Bitcoin fell again on with the price hovering around $35,000, down roughly 4% for the day. Bitcoin, the world’s largest and most well-known cryptocurrency, is currently worth nearly half of what it was in November, when it peaked at $69,000. It was last trading at $35,049, down from $34,000 the day before and following a sharp drop on Friday.
The currency has experienced huge price swings as risk appetite has declined due to inflation worries and expectations of a faster pace of interest rate rises from the US Federal Reserve. With equities plunging on Friday, other risk assets have plummeted as well.
Since the onset of the epidemic in March 2020, the S&P 500 and Nasdaq have experienced their largest weekly percentage declines. Bitcoin was sliding on Friday, according to Edward Moya, senior market analyst for the Americas at OANDA, as "crypto traders de-risk portfolios following the massacre in equities" and ahead of the Federal Reserve policy meeting next...
After the price of Bitcoin hit a vital support level of $50,000, the third-largest Bitcoin holder on record added a whooping BTC 2,700 to their wallet, worth $137 million. Bitcoin whale accounts have been aggressively selling over the last week, especially following the massive drop on Saturday, and have played a key role in bringing the most popular cryptocurrency above $50,000. However, going against the grain, on-chain monitoring resources claim that this specific whale transaction is one of the largest in recent memory.
The whale, originally seen by BitInfoCharts and reported by CoinTelegraph, has been buying Bitcoin on a regular basis over the past month, but the most recent purchase of 2,700 Bitcoin is one of the largest for the whale. "This is officially the biggest quantity of Bitcoin EVER owned in this wallet: BTC 118,017," according to VentureFounders. "In all, the whale has spent $2.5 billion into buying BTC with an average cost base of $21,160 per...
Bitcoin is robbing gold of its allure. In a letter to investors, JP Morgan, the world's largest investment bank, stated that Bitcoin appears to be a stronger inflation hedge than gold. Many individuals favor bitcoin as a store of wealth, and bitcoin advocates have long claimed that cryptocurrency offers greater and faster returns than gold. Both of these characteristics are commonly linked with gold. Critics, on the other hand, claim that Bitcoin is very volatile and that there is no assurance that it will continue to increase.
Despite this, the price of Bitcoin has crossed $50,000 for the third time this year. While this demonstrates Bitcoin's proclivity for rapid rises and falls, it also suggests that investing in it might pay off in the long run. JP Morgan's letter allegedly stated, "Institutional investors appear to be returning to Bitcoin, maybe perceiving it as a stronger inflation hedge than gold." Fortune magazine commented on the company's remark,...
Tonga's lawmaker is attempting to persuade the government to accept Bitcoin as legal money. Bitcoin is the most valuable cryptocurrency in the world, with a market capitalization of over $52,000. Tonga, according to parliamentarian Lord Fusitu'a, should follow El Salvador's lead and recognize Bitcoin as legal money. He argues that fees for remittance platforms cost the island country a significant portion of the money remitted from its residents working overseas. Tonga could begin by implementing the Strike digital wallet, which is based on the Bitcoin Lightning Network, so that residents working overseas may transfer money home without incurring additional fees, according to the crypto enthusiast.
To gain money, between 250,000 and 300,000 Tongans have traveled to other nations. The money their family or relatives contribute from other nations is an important element of Tonga's life and national economy for the 100,000 people who reside there. “Tonga is the...
