Crypto Weekly Review May 29 BTC Slides for a Record Ninth Week

Crypto Weekly Review May 29 BTC Slides for a Record Ninth Week

April 22, 2021

Soros Fund Management CEO Is More Bullish on Ethereum Than Bitcoin.Dawn Fitzpatrick – the CEO and CIO at Soros Fund Management – reiterated her pro-crypto position, once again predicting that the industry is here to stay. She also thinks that Ethereum is better positioned than Bitcoin in the current climate. The line coincides with the $59,350 resistance area, which is the 0.382 Fib retracement resistance level. The six-hour chart shows that BTC is following a descending resistance line since reaching an all-time high price on Nov 10. BTC has created a bullish candlestick after bouncing at the $53,250 support area. This is a horizontal support area and the 0.5 Fib retracement support level.

A couple accused of laundering the crypto funds included a Forbes writer/TikTok influencer who was instantly memed by crypto Twitter. Divergence indicators signaled that Bitcoin’s Dominance Rate was closing in on a major resistance level, which could mean an end to the downward trend. Bullish momentum is leading technical analysts to believe February may be the first month since Oct 2021 to post a gain.

  • Ripple, a cryptocurrency that runs a payment network for banks, was the biggest gainer, moving up by 220% from its price a week ago.
  • Despite this however, the last week had proven to be rough on this crypto-asset, as it began its descent from $1906 to $987, within only 7 days, and ringing alarm bells among its holders.
  • Representatives from Shell will speak on the mining stage about improving the energy costs of Bitcoin mining, using the company’s own lubricant and cooling solutions.
  • We’ve had our fair share of coverage regarding Meta, the conglomerate who operates Facebook and Instagram, and their desire to be engaged in the crypto sphere.
  • The market cap of $USDC on Ethereum has already surpassed that of its big brother $USDT, which is a very impressive growth rate.

I’m also intrigued to see what transpires with MicroStrategy’s ‘Bitcoin for Corporations’ event on February 3rd and to see how well-received and how well-attended it is by other publicly-traded companies. On MicroStrategy’s earnings call, Saylor stated that he expects to host about 2,000 executives, officers, and advisors. The frenzy over Gamestop and WallStreetBets took the financial universe by storm, and the draconian response to it could drive many retail investors towards cryptocurrencies and DeFi in particular. This is the native cryptocurrency of XRP Ledger, an open-source, public blockchain. And over the past three days of riveting conversations with our attendees, the community has had a lot of time to reflect and rejoice with the millions of people taking part in the same conversation in all corners of the world. A trifecta of legislative, community and financial support is integral in creating change on a global stage.

Over the past seven days, the crypto market recovered around $30 billion of its total capitalization as Bitcoin is fighting to close a green weekly candle for the first time after 9 weeks. Last weekend kicked off with a crash towards $33K on Saturday, followed by an increase and yet another decline to roughly around the same area on Monday. As the workweek began, the price started recovering, and it reached well over $37,000 on Tuesday. Following a few days of consolidation, bitcoin peaked at slightly below $40K on Thursday, leading into Bitcoin 2021 – the biggest BTC-oriented conference that currently takes place in Miami. PLC Ultima is a high-value mass-use crypto tool, allowing users to access global financial infrastructure. Despite this however, the last week had proven to be rough on this crypto-asset, as it began its descent from $1906 to $987, within only 7 days, and ringing alarm bells among its holders.

Quick Overview of the Daily Bitcoin Price

After four weeks of bullish action, it appears the market may be reaching the height of its rally. Peer-to-peer Bitcoin payments refer to one individual directly selling their Bitcoin to another individual. You find someone who wants to buy Bitcoin and send your BTC directly to their wallet.

Bitcoin Weekly Recap Week

The fiasco has ensnared some of the biggest names in finance. Core Scientific Inc., the Bitcoin miner that warned last month that it might seek bankruptcy protection, said its reserve of the digital token has dwindled to 62 coins as of October, from more than 8,000 earlier this year. Low Bitcoin prices, soaring energy costs, and fierce competition among miners have battered Bitcoin miners who took out billions of dollars of loans to fund their expansions during the bull run starting last November. Other miners, such as Argo Blockchain PLC and Iris Energy, are also struggling to repay debt.

Vitalik Buterin Tweets Support of Solana

He appeared to be particularly happy about this choice, as he stated “Now I can really rap.” Music is an area that many crypto enthusiasts believe will be disrupted by crypto innovation. The day began at $476, down 0.21% from the start of the previous day. For the first part of the morning, the price stayed in the high-to-mid $470s.

Digital Asset Data Infrastructure & Market Intelligence

Bitcoin dominance – a metric that measures its share relative to the market as a whole – has risen 0.5%, meaning the primary cryptocurrency has outperformed altcoins. The worlds of macro finance and crypto are continuing to draw closer together. On the Margin will host some of the greatest minds in the world of asset management, markets, and discuss how ideas that were once on the margin are now becoming mainstream. “Adopting bitcoin as our primary treasury reserve asset set us apart from conventional competitors and elevated our brand.” MicroStrategy spent $3.97 billion on 129,218 Bitcoins at an average cost of $30,700 each. BCBS has recommended that a bank’s exposure to certain crypto assets must not exceed 2% and said it is even better if it is lower than 1%.

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