Building The Case For A Potential Bitcoin False Bottom

Bitcoin price action is fickle lately, moving mostly sideways with a number of unsuccessful breakout attempts. The fact that $30,000 simply won’t break brings back memories of bear market support at $6,000 – which after a full year finally broke down to the real bottom. The leading cryptocurrency by market cap did something similar after the June 2019 peak, settling in around late December, but then sweeping lows with Black Thursday before finally moving higher. Could these clues help build a case for a false bottom currently forming in Bitcoin?…

Fed chair met with Coinbase CEO Brian Armstrong and former House speaker in May

Prior to the Federal Reserve announcing it would release a discussion paper on a central bank digital currency, chairperson Jerome Powell met with Coinbase CEO Brian Armstrong. According to Powell’s meeting calendar which was made public on Friday, the Fed chair held a 30-minute meeting with Armstrong as well as former House of Representatives Speaker Paul Ryan on May 11. The reason for Ryan’s presence is unclear — the former speaker left politics in early 2019 and is now with private equity investment firm Solamere Capital. While Powell’s schedule did…

Smart investors don’t just buy dips, they dollar-cost average

Choppy markets have defined the crypto space since Bitcoin (BTC) sold off on April 19, and indecisive markets like these can test the patience and fortitude of even the most dedicated traders and analysts, especially when the incessant calls for a bottom are met with lower lows. While the periods of low trading volume and whipsaw price movements may be the perfect conditions for whale-sized traders to play in, the average investor doesn’t stand a chance, especially with multimillion-dollar funds now beginning to get in on the action. Data shows…

Bitcoin Mining Council Says Mining Is 56% Sustainable

Key Takeaways The Bitcoin Mining Council has published a report on sustainable energy usage in the Bitcoin mining industry. The BMC report indicates that the mining industry’s sustainable electricity mix grew to 56% during 2021. Some have questioned whether BMC’s statistics are accurate. Share this article The Bitcoin Mining Council, an open forum of companies in the crypto mining industry, has published a report stating that more than half of Bitcoin mining is based on renewable energy. More Than Half of Mining Is Sustainable The Bitcoin Mining Council surveyed one-third…

Cambridge and IEA data shows bitcoin carbon intensity peaked last year

According to publicly available data from the University of Cambridge Centre for Alternative Finance and the International Energy Agency, or IEA, bitcoin (BTC) carbon emission intensity may have already peaked. The environmental impact of bitcoin’s electricity usage is a favorite talking point of its critics and journalists on the crypto beat. But taking in the available data, Hass McCook, a retired chartered professional engineer, reckons bitcoin’s carbon emissions “have already peaked a few months ago.” McCook unpacked the data and defended that conclusion in a guest post on Bitcoin Magazine’s…

Axie Infinity (AXS) and Waves make gains as Bitcoin flatlines below $34K

Bitcoin (BTC) price remains relatively unchanged on the 24-hour chart, down 0.56% and trading around $33,200 at the time of writing. The overall cryptocurrency market traded flat on July 2 with the approach of the Fourth of July holiday weekend in the United States. The lackluster trading volume coincided with a slight decline in the total cryptocurrency market capitalization by $5 billion to its current value of $1.378 trillion.  Daily cryptocurrency market performance. Source: Coin360 Despite the struggles faced by the market as a whole, data from Cointelegraph Markets Pro…

Greenidge plans to expand mining operations to South Carolina

Bitcoin mining company Greenidge Generation announced it would be starting operations in South Carolina as early as this year. In a Friday announcement, Greenidge said it would be operating in a carbon neutral crypto mining facility in the city of Spartanburg. The company said it had signed a letter of intent for a 10-year lease with printing firm LSC Communications’ location on the outskirts of the South Carolina city, where it plans to start mining crypto “in late 2021 or early 2022.” According to Greenidge, the location has been capable…

Bitcoin spring? Wyckoff ‘groundhog’ indicates crypto winter may last another 6 weeks

The Wyckoff Accumulation technical chart pattern has become the latest trending topic when anticipating where the price of Bitcoin (BTC) may go next. Some analysts have said that BTC’s recent dip below $29,000 signaled the “Spring” phase, which will soon be followed by a climb higher.  BTC/USDT price vs. Wyckoff Accumulation model. Source: Twitter While the bulls make the case for the continuation of the bull market trend seen earlier in 2021, others are warning that the price of Bitcoin is not out of the woods yet, particularly in the…

USDT stands by ‘commercial paper’ tether

The stablecoin market has been growing exponentially, and last week, Eric Rosengren — president of the Federal Reserve Bank of Boston — appeared to raise a cautionary flag.  “There are many reasons to think that stablecoins — at least, many of the stablecoins — are not actually particularly stable,” he said in remarks before the Official Monetary and Financial Institutions Forum, voicing concerns that “a future [financial] crisis could easily be triggered as these become a more important sector of the financial market, unless we start regulating them.” Moreover, in…