Best stories of the week
Bitcoin drops 10% in 12 hours, first time since 1. Mars under $50,000.
Things were looking pretty bearish for bitcoin after last weekend’s quick and sudden correction, which sent bitcoin down 20% in an hour.
Within minutes last Sunday, $60,000 was a distant memory… and the bulls were forced to defend $55,000 . BTC also lost a valuable $1 trillion market cap, and at one point its dominance dipped below 50%, a milestone not reached since 2018.
But early Friday, as selling pressure increased, the world’s largest cryptocurrency fell, dropping below $ $50,000 for the first time since March .
Ether, which managed to hit a new all-time high of $ $2,641.09 hours before the crash, is not immune to a decline either.
Massive sell-offs, overheated futures market, falling kimchi premium, whale sales and concerns about President Joe Biden’s tax plans are all possible factors for a major correction.
PlanB suggests that a drop in the price of bitcoin does not mean the end of.
There is no shortage of reactions to bitcoin’s loss of momentum, and PlanB, the analyst behind the stock movement forecast, insists that the drop below $ $50,000 does not mean that the current bull market is over.
Noting that nothing goes right, he tweeted: #Bitcoin has been on the rise for 6 months in a row until this month. This is similar to the median decline we also experienced in 2013 and 2017.
Élie Le Rest, of ExoAlpha, also thinks there is reason for optimism: This kind of withdrawal from the market is very healthy because it reduces the liabilities of market participants and lays the groundwork for more stable growth.
The next big move in the bitcoin price will be crucial and will help us determine if it is just a delayed correction or the opening salvo of the next bear market cycle.
Peter Brandt, veteran trader and chart guru, wasted no time getting outside, observing and writing: The probability of a crypto-correction is directly related to the prevalence of laser eyes on Twitter. Do you want the change to stop? Get rid of your laser eyes.
Bitcoin transaction fees in USD reach record high
In other signs that history is repeating itself, transaction fees for bitcoin, measured in U.S. dollars, have reached record levels since 2017.
Blockchairdata shows that the average value of a BTC trade reached $58 on Tuesday, close to the record $62 set in December 2017.
The recent spike in BTC transaction fees came during a significant drop in the bitcoin network’s hash rate, which may have been exacerbated by massive power outages in China’s mining hub of Xinjiang.
And this rise has also prompted some cryptocurrency exchanges to urgently implement cheaper ways to transfer bitcoins.
OKEx has now integrated a Lightning network, while Square’s Cash app has quietly raised the minimum amount for bitcoin withdrawals to 0.001 BTC – 100,000 satoshis – significantly higher than the previous 0.0001 BTC .
Bitcoin favors renewable energy, Elon Musk and Jack Dorsey agree
While crypto traders face a sea of red with frowning eyes, heavyweights in the industry are focused on how to go green.
Earth Day 2021 took place this week, and as bitcoin is regularly criticized for maintaining the high energy levels needed to secure the network, some of the cryptocurrency’s most ardent supporters have come to the defense of bitcoin’s environmental efficiency.
A new report from the Bitcoin Clean Energy Initiative claims that bitcoin mining is the engine behind renewable, carbon-free energy production.
The paper has received support from crypto luminaries such as Jack Dorsey of Square, Elon Musk of Tesla and Cake Invest of Kathy Wood.
Tether displayed on Coinbase Pro
Coinbase Pro has announced the addition of Tether to its platform, paving the way for trading pairs to link the ERC-20 version of USDT to BTC, ETH, USDC, EUR, GBP and USD.
This is a pretty big deal, and it means the exchange doesn’t care about previous problems with stablecoin regulation or the long-running debate over the validity of Tether support.
Bitfinex CTO Paolo Ardoino told Cointelegraph: We are pleased with Coinbase’s decision to add Tether tokens on ERC-20 to its Coinbase Pro platform. This brings us closer to a market capitalization of $50 billion and allows us to take the next step in expanding our community.
Winners and losers
At the end of the week, Bitcoin stands at $49,237.93, Ether at $2,203.74 and XRP at $1.06. The total market capitalization is 1,813,860,544,571.
Among the top 100 cryptocurrencies, the top three algorithms of the week are Solana, Celo and PancakeSwap. The three biggest losers of the week are Bitcoin SV, NEM and Ontology.
For more information on crypto currency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
Contrary to what you may have been told or desired, #Crypto is not a get rich quick scheme.
Changpeng Zhao, CFO
Bitcoin has risen 600% in the past year. Gold is up 3% over the past year. No more tweets until gold can beat inflation, Peter!
Anthony Pompliano, Bitcoin Supporter
Without a strong catalyst, a breakout above $60k seems difficult at the moment, and a breakout below $50k could take bitcoin to $30k. Traditional markets showing signs of contraction may also put a damper on crypto recovery.
David Lifchitz, Investment Director, ExoAlpha
ETH is fast becoming the currency of the digital world and BTC is the original security and base layer.
Raul Pal, Managing Director of Real Vision
I think Kryptospace is great right now. It is the best kept secret in the world and perhaps in the history of financial markets.
Thomas Farley, Chairman of the New York Stock Exchange
DOGE is relatively good for payments. It is extremely fast and efficient – transactions cost less than a penny.
Jason Lau, OKCoinOperational Director
Luke Martin, blockchain developer
We have no desire to work with clients, whether it’s acquiring new clients or maintaining ongoing relationships with people whose primary business is supported by cryptocurrency exchanges or other cryptocurrency transactions as their primary business.
Morten Friis, Head of NatWestRisk Committee
I would argue that such a change is essential if bitcoin is to remain the dominant crypto currency in the world. The PoW’s current energy demand and carbon footprint is already too high to be sustainable.
Chris Larsen, co-founder of Ripple
The likelihood of a crypto correction is directly related to the increase in laser eyes on Twitter. Would you like the amendment to be withdrawn? Get rid of your laser eyes.
Peter Brandt, experienced trader
70% of our time should be spent on core work, 20% on strategic outreach and 10% on experimenting with innovation.
I think we could go back to $20,000 or $30,000 for bitcoin, which would be a 50% drop, but the interesting thing about bitcoin is that we’ve seen a similar drop before.
Scott Minerd, GuggenheimDirector of Investments
Can bitcoin really be stopped by the government? Actually, I think you do.
Curtis Spencer, co-founder of Electric Capital
Guggenheim ICO reiterates price expectation bitcoin at $20,000 as BTC doubles since lastwarning.
Guggenheim’s chief investment officer repeated his warning that bitcoin would crash to $20,000.
In an interview with CNBC, Scott Minerd said: Given the huge move we’ve had in bitcoin in a short period of time, things are very frothy and I think we’re going to have to see a big correction in bitcoin.
It should be noted that Minerd insists that bitcoin could eventually reach $ $400,000 $ . He said: I think we could go back to $20,000 or $30,000 for bitcoin, which would be a 50% drop, but the interesting thing about bitcoin is that we’ve seen a similar drop before.
Many bitcoin supporters dismissed suggestions that larger losses were inevitable, citing a combination of factors, including strong indicators within the chain. Miner was wrong before too. In January, he said bitcoin was expecting a high price in 2021….. and it has more than doubled since then.
FUD of the week
Not so sure? SafeMoon’s parabolic rally is unsustainable, traders warn.
Binance’s blockchain token has attracted a lot of attention from crypto enthusiasts on TikTok, but there are warnings that the recent rally is not sustainable.
SafeMoon’s share price went from $0.00000029 to $0.0000074 in just three weeks, a gain of 2,200%. Then Marshmallow dropped sharply by 50% in two days.
Luke Martin, a prominent cryptocurrency trader, called SafeMoon’s price performance non-SAFEMOON after the announcement on the 22nd. April was down 65% in a short time.
Another UK bank sends customers an anti-crypto notice
British bank NatWest has said it will refuse to serve business customers who accept payments in cryptocurrencies.
A Guardian report quotes the head of the bank’s risk committee, Morten Friis, as saying: We have no desire to work with customers, or to acquire new customers, or in ongoing relationships with people whose primary business is supported by cryptocurrency exchanges or other cryptocurrency transactions as their primary business.
Friis’ comments echo similar comments recently attributed to UK bank HSBC, which used identical statements to announce its decision to ban customers from buying MicroStrategy shares. As part of HSBC’s anti-crypto stance, the bank also refused earlier this year to allow account holders to deposit profits from cryptocurrency exchanges.
Governments can stop bitcoin by stopping mining, according to an executive at Electric Capital.
Co-founder and partner Curtis Spencer of Electric Capital has suggested that the Bitcoin network owes its survival to the leniency of governments around the world.
At the Collision Conference Web Summit on Tuesday, Spencer said it is lawmakers who are giving bitcoin a chance to grow by not imposing stricter restrictions on mining in their states.
He argued: Can bitcoin really be stopped by the government? I think it could be. If you think about the cost of an attack on the network, it’s not something that nation-states can’t do.
Spencer went on to talk about what happened in Xinjiang, where a power outage significantly affected bitcoin’s hash values.
Best coin features
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Is DOGE out of control? Social media and whales move the price of Dogecoin
Dogecoin’s release of a 14,000+% return for the year may be a sign of growth for retail investors in the cryptocurrency market, but will the price continue?
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