

Fuente

Up Next

CryptoQuant CEO sees no signs of Bitcoin miners capitulating ‘for now’

Don't Miss

Coinbase Connects to the Bitcoin Lightning Network

BlockChainGuardian Staff

We are the editorial team of BlockChainGuardian, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on BlockChainGuardian, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

9 months ago

1 August, 2024

BlockChainGuardian Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

Getty Images

The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

Fuente

Bitcoin

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Published

9 months ago

1 August, 2024

BlockChainGuardian Staff

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.

How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.

Fuente

Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

9 months ago

1 August, 2024

BlockChainGuardian Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.

CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Fuente

Bitcoin

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Published

9 months ago

1 August, 2024

BlockChainGuardian Staff

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.

The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.

Fuente