Bitcoin Steadies Near $54K After Biggest Drop in a Month
Bitcoin stabilized near $54,000 early Tuesday after posting its worst daily loss in almost a month.
- Bitcoin (BTC) was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16.
- The largest cryptocurrency fell 5.8% over the previous 24 hours, for its largest daily decline since Feb. 23, according to Bitstamp exchange data. Bitcoin’s 24-hour range: $53,795.15-$58,407.62 (CoinDesk 20).
- BTC’s 4-hour chart shows seller volume has been building alongside a falling price, a bearish signal for market technicians.
The drop below $55,000 comes as cryptocurrency fund inflows have been on the decline, down by roughly 58% to $99 million last week.
Trading volume was also strong from sellers on Monday, with the largest 4-hour print by the bears in over a week.
Ki Young Ju, CEO of the South Korea analysis firm CryptoQuant, says blockchain data show there’s “not enough buying power from stablecoins and U.S. dollar spot inflows” to drive prices vastly higher.
It could take some time before bitcoin enjoys another leg up, Ju said: “What’s clear is that we won’t see a huge surge like 20%.”
Recommended News
-
Can Decentralized Stablecoins Stabilize?
Decentralized finance (DeFi) idealists want to create perfectly free financial ecosystems that can’t be subverted by governments, corporations or regulators. They also want their decentralized nirvana to be equipped with stablecoins so users can be protected from price craziness. Therein lies the contradiction. J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and a financial writer at a large Canadian bank. He runs the popular Moneyness blog. Are decentralized anarchic systems, those that have no link to existing centralized institutions, capable of creating stability?…
-
After August 30, 2022, the reward rules for users participating in TSwap node PK will be changed
According to the latest news from the TSwap official website: The LAX+USDT liquidity pool will be tested globally from June 1 to June 6, 2022. If the liquidity pool is tested to be functional, it will be officially launched. The users can obtain the token of ecological value TJC by adding liquidity. In fact, most of the community users are expecting the LAX+USDT liquidity pool, and they want to participate in the liquidity pool plan, which will accelerate the development of TSwap ecology. With the rapid ecological development, the consensus…
-
Dogecoin Is Not the Next Bitcoin – But Here Are the Similarities
To those of us who have been in the industry for a long time, Dogecoin has always been an oddity: A project that has exceptional approachability and appeal to new users while lacking most of the characteristics that make cryptocurrencies useful or valuable. Created in 2013 by Jackson Palmer and Billy Markus, the project was abandoned years ago by its founders and developers, if not its fans. Until recently, it was in such a weak state that it couldn’t even power its own blockchain infrastructure and in 2014 hitched its…
-
Will the metaverse game Murphy be the brightest new star at BSC?
“What is the end of the Internet?” Could it be the metaverse?” The science fiction Avalanche depicts an online virtual world of multiple people called metaverse, where users can see the metaverse through a visual-eye device, in a virtual world drawn by a computer, with bright lights and millions of people walking through Central Avenue. The main road and world rules of the Metaverse are set by the Computer Association’s Global Multimedia Protocol Organization, where developers need to purchase land development permits, which enable them to construct streets,…
-
Dumbo = a combination of SocialFI+DEFI2.0
The traditional social and content platforms are not only controlled by the project team, but all profits are also taken away by the project team. Also affected by the policy, we hope to build a decentralized, completely unmanned operation and management, operation, control, users have 100% privacy and content ownership, account ownership of the blockchain social platform. Project Description Dumbo is a joint collaboration between the Jumbo Innovation Lab and the well-known community PEOPLE. Based on the DEFI2.0 economic model and invitation mechanism, it will build WEB3 SocialFI in the…
-
Behold, the journey of SmallDogCoin dominance is beginning.
The most hype discussion recently in Crypto(maybe even beyond crypto ) is not Btc reaching $60k or $2500 Eth, but Dogecoin which was abandoned by the founder, but went crazy on Reddit with over 1 million active users. Dogecoin as the synonymous to“pathway to financial freedom”went up hundreds times within months and hit record daily rise of 150% shocked everyone that read news. This was the use-to-be crypto market and draws many Bitcoin holder to switch position to Dogecoin. It is hard to imagin crypto without hard cap could…
-
A Right Way for Investors – From Traditional Investment to DeFi Mining in Encryption Market
Abstract: To offer a best option for all investors from traditional securities to cryptocurrency investment. Berkshire Hathaway, a Magnate Unequal to Retail Investors Birth of Berkshire In 1956, Warren Edward Buffett, who was 26 years old, established an investment partnership to acquire small and medium-sized enterprises and take shares in large enterprises. In 1965, the partnership acquired control of Berkshire Hathaway Inc., a listed textile manufacturer at that time. Buffett’s partnership quickly dissolved and distributed Berkshire’s equity to its partners. Since then, Berkshire has acquired various businesses, including insurance, manufacturing,…
-
Come to Coinbetter to share 10,000 ZTB airdrop benefits
In order to give back to the new and old users of the platform, Coinbetter has started the registration transaction sending activity from 00:00 on March 22nd, 2022 to 00:00 on March 25th, 2022. As can be seen from the Coinbetter announcement, there are two forms of airdrops for 10,000 ZTB benefits. It is understood that the airdrop token ZTB is the only dedicated crypto token of the ZSC smart chain, with a limited total of 210 million pieces and will never have additional coins issued. According to…
-
OEC (OKEXChain)’s first NFT asset aggregation platform Dematrix will be launched on the mainnet soon
The official opening of the third phase of OKEXChain has opened a new era of DeFi ecology, which is good news for everyone in the blockchain world. OKExChain is the world’s first transaction chain-a blockchain technology infrastructure built for transactions. Through the development of “blockchain middleware” and operational support for transaction scenarios, it reduces the development costs of application developers and improves users’ Trading experience. As an open public chain ecology, anyone can campaign to become an OKExChain super node, or they can issue their own digital assets, create their…
-
Ripple Acquires 40% Stake in Asia Cross Border Payments Firm Tranglo
Cryptocurrency company Ripple has acquired a large stake in an Asia-based cross-border payments specialist in order to meet the growing customer demand. Ripple said Tuesday that it has agreed to acquire a 40% stake in Tranglo for the purpose of expanding its RippleNet On-Demand Liquidity service, according to a press release. Tranglo is a cross-border money and prepaid credit transaction hub providing businesses and individuals the ability to transfer payments globally, according to its website. Southeast Asia’s payments landscape is “highly fragmented,” Ripple said in the release. Each country possesses its…
