Crypto analyst warns of weekend tumble, as bitcoin bull points to 'daisy chain of borrowers and lenders'


MarketWatch 26 June, 2021 - 01:03pm 109 views

Why is Bitcoin dropping today?

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?

Bitcoin Slips Toward $30,000 as Strategists Flag Near-Term Risks

Yahoo Finance 26 June, 2021 - 03:23am

The near-term setup is “challenging,” a JPMorgan Chase & Co. team including Josh Younger and Veronica Mejia Bustamante wrote in a note Friday, while Fundstrat Global Advisors LLC’s David Grider recommended reducing risk or buying some protection.

The JPMorgan team said blockchain data suggests recent cryptocurrency sales were made to cover losses and that “there is likely still an overhang of underwater positions which need to be cleared through the market.”

Bitcoin has halved from a peak near $65,000 in April, hurt by a cryptocurrency clampdown in China, tightening regulatory scrutiny elsewhere and concerns that the servers underpinning the virtual coin consume too much energy. The prospect of reduced emergency stimulus amid the recovery from the pandemic has also emerged as a possible obstacle for the most speculative investments.

Still, the JPMorgan strategists pointed to stability in the Bitcoin futures market as a positive factor, alongside the possibility of increased production costs as China’s crackdown pushes Bitcoin mining abroad. Some researchers argue the marginal production cost plays an important role in Bitcoin prices.

So while the “cryptocurrency market shows signs that it is not yet healthy, it does also appear to be beginning the process of healing,” they wrote.

The largest cryptocurrency fell as much as 6% to $30,296 on Saturday after dropping almost 8% on Friday. Other coins were also under pressure, with Ether dropping more than 5%. Some chart watchers view the $30,000 level as key for Bitcoin, contending a decline below it could open the way to retreat to $20,000.

Grider, lead digital asset strategist at Fundstrat, noted that a large short position has been building again on the crypto exchange Bitfinex — and said the last time there was a similar situation, negative news out of China took prices lower.

More stories like this are available on

Subscribe now to stay ahead with the most trusted business news source.

MSCI CEO Henry Fernandez sees climate change becoming a stand-alone variable in portfolios and risk metrics for companies.

Plenty of our daily activities on the internet begin with a search for more information, whether it’s news or info about various work and personal topics we might be interested in. Google Search plays a central role in that experience, of course, since it’s the most used online search engine in the world. But Search …

The Crypto Council for Innovation (CCI), a global alliance of crypto and Bitcoin industry leaders, has announced their plans to host “The ₿ Word”, a live experience that is co-hosted by ARK Invest, Square, Inc., and Paradigm.

The Olympics could be Shanshan Feng's swan song. Then again, it might not be.

Bitcoin bulls Jack Dorsey and Elon Musk agreed over Twitter to discuss the world's No. 1 crypto at a coming event next month and ARK Invest's Cathie Wood declared the idea “brilliant.”

As many as 900,000 in Ethiopia's Tigray region are facing famine conditions and millions more are at risk, Samantha Power, the head of the U.S. Agency for International Development, said Friday, per AP. Why it matters: Tigray is experiencing the world's worst hunger crisis in a decade, while the prime minister has said there is "no hunger" in the region, according to AP.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe new USAID analysis more

Beijing is trying to rein in Bitcoin mining even though crypto’s popularity is rising among the Chinese.

Shares of Charter Communications, Frontier Communications advance Thursday, as the White House and a group of senators agree to a near $1 trillion infrastructure package, including $65 billion to expand broadband.

El Salvador President Nayib Bukele has offered to give away $30 in Bitcoin to all citizens who decide to download the government’s BTC wallet called Chivo, which is slang for “cool” in the the Central American nation.

‘I believe he should get back $28,000 on his original capital investment — but not the money he spent on refurbishments.’

'I have no debt other than this mortgage and a small car payment that will be paid off in a year. However, my savings are in a sad state.'

VANCOUVER (Reuters) -Huawei Chief Financial Officer Meng Wanzhou's request for a publication ban on new evidence her legal team received from HSBC has been denied by a Canadian court in her U.S. extradition case, a lawyer involved in the case said on Friday. Meng, 49, was arrested in December 2018 for allegedly misleading HSBC about Huawei Technologies Co Ltd's business dealings in Iran, causing the bank to break U.S. sanctions. She faces a Canadian government extradition attempt on charges of bank fraud in the United States.

Semiconductor companies offer an endless variety of trading and investment opportunities in the technology space.

Bitcoin tried to settle above $35,000 but faced resistance near the 20 EMA and pulled back.

Eagerly anticipated document lands with a thud as most incidents remain unexplained The report was only able to explain one citing with a high degree of confidence. Photograph: KTSDESIGN/Science Photo Library/Getty Images/Science Photo Library RF It was an afternoon of much anticipation and excitement – followed by the saddest trombone sound echoing across the internet. The long-awaited report from US intelligence officials on unidentified flying objects dropped Friday afternoon, marking one of

The news comes fresh on the heels of a lawsuit filed against another Roc-A-Fella founder over an attempted NFT.

Two enormous influencers on one stage.

Owners of electric vehicles need to be able to fuel up quickly and efficiently wherever they are, just like they do with gasoline-powered cars.

In a Twitter exchange Friday, the Twitter founder suggested having "THE talk," to which the Tesla CEO replied, "... let's do it."

Business Stories