Bitcoin and select altcoins are witnessing profit-booking at higher levels, a signal that a short phase of consolidation could occur over the next few days. Bitcoin’s (BTC) market capitalization topped $889 billion on Feb. 9, pushing BTC above the value of Tesla and the Russian ruble, according to data from AssetDash. The current rally is…
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Strong institutional demand has propelled Bitcoin and many altcoins to new all-time highs. Bitcoin (BTC) broke out to a new all-time high today, buoyed by the news that Tesla has purchased $1.5 billion worth of Bitcoin, according to a filing with the Securities and Exchange Commission. In addition to the Bitcoin purchase, Tesla also plans…
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Altcoins are reaching multi-year highs while Bitcoin price builds momentum for the next run at the $40,000 level. Bitcoin’s (BTC) correction from its January high has not shaken the confidence of institutional investors. According to Glassnode analysts, the number of whales holding more than 1,000 Bitcoin has increased by 200 this year. Along with the…
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Bitcoin price is trading in a tight range, which is allowing multiple altcoins to push higher. Tesla CEO Elon Musk recently voiced his support for Bitcoin (BTC) during a chat with Clubhouse. Musk said that his friends tried to onboard him to the Bitcoin bandwagon as early as 2013, but the world’s richest man did…
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Bitcoin’s surprise rally to $38,500 lifted sentiment across the market but the temporary boost appears to be losing steam. Sentiment plays a major role in the short-term price action of an asset. This truth was demonstrated today when Elon Musk, the world’s richest man, simply wrote ‘Bitcoin’ in his Twitter bio. Crypto traders and Musk…
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Despite filing fees of more than $400, a Ripple investor has launched legal action over a $48 loss. What’s going on? The Ripple community is at a loss to explain the motivation behind a class-action lawsuit filed by Florida man Tyler Toomey against Ripple Labs and Ripple CEO Brad Garlinghouse over a $48.56 loss. In…
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Bitcoin’s dip below $30,000 triggered a sell-off in altcoins and dip-buying traders might not have enough momentum to cause a relief rally. Public companies have purchased about 85,000 Bitcoin (BTC) in the past year and institutional investors have pumped money into Grayscale Investments, which shows increasing institutional adoption is one of the main reasons for…
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Altcoins continue to trend higher, but Bitcoin price needs to turn $35,000 to support in order for the entire market to gain momentum. After the recent correction, Bitcoin (BTC) will need aggressive inflows to absorb the possible selling from the short-term traders and momentum players as the price nears $40,000. In the past few months,…
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Bitcoin price has rebounded above a key trendline but resistance at higher levels may limit the recovery in altcoins. Aggressive profit-booking sent Bitcoin (BTC) spiraling below $29,000 on Jan. 21 but was this a sign that institutional investors dumped their positions? This is one of the main questions bothering traders because large institutional inflows primarily…
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Bitcoin price continues to drop, pushing select altcoins closer to their critical support levels. When an asset is in an overbought condition and traders are sitting on large profits, even minor negative news and events could trigger profit-booking. This seems to have happened following Janet Yellen’s adverse comments on cryptocurrencies during a virtual hearing with the…
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