Bitcoin (BTC) logged its worst daily performance since September as BTC price slid by 10% to under $59,000 on Tuesday. On the other hand, the U.S. dollar jumped to its best level in sixteen months after spending across the American retail sector grew despite persistent Covid-19 fears and inflation concerns. The BTC price established an intraday low of around $58,600 on Coinbase, only to retreat higher to reclaim $60,000 as its psychological support. Its move downside appeared as U.S. President Joe Biden signed the $550 billion infrastructure bill into law, including new tax-reporting requirements for cryptocurrency users. Some used the …

The U.S. dollar index (DXY) could continue its slide in Q4, according to a classic technical setup known as a “rising wedge.” The greenback’s bearish prospects may boost Bitcoin’s (BTC) price to new all-time highs as it holds above $62,000. DXY poised for another 1.75% drop Rising wedges are bearish reversal patterns that begin wide at the bottom but contract as the price increases. As a result, the trading range narrows, which makes the rally unconvincing. That typically prompts the price to break below the wedge’s support line and later fall by as much as the maximum distance between the …

Francis Suarez, who has served as the mayor of Miami since 2017, wants to make the city the most attractive in the United States for those in the crypto and blockchain industry. In an interview with Forbes published Sunday, Suarez said lawmakers in Miami were looking into the policies of crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida. “[Miami is] making sure that we have the most progressive crypto laws,” said Suarez. “We want to make sure that we believe that if all things are equal, we win. …

The price of Bitcoin (BTC) has recently shot up after months of stability. In April and May, trading prices came in between the narrow range of $9,000 and $10,000, with realized volatility falling to its lowest in three years by mid-July. The speculation behind the price move has come amid economic uncertainty brought about by the COVID-19 outbreak, coinciding with record low-interest rates and an increasingly volatile stock market. The question is: Will the recent rebound in the cryptocurrency reflect the start of a price spike, which was last seen in 2017? The recent Bitcoin surge has actually coincided with …

Major United States-based crypto exchange Kraken has released a report predicting that Bitcoin (BTC) will rally by between 50% and 200% in the coming months. The report notes that Bitcoin posted a 21-month low for volatility on July 24 of just 23%, and stated that BTC’s 12 historic volatility lows (of between 15% and 30%) have typically been followed by a rally of 140% on average. With August usually the third-most volatile month for BTC price fluctuations, Kraken is predicting that upward momentum produced by Bitcoin at the end of July will continue for several months to come. Late-July Bitcoin …

The COVID-19 pandemic has ravaged the economies of countries all around the world and is showing no signs of stopping. The overwhelming response from global governments has been to place their countries under full or partial lockdowns. This has arguably saved many lives, but the economic fallout has been savage. The United States alone is on track to see a record 30% rate of unemployment and an unprecedented 30% drop in gross domestic product. China, the European Union, Japan and the United Kingdom aren’t faring that much better. In such uncertain times, investors are naturally nervous. After the massive crash …

Aren't we all searching for a safe haven? Whether we mean literal shelter — four walls and a roof over our heads — or something more sophisticated, the craving for a dependable defense against random chaos has always been our instinct. With the COVID-19 pandemic rearranging society at every level, the allure of a safe haven reigns supreme for our battered psyches. In the realm of financial instruments, the search for the safest of safe havens, also known as a store of value, has taken on a new urgency. Is Bitcoin (BTC) a safe haven? Will cryptocurrency prove to be …

In an interview with Cointelegraph, John Vaz, economist and academic at Monash University, asserts that the outlook for Bitcoin (BTC) and cryptocurrency is dependent on the response from governments to the current economic crisis. John also emphasizes the importance of wider adoption and acceptance of cryptocurrencies, likening Bitcoin’s possible role as a money commodity in the context of deepening economic crisis to cigarettes in prisons. Bitcoin will correlate with mainstream markets in short term In the short term, Vaz is unsurprised that the price of Bitcoin has dropped, asserting that Bitcoin has suffered from the same liquidity crisis as most …

Travis Kling, the chief investment officer of crypto investment firm Ikigai Asset Management, has described Bitcoin (BTC) as insurance against both hurricanes and U.S. fiscal policy. On March 20, Kling tweeted that an oncoming hurricane that will soon hit the U.S. economy and “do a lot of damage.” However, all is not lost, with Kling advising that the recent crypto market crash has made half-priced hurricane insurance available to all: “You can still buy hurricane insurance. People panic sold the insurance policy bc they wanted cash. Now it's half priced from a month ago even though the hurricane is clearly …

On March 14, Tyler Winklevoss, the co-founder and CEO of Gemini and prominent early Bitcoin investor, took to Twitter to defend Bitcoin despite the recent market crash. In the tweet, Tyler emphasizes that Bitcoin is still in its infancy, stating: “If bitcoin isn't gold 2.0, then what is it? The fact that it's not acting how you might expect only underscores just how early it is.” Supporting Winklevoss’ assertion, Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, has attributed the recent crypto market meltdown to a broader liquidity crisis coursing through the global economy. He said: “Bitcoin and …

Ether (ETH) has more than doubled in value so far this year, with strong fundamentals and increasing numbers of projects being built on the network. Here are five signs from this week that Ethereum’s time may have finally come. Institutional investors are now paying a 220% premium Accredited investors are currently paying a 220% premium to buy Ether through Grayscale's Ethereum Trust. The price of a single share in the Ethereum Trust is currently trading for $81.50 even though one share represents Ether worth just $25.46. Yesterday the premium was even higher, at 312%. The Grayscale Ethereum Trust has $154.5 …

Nigel Green, the CEO and founder of financial consultancy firm deVere Group, says that the new normal bottom for Bitcoin (BTC) price is $10,000. BTC price holding $10K level for 3 months London business news outlet LondonLovesBusiness reported on Aug. 27 that Green said: “Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.” Earlier this month, Green also …