Why is BTC dropping?
Bitcoin (CRYPTO:BTC) tokens are worth about 15% more than they were at the start of 2021. Today, Bitcoin is dropping as investors digest both China's recent actions related to the cryptocurrency and a major bank's opinion on its future. Motley FoolHere's Why Bitcoin Dropped Today
Why is crypto going up?
Rising inflation and the potential for even more stimulus continues to push people to safe-haven assets. Increased adoption from payment applications like PayPal will give far more people easy access to cryptocurrency. Publicly traded companies purchasing Bitcoin shows a high level of confidence in its appreciation. InvestopediaCrypto News: Why Is Bitcoin's Price Rising?
It's all about the BTC for Hodlers who don't intend to cash out anytime soon.
Like it or not, when the king of cryptocurrencies soars, there is room for the shabbiest shitcoins to punch way above their weight. When BTC tumbles, even the sturdiest alts can take a proportional hit. It's a question of knowing which is which.
Many traders within the crypto markets are relatively unfazed by decreases in the U.S. dollar value of their holdings, because they trade almost exclusively against Bitcoin on key exchanges where the liquidity of the altcoin / BTC pair may be more attractive than the same alt / stablecoin pair.
And of course, there are plenty of trading diehards who don’t intend to cash out their position into fiat in the near future at all: The cohort who believe that increasing their Bitcoin portfolio is more important than transferring into the inflationary U.S. dollar, or some other fiat currency.
While it may seem that coins’ own conditions are irrelevant given Bitcoin’s outsize influence, they do, in fact, make a difference. Assets with a healthy outlook of their own are often among the top gainers when things are bullish, and when there is a market-wide correction, they can recover faster and harder than the rest of the altcoin bunch — and even Bitcoin itself.
So how do you tell which coins’ market situation is healthier than others’ when everything is gory red? The VORTECS™ score, an algorithmic tool comparing historic market conditions around each coin to the present situation, can offer some clues. Exclusively available to subscribers of Cointelegraph Markets Pro, each asset’s VORTECS™ score indicates whether the present combination of the coin’s market and social metrics is historically bullish, bearish, or neutral.
Here are some very recent examples. When Bitcoin plunged below $30K on Tuesday following the bearish news coming out of China, stablecoins remained the only class of digital assets not to go deep into the red territory.
However, over the next 24 hours, BTC recovered many of the losses, bouncing back to above $33K. Not all altcoins were quick to replicate this relief rally, but many of those that did were aided by historically favorable individual conditions that the VORTECS™ indicator captured hours before the negative trend turned around.
PRQ saw a rough week as its price declined from $0.88 on June 17 to $0.56 just before the Bitcoin- induced market-wide slump on June 22. It then slipped further down to $0.35.
While the coin’s VORTECS™ score line has been yellow (neutral) for much of the week, it began picking up as the price was sliding down, suggesting that the patterns of market and social conditions around the coin were looking increasingly similar to those in the past that were consistently followed by significant price increases within 12 to 72 hours. The coin was ripe for a breakout — if and when Bitcoin-driven macro forces allowed.
BTC’s about-face that came late on June 22 meant that the way was open for fundamentally strong altcoins to rebound. PRQ’s VORTECS™ score peaked at 86 (red circle in the graph) shortly after the negative trend reversed, halfway through the coin’s leap from $0.35 to $0.55, although the score’s trend had been upwards for several hours.
Although SOL’s VORTECS™ score did not cross the psychologically important threshold of 80 this week, it has been in the high 70s consistently, indicating the model’s reasonably high confidence in the coin’s favorable outlook.
When its price began to sink along with the rest of the market, VORTECS™ dynamics remained positive: In fact, the low price point ($21.41, first red box) coincided with the highest score (77, red circle). Judging by the historical precedent, the coin was poised for an energetic recovery.
When the tide turned, SOL was among the biggest winners of the day, regaining 26% against USD and almost 13% against Bitcoin.
Much like PARSIQ’s case, Enjin’s VORTECS™ score shot up as the crypto market followed Bitcoin into a tailspin. It reached a high of 79 early on June 22 (red circle) and remained in the green zone throughout the entire flash crash.
As the correction was over, the price of ENJ shot up from the low of 79 cents to the high of $1.04.
Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Read full article at Cointelegraph
25 June, 2021 - 05:23am
While the 2017-2020 movements have been relatively similar, ETH has increased at a much faster rate in 2021.
The BTC price is shown in candlesticks while the ETH chart is shown with the orange line.
Between 2017 and 2020, the movement has been relatively similar for both assets.
Measuring from the all-time high of early 2018, BTC corrected for a 363 day period, losing 84% of its value in the process. On the other hand, ETH corrected for 336 days, losing 94% of its value. Therefore, while the ETH correction was sharper and lasted for a shorter period of time, there was not a pronounced difference between the two.
Following this, BTC increased by 330% in 191 days, while ETH moved upwards by 290% in 197 days. This somewhat made up for the difference from the sharper ETH fall preceding this upward movement.
Finally, BTC decreased by 71.50% in 261 days leading up to the March 2020 bottom, while ETH decreased by 66.50% in 259 days, with very similar rates of decrease.
Unlike the 2017-2020 period, there is a significant difference in the movement of both assets in 2021.
Measuring from the March 2020 bottom, BTC increased by 1,520% in 398 days. While this is a formidable rate of increase, ETH more than doubled it by increasing 3,620% in 430 days.
In addition to this, the corrections have had the same rate of decrease, though the ETH correction has been nearly twice as fast.
Amazon.com Inc’s (NASDAQ: AMZN) cloud-computing business, AWS, has acquired Wickr, an encrypted messaging platform used by government agencies and enterprises, the company said in a blog post. The financial terms of the transaction remain undisclosed. Amazon Web Services is locked in a prolonged legal battle with Microsoft Corp (NASDAQ: MSFT) over the Pentagon’s multibillion-dollar cloud deal. Wickr offers an app that’s free to the public, along with a paid service for supporting military commun
Ethereum remains in a desperate posture on all time frames, with it appearing that a major correction is on the cards over the coming weeks and months.
In this series of articles, BeinCrypto explores the state of various cryptocurrency ETFs in the United States. This particular article will focus on the Kryptoin bitcoin ETF, which was first introduced in 2019.
Now I am watching for a last more minor wave lower to ideally $1500-1300 before the rally to $9000 should commence.
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Two enormous influencers on one stage.
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LinkedIn pledged to the European Union's voluntary code of conduct to fight illegal hate speech online, joining its parent Microsoft Corp (NASDAQ: MSFT), Facebook Inc (NASDAQ: FB) and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google's YouTube, amid growing global regulatory pressure, Reuters reported. Twitter Inc (NYSE: TWTR), Instagram, Snap Inc’s (NYSE: SNAP) Snapchat, Dailymotion, Jeuxvideo.com and Tiktok has also supported the EU code. The code subscribers need to have rules and community
After years of solely focusing on its mobile product, Instagram is at long last thinking about letting users post from their computers. A number of Twitter uses noticed that the test feature had gone live Thursday, and Instagram confirmed the test to TechCrunch. "To improve that experience, we’re now testing the ability to create a Feed post on Instagram with their desktop browser."
The CEO of Nike said his company is "of China and for China" during a Thursday earnings call, according to a transcript published by Nasdaq.
A human rights group is migrating its videos to little-known service Odysee after Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google's YouTube removed some of them, Reuters reported. What Happened: The group attracted millions of views on YouTube to testimonies from people admitting their families' disappearance in China's Xinjiang region. Atajurt Kazakh Human Rights' channel has published nearly 11,000 videos on YouTube totaling over 120 million views since 2017. UN experts and rights groups es