BTC/USD
COINTELEGRAPH | Published on 2023-06-02 | 20 mins ago
1
COINTELEGRAPH | Published on 2023-06-02 | 20 mins ago

This week’s Crypto Biz also looks at the crypto industry after FTX collapse, Tether’s Bitcoin mining in Latin America, Tabi’s funding round and Nvidia’s artificial intelligence machines.
Read full article on COINTELEGRAPH

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
NEWS BTC | Published on 2023-06-02 | 2 hours ago
2
NEWS BTC | Published on 2023-06-02 | 2 hours ago

Bitcoin, the world’s most valuable cryptocurrency, is going green, and the pace at which the network has reduced its carbon emissions in the past three years has been noted by climate activists. Nonetheless, how this could impact BTC prices and attract technology firms like Tesla, the electric automobile manufacturer, is yet to be seen. Carbon Emission Associated With Bitcoin Miners Rapidly Falling As of late May, on-chain data from Woonomic shared by Daniel Batten, a climate technology investor, and activist, noted that the amount of Carbon emission associated with Bitcoin mining has fallen by nearly 50% from 601g/kWh to 299g/kWh in three short years. It should be observed that the Bitcoin hash rate and prices have been rising steadily during this time. In the last quarter of 2021, the Bitcoin price soared to as high as $69,000 before collapsing to below $16,000 in November 2022. Although prices have since recovered, soaring to as high as $31,000 in April 2023, the hash rate has been steadily rising over the years.  In proof-of-work networks like Bitcoin and Litecoin, the hash rate relays the computing power dedicated to the network in real time. It is a variable that makes the network secure and robust against third-party attacks, and can also be used to gauge the pace at which the Bitcoin platform consumes energy. Miners channel computing power as “hash rate” to secure the Bitcoin network. They need this to verify transactions in exchange for network rewards. The more the hash rate, the higher the chance of earning a block and, thus, the 6.25 BTC every 10 minutes.  However, the tough competition for the block rewards has been partly blamed for environmental degradation and carbon emissions from miners. To stay competitive, Bitcoin miners have to operate gear that is energy-intensive. Critics have always maintained that electricity powering them is from coal and other non-renewable sources. As of June 2, the Bitcoin Energy Consumption Index shows that 105.23 TWh powers Bitcoin. It is the same amount of electricity consumed by Kazakhstan. The resulting Carbon emission, they add, stands at 58.69 Mt CO2, comparable to that emitted by Libya. However, data from the Bitcoin Mining Counsel, a group comprised of some of the largest BTC miners in the world, provides more insight into the cryptocurrency’s energy consumption after conducting a study on its members: (…) the members of the BMC (Bitcoin Mining Council) and participants in the survey are currently utilizing electricity with a 63.8% sustainable power mix. Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 58.9% and remains one of the most sustainable industries globally. Will Green Mining Support BTC Prices? In that sense, Woonomic data coincides that emissions have fallen drastically over the last three years. It has nearly halved to 299g/kWh, suggesting miners switched to greener energy sources to power their rigs. Technology companies would likely consider adopting BTC as payment as carbon emissions fall. Earlier, Tesla reneged on their decision to accept BTC for payment, citing the impact of Bitcoin mining on the environment. With Carbon emissions decreasing, this could positively impact BTC as major entities worldwide will embrace the coin and network.
Read full article on NEWS BTC

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
INVESTING.COM | Published on 2023-06-02 | 2 hours ago
3
INVESTING.COM | Published on 2023-06-02 | 2 hours ago
There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
COINTELEGRAPH | Published on 2023-06-02 | 2 hours ago
4
COINTELEGRAPH | Published on 2023-06-02 | 2 hours ago

Bitcoin and most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players.
Read full article on COINTELEGRAPH

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
COINGAPE | Published on 2023-06-02 | 3 hours ago
5

XRP News: Ripple’s native crypto, XRP price is riding on an upward trend supported by the positive outcomes landing in the favor of the blockchain firm. Data suggests that XRP managed to outperform the biggest cryptocurrency Bitcoin (BTC) by gaining 13% over the past 30 days. Also Read: US SEC Replaces Introductory Disclaimer; Another Win The post XRP Gains Outperforms BTC, ETH; Ripple Moves 900 Million XRP Back To Escrow appeared first on CoinGape.
Read full article on COINGAPE

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
NEWS BTC | Published on 2023-06-02 | 3 hours ago
6
NEWS BTC | Published on 2023-06-02 | 3 hours ago

In his latest report titled “Crypto Outlook, June 2023,” Bloomberg’s Senior Macro Strategist, Mike McGlone, predicts more pain ahead for Bitcoin (BTC) and the broader cryptocurrency market. McGlone argues that despite a rebound in prices in 2023, the risks for the Bloomberg Galaxy Crypto Index remain tilted downward. Is Bitcoin Doomed? According to McGlone, cryptocurrencies face several headwinds, including the potential for a US recession, a potential stock bear market, vigilant central banks, and high interest-rate competition. These factors, combined with the speculative excesses that led to the 2021 peak, suggest that the outlook for the crypto market is bearish. Furthermore, McGlone points out that Bitcoin weakening in May, along with copper and equities in China, is unusual compared to the stalwart Nasdaq 100 Stock Index. While the potential for the Nasdaq to lift all boats exists, it may contrast with still-rising Fed rate-hike expectations.  Additionally, McGlone suggests that Bitcoin, which is often referred to as digital gold due to its perceived status as a store of value, may not be able to outperform the traditional safe-haven asset in a US economic contraction. This is because Bitcoin is still relatively young compared to gold, which has been used as a store of value for thousands of years. As a result, investors may be more likely to flock to gold during times of economic uncertainty, rather than newer assets like Bitcoin. Moreover, plunging commodities, producer prices, and bank deposits may serve as deflationary omens of the lags to Federal Reserve tightening. These factors suggest that the risks for the Bloomberg Galaxy Crypto Index are tilted downward, and investors should be cautious. As reported by NewsBTC on May 22nd, Mike McGlone highlighted the historical patterns of boom and bust in Bitcoin, which are closely tied to liquidity. According to McGlone, Bitcoin’s current price level of around $27,000 may be at risk of reversion, considering that it was only $7,000 at the end of 2019 before the massive liquidity pump in 2020. McGlone’s analysis also indicates that Bitcoin’s downward trajectory, as demonstrated by its 52-week moving average, contrasts with the upward trend it experienced at the onset of the pandemic. This suggests that the cryptocurrency is susceptible to booms when liquidity is abundant but vulnerable to busts when liquidity is removed. McGlone’s latest analysis aligns with his previous thesis that the outlook for Bitcoin and the broader cryptocurrency market is bearish, given the potential for a US recession, a potential stock bear market, vigilant central banks, and high interest-rate competition.  Is BTC About To Take Off? On the other hand, Crypto Con, a well-known crypto analyst, has recently expressed his continued bullishness on Bitcoin, citing the Pi Cycle Top indicator as evidence of the cryptocurrency’s potential for a continued uptrend. According to Crypto Con, the Yellow 111days Moving Average (MA) has started to uptick, indicating that Bitcoin is experiencing a positive trend. Additionally, Bitcoin has been retesting the 111DMA line as support, rather than continuing on a parabolic trajectory, which is typically a sign of a market top.   Crypto Con acknowledges that sometimes the bounce can take some time, but he maintains that this is nothing but bullish for Bitcoin. This is because the Pi Cycle Top indicator is a reliable tool that has historically predicted major market tops and bottoms in the cryptocurrency market. The Pi Cycle Top indicator measures the relationship between the 111DMA and the 350DMA, and when the two lines cross, it can suggest a potential market top or bottom. The fact that the Yellow 111DMA is showing an uptick suggests that Bitcoin may be headed for a market bottom, which is a bullish sign for investors. At the time of writing, the largest cryptocurrency by market capitalization, Bitcoin, is trading at $27,000. Over the past 24 hours, BTC’s price has remained relatively stable, exhibiting sideways price action with a minor increase of 0.1%. Featured image from iStock, chart from TradingView.com
Read full article on NEWS BTC

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
COINGAPE | Published on 2023-06-02 | 4 hours ago
7

Crypto News: Prominent Bloomberg analyst, Mike McGlone, has expressed skepticism regarding Bitcoin’s price journey in recent times. To further add insights to his hypothesis, McGlone released his June Crypto Outlook report, which further forecasts a catastrophic downfall for the flagship cryptocurrency along with the entire crypto market in the coming months. McGlone Warns Of Bearish BTC The post Just-In: Bloomberg Analyst Predicts Major Crypto Market Crash Soon appeared first on CoinGape.
Read full article on COINGAPE

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
NEWS BTC | Published on 2023-06-02 | 4 hours ago
8
NEWS BTC | Published on 2023-06-02 | 4 hours ago

Here are the pricing model lines that Bitcoin might have to stay above if the bullish momentum of the cryptocurrency has to continue. These Bitcoin Pricing Models Are Currently Near The Spot Price In a new tweet, the on-chain analytics firm Glassnode has pointed out how the three pricing models, the adjusted realized price, the short-term holder cost basis, and the 200-week MA, are all close to the asset’s value right now. To understand the first and second models here, the “realized price” needs to be looked at first. The realized price is a pricing model derived from the realized cap, which is a capitalization model that assumes that the “real” value of each coin in the circulating supply is not the spot price, but the price at which it was last moved. When this cap is divided by the total number of coins in circulation, the average cost basis or acquisition price in the market is obtained. This value, which the average holder on the network bought their coins at, is known as the realized price. Now, the first pricing model, the “adjusted realized price,” is a modification of this indicator that drops from the data all holders who haven’t moved their coins since more than seven years ago. Such old supply usually consists mostly of the coins that have been lost (perhaps due to the wallet keys no longer being accessible), which means that this part of the supply wouldn’t be relevant to the current market, hence why the indicator cuts it out. As for the second model of interest here, the “short-term holder (STH) cost basis,” this metric keeps track of the realized price of specifically the investors who have been holding their coins since less than 155 days. Here is a chart that shows how these Bitcoin pricing models have compared with the spot price during the past year: As displayed in the above graph, the Bitcoin adjusted realized price currently has a value of $25,300, while the short-term holder cost basis has a value of $26,000. Historically, these models have acted as both resistance and support for the price, depending on the wider trend. In bullish periods, they usually act as support so it’s possible that if the price drops deep enough to hit them, a rebound may happen. The third line on the chart, the 200-week moving average (MA), is a model that aims to find the baseline momentum of the four year Bitcoin cycle. This line has also had some similar interactions with the price as the other two models. The 200-week MA has a value of $26,300 right now, implying that it’s currently the closest line to the spot price. It now remains to be seen how the price interacts with these lines, starting with the 200-week MA, if a drawdown extended enough happens. A successful retest of these lines would naturally be a positive sign for the rally, but a drop under them may be a signal that a transition back towards a bearish regime has occurred. BTC Price At the time of writing, Bitcoin is trading around $27,000, up 1% in the last week.
Read full article on NEWS BTC

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
LIVE BITCOIN NEWS | Published on 2023-06-02 | 5 hours ago
9
LIVE BITCOIN NEWS | Published on 2023-06-02 | 5 hours ago

Meme coins are all the rage, and now it appears one based on the infamous image of Pepe the Frog is making waves in the crypto industry and witnessing price hikes like no other in its category. Pepe the Frog Is Now a Currency! Meme coins have always been extremely popular. One of the biggest ones – Dogecoin – was initially created as a joke. It was literally built to make fun of the crypto arena and all those that sought to utilize its offerings or that had any respect for it. By some odd chance of fate, the currency has literally become one of the biggest digital currencies out there. It presently boasts a market cap that exceeds $1 billion and has been the subject of heavy praise from Elon Musk. Dogecoin spawned other assets such as the Shiba Inu coin. The Shiba Inu dog long served as the cute little mascot for the parent digital asset Doge, and it wasn’t long before a spinoff of sorts was conceived in the Shiba Inu currency, which has also long been loved amongst crypto fans. But Pepe the Frog appears to be on an entirely different playing field. At the time of writing, the currency is shooting up in price by a whopping 21,000 percent, and this is a currency that was only launched a few weekends ago. It now sits as the sixth-largest meme currency by market cap, which at press time, exceeds $150 million. In a recent report, crypto research company Messari explained: Meme coins are once again polarizing the crypto world. A new project, Pepe, has amassed a $100 million market cap in less than one week. Similar to previous meme coin price surges, Pepe has generated eye-popping returns for its early investors. Pepe the Frog has been adopted by a wide array of online communities. The image has a circulation of about 420.69 trillion, though it’s not without controversy. The meme currency, for example, comes with a warning on sites like Coinmarketcap.com, which says traders should “exercise caution” if they choose to purchase or trade the asset. The Messari report also said that while the currency may presently be doing well on paper, it doesn’t feel like it has any real future as a method of payment or as an actual digital token. Right now, the liquidity pool for the meme coin sits at a mere $3 million. Compare this with Ethereum, for example, whose daily trading volume is just shy of $800 million. Try to Be Careful The report said: One of the earliest buyers has turned a 0.125 Ethereum purchase into close to $2 million on-chain. However, since this individual owns 1.4 percent of the total supply, they will not be able to realize these returns without crashing the market. The post New Pepe the Frog Meme Currency Is Exploding in Price appeared first on Live Bitcoin News.
Read full article on LIVE BITCOIN NEWS

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in
FINANCEMAGNETS | Published on 2023-06-02 | 6 hours ago
10
FINANCEMAGNETS | Published on 2023-06-02 | 6 hours ago

Coinbase Derivatives Exchange, a derivatives platform linked to its namesake cryptocurrency exchange, will introduce Bitcoin and Ether futures contracts for institutional clients on June 5. Coinbase Bitcoin (BTI) and Coinbase Ether (ETI) futures contracts, sized 1 Bitcoin and 10 Ether per contract, respectively, will be accessible through third-party institutional Futures Commission Merchants (FCMs) and brokers, the company announced on Friday.Coinbase in the announcement said it has witnessed increased demand for futures contracts among investors. Futures contracts are agreements that allow investors to buy or sell an asset at a predetermined price at a specific future time."With the launch of these institutional-sized USD–settled contracts, we look to empower institutional participants with greater precision in managing crypto exposure, expressing directional views, or tracking BTC and Ether returns in a capital-efficient manner," Coinbase said.Coinbase’s Global Crypto Derivatives ExchangeEarly May, Coinbase launched a global cryptocurrency derivatives exchange targeting institutional clients based outside the US. Afterwards, the new platform listed Bitcoin and Ether perpetual futures contracts, with trades settled in stablecoin USD Coin. Unlike futures contracts, perpetual futures contracts do not have do not have a specific expiry data.The launch of the derivatives exchange follows Coinbase's acquisition of a regulatory license for digital asset exchange services, including token sale and issuance, in Bermuda. The step came after the publicly listed crypto company hinted at leaving the US due to regulatory concerns.Struggles with the RegulatorsIn March, Coinbase received a Wells Notice from the Securities and Exchange Commision (SEC). The notice stated that the Nasdaq-listed company was breaching the US securities regulations by offering unregistered securities.Additionally, the notice pointed out that the SEC could press further actions against the exchange, including an injunction or a cease-and-desist order. Responding to the SEC's step, Coinbase's CEO Brian Armstrong faulted the agency for failing to provide proper regulations to the industry.Nonetheless, the company is expanding its products offering, most recently launching a zero-fee subscription model that lets users trade crypto at no fee with incentives of higher rewards. Dubbed Coinbase One, the service launched in 2021 in the US under a beta program and opened to users in the UK, Germany, and Ireland. This article was written by Jared Kirui at www.financemagnates.com.
Read full article on FINANCEMAGNETS

There are no comments yet.
Authentication required

You must log in to post a comment.

Log in