Tag Archives: Cryptocurrency market

Bitcoin Drops Below $90,000 Amid a Massive Sell-Off

Bitcoin Drops Below $90,000 Amid a Massive Sell-Off

Cryptocurrencies have experienced a significant decline,
with Bitcoin falling below $90,000 amid a sell-off that impacted the market following the diminishing effect of Donald Trump’s election victory.

 

 

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Cryptocurrencies

Crypto Declines as Trump’s Influence Fades

Bitcoin’s value dropped below $90,000, hitting its lowest level since mid-November,
as the post-election rally following Donald Trump’s victory began to fade.

The cryptocurrency lost approximately 7.6%, trading at around $88,300 as of 11:38 AM on Tuesday in London,
marking its lowest level since mid-November.
Other cryptocurrencies also suffered losses, with Ethereum and Solana declining by nearly 10% during the session.

 

 

Bitcoin

Bitcoin Down 20% Since Trump’s Inauguration

The digital asset market has sharply reversed from the risk-driven rally that followed Trump’s election win.
Bitcoin has dropped about 20% since the U.S. president took office in January,
as his tough stance on allies and geopolitical rivals alike has shaken investor confidence and raised concerns about persistent inflation.

According to Adrian Przelozny, CEO of the cryptocurrency exchange Independent Reserve,
“Bitcoin’s decline is likely linked to overall macroeconomic uncertainty,
which has negatively affected most financial markets over the past two days,
particularly due to the various tariffs announced by President Trump.”

 

 

Successive Setbacks

Crypto Market Faces Continued Challenges

Market sentiment has turned pessimistic after a series of industry setbacks.
Among the most significant events was the largest-ever cryptocurrency security breach,
along with a scandal involving a meme coin promoted by Argentine President Javier Milei.

Caroline Moron, co-founder of Orbit Markets, a firm specializing in cryptocurrency derivatives liquidity, stated,
“The Bybit hack is the latest in a series of troubling events, such as the launch of questionable meme coins,
which have brought back unpleasant memories for crypto traders.”

 

 

Bitcoin Drops Below $90,000 Amid a Massive Sell-Off

UK House Prices Rise in December

UK House Prices Rise in December Amid Increased Mortgage Lending

House prices in the UK continued to climb for the fourth consecutive month in December,
driven by a surge in mortgage approvals to their highest level in two years.

 

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United Kingdom

According to a report released by Nationwide Bank on Thursday, the average house price rose by 0.7% month-on-month,
reaching £269,420 ($338,000). Despite this increase, the average remains slightly below the record high of £273,750 ($343,000) recorded in the summer of 2022.

On an annual basis, prices rose by 4.7% compared to December 2023. Robert Gardner,
Chief Economist at Nationwide, noted that the mortgage market and house prices demonstrated significant resilience in 2024,
despite ongoing affordability challenges faced by buyers.

All regions of the UK saw house price growth over the past year.
Northern Ireland outperformed for the second consecutive year,
with prices rising by 7.1% year-on-year, while England recorded a 3.1% increase.

 

 

 

 

 

Switzerland

Switzerland Moves Toward Including Bitcoin in National Reserves

News reports indicate that the Swiss Federal Chancellery has begun implementing a proposal to include Bitcoin in the country’s national reserves alongside gold.
The proposal, submitted by a coalition of ten cryptocurrency advocates,
seeks to amend the Swiss Federal Constitution to allow the Swiss National Bank to hold Bitcoin as part of its monetary reserves.

Advancing this constitutional amendment requires gathering 100,000 signatures,
equivalent to support from 1.12% of Switzerland’s population.
The initiative, launched on December 5 and officially registered in the Swiss Federal Gazette on December 31,
has 18 months to collect the necessary signatures before submission to the Swiss Federal Assembly for review.

The proposal, titled “For a Financially Sound, Sovereign, and Responsible Switzerland,
” aims to amend Article 99 of the Swiss Constitution to mandate that the Swiss National Bank hold part of its reserves in gold and Bitcoin.

Reports suggest that this initiative could mark a significant step toward Switzerland’s official adoption
of Bitcoin as part of its monetary reserves, enhancing its financial independence and ability to navigate global economic fluctuations.

 

 

 

UK House Prices Rise in December Amid Increased Mortgage Lending

 

El Salvador Achieves Record Profits from Bitcoin Investments

El Salvador Achieves Record Profits from Bitcoin Investments Amid President Bukele’s Bold Vision for the Future

In an unprecedented move, El Salvador became the first country in the world to adopt Bitcoin as legal tender in 2021.
This bold step sparked widespread debate over its economic viability and faced numerous criticisms due to concerns about the stability of the national economy and the risks associated with digital currencies.
However, recent data shows that El Salvador has made significant profits from its Bitcoin investments,
reflecting a surprising success in President Nayib Bukele’s vision for the future of digital currency.

 

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Bitcoin
Challenges

 

 

 

 

 

 

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El Salvador began purchasing Bitcoin in September 2021 when the price was around $51,769. Since then,
the country has continued to increase its holdings, now owning over 2,300 Bitcoins.
Thanks to the rise in Bitcoin’s price in global markets, the value of these holdings recently exceeded $100 million.
Bukele expressed his pride in these profits through his social media platforms,
considering El Salvador’s Bitcoin investments a wise decision, even calling it a historic step for his country’s financial future.

 

 

 

Bitcoin

Beyond the financial gains, the adoption of Bitcoin as legal tender has positively impacted El Salvador’s economy in multiple ways.
This move has helped attract foreign investments to the small Central American nation
and earned it global recognition as a preferred destination for cryptocurrency enthusiasts.
This, in turn, has boosted the tourism sector.
Additionally, the Salvadoran government has used some of the profits to fund developmental and infrastructure projects,
further supporting the country’s economy on various levels.

 

 

 

 

Challenges

Despite these achievements, El Salvador still faces significant challenges in the realm of digital currencies.
The extreme volatility in Bitcoin prices could pose a potential risk to the stability of the economy,
especially since it is now being used as official currency alongside the U.S. dollar.
While the country has reaped substantial profits, the government recognizes the need to enhance its digital infrastructure and educate citizens on how to use cryptocurrencies safely and effectively.
El Salvador’s experiment with Bitcoin is an exceptional example of the power of innovation and boldness in economic policy.
Despite the risks and challenges, this step has proven to be a remarkable success, yielding unprecedented profits for the country.
However, the sustainability of this success requires careful monitoring of risks and the implementation of well-thought-out measures to protect the national economy from any fluctuations that could impact its stability.

 

 

 

El Salvador Achieves Record Profits from Bitcoin Investments

 

Record Bitcoin fund inflows boost market confidence and signal strong future growth.

Record Bitcoin fund inflows boost market confidence and signal strong future growth:
Bitcoin exchange-traded funds (ETFs) saw unprecedented record inflows the day before yesterday,
with total net inflows amounting to approximately $1.114 billion, according to Wu Blockchain data.
This significant figure reflects growing confidence in the cryptocurrency market
and the willingness of both retail and institutional investors to increase their investments in these assets,
especially as many countries move toward legalizing and regulating this rapidly growing sector.

 

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Record Inflows

Growth of Total Net Inflows

Expectations for Cryptocurrency Growth

 

 

 

 

Record Inflows Led by BlackRock Fund

BlackRock’s IBIT fund was one of the key drivers of these substantial inflows,
recording a daily net inflow of $756 million, with an unprecedented daily trading volume of $4.65 billion.
This figure marks a milestone and underscores the level of institutional investor interest in the cryptocurrency sector,
particularly with increasing demand for BlackRock’s fund, one of the largest names in the investment field.
BlackRock’s fund was not alone in witnessing positive inflows;
other funds also experienced notable inflows, including Fidelity’s FBTC fund,
which achieved a daily net inflow of $135 million.
This positive activity indicates a gradual shift toward incorporating cryptocurrencies
as part of traditional investment portfolios, further strengthening their recognition as global assets.

 

Growth of Total Net Inflows Reflects Rising Bitcoin Demand

Since their inception, The cumulative net inflows of Bitcoin-traded funds have reached approximately $26.90 billion,
reflecting the growing demand for these financial instruments.
This figure indicates continued interest from financial institutions in exploring
the Bitcoin market despite its characteristic high volatility.
These massive inflows are attributed to various factors,
including asset diversification and a shift toward alternative assets amidst economic uncertainty.

 

 

 

Expectations for Cryptocurrency Growth Following Trump’s Victory

Experts at Standard Chartered Bank indicated in a recent research
note that cryptocurrencies may experience strong positive performance
in the coming period following Donald Trump’s victory in the U.S. presidential election.
Trump is known to be a major supporter of the cryptocurrency sector,
which could open new horizons for the growth of digital assets in the future.
These developments may prompt supportive policies for the digital industry,
enhancing investor appetite and increasing capital inflows into the cryptocurrency market. 

Standard Chartered experts also suggested that Ethereum and Bitcoin
could see significant gains in the coming years under Trump’s administration.
According to their projections, Ethereum’s price may reach $10,000,
while Bitcoin could hit $200,000.
This optimism is based on expectations that Trump’s policies will support digital currencies
and pave the way for further innovation and regulatory changes that contribute to the growth of these digital assets.

 

 

Record Bitcoin fund inflows boost market confidence and signal strong future growth.

Coinbase Service Outage

Coinbase Service Outage

Coinbase, the leading cryptocurrency exchange in the United States, is experiencing a complete outage.
The company has confirmed that it is investigating the cause of the problem
and assured that customer funds are safe.

 

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Coinbase is facing an outage in all its digital services,
both on its website and through its mobile app,
as stated on its website.
The company is conducting investigations to determine the root of the problem
and has reassured its customers that their funds are secure.
The current outage has halted trading on both the web and mobile platforms.
As of 12:55 PM Singapore time on Tuesday,
the prices of cryptocurrencies have not been significantly affected by this outage.

 

 

Coinbase Service Outage

 

 

Bitcoin’s Longest Losing Streak in 2024 Impacts the Cryptocurrency Market

Bitcoin’s Longest Losing Streak in 2024 Impacts the Cryptocurrency Market: Bitcoin recorded five consecutive days of decline,
marking the longest losing streak since last October.
This was part of an overall dip in digital assets with a market value of $500 billion,
raising questions about whether the cryptocurrency market recovery has peaked.
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The cryptocurrency market value fell to $2.4 trillion after a 17% decrease
following Bitcoin’s record high in mid-March when it reached $73,798,
according to data from CoinGecko and Bloomberg News.

The recent drop in Bitcoin warns of “upcoming problems” for global markets. Diminished flows into
US-traded Bitcoin funds and the potential for prolonged high U.S. interest rates negatively affected digital assets.
Last week, the launch of cryptocurrency exchange-traded funds in Hong Kong failed to improve market sentiment.

Despite challenges, many analysts remain optimistic. Benjamin Sillermayer, a digital asset investment manager at Magnet Capital,
noted that the bull market is not over yet and
expects Bitcoin to reach new record levels by the end of 2024.

Data in the derivatives market indicates that investors expect fewer fluctuations than
in the period following the launch of exchange-traded funds. Bitcoin stabilized at $61,660, while Ether rose by 2% to $3,009.

Bitcoin Market Share in Cryptocurrency at Highest Since 2021

Bitcoin Market Share in Cryptocurrency at Highest Since 2021: Bitcoin now dominates the cryptocurrency market at a level not seen in three years,
driven by strong demand for U.S. exchange-traded funds (ETFs) that invest in the most prominent digital currency,
amid challenging times for smaller cryptocurrencies.

 

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Bitcoin domination
Institutional Demand


Bitcoin domination

As of last week, Bitcoin made up nearly 55% of the $2.4 trillion virtual currency market,
a share last observed in April 2021, per CoinMarketCap.
Following Bitcoin in market dominance are Ether, the stablecoin Tether, Binance’s native token BNB, and Solana.

Recent U.S. spot ETFs introduced by firms such as BlackRock Inc. and Fidelity Investments,
which are just three months old, have already gathered around $56 billion in assets,
marking one of the most successful launches in the fund category.
These inflows pushed Bitcoin to a record high of $73,798 in mid-March.
Since then, Bitcoin has fallen by about 6%, while a measure of smaller cryptocurrencies has plummeted over 30%.
This decline aligns with dampened expectations for a more relaxed U.S. monetary policy, often boosting speculative investments.

 

Institutional Demand

Institutional investments in U.S. ETFs have led to Bitcoin performing exceptionally well compared to other cryptocurrencies,
according to Benjamin Celermajer, director at Magnet Capital, a digital-asset investment firm.
On Monday, Bitcoin and Ether, the second-largest cryptocurrency,
saw prices increase following news that asset managers are
set to introduce ETFs listed in Hong Kong for both digital tokens.
At 2:35 p.m. in New York, Bitcoin was trading down about 1% at $63,500,
while Ether was up approximately 1% at $3,094.
Meanwhile, smaller cryptocurrencies like Polygon and Cardano, as well as the popular meme token Dogecoin, were trading lower.

The Bloomberg Galaxy Crypto Index has surged over threefold since the beginning of last year,
rebounding from a deep bear market in 2022. Crypto enthusiasts are now anticipating the upcoming Bitcoin halving event,
which is expected around April 20 and will cut the new supply of the token by half.
While previous halvings have spurred price increases, skepticism remains about the likelihood of a similar impact this time,
especially after Bitcoin’s recent peak.

 

 

Bitcoin’s Market Share in Cryptocurrency at Highest Since 2021

Bitcoin is approaching $45,000

Bitcoin is approaching $45,000 due to demand for the Meme Coins: The Meme coin and non-fungible token (NFT) have made significant gains recently as optimism
that the upcoming U.S. exchange-traded fund listing announcement date will allow ownership of the Bitcoin-led cryptocurrency headlines market in the current year.

 

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Altcoins Market
Bitcoin trading price increases
Solana and Avalanche are the most profitable

Altcoins Market

Altcoins (alternative cryptocurrency to Bitcoin) such as the “Dogwifhat” coin,
 which bears the image of a dog in a hat, became the most popular currency.
Speculative currencies saw a similar rise in markets that had been on the rise for more than two years.
The prices of these coins increased by more than 1000% in a few days, but their trading price is still less than a cent.

According to Teong Hng, CEO of cryptocurrency investment firm Satori Research, the alternative cryptocurrency trading season has returned and the current conditions are similar to those of the first quarter of 2021.

 

Bitcoin trading price increases

Bitcoin has hit its highest price in more than a week as the US Securities and Exchange Commission
will decide on January 10 whether or not to approve the listing of exchange-traded funds.
 US Securities Bitcoin trading price rose 4.2% to reach $44,294 in Wednesday’s trading session.
What is noteworthy is that the price of Bitcoin,
the best-selling currency valued at $1.6 trillion and accounting for half of the market value of cryptocurrencies, has not reached a price of $45,000 since April 2021.

 

 

 

Solana and Avalanche are the most profitable

The prices of the tokens of the platforms where they are traded, such as Solana and Avalanche,
have increased as a result of this rally,
making Solana and Avalanche the most advantageous and profitable
in the cryptocurrency market with an increase of more than 10% on Wednesday. Negotiation session.

 

 

Bitcoin is approaching $45,000 due to demand for the Meme Coins

Bitcoin Approaching $42000

Bitcoin Approaching $42000

Bitcoin rose to nearly $42,000 on Tuesday,
driven by expectations of a rate cut and increased demand from exchange-traded funds.

 

 

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The price of Bitcoin rose to $40,000, surpassing the previous level of collapse after the collapse of TerraUSD. This rise in Bitcoin reflects investors’ optimism about a rate cut.

 

Tony Sycamore, a market analyst at IG Australia, wrote in a note: “Bitcoin is still supported by optimism about the approval of the Securities and Exchange Commission to reduce interest rates on exchange-traded funds and Federal Reserve interest rates in 2024.” He added that the technical chart patterns of the currency indicate that $42,330 is the next level to watch.

 

Bitcoin’s recovery from the collapse of cryptocurrencies last year has withstood the US crackdown that put Sam Bankman-Fried behind bars on charges of fraud at FTX. Binance, a major cryptocurrency exchange, and its founder Changpeng Zhao were also fined heavily.

 

For optimists, the push to curb questionable practices and the wave of exchange-traded fund applications point to the maturity of the industry and the potential for wider adoption of cryptocurrencies.

 

 

 

 

 

 

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If Bitcoin can break through the $42,000 level, it could be on track to reclaim the record levels it reached during the pandemic rally.

 

While the rise in the price of Bitcoin indicates that investors are feeling more confident about the future of the cryptocurrency, amid expectations of a rate cut and increased demand from exchange-traded funds.

 

 

Bitcoin Approaching $42,000

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network

In a massive cybersecurity incident, projects affiliated with the pioneer in digital assets,
Justin Sun, fell victim to two separate attacks.
The cryptocurrency exchange “HTX” (HTX) and the “HECO Bridge” were breached,
resulting in losses exceeding $110 million.

 

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Confirmation came through a tweet from Justin Sun on Wednesday,
where he affirmed that the HTX exchange had temporarily halted deposit
and withdrawal operations while an investigation is underway.
Another statement from the exchange spokesperson confirmed
that around $30 million worth of cryptocurrencies were stolen from its wallet.

 

In a separate development, CryptoQuant, a research company,
reported a loss of over $85 million in Ether and other tokens due to a breach of the HECO Bridge.
Despite the independence of HECO Bridge from the HTX exchange,
both suffered simultaneous cyberattacks.

 

As of now, there has been no official comment from HECO Bridge,
and more details are expected to be revealed after the completion of investigations into the twin attacks.

 

 

 

 

 

 

 

Conclusion

These incidents come shortly after the announcement by Poloniex,
another cryptocurrency exchange supported by Justin Sun,
revealing a similar security breach resulting in the theft of over $100 million.
Additionally, HTX incurred losses of $8 million due to a security breach in September.

 

Justin Sun stated in a post on the former “X” platform, now known as Twitter,
that HTX would fully compensate for the losses from its wallet and
affirmed the resumption of services once the investigation concludes and
the reasons behind these massive cyberattacks are identified.

 

 

 

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network