Biggest Movers: ATOM up for Fourth Straight Session, While XTZ Rebounds on Saturday Low

Biggest Movers: ATOM up for Fourth Straight Session, While XTZ Rebounds on Saturday LowCosmos rose for a fourth consecutive session to start the weekend, as prices edged closer to a resistance point. While cosmos (ATOM) extended gains, tezos (XTZ) rebounded following a streak of recent losing sessions, with bulls seemingly buying this weeks’ dip. Cosmos (ATOM) Cosmos (ATOM) extended its recent bullish run on Saturday, as prices have […]

Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $18,800 Support Level on Saturday

Bitcoin moved closer to its long-term support level of $18,800 to start the weekend, as prices of cryptocurrencies were once again lower. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterday’s high. Bitcoin The world’s largest cryptocurrency by market capitalization bitcoin […]

Sleeping Bitcoins Wake Up, Kiyosaki Waits for $1,100 BTC, and Zuckerberg Eyes Metaverse Money — Bitcoin.com News Week in Review

As July begins and markets remain bearish, there’s still no shortage of dynamic developments in the crypto space. In this week’s Bitcoin.com News Week in Review, ‘sleeping bitcoins’ from 2010 make moves, Rich Dad Poor Dad author Robert Kiyosaki says he is waiting for bitcoin to test $1,100, Russia denies debt default allegations, and Mark […]

Study: AUM of Crypto Investment Products at Record Lows in June, Trust Products Garner Lowest Total Since December 2020

The latest data from Cryptocompare shows that assets under management (AUM) of crypto investment products reached record lows during the month of June. The data also shows 21 Shares Short Bitcoin ETP as the only digital investment product that registered a positive 30-day return (30.8%) as of June 23. Three Arrows Capital Insolvency Factor The […]

US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud CaseThe U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency. CFTC Takes Action Against MTI The CFTC announced Thursday that it has charged a “South African pool operator and CEO […]

Crypto Exchange Coincoinx to Launch Crypto to Fiat Payments App in Venezuela

coincoinxCoincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers […]

Why Bitcoin Could Return To $28,000, But By The End Of 2022

Goldman Sachs analysts believe Bitcoin and the crypto market could see some relief, but only further short and mid-term turmoil. A recent report from the banking institutions claims the crypto market has been moving in tandem with the U.S. stock market and thus it has been affected by the macro-economic environment. Related Reading | Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry The analysis was conducted by Marion Laboure and Galina Pozdnyakova and it predicts a 30% rally for Bitcoin by the end of 2022. This is still far from the cryptocurrency’s previous all-time high of around $69,000. The report fails to provide reasons that support the bearish theory. The analysts believe that Bitcoin’s correlation with the stock market will continue to play against it, and while they predict a bounce in equities, they believe BTC’s price will lag in terms of performance. For the stock market, the Goldman Sachs analysis predicts a resume on its bullish momentum and a potential bounce to its January 2022 levels. In the meantime, Bitcoin could reach $28,000 which is over $10,000 less than its January 2022 levels. Why will BTC underperform the stock market? It is unclear. As usual for legacy institutions, the analysts dismissed Bitcoin’s fundamentals and compared it to the diamonds market which they claimed to bloomed on the back of “marketing”: By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What’s true for diamonds, is true for many goods and services, including Bitcoins. The analysts wrote the following on the factors that contribute to the complexities of measuring the value in Bitcoin and other cryptocurrencies, and why this could increase its downside risk: Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented. The crypto freefall could continue because of the system’s complexity. The Short-Term Horizon For Bitcoin As NewsBTC reported, experts more familiar with the crypto industry believe Bitcoin and other large cryptocurrencies by market cap will keep on following the stock market. Former CEO of crypto exchange BitMEX Arthur Hayes expects this correlation to contribute to the decline in BTC’s price. However, at some point during 2022, the crypto market will start to decouple from stocks and the U.S. major equities indexes, the S&P 500 and Nasdaq 100. The bullish momentum for the digital assets could be supported by a decline in both the value of legacy markets and a downside trend in terms of correlation with cryptocurrencies. Related Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets As Hayes explained, that’s when you want to pay attention: For me to hoist the flag in support of selling fiat and buying crypto in advance of an NDX meltdown (30% to 50% drawdown), correlations across all time frames need to trend demonstratively lower.

TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals

After the TSX-listed Voyager Digital revealed that it was owed $655 million from Three Arrows Capital (3AC), the company secured a $500 million credit line from Alameda Ventures in order to “safeguard customer assets.” Five days later on July 1, Voyager announced the crypto company was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.” Another […]

Vladimir Putin Says West’s Attempt to ‘Crush the Russian Economy’ Did Not Succeed

Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports […]