Bitcoin Price Decline Deepens, Heads for Worst Week Since February
Technical charts suggest a weakening trend, with altcoins rallying, as bitcoin slides toward $50,000.
Technical charts suggest a weakening trend, with altcoins rallying, as bitcoin slides toward $50,000.
As BTC's price continues lower, one possible benefit is a decrease in the crypto's volatility.
BTC drawdowns have occurred every month since the start of this year but most ended with sharp recoveries, achieving newer highs in the following month.
Bitcoin's funding rate turned negative over the weekend, which typically precedes price recoveries.
Bitcoin's share of the overall industry market capitalization has fallen as ether and other altcoins have surged in price.
Analysts say ether will become a deflationary asset after the impending EIP 1559 upgrade.
BTC has remained in a consolidation phase since February.
The digital asset manager added large numbers of altcoins to its holdings including horizen and livepeer.
"Real world" assets have entered DeFi, as the Maker protocol reportedly just minted $38,000 of dai stablecoins to finance a mortgage loan.
The price of bitcoin has changed little over the past 24 hours, despite the asset’s notorious volatility.
JPMorgan expects bitcoin liquidity should recover, though it may take a few days as market conditions stabilize.
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
Solana's SOL tokens have jumped 17-fold in price this year, for a market capitalization over $8 billion.
Bitcoin price takes a pit stop with ether and dogecoin stealing the spotlight.
The DOGE frenzy appears to have spread to decentralized finance, where several imitator tokens have chalked up staggering single-day gains.
The stablecoin's price in dollars surged during the recent market correction to the highest since the "Black Thursday" sell-off in March 2020.
A steep drop in the Bitcoin blockchain's hashrate may have prompted some traders to hedge, after prices fell to a three-week low.
For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.
Investor appetite for digital asset investment products increased last week, with strong interest in XRP.
Our columnist compares how the company behind the leading stablecoin (USDT) attests to its reserves and how its competitors do it.
NYDIG's analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.
Bloomberg anticipates continued deflation and peak oil similar to 2018. This could be negative for bitcoin.
Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
Record futures liquidations show leverage was excessively skewed bullish.
"The loss of bullish momentum is only short term in nature," one chart analyst said.
Bitcoin nosedived to a three-week low of $52,148 during Sunday's Asian hours.
"The whale entities chart could show that smaller retail investors are purchasing bitcoin, and large holders are selling into that rally," one hedge fund CEO said.
“The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies,” said one analyst.
