Bitcoin

The price of bitcoin was under pressure again on Thursday, with even bigger losses among smaller cryptocurrencies, as the collapse of stablecoin UST ...

“Tether is struggling to hold its Peg. It is hurting all Crypto,” tweeted Jim Bianco, president of Bianco Research. “Confidence is shot in crypto and the risk of contagion is high. “It is clear that bulls have lost the battle, and the selling pressure is very much on. Some were blaming a fresh push lower on the crypto market’s largest stablecoin, Tether USTUSD, -11.43%, also referred to by USDT, which was trading below the buck at as low as 95 cents. Traders are supposed to be able to exchange UST for the equivalent of $1 of Luna, and when UST trades below $1, holders have an incentive to burn it and mint Luna LUNAUSD, -93.20%, which has also seen a massive slump. Luna was trading at 23 cents, a loss of 96% over the past 24 hours. The market’s recent downturn has largely triggered by the collapse of so-called algorithmic stablecoin TerraUSD, or UST, which is supposed to maintain a one-to-one peg against U.S. dollars.

The sell-off in the cryptocurrency world shows no sign of levelling off as Bitcoin fell below the $27000 threshold on Thursday.

Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks. As of Thursday morning, UST was trading at about 62 cents, far below its $1 peg. Meanwhile, the price of Ether shed more than 23 per cent.

Cryptocurrencies extended their sell-off on Thursday, with Bitcoin falling to its lowest levels in 16 months as a stampede out of so-called stablecoins sent ...

That would be a possible clue to wider contagion. It was supposed to maintain its peg via a complex mechanism which involved swapping it with another free-floating token. Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar. "The collapse of the Peg in TerraUSD has had some nasty and predictable spillovers. Bitcoin dropped to a low of $25,401.05, its lowest level since Dec. 28, 2020. Register now for FREE unlimited access to Reuters.com

Tether (USDT) snapped to 97 cents in Asian hours, losing its parity with U.S. dollars at writing time. · Separately, bitcoin (BTC) lost the $27,000 support level ...

Follow all the latest news, analysis and expert price predictions for bitcoin, as well as other leading cryptocurrencies like Ethereum, Solana, and Cardano.

Others warn that holding the $30k level could be critical for bitcoin’s short- to medium-term prospects. The coming hours and days could prove critical as to whether this trend can continue. The crash is continuing. Start your Independent Premium subscription today. There’s a lot of trees, a lot of landmarks, and even a “beautiful lookout in the volcano”. That volcano is going to be used to not only power the city with geothermal energy, but also provide the energy to mine bitcoin. Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since July 2021.

Cryptocurrency Price Today: The global cryptocurrency market on Thursday, May 12, faced a brutal bloodbath with a 16.83 per cent decrease in the market cap ...

The altcoin has wiped off over 99 per cent of investors’ wealth in the past two days. Solana $38.56 or 39.19 per cent loss in the last 24 hours BNB $221.00 or 27.63 per cent loss in the last 24 hours This was down by a whopping 22.37 per cent over the last 24 hours. Tether $0.9508 or 4.90 per cent loss in the last 24 hours Ethereum $1,797.26 or 22.37 per cent loss in the last 24 hours Cryptocurrency Price Today: The global cryptocurrency market on Thursday, May 12, faced a brutal bloodbath with a 16.83 per cent decrease in the market cap on the day. Bitcoin $27,411.11 or 9.89 per cent loss in the last 24 hours Additionally, the total value locked on Anchor, (Terra’s biggest DeFi protocol), fell by $11 billion in the past few days. U.S. Treasury Secretary Janet Yellen cited the UST issue to push for stablecoin regulation,” added Bathija. Bear cycles are usually longer than bull cycles, so it could take 1/2 years to get a positive long-term price growth in the crypto market. Bitcoin price today fell to its 16 month low, and was standing at $27,411.11 at the time of writing this article, which was down by 9.89 per cent over the last 24 hours.

Trouble at a major “stablecoin” called TerraUSD, combined with interest rate rise fears, has sparked “extreme fear across the crypto market”

Luna has fallen over 90% since the start of the week. Bitcoin’s decline has broadly mirrored volatility in the US Nasdaq stock market, which is mostly made up of tech companies. “March 2020 was definitely bad, this could rival that. Bitcoin, a barometer for crypto, reached an all-time high price of more than $68,000 in November. TerraUSD, a so-called “stablecoin” meant to be pegged to the value of the US dollar, has dramatically collapsed, sparking panic about the stability of the broader market. There are fears it could fall much further.

Bitcoin plunged to its lowest level since December 2020 as a cryptocurrency selloff gathered steam Thursday. The world's largest cryptocurrency by market ...

- Target:Up to 60% off - Target Promo Code You may cancel your subscription at anytime by calling Customer Service. On the other, the decoupling of TerraUSD, a stablecoin whose value was tied to $1, has sent ripples through digital assets.

Bitcoin slumped below $27000 Thursday for the first time in over 16 months, as cryptocurrency markets extended their losses amid fears over rising ...

Digital currency investors often turn to them for safety in times of volatility in the markets. Economists have long feared that tether may not have the required amount of reserves to bolster its dollar peg in the event of mass withdrawals. Adding to investors’ fears Thursday was a drop in the value of tether, the world’s biggest stablecoin. Ether, the second-biggest digital currency, tanked to as low as $1,789 per coin. That marks the first time bitcoin has sunk below the $27,000 level since Dec. 30, 2020. That’s a risky gamble, not least because bitcoin is itself an incredibly volatile asset.

Bitcoin and other cryptocurrencies continue their slump into this week. Fears of more volatility continue as millions are wiped off in a day.

Terra's LUNA was in for a rude shock as it fell 96 percent and dropped from the list of top 10 crypto coins to 81st. However, whether the cryptocurrency can hold its valuation at this level is also doubtful after the Bureau of Labor Statistics announced that consumer prices for April were at 8.3 percent. Last week, Bitcoin and other cryptocurrencies were staring at a sudden crash after the U.S. Federal Reserve announced a tightening of its monetary policy.

Bitcoin plunged and the world's largest stablecoin, tether, briefly edged down from its $1 peg, adding to fears of more turbulence in the cryptocurrency market. Cryptocurrencies have been hit by two forces this week. On one side, concerns that ...

- Opinion: President Costanza Takes On Inflation You may cancel your subscription at anytime by calling Customer Service. On the other, the decoupling of TerraUSD, a stablecoin whose value was tied to $1, has sent ripples through digital assets.

The cryptocurrency market continued to hemorrhage money Thursday, with the most popular coins down double-digit percentages over the past 24 hours.

But if you’re looking to pick up some cheap crypto, it’s probably a good idea to at least wait to see what happens with Tether in the coming days and weeks. And that’s exactly the kind of volatility that you already have with cryptocurrencies and doesn’t help people looking for a safe haven asset that can more easily be used to convert to fiat. First and foremost, look for exchanges to suddenly stop letting people from withdrawing money in the name of “scheduled maintenance,” something Binance U.S. already announced overnight would be happening this morning from 6:00 a.m. ET until 9:30 a.m. ET. The culprit for the crypto bloodbath was a chain reaction that started over the weekend when Terra’s stablecoin, TerraUSD, which is theoretically supposed to stay at $1, became “depegged” and started trading below a dollar. Tether, the most popular stablecoin in the world, also depegged for the first time early Thursday, dipping to $0.95 on major exchanges before recovering slightly to $0.98 as of this writing. And absolutely no one knows when things will bottom out, with many people worried the entire market of fake digital money could go to zero as the stablecoin Tether officially traded below $1 for the first time ever early Thursday.

The world's largest cryptocurrency dropped as low as $26,970, to stand at its lowest since Dec. 28, 2020. In the last eight sessions, it has lost a third of its ...

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Amid a collapse in many cryptocurrency prices this week, fans of the Washington Nationals might have spotted an odd tweet from the baseball team's account.

“Prices had to come back down to earth, and it happened,” said Abraham Chaibi, co-founder of crypto trading firm Dexterity Capital. “This is not an existential crisis for crypto by any means.” The crypto crash has not spurred a groundswell of new momentum for creating clearer federal rules for the assets. The announcement drew criticism from the Labor Department and a pair of Democratic senators — Elizabeth Warren (Mass.) and Tina Smith (Minn.) — who wrote the company asking it to address the “significant risks of fraud, theft and loss” associated with the assets. Warren said this week’s meltdown in crypto prices underlines the danger for retirees. “There was a big drop in 2014, and then in 2018, there was a ‘crypto winter,’ and many smaller episodes in between. The NBA, for example, has bet big on it, with the Warriors, Mavericks and Heat all making splashy deals with crypto companies — a potential optics issue as all three teams play postseason games this week. The plunge in crypto prices tracks a broader move by investors to dump risky assets, such as tech stocks, as the Federal Reserve hikes interest rates to battle inflation. “After several years of missing out on the profits, many in traditional finance have just recently committed to getting involved in digital asset markets. In total, an estimated 40 percent of bitcoin holders are underwater on the asset, according to a new analysis from crypto analytics firm Glassnode. The exchange reported that its active monthly users dropped to 9.2 million in the first quarter of this year, down from 11.4 million in the previous quarter. It does not use algorithms the way UST does; the latter is an unorthodox method that essentially relies on trades instead of assets to back it up, which may be responsible for its plummet. Coinbase, the largest U.S.-based crypto trading platform, posted a first-quarter loss of $430 million on Tuesday as its stock continued a slide that has it down 79 percent this year.

Despite a cryptocurrency market downturn marked by the collapse of Terra's $LUNA and its UST stablecoin, institutional investors are banking on the flagship ...

Bank of America's experts expect an ongoing correlation between Bitcoin and equities to persist in the foreseeable future. As per the on-chain analytics firm Glassnode, when BTC was trading at around $33,800, around 60 percent of BTC investors were earning profits and the rest 40 percent had unrealised losses. According to the reports, these falling prices have led to unrealised losses for at least 40 percent of bitcoin investors.

That includes conventional stocks and bonds, which have spent most of 2022 in the red. But fad assets such as cryptocurrencies, non-fungible tokens (NFTs), ...

An NFT of the first tweet posted by Twitter co-founder Jack Dorsey (it read: “just setting up my twttr”) was sold to a Malaysian business executive for $2.9 million in March 2021. That meant that buying into GameStop was a way for the little guy to put it to the Man. Someone has parodied the NFT market by purporting to sell NFTs of images of individual Olive Garden restaurants, but it’s the kind of parody that gets at the essential truth of the target. “But the bottom line is, people are investing because they think there’ll be some greater fool to pay more than they paid.” The firms are happy to do so and collect fees in the meantime. That’s according to Morgan Stanley, which calculates that all the gains made by day-traders since the start of 2020 have now been extinguished. In January, TV host Jimmy Fallon and celebutante Paris Hilton jointly hyped their NFTs on Fallon’s “The Tonight Show.” The market has now crashed. The index of 37 meme stocks compiled by Bloomberg has reached a record low in the last few days, down 63% from its peak in January 2021. GameStop became the emblematic “meme stock,” meaning that it was pumped up by online stock pickers with a story to tell. The downdraft has reduced some of the stars of the recent fads nearly to persona-non-grata status. That includes conventional stocks and bonds, which have spent most of 2022 in the red. Some of the carnage reflects factors in the overall markets.

A brutal selloff in cryptocurrencies has seen some $600 billion wiped off the market value of digital assets in a week.

The scale of the cryptocurrency selloff is massive, but this isn't the first time digital assets have seen intense volatility.

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The recent flight from risky assets is persisting with cryptocurrencies seeing a deep, broad-based sell-off because of investor turmoil over global economic ...

The tech-heavy Nasdaq - which has lost more than 25% of its value this year - was down by a further 1% in a broad-based sell-off. London's premier index ended the day 1.6% lower. The prospect of such tightening in the months to come has also sent the dollar to 20-year highs - with the pound at a two-year low below $1.22 - but it has also raised fears that the US economy will suffer as borrowing costs go up.

Bitcoin tumbled below $30000 on Wednesday – a figure experts considered to be a key level of support.

- Dogecoin – $0.077 - Cardano – $0.45 - Solana – $43.50 - XRP – $0.37 - Ethereum – $1,930 - Bitcoin – $28,000

Not long after he left Meta, where he headed the Novi and Diem projects, the fintech pioneer is now building a startup on top of the bitcoin blockchain.

Marcus testified on Capitol Hill, but his hearing performance didn't pacify politicians, and the project struggled. While he had a highly successful tour through PayPal and Facebook, he is back to playing to his strengths." The Lightning Network is a project designed to create faster and cheaper transactions on top of the bitcoin network.

El Salvador President Nayib Bukele revealed renderings earlier this week of Bitcoin City, which is designed by Mexican architect Fernando Romero, ...

The pitch is to power both the city and Bitcoin mining with the volcano’s geothermal energy, although the timing of the release was perhaps unfortunate. “Bitcoin City is coming along beautifully,” Bukele tweeted alongside a photo of the model. The proposed city, which is in the shape of a coin (also known as a circle), is supposed to sit between the Gulf of Fonseca and the Conchagua volcano.

SAN SALVADOR—Salvadoran President Nayib Bukele wanted to make a big splash at the glitzy crypto gathering last month in Miami, unveiling details of a ...

But first, he said, they need to get comfortable with the idea of a new form of money. “The 6 percent interest is a rip-off,” said Tatiana Marroquín, a Salvadoran economist and outspoken critic of the Bitcoin law. “He hasn’t followed through on the promises,” said Milla, an independent who was expelled from the conservative Arena party last year after the U.S. State Department blacklisted him in an unrelated matter, saying he corruptly facilitated the sale of a local island to a Chinese businessman (he denies wrongdoing). “Nothing’s going on. Such lackluster results have bred resentment in the expat-heavy community of Bitcoin enthusiasts and entrepreneurs that has sprung up in the country over the past year. Melvin Castillo, president of the ASCAV DE R.L. cooperative, explained how he came to use Bitcoin well before his president decided last June to make it an official currency. Around La Union, a seaside town near the site of the planned city, the landscape is still marked by dirt roads and open fields. At the Starbucks on Bulevar Del Hipodromo in an upscale section of San Salvador, a barista said that cash or credit remained the only way to pay. The anecdotal findings are echoed by a report released last month by the National Bureau of Economic Research, a Massachusetts-based nonprofit. Indicative of the national attitude was Doris Ponce, a 43-year-old juice vendor with a stall on the main plaza in Conchagua, a hilltop town near the proposed site of Bitcoin City. She refused to take the digital currency. Older Salvadorans remembered another abrupt transition, when El Salvador adopted the United States dollar in 2001, eventually ditching its sovereign currency, the colón. Many in the country have grown attached to the greenback, and were not enthusiastic about the introduction of a volatile, intangible alternative. Instead of basking in the international limelight, he was implementing a host of draconian measures that included prison time for members of the media who report statements from criminal groups. In El Salvador we are trying to rescue this idea and start the design of a country for the future, using the best … ideas from history and around the world,” he said.

The cryptocurrency declined toward $25,400 before quickly recovering back above the $27,000 support level. BTC is down by 2% over the past 24 hours and declined ...

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Further, BTC registered a countertrend reversal signal on the daily chart, per the DeMARK indicators. The cryptocurrency declined toward $25,400 before quickly recovering back above the $27,000 support level.

Analysts expect greater price swings because of macroeconomic risks and ongoing stablecoin woes.

The rout that has driven bitcoin sharply lower has deepened President Nayib Bukele's cumulative losses on his government's holdings.

El Salvador owes bondholders $US382 million in interest this year, with July being the heaviest month for payments as $US183 million comes due. The next principal payment is in January for $US800 million. That is another blow to President Bukele, a devout believer in cryptocurrencies who has been trying for more than five months to sell a bitcoin-backed bond.

The cryptocurrency crash is currently separating faithful followers from ambitious investors. Bitcoin — crypto's most stable coin — has dropped ...

That's the risk of trading." "If you were just trying to make some money playing the volatility of the crypto market, well that's on you. If you believe crypto is going to change the world, if you think that the chains and the coins that you're investing in and are accumulating are going to make positive changes in the coming years, then this is an opportunity," Bumbera said.

A Hamilton-based investor isn't panicking as the value of his Bitcoin and other cryptocurrencies crashes, but others say they've lost their life savings.

“I think most people in general still see crypto as a scam, as a Ponzi scheme. Usually people that do take time to study a little bit see there are a lot of good projects, a lot of real advancements and there is a lot of value, both in Bitcoin and in crypto for different reasons.” One user said they had lost more than US$450,000 and could not pay the bank. I guess no house and savings then." “A lot of friends I have here are below 35, this is a sentiment a lot of people have below 35, a lot of people just gave up and some of these friends also invest in crypto.” “Most of them didn't perform very well, I had some bad choices, so I was in the negative for a long time but then with Polkadot I managed to go back to not zero but to not having losses any more, and from there just really sticking with Bitcoin as a safer option.”

Iris Energy co-founder Dan Roberts says a brutal selloff of experimental crypto products could see a flight to more established assets such as bitcoin.

Roberts is confident that a debt-free balance sheet, solid free cashflow and a record of raising equity will help Iris convince true believers to back the company’s growth. Roberts and Iris might eventually provide a test of the institutional appetite for the sector. But Iris is at the start of what is planned to be a rapid ramp up in computing power, which is expressed in the bitcoin world as exahashes (EH/s) per second. “We look at the profitability of our operations, the operational levers we can pull if bitcoin does have a protracted drawdown,” Roberts says. To get there, Iris has or will construct four data centres (three in the Canadian province of British Columbia and one in Texas) that are powered by renewable energy. But the fall in the bitcoin price is not easily ignored. The big question raised by the crash in stable coins is how far the contagion spreads. Iris sees itself as a renewable energy and infrastructure play, with mining bitcoin simply the best and highest use for that energy. People take stock again of what’s got value, why does it have value, and you can build up sustainably again.” Retail crypto investors are likely to be hit hardest. “Yes, we’re exposed to the price of bitcoin. That’s part of the opportunity.

Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin. Cryptocurrency sell-off exacerbated by Luna and Terra stablecoin ...

"This was an exploitative trade that took advantage of the fact that markets are weaker. "Had bought Luna at $85, not sure what to do." I guess no house and savings then." Terra was one of the world's most valuable (and stable) digital currencies. "Conspiracy theorists would say 'yes', because it's a massive trade. Then it crashed again on Wednesday, bringing its value down to 20 US cents. "Luna was impacted because it's the underlying [backer] of the UST. So every time a UST [token] is bought, a Luna [token] is burnt, which means there's less tokens in supply, so the Luna price goes up. "And then they went into a trading pool and started selling UST in massive volumes, which then triggered all of the subsequent selling in a low-volume market that broke the [US dollar] peg. The price of the "sister" token dropped from about $US86 at the start of this week, to just over 6 US cents on Thursday (which works out to be a 99 per cent fall, in a very short amount of time). It was the equivalent of a crypto "bank run", as people rushed to pull their money out. But on Tuesday, a huge sell-off occurred as the value of the Terra stablecoin suddenly "unpegged" from the US dollar. In theory, they're meant to have a fixed value (around $US1) so they can be a reliable store of value — in contrast to the extreme volatility of bitcoin, ethereum and others.