Regulators should be ‘hyperventilating’ at Bitcoin’s success

Goldman Sachs senior chairman Lloyd Blankfein has stated that regulators should be “hyperventilating” in response to Bitcoin’s recent success, characterizing the crypto asset as undermining the capacity for lawmakers to monitor the financial system. While appearing on CNBC’s Squawk Box on Jan. 25, Blankfein asserted that Bitcoin’s pseudonymous nature makes it perfect for illicit financing, stating: “You don’t know whether or not you’re paying the North Koreans, or Al-Qaeda, or the revolutionary guard.” Despite authorities frequently utilizing the transparency of blockchain to track the use of crypto by terrorist organizations,…

Bitcoin’s biggest mining pool may be behind the BTC price drop, but buyers stepped in

Bitcoin (BTC) fell to lows of $28,950 on Jan. 22 thanks to miners likely selling huge amounts of their holdings — but big buyers made sure that the dip was minimal. According to data from on-chain monitoring resource CryptoQuant, the past few days saw vast outflows from mining pools, which in turn corresponded to BTC/USD shedding 20% in a week. F2Pool daily outflows hit 10,000 BTC Beginning Jan. 15, outflows from F2Pool — currently the largest mining pool comprising roughly 15% of total hash rate — in particular, began to…

Unpacking Bitcoin’s Recent “Double-Spend” Event

Key Takeaways Bitcoin recorded a double-spend instance for a small amount which sparked rumors of Bitcoin’s death. Investigation reveals that the occurrence was rare and even normal for blockchains. Experts shunned the FUD calling the end of the Bitcoin blockchain. Share this article Multiple Bitcoin blocks mined at the same time have sparked debate around a possible double-spend attack on Bitcoin.  A double spend refers to when more Bitcoin is spent than the amount held in an address. Avoiding double spending is the crux of any money network. Thus, media…

Some major altcoins failed to match Bitcoin’s rally

Since then, the price of Bitcoin has suffered a correction, and most of the crypto market followed. Bitcoin is currently sitting at just over $35,000, and while traders suggest the pullback to be a healthy correction required for Bitcoin to maintain its bullish momentum, some believe the cryptocurrency may plunge below the $20,000. The Bitcoin price action has also been reflected in the altcoin market as it usually does, with many popular cryptocurrencies surging alongside BTC. Noticeably, Ether (ETH), the native token of the Ethereum platform, has doubled in value…

New timeline charts Bitcoin’s price alongside historical events of the past decade

Bitcoin (BTC) has travelled an eventful path since its creation in 2009. TradingView.com recently unveiled a BTC chart showing major events in the digital asset’s history, alongside the cryptocurrency’s ever-changing price. Released on Tuesday, the chart points out potentially significant events on Bitcoin’s price path, showing a “consolidated history of Bitcoin overlaid on the de facto crypto charts (by TradingView),” the platform’s general manager, Pierce Crosby, told Cointelegraph. TradingView’s team intends to update the chart every 14 days — though if major news breaks, the team says they will adjust…

Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

Bitcoin’s price action as of late has been quite ambiguous, with buyers and sellers largely reaching an impasse as BTC struggles to gain any decisive momentum The crypto did make an attempt to break above $40,000 yesterday, but the selling pressure here was significant and sparked a rejection Its price has since plunged to the $35,000 region, which is where bulls are currently trying to slow its descent and spark a rebound Where the market trends next may depend largely, if not entirely, on whether or not BTC can find…

Here’s how institutional investors ignited Bitcoin’s rally to $40,000

From the COVID-19 pandemic to mass-scale money printing and social unrest, 2020 was a wild year. Alongside a barrage of newsworthy events, Bitcoin (BTC) also turned in a standout year in the price category, ultimately rising from $3,600 to past $41,950, besting its 2017 all-time high of $19,892.  A number of events, both crypto-specific and mainstream, appeared as catalysts for Bitcoin’s price action. Several crypto industry players weighed in on the events they believe affected BTC’s price action the most in 2020. Morgan Creek Digital co-founder Anthony Pompliano labeled Bitcoin’s…

Bitcoin’s 20% rebound in one day is one of its biggest ever — But there’s a catch

The price of Bitcoin (BTC) rose 20% on Jan. 12 from $30,500 to around $36,600 across major exchanges. But while the rebound after the correction has been strong, there are two warning signs. BTC/USDT 1-hour price chart (Binance). Source: TradingView.com First, the funding rate in the futures market remains high. The funding rate is a mechanism that incentivizes the minority of the market. For example, if there are fewer short-sellers in the market, then buyers have to pay short-sellers a fee every eight hours. If the funding rate is high, it…

Bitcoin’s recent correction could be retail-driven, Nexo CEO speculates

The price of Bitcoin (BTC) has dropped substantially since Jan. 8, totalling a decline of more than $10,000 at time of publication. Retail investors could be part of the rationale behind the drop, according to Nexo CEO Antoni Trenchev.  “The price correction we’re seeing was brought about by retail investors following the lead of institutions that created the Bitcoin high,” he told Cointelegraph on Jan. 11, adding: “Once BTC passed $40K, earnings were at a height that triggered smaller investors who are, understandably, more prone to selling quickly. There has been…

Bitcoin’s short-term price trajectory could be bleak, says Celsius CEO

Healthy price corrections are generally part of market bull runs. With one such drop currently underway, Celsius’ CEO Alex Mashinsky thinks $16,000 could be in the cards.  “I have been predicting that Bitcoin and many altcoins will hit new all-time highs during 2021 and beyond,” Mashinsky told Cointelegraph. “Still, we will see several corrections, like what is going on today, that will allow savvy investors to accumulate these assets at a discount.” After Bitcoin broke its 2017 record high in December 2020, the asset continued upward in parabolic fashion, finding…