Značka: BTC

Worst quarter in 11 years as Bitcoin price and activity plunges

Bitcoin (BTC) has seen its worst quarterly loss in 11 years with price and activity on the blockchain both plunging over the last three months. The second quarter ending June 30 saw Bitcoin’s price fall from around $45,000 at the start of the quarter to trade at $19,884 before midnight ET on June 30 according to CoinGecko, representing a 56.2% loss according to crypto analytics platform Coinglass. It’s the steepest price fall since the third quarter of 2011, when BTC fell from $15.40 to $5.03, a loss of over 67% and worse than the bear markets of 2014 and 2018, when Bitcoin’s price slumped 39.7% and 49.7% in their worst quarters respectively. The past quarter saw eight weekly red candles in a row for Bitcoin and the month of June saw a draw down of over 37%, the heaviest monthly losses since September 2011 which saw the price fall more thaner 38.5% in the month.There are also signs that investors are keeping their powder dry — or they’ve run out of funds — during the bear. Activity on the blockchain is taking a dive with Bitcoin’s spot volume — the total amount of coins transacting on the blockchain — dropped over 58.5% in just nine days according to a June 29 analysis from Arcane Research.But its not just crypto markets in turmoil. Thanks to sky high inflation and rising interest rates the traditional stock market has also taken a pounding, with some calling it the “worst quarter ever” for stocks.Charlie Bilello, CEO of Financial advisory firm Compound Capital Advisors shared a chart on Twitter showing the S&P 500 index was down 20.6% in the first half of 2022, the worst start to the year for the index since 1962, when price return was -26.5%. The S&P was down 20.6% in the first half of 2022, the worst start to a year for the index since 1962. $SPX pic.twitter.com/OMcX7yfP5o— Charlie Bilello (@charliebilello) June 30, 2022The difficult economic conditions have seen a swath of staff layoffs from crypto companies including Gemini, Crypto.com and BlockFi. Most recently the crypto and stock trading platform Bitpanda cut its employee count by approximately 277 full-time and part-time employees.Related: 80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022Crypto is closely tied to the wider tech sector and the tech heavy NASDAQ composite index has fell by almost 22.5% over the second quarter.A “Tech Layoff Tracker” from technology jobs board TrueUp reveals over 26,000 tech employees across 200 company wide cutbacks just in June alone.Tech Layoff Tracker. Source: TrueUpOver the quarter, 307 layoffs impacted over 52,000 staff with one of the largest coming from Elon Musk’s Tesla, with 3,500 impacted. Crypto exchange Coinbase features twice, firstly for its June 2 hiring freeze and job offer rescission of nearly 350 people and second for its June 14 staff layoff, affecting 1,100 individuals.

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'Can't stop, won't stop' — Bitcoin hodlers buy the dip at $20K BTC

Everyone expects another Bitcoin (BTC) capitulation event, but data suggests that mass buying has already started.In a Twitter thread on June 29, Checkmate, lead on-chain analyst at data firm Glassnode, drew attention to who in Bitcoin is really stacking sats.Shrimp or whale, Bitcoin hodlers are stacking satsBitcoin selling has made the headlines for weeks, and has even begun to include long-term holders (LTHs) — those who have been guarding their coins for 155 days or more.Speculators are not taking the blame for current BTC price weakness, but contrary to popular opinion, many market participants are in fact adding to their BTC allocations.Dissecting Glassnode data, Checkmate revealed that the smallest and largest players are both in buy-mode at around $20,000.Spitting the hodler base into four sections: “shrimps,” “crabs (otherwise known as classic hodlers),” “sharks” and whales, the figures make for surprising reading.Both shrimps and crabs, the smallest retail investors with 10 BTC or less in their wallets, are not only stacking, but doing so more intensely than at any time since the first time that BTC/USD hit $20,000 in 2017.“Can’t stop and won’t stop,” Checkmate wrote describing the accumulation action. “Shrimp are adding to the $BTC balance at the greatest rate since the 2017 ATH. Same price, different trend direction. I do not underestimate the smarts not conviction of the little guy in Bitcoin.”At the other end of the spectrum, whales are similarly removing coins from exchanges to private wallets at a pace Checkmate calls “full HAM.”Whales with 1k+ $BTC are going HAM.Alongside the Shrimp and Crabs, thsi looks like the perfect mid-wit meme.Shrimp = stackersMiddle wealth = scared and margin calledWhales = stackers pic.twitter.com/zyakmicxGG— _Checkɱate ⚡ (@_Checkmatey_) June 29, 2022The main exception lies in the middle: the sharks or institutional, high net worth entities with between 10 and 1,000 BTC to their name.While this makes up a large swathe of the network, hodlers have borne the brunt of macro changes, Checkmate claims, either getting liquidated on positions or seeing their wealth erased in DeFi bets.Even here, however, the overall trend is up.“Balances are increasing, but nothing special. Given the TradFi and crypto shitshow — > I suspect these guys are heavily affected by deleveraging, and margin calls,” he wrote.Analyst $25 billion exchange stablecoin reservesEarlier this week, Glassnode likewise showed that 30-day cumulative BTC outflows from exchanges had reached a new peak.Related: 80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022For Ki Young Ju, CEO of fellow analytics firm CryptoQuant, signs that capital is waiting on the sidelines to deploy back into crypto are also clear.Ki eyed the mere 11% reduction in the combined stablecoin market cap compared to Bitcoin’s 70% from all-time highs.”Stablecoins sitting in exchanges are now worth half of Bitcoin reserve,” he added on June 30. “We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how.”Stablecoins sitting in exchanges are now worth half of #Bitcoin reserve.We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how. pic.twitter.com/SQ0ZvBnAMt— Ki Young Ju (@ki_young_ju) June 30, 2022

The situation is complicated by the fact that the stablecoin market cap ratio on exchanges has stayed practically constant for two years, while the market cap itself has ballooned in that period.The Bitcoin exchange supply ratio meanwhile has been much more volatile.Bitcoin exchange supply ratio v.s BTC/USD chart. Source: CryptoQuantThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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No flexing for Bitcoin Cash users as BCH loses 98% against Bitcoin

Bitcoin (BTC) has hit new record highs this week — not in U.S. dollar terms, but against its longtime competitor, Bitcoin Cash (BCH).Data from Cointelegraph Markets Pro and TradingView confirms that on June 29, BCH/BTC officially set its lowest ever price.CoinFLEX debacle ensnares BCH supporter VerBitcoin Cash, also known as “Bcash” by those critical of the coin’s ethos and future, gained notoriety in 2017 when it became the first major hard fork of the Bitcoin network to take on BTC itself.Months after launching, the altcoin hit highs of around 0.43 BTC per token, this proving something of a fakeout for investors who have spent the intervening period watching its value steadily decline.Arguably the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with price woes having little impact on his rhetoric.This month, however, Ver courted controversy when reports emerged that he owed $47 million in stablecoin USD Coin (USDC) to crypto investment platform CoinFLEX.Ver denies the claims, with a social media storm ensuing which is ongoing this week. Regardless of the outcome, its impact on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of just 0.005 — 98.83% below its 2017 peak.BCH/BTC 1-month candle chart (Binance). Source: TradingViewThe event was not lost on commentators, many of whom remembered Ver’s insistence that BCH would rise to replace BTC altogether.$BCH now lower than it was in the winter of 2018-2019.— Alex Krüger (@krugermacro) June 28, 2022How it started vs. How it’s going:(Roger Ver / BCH edition) pic.twitter.com/kNcRjsujhU— K A L E O (@CryptoKaleo) June 28, 2022

Even Bitcoin SV outperforms BCHFor another vehement anti-Bitcoin spin-off, the situation is barely any better.Related: Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’Bitcoin SV (BSV), the offspring of BCH which emerged during community infighting, hit all-time lows of its own against BTC in May.Since then, a modest rebound has occurred, taking BSV/BTC to 0.0016 BTC — a mere 94.48% below its all-time high of 0.029 BTC seen at the start of 2020.BSV/BTC 1-month candle chart (Binance). Source: TradingViewOn the plus side, BSV now buys more BCH than at any time since December of that year.BSV/BCH 1-week candle chart (Binance). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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