Bitcoin News Official TheBitTimes.com

Cryptocurrency is going to break out of its bubble and reach critical mass thanks to layer-2 blockchains — and a couple of other factors. After 2021, we entered an era in cryptocurrency where people stopped talking only about financial decentralization and started to broadly discuss the tokenization of everything, thanks in part to nonfungible tokens (NFTs). This shift represents a critical perspective that is set to guide three theses for the upcoming bull market . To fully grasp these theses , it is crucial to understand that everything is data. Money is data. Your engagement with a brand is data. Your credentials are data. The ticket for your favorite show is data. Since 2021, the ecosystem has increasingly started to store a large part of this data in the form of fungible tokens, NFTs, and timestamps on the blockchain, which acts as a data repository in this context. Related: Expect new IRS crypto surveillance to come with a surge in confiscation While not all data needs to be on...

In the aftermath of a significant security breach affecting Unibot (UNIBOT), an unexpected twist in market psychology surfaced. A leading analyst on prominent crypto analytics platform Santiment dissected the curious case of Unibot price action following a hack, challenging the old adage of “sell the rumor , buy the news.” He wrote: Panic creeps in, you start getting doubts (especially having experience multiple blowups of projects before), maybe it’s just better to sell and wait it out? Looks like many UNIBOT holders felt those kind of feelings in the recent days. On Oct. 31st, a capitulation event was observed for Unibot as long-standing coins changed hands in response to panic stemming from a cryptic tweet by the coin’s developers. The subsequent sell-off resulted in the largest transaction volume spike for Unibot, accompanied by a noticeable increase in active addresses — a movement tracked closely by Santiment’s tools. If you read any UNIBOT-rel...

Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins. Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course. However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged. Daily cryptocurrency market performance. Source: Coin360 A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases ...

Bitcoin has undergone a profound change in its issuance rate that makes it a very different asset than what most people think of it, according to crypto influencer Stack Hodler. In a tweet yesterday, Stack Hodler explained that 93 percent of Bitcoin’s total supply has already been issued in the first 14 years of its existence. During this time, new Bitcoins were flooding the market as rewards for miners. However, Stack Hodler argues that in the next 14 years and beyond, new issuance will slow to a trickle — estimated to be less than half a percent of total supply after 2037. This drastically increased scarcity makes Bitcoin a completely different asset. What you think of as “Bitcoin” is what you have experienced as 93 percent of all Bitcoin that will ever exist was dumped onto the market. […] Bitcoin’s true scarcity hasn’t even kicked in yet. Stack Hodler You might also like: Bitcoin faces selling pressure as whale activity hikes Stac...

Bitcoin’s price consolidation is giving altcoin traders confidence that DOGE, MKR, OP and XDC could break out. Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher. Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up. Crypto market data daily view. Source: Coin360 However, an altcoin recovery is likely to remain in place only till Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action. What are the important support and resistance levels ...

Cointelegraph analyst and writer Marcel Pechman explains why debt might be good for Bitcoin, and discusses JPMorgan’s method for trading debt instruments. In the latest episode of Macro Markets , Cointelegraph analyst Marcel Pechman discusses the United States Federal Reserve’s delicate balancing act of curbing inflation without causing a recession and sheds light on the potential implications for the cryptocurrency market. In the crypto world, the anticipation of rising interest rates could have a short-term negative impact. This may lead to a loss of confidence in the U.S. dollar, potentially resulting in a downturn for the crypto market. Nevertheless, Pechman remains optimistic about the potential of Bitcoin (BTC), highlighting its hard-locked monetary policies as a key factor in maintaining value during times of economic uncertainty. The much-awaited approval of a spot Bitcoin exchange-traded fund takes center stage, as it could be a game-changer for the crypto market, potentially...

Bitcoin's failure to rebound off strong support levels increases the risk of a deeper correction that could also negatively impact altcoins. After failing to sustain above the resistance of its narrow range, Bitcoin (BTC) fell near a key support on July 18. The consolidation of the past few days seems to be an accumulation phase, according to Glassnode’s Bitcoin Accumulation Trend Score. A similar score was seen during the accumulation phases between November to December and again from March to April. According to CoinShares data, institutional investors continue to plow funds into digital asset investment products, which rose to $742 million in the past four weeks. Bitcoin continues to attract the lion’s share of the funds, with last week alone accounting for $140 million in inflows. Daily cryptocurrency market performance. Source: Coin360 Morgan Creek Capital chief investment officer and founder Mark Yusko said in an interview with Cointelegraph that Bitcoin’s fair value is $55,...

Bitcoin miners have been selling BTC since the start of June, potentially adding further pressure to the BTC price. Bitcoin’s on -chain data provides evidence that Bitcoin miners are offloading their holdings. The factors influencing the selling pressure could be reduced earnings from a cooldown in Ordinals activity as well as mining difficulty and hash rate reaching an all-time high.  According to on -chain analytics firm Glassnode, “Miners have been sending a significant amount of coins to exchanges.” Glassnode data shows Bitcoin (BTC) miners’ inflows to exchanges spiked to a three-year high on June 3 to levels last seen during the bull market of early 2021. Across the past week, #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M. This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4 — glassnode (@glassnode...

BTC’s chart is beginning to look bullish, and ADA, QNT, RNDR and RPL could rally if Bitcoin price breaks out to the upside. The United States equities markets welcomed the debt ceiling deal and the May nonfarm payrolls data on June 2 with strong rallies. The S&P 500 rose 1.8% during the week while the tech-heavy Nasdaq was up 2%. This was the sixth successive week of gains for the Nasdaq, the first such occasion since January 2020. In addition to the above, the expectation of the Federal Reserve remaining in a pause mode during the next meeting may have acted as a catalyst for the rally. CME’s FedWatch Tool is showing a 75% probability of a pause, with the remaining 25% expecting a 25 basis points hike in the June 14 meeting. Crypto market data daily view. Source: Coin360 Rallies in the equities markets failed to trigger a similar performance in Bitcoin (BTC) and the altcoins. However, a minor positive is that several major cryptocurrencies have stopped falling and are trying to ...