An overnight bounce across the cryptocurrency assets this Wednesday saw Solana (SOL) outpacing its top rivals, including Bitcoin (BTC) and Ether (ETH). The SOL/USD exchange rate surged 55.10% to $31.58 on Wednesday after bottoming out at $20.14 in the previous session. Its move uphill came in the wake of an overall crypto market retracement that, in turn, followed a brutal crash in response to a full-fledged crypto ban in China. Solana was among the loss-bearers at the beginning of this week. SOL/USD plunged by more than 42% after opening Monday at $35.22. Similarly, Bitcoin lost 19.07% in the same period, …

The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin (BTC). The markets received a second jolt on June 18 after James Bullard, the president of the United States Federal Reserve Bank of St. Louis, warned th the first rate hike could come as soon as 2022. Now crypto analysts are divided on the next move from Bitcoin. Josh Rager believes Bitcoin may have hit its cycle top at $64,500 and Robert Kiyosaki, author of "Rich Dad Poor Dad," believes Bitcoin can plummet to …

Polkadot's DOT coin has witnessed massive upside moves recently as traders assess the cryptocurrency's entry into the United States-based digital assets trading platform Coinbase Pro and the upcoming auctioning of parachain slots atop Polkadot's testbed version of Kusama on June 15. The DOT/USD exchange rate reached $26.44 on June 14, following a roughly 37% upside move that started on June 13. Nevertheless, entering the Asia-Pacific and European trading hours on June 15, the pair corrected by more than 4.5%, hitting an intraday low of $24.25. Initial upside moves in the DOT market surfaced in the wake of the Bitcoin (BTC) …

A run-up toward $40,000 in the Bitcoin (BTC) market risked exhaustion as Chicago Mercantile Exchange’s futures opened on Monday with a gap of $1,575, the first since May 17. In retrospect, the downside risks heightened due to Bitcoin’s recent bearish pullbacks near the $40,000 level. Atop that, the said CME gap formed between Friday’s close of $37,325 and Monday’s open of $38,900, raising possibilities that the next correction would prompt Bitcoin bids to fall to at least $37,325. That is due to a general psychological notion among traders that BTC/USD reverses its trends to fill Bitcoin futures gaps more than …

Bitcoin’s (BTC) price continues to be range-bound between $30,000 and $40,000 level for the past few days, which is not necessarily a bearish sign. Generally, after a sharp fall, the price tends to consolidate as the asset transfers from weaker hands to stronger hands. After the transition is complete, the asset breaks out and starts a new uptrend. Usually, the longer the price consolidates in a range, the stronger the next trending move will be. Bloomberg Intelligence senior commodity strategist Mike McGlone said on Saturday that Bitcoin’s declining supply was a positive sign, which could act as a “bullish ace” …

Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet. The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax payments. Meanwhile, Bukele clarified that his government would not impose capital gains tax on Bitcoin investors. He also announced that El Salvador would use …

When the sentiment in the market turns bearish, every bit of negative news, however insignificant, pulls the price down as traders panic sell. This is what happened after China’s social media giant, Weibo, suspended a number of crypto-related accounts and triggered fears that a wider crackdown could occur. In other news, a note from Goldman Sachs said their meetings with 25 chief investment officers of long-only and hedge funds revealed Bitcoin (BTC) as the least favorite asset for investment. While the news may be negative in the short term, it is unlikely to change the long-term story of Bitcoin. As …

Bitcoin (BTC) prices fell by almost 5% on June 4, continuing the decline into the Friday session as investors grappled with Elon Musk's cryptic tweets on the cryptocurrency, raising speculation that the Tesla CEO might dump the firm's remaining 43,2000 BTC stash. #Bitcoin pic.twitter.com/lNnEfMdtJf — Elon Musk (@elonmusk) June 4, 2021 Nonetheless, Bitcoin's move downside also coincided with a big spike in the U.S. dollar index (DXY), raising speculation that more than one factor accelerated the cryptocurrency's dramatic plunge during the late Thursday and early Friday session. In retrospect, the U.S. dollar index, which measures the greenback's strength against a …

FIL, the native crypto asset of the Filecoin network, was among the best performing digital assets Friday as it maintained its gains against a very bearish cryptocurrency market. The FIL/USD reached an intraday high of $102.109 at around 3:00 am UTC — up more than 37% on a 24-hour adjusted timeframe. The pair underwent a sharp correction later on profit-taking sentiment but sustained its 24-hour gains by staying upward of 17%. In contrast, Filecoin’s top rivals Bitcoin (BTC) and Ether (ETH) were down more than 6% and 7%, respectively, as of 9:45 am UTC. Almost all the top-cap digital assets …

Dogecoin (DOGE) prices jumped by nearly 40% on a 24-hour adjusted timeframe on Wednesday, shaking out more than $16 million worth of bearish leverage in just one hour while almost reclaiming its pre-crash high. Leveraged bearish traders caught themselves on the wrong side of trading after Coinbase Pro, a United States-based crypto trading platform, announced that it would enable DOGE trading to its portal from Thursday. “Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro,” Coinbase confirmed in its blog post. “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, …

Bitcoin (BTC) is struggling to sustain any price level during the current pullback, indicating a lack of demand at higher levels. Does this mean that the bull trend is over and the institutional investors are abandoning the crypto markets? No! It is the other way around. Glassnode’s weekly newsletter pointed out that the Grayscale Bitcoin Trust (GBTC) premium is rising, suggesting that institutional investors are accumulating at lower levels. GBTC is not alone, another popular vehicle for institutional investors, the Canadian Purpose Bitcoin exchange-traded fund has also witnessed strong capital inflows. According to analysts at Glassnode, this shows “early signs …

Bitcoin (BTC) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see "terrible technicals" in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000. Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency. Enough with discounts Dubbed as Grayscale Premium, the metric …