Bitcoin price – live: crypto market whales ‘aggressively’ buy btc in a bullish signal
Bitcoin remains in a period of consolidation at the start of the week, with the price remaining in the $ 33,000- $ 36,000 range since early July.
The cryptocurrency lost about 5% in value between Sunday and Monday, but fell back to over $ 34,000 on Tuesday morning.
Other leading cryptocurrencies including Ethereum (ether), dogecoin, and Cardano (ada) have seen similar stability in recent days, although current trends suggest price gains may be on the way.
The latest data on the crypto market from analysis firm Glassnode shows that there has been a significant increase in so-called whale counts, which is usually a bullish signal.
An increase in the number of crypto whales – addresses containing more than 1,000 bitcoins – has occurred alongside the record-breaking run that took bitcoin to an all-time high above $ 64,000 in April.
You can follow all the latest news, updates and expert price predictions here.
The crypto market continues its remarkable stability, with the value of bitcoin varying by less than 1% in value overnight.
With a price of just under $ 35,000, bitcoin is only 1% of what it was at this time last week. A similar lack of significant movement was also seen by dogecoin, Ethereum (ether), Cardano (ada) and Ripple (XRP), but Binance Coin received a boost with a 6% price hike. We’ll have to wait a little longer to see which trend proves to be more powerful: the recent bear market or the longer term bull market.
Here’s a look at the Tuesday morning market.
Anthony CuthbertsonJuly 6, 2021 8:52 AM
Wild West Bitcoin Trading Sites Raise Scam Fears
A number of UK and US lawmakers have called for the introduction of a strong regulatory framework into the cryptocurrency space, with some pointing to the rise of trading and gambling sites.
Some of these promising astonishing returns include Bitcoin SuperSplit and Immediate Bitcoin, which claim to have AI-driven systems that use algorithms to guess the direction of the market. This latest trend is known as Bitcoin Contracts For Difference (CFDs), and experts warn clients could be at huge risk due to lack of regulatory oversight.
Carol Alexander, professor of finance at the University of Sussex, describes it as the “Wild West” of financial markets and called on the United States to lead the way in making rules.
You can read the full story here.
Anthony CuthbertsonJuly 5, 2021 7:57 PM
A look at bitcoin’s price patterns in half
Crypto market analysts have frequently associated bitcoin’s historical price patterns with its halving cycles, which dictate the number of bitcoins released with each 10-minute block.
A halving event takes place roughly every four years, by which time the reward for bitcoin miners is halved. Typically, halves are followed by big price spikes that lead to new all-time highs.
The last halving took place in 2020 and saw bitcoin go from less than $ 10,000 to over $ 64,000 in a matter of months. If it follows a pattern similar to the halving cycles of 2012 and 2016, bitcoin could well generate more gains, as shown in the chart below.
However, we are over 400 days away from the cycle, and by this point in 2013, the peak had already been reached. The direction the market takes over the next few months will be decisive.
Anthony CuthbertsonJuly 5, 2021 2:51 PM
New German law could see half a trillion dollars injected into crypto
A new law in Germany will allow special funds (spezialfonds) to invest up to 20% of their assets in cryptocurrency.
The Fund Location Act could see an estimated flow of $ 415 billion into cryptocurrencies if the entire allocation is used.
“While this notional sum is unlikely to be invested in its entirety in investing in crypto-assets, the legal enactment is big news for the industry and a vote of confidence for crypto-assets and their potential. “said Simon Peters, cryptocurrency market analyst at the eToro online trading platform.
“The Spezialfonds are the main institutional investment vehicles in Germany. Any large allocation in crypto would have a big impact, thanks to Germany’s status as the largest economy in the Eurozone.
Anthony CuthbertsonJuly 5, 2021 12:59 PM
Bitcoin mining difficulty sees record drop
China’s crackdown on the crypto industry has resulted in the biggest drop in bitcoin mining difficulties in history.
Over the weekend, mining difficulties fell more than 27%, also leading to a drop in transaction fees. This event may have contributed to the brief spike in bitcoin prices that saw it rise by nearly $ 36,000.
The ban on bitcoin mining in much of China has been partly blamed for the recent losses of the cryptocurrency, but some claim it will ultimately benefit the industry as it will mean the network will be distributed more evenly. .
Anthony CuthbertsonJuly 5, 2021 11:58 AM
Bitcoin’s ‘whales’ peak in two months
The number of so-called “whales” – crypto holders with more than 1,000 bitcoins – peaked in two months, suggesting that big price gains could be on the way.
Data from market analysis firm Glassnode reveals that the number of whale entities increased by 80,000 to 4.126 million, a few hundred thousand lower than the all-time high in February 2021.
The rise in crypto whales is generally seen as a bullish sign, as it shows that those with the most power in the market are currently hoarding bitcoin.
“The latest rise in the whale balance suggests that the bottom may have been hit,” notes CoinDesk’s Omkar Godbole.
Anthony CuthbertsonJuly 5, 2021 10:35 AM
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Anthony CuthbertsonJuly 5, 2021 09:38