Bitcoin dumps to hit six month lows near $38K

[ad_1] Bitcoin (BTC) has dumped 7.5% in the past 12 hours, plunging to 6-month lows from $43,328 at 4pm UTC yesterday to $38,258 by 4am UTC today. At the time of writing Bitcoin was trading at $38,761 according to Cointelegraph. Today’s price crash has so far wiped about $50 billion from the overall crypto market. The total crypto market cap has been on a slow decline since early November 2021 when it reached a peak of $3 billion. Without a single bombshell piece of news that many could blame the…

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3 reasons why Near Protocol (NEAR) just hit a new all-time high

[ad_1] The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network.  One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed. Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10…

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Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?

[ad_1] Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion. Celebrities ape into BAYC For the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from…

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Bitcoin’s Illiquid Supply Continues To Hit Multi-Years Highs

[ad_1] The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now. Illiquid supply continues to hit multi-year highs, adding nearly 371,000 bitcoin since the deceleration in May. Even with the recent price drawdowns sparked from long liquidations and market sell-offs, illiquid supply continues to increase signaling that more long-term holders are adding bitcoin over the last few months. Bitcoin’s illiquid supply reaches an…

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Illuvium, LCX and Tokemak hit new highs as Bitcoin dominance lingers

[ad_1] During bull markets, altcoins tend to accrue gains when Bitcoin price consolidates and at they run in tandem with BTC price during breakouts. This dynamic appears to be at play today because multiple altcoins went parabolic at the same time that BTC made a run at $64,000 and Ether (ETH) hit a new all-time high above $4,500. According to data from Messari, 31 tokens have established new record-highs in the past 24-hours and the total cryptocurrency market cap increased from $2.619 trillion to $2.732 trillion overnight. Top 13 tokens…

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Blockchain Week with Vitalik still happening, ‘Bitcoin’ searches on WeChat hit 26M in a day – Cointelegraph Magazine

[ad_1] This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   In this 30th edition of the Shanghai Man column, we preview the Wanxiang Shanghai Blockchain Week, an offline event that normally is the biggest blockchain conference on the Chinese calendar. Next week, despite all the regulatory crackdowns, the event is still planning to go ahead, albeit with a one-month delay from its usual place in mid-September.  The…

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3 reasons why Ethereum price might not hit $5,000 anytime soon

[ad_1] Ether (ETH) price has been in a downward spiral ever since the Ethereum co-founder Vitalik Buterin presented at the StartmeupHK Festival 2021. In a fireside chat session on May 27, Vitalik stated that several internal team conflicts caused the Proof-of-Stake migration to delay its launch. As reported by Cointelegraph, ‘Phase One,’ which introduces scalability through sharding, has been postponed to 2022. Furthermore, DeFi’s inherently decentralized nature might not be entirely beneficial because the sharding-style processing would need to run transactions through a relay chain. Ether price in USD at…

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Bears scattered as Bitcoin hit $40K, but pro traders remain cautious

[ad_1] Bitcoin (BTC) traders might be feeling extra euphoric after the recent 35% rally, but data suggests bears are not too worried because a similar breakout took place in mid-July and the price failed to hold the $40,000 support. To understand how bullish investors are this time around, let’s take apart the derivatives data and look at the futures contracts premium and options skew. Typically, these indicators reveal how professional traders are pricing the odds of a potential retrace to $36,000. Bitcoin price at Coinbase, in USD. Source: TradingView Even…

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Why Bitcoin Will Hit $200,000 This Year

[ad_1] Bitcoin has been on a tear in 2021, and if history is any indication, we should expect bitcoin to continue to run well past the six figures mark, and to $200,000 and beyond in 2021. The Halving Cycle Dynamic, Programmatic Price Action While the typical skeptic will shout from the rooftops, “Bitcoin is nothing more than a speculative bubble!” and how there is “No intrinsic value, Bitcoin is just tulips!,” these critics clearly have not done much critical thinking or research on the topic. To be fair to the…

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