Crypto News

  • Bitcoin climbs above $65,000 and carves out an intriguing chart pattern
    by Adam Button on May 15, 2024 at 5:57 pm

    Bitcoin is having its best day in two weeks, climbing 5% as part of a broad rally in global risk assets.The chart caught my eye as it may be tracing out an inverted head-and-shoulder pattern, one that would target a move to $75,000.A speculative fever may have been unleashed by the drama in Gamestop and AMC this week, along with the improving prospects for Fed rate cuts. I worry that we may have baked too much of that in already but it's tough to go against the would be even tougher to bet against bitcoin if it could break above $65,700, adding confidence that it's cleared the neckline of an inverted head-and-shoulders pattern on the daily chart.The rally over the past week also adds confidence that the early-May drop was a false breakout. The $60,000 level held this week as it had several times in March and April. This article was written by Adam Button at

  • North Korea laundered $147.5 mln in stolen crypto in March
    by Eamonn Sheridan on May 14, 2024 at 8:26 pm

    Reuters cite confidential work by United Nations sanctions monitors it has sighted. North Korea laundered $147.5 million through virtual currency platform Tornado Cash in MarchAfter stealing it last year from a cryptocurrency exchange, HTX United Nations sanctions monitors add:they had been investigating 97 suspected North Korean cyberattacks on cryptocurrency companies between 2017 and 2024, valued at some $3.6 billionin 2024 alone, the monitors said they had been looking at "11 cryptocurrency thefts ... valued at $54.7 million" This article was written by Eamonn Sheridan at

  • UBS owns 3,600 shares of BlackRock's iShares Bitcoin Trust (IBIT)
    by Eamonn Sheridan on May 13, 2024 at 10:05 pm

    In the news on Monday was this, that UBS owns 3,600 shares of BlackRock's iShares Bitcoin Trust (IBIT)UBS is in good company, the list of authorized participants for BlackRocks' IBIT also includes Citadel Securites and Goldman SachsUBS does allow some of its clients to trade Bitcoin ETFs, but only those clients it assesses as having a higher risk tolerance can access the new fundsIt allows some of its affluent clients to gain exposure to cryptocurrency ETFs based in Hong KongBTC update: This article was written by Eamonn Sheridan at

  • Australian Tax Office targeting unreported crypto profits: 1.2m accounts investigation
    by Eamonn Sheridan on May 7, 2024 at 9:59 pm

    The Australian Taxation Office (ATO) is seeking personal data and transaction details from crypto exchanges to crack down on potential tax evaders.Finance Magnates has the details, here:Oversight of Crypto Tax Compliance ATO's notice aims to identify individuals who may have failed to report their crypto transactions. It focuses on instances where crypto assets were exchanged or utilized for payments without proper tax declarations. This article was written by Eamonn Sheridan at

  • Standard Chartered US$200K BTC forecast - says Bitcoin will surge if Trump wins election
    by Eamonn Sheridan on May 7, 2024 at 8:50 pm

    ICYMI on crypto, the latest from Standard Chartered this week. Analysts at the bank point to two reasons a Trump win would be positive for Bitcoin. 1. Trump would ease back on regulating crypto: “While officials in the Biden administration have taken a relatively tough stance on digital assets, Trump said in a March interview that if elected, he would not crack down on Bitcoin or other digital assets”2. Trump's (still) lack of economic understanding would undermine the US and the USD: Trump's plan to hike tariffs and spend even more than the current administration will lead to higher inflation, causing investors to fell from US Treasuries and the USD, and seek shelter in alternatives, BTC being one. Stan Chart maintain a $150K forecast for BTC by the end of 2024 and $200K by the end of 2025. This article was written by Eamonn Sheridan at

  • Bitcoin falls to 50% of 2024 range this week and bounces. Price back above 100 day MA
    by Greg Michalowski on May 3, 2024 at 5:19 pm

    The price of bitcoin moved lower earlier this week and in the process fell below the 100 day MA in the process (blue line in the chart below currently near $60000), and toward the 50% midpoint of the 2024 trading range. That level comes in at $56,150. The low this week reached $56,500 (close enough).The subsequent move back higher has seen the price moved back above the 100 day MA today on the back of risk-on flows. That MA will now be close support for the digital currency. Stay above keeps the buyers in control, and the price can continue to probe higher. If so, the downward sloping trend line would be the next key target to get to and through. That level comes in near $63750 currently. So buyers in control above the 100 day MA near $60,000. This article was written by Greg Michalowski at

  • Jack Dorsey’s Block says it will buy bitcoin every month with 10% of its gross profit
    by Eamonn Sheridan on May 2, 2024 at 8:25 pm

    Block earnings report.This now from Dorsey's "Bitcoin Blueprint For Corporate Balance Sheets"With the launch of Square’s Bitcoin Conversions product, which allows sellers to automatically convert a portion of their sales into bitcoin holdings, we are announcing our new corporate balance sheet dollar cost average (“DCA”) program, under which each month we will be investing 10% of Block’s monthly gross profit from bitcoin 1 products into purchases of bitcoin for investment. As an evolution from our previous strategy of purchasing bitcoin in lump sums, the program brings a principled investment approach to Block’s commitment to the asset classUnder the DCA program, we plan to purchase bitcoin on a monthly cadence utilizing TWAP orders, starting April 2024. We will execute these over a shorter time window due to lower notional trade values and improved bitcoin liquidity compared to 2020 and 2021. To reduce slippage, we have chosen to purchase bitcoin over a two-hour window that has historically had the greatest amount of liquidity.Another bid added to the list of those already underpinning the crypto. This article was written by Eamonn Sheridan at

  • Bitcoin falls below $60,000 low price for the month. Low-price reached $59,982 so far
    by Greg Michalowski on April 30, 2024 at 7:05 pm

    The price of bitcoin just traded below the $60,000 level to a low of $59.982. The low got close to the low for the month reached on April 19 at $59.629. For the trading month, the price is currently trading down $-11,656 or -16.35%. The end of March closing level was $71,285.Looking at the daily chart, the price is approaching its 100 day moving average at $59,355. The price today dipped below its 38.2% retracement of the move up from the 2024 low. The level comes in at $60,314. The price is also within a swing area between $59313 and $60760 (see yellow area on the chart below). Key area for both buyers and sellers in this area. This article was written by Greg Michalowski at

  • Bitcoin nears $60,000 as selling intensifies
    by Adam Button on April 30, 2024 at 5:39 pm

    The halving and the launch of Hong Kong ETFs (whic launched today) haven't been the positive catalysts that bitcoin bulls hoped for, at least not yet. Bitcoin is at the lows of the week, down $2750 to $60,152 today.The low so far is $60,053 as bids protect the big figure. If that breaks there could be a flush but there could also be more support down to the April low of $59,590.If those levels go, it would certainly be a bearish technical signal and I could envision sales down to the low $50,000s.As for broader markets, they tend to move in synch with bitcoin so this selling may be a negative signal, particularly if the FOMC is hawkish tomorrow. This article was written by Adam Button at

  • Bitcoin dips to a 10-day low as the halving bulls wait
    by Adam Button on April 29, 2024 at 2:37 pm

    Bitcoin is under pressure today, though it's off the lows. It's down 2% to $62,750 after trading as much as $1000 lower and to the worst levels since April 19. That was the day before the halving, which hasn't been the catalyst that bulls hoped.An increasingly-popular line of thinking is that the taillwinds from the halving were priced in along with the ETF launch. However bitcoin might not be as weak as it appears. Tech stocks have struggled lately and the correlation with bitcoin is high. So while bitcoin is lower, it's held up better than the Nasdaq, which earlier this month fell to the lowest since February. This article was written by Adam Button at

  • ICYMI Swiss National Bank Chairman Jordan says wary about buying Bitcoin
    by Eamonn Sheridan on April 28, 2024 at 8:37 pm

    Swiss National Bank Chairman Thomas Jordan spoke on Friday, saying the SNB remains wary about buying bitcoins.His remarks come in response to this:The Swiss National Bank (SNB) is being urged to include cryptocurrency in their reservesie. a call from campaigners to change Swiss law and allow cyptocurrencies to be added to SNB reserves.Jordan:"We have not yet decided that we want to invest in bitcoin. Actually for good reasons""Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them."Jordan also pointed to potential downsides, such as carbon emissions resulting from the the energy consumption of bitcoin mining and transactions.Bitcoin update: This article was written by Eamonn Sheridan at

  • Bitcoin falls 3% as the halving gain disappears
    by Adam Button on April 24, 2024 at 6:56 pm

    Bitcoin is now down 3.3% on the day, or $2200, to $64,150. Virtually all of the selling has been since the start of the US session and points to some broader angst in risk assets.It climbed earlier in the week after the halvening but stalled out yesterday and is now back to pre-April 20 levels. The three-day candle paints something of a reversal and in the bigger picture, there is an emerging pattern of lower highs and lower lows, though it's mainly sideways trading.I wouldn't read too much into the decline until/unless $6000 cracks again. Fundamentally, I see bitcoin as closely tied to the overall tech rally (many earnings coming up) and the path for US interest rates. Rising Treasury yields are threatening to undercut risk assets and bitcoin doesn't look like it will be an exception, especially now that there isn't anything BTC-specific to look forward to (though some may argue the Hong Kong ETF). This article was written by Adam Button at

  • US SEC is unlikely to approve spot ETH ETFs in May - price to rise regardless
    by Eamonn Sheridan on April 23, 2024 at 9:44 pm

    Analysts at Standard Chartered had previously been tipping U.S. Securities and Exchange Commission (SEC) approval for Ethereum exchange-traded funds as soon as May. But, no longer:"We had previously expected the SEC to approve ETH ETFs on May 23," "This was based on the view that the ETH approval process would follow a similar trajectory to BTC ETF approval (which the SEC granted in January), and that constructive dialogue would take place between the SEC and the ETF applicants, as it did in the lead-up to BTC ETF approval. So far, however, no such dialogue has occurred (or at least been made public), suggesting that a May 23 approval date is unlikely"-As for forecasts, Stan Chart analysts are looking for ETH to *K by the end of the year (and 150K for BTC). This chart is from our charting app, which is free and can be found at this link. This article was written by Eamonn Sheridan at

  • Oil snippets: 1 Barclays sees upside risk, 2 Venezuala to shift sales to digital currency
    by Eamonn Sheridan on April 22, 2024 at 8:23 pm

    A couple of snippets on oil.1. Barclays says risks to its forecast USD 90/bbl Brent fair value estimate for this year are skewed to the upside. 2. Venezuela is working to shift its oil sales to digital currency. This comes asoil sanctions are set to be reimposed. Venezuela will use Tether, pegged to the US dollar, state-run PDVSA use digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accounts.Info comes via Reuters.Brent update: This article was written by Eamonn Sheridan at

  • ICYMI - Bitcoin halving took place over the weekend
    by Eamonn Sheridan on April 21, 2024 at 8:43 pm

    The halving took place once block number 840,000 was mined. This happened early in the weekend. The halving has reduced the Bitcoin block mining reward to 3.125 Bitcoins (new Bitcoins are introduced into circulation through these mining rewards.).Finance Magnates had all the details of this big event in cryto:Halving is one of the most significant events in the cryptocurrency world and occurs approximately every four years, specifically after every 210,000 blocks. BTC/USD is trading around 64500 USD. This article was written by Eamonn Sheridan at

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