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Bullish ETH/BTC pair revives the Ethereum ‘flippening’ discussion

Bitcoin price is clinging on to $53,000 while Ethereum’s increasing bullish momentum prompted renewed discussions of an ETH flippening. Bitcoin and the overall cryptocurrency market saw minor losses on April 29 as the market heads into the expiry of $4.2 billion worth of (BTC) options contracts.  Data from Cointelegraph Markets and TradingView shows that since reaching a high above $56,400 on April 28, the price of Bitcoin has dropped more than 6% back down near the $53,000 support level while Ethereum (ETH) continues to trade above $2,700. BTC/USDT 4-hour chart. Source: TradingViewDespite the lull in market activity, signs of mainstream cryptocurrency integration…

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Analysts Weigh in On What Made Bitcoin Fall

With the recent bitcoin crash, analysts are wondering what the heck could have happened to make the world’s number one digital currency fall by roughly $15,000 from its all-time high two weeks ago. Bitcoin Has Taken a Deep Dive There was a time when bitcoin seemed invincible. Everyone likely thought that the currency was going to stay above a certain threshold for some time. Sadly, it was not meant to be, and the currency has dropped significantly. Many traders and industry heads are looking into what could have potentially happened. Janis Legler – chief product officer and head of research…

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County in New Jersey makes 250% profit from crypto seized in 2018

County authorities captured the cryptocurrency during a 2018 drug bust in Long Branch. A county in the state of New Jersey has announced the liquidation of cryptocurrency assets seized in 2018. On Monday, the prosecutor’s office in Monmouth County announced that the confiscated crypto —initially valued at $57,000 at the time it was seized — was liquidated on Coinbase for $198,237 at a quote “profit” of $141,000. Authorities captured the cryptocurrency during a 2018 drug bust in Long Branch. The assets were frozen on a United States-based crypto exchange once officials determined them as profits secured from illegal drug sales. Monmouth…

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Price analysis 4/28: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH

After a sharp relief rally, Bitcoin price encountered resistance near $55,000, leading to a short-term pullback in select altcoins. Bitcoin (BTC) has slowed down after its sharp relief rally over the past 48-hours, but Ether (ETH) is in no mood to rest as it continues to chase new all-time highs. The biggest altcoin by market capitalization seems to have received a boost from the news of the launch of a 100-million-euro ($120.8 million) digital bond sale on its network by the European Investment Bank. Meanwhile, Bitcoin’s institutional adoption has continued to expand. Japanese game developer Nexon disclosed the purchase of 1,717 Bitcoin…

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Bitcoin dominance drop and resistance at $55K stoke altseason hopes

Ethereum's new all-time high, a drop in Bitcoin’s dominance rate and overhead resistance at $55,000 have analysts predicting that an altcoin season is at hand. The overall cryptocurrency market saw a second day of gains on April 27 after the weekend sell-off proved to be a good buying opportunity for retail and institutional investors. Lower gas fees following the Ethereum network's Berlin upgrade along with an increase in institutional buying and decentralized finance activity lifted the price of Ether to a new all-time high at $2,680. Data from Cointelegraph Markets and TradingView shows that Bitcoin (BTC) climbed above $54,000 in…

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JPMorgan: If BTC Doesn’t Hit $60K Again, the Currency Is Doomed

Bitcoin has been undergoing a serious correction as of late. The world’s number one digital asset by market cap has hit a new high of approximately $63,000 per unit, but since that day, it has lost about $8,000 off its price. Thus, the currency is now trading for just over $55,000, and companies such as JPMorgan are beginning to take notice. JPMorgan: We Need to See $60K Again Soon In a new report, JPMorgan appears to be rather bearish on bitcoin… again. To be fair, it is not like the company has ever been fully heartfelt towards BTC, and its…

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Key Fundamental Data Suggests Bitcoin May Defy Bears

Last weekend, the Bitcoin price fell below the psychologically significant support level of $50,000. Furthermore, the 50 day moving average was breached to the downside and some popular technical indicators – such as the MACD – are flashing bearish warnings. The confluence of downwards price action, bearish signals, and negative news flow (primarily; a rumored US regulatory crackdown and the Turkish ban & double exchange failures) suggests a bleak outlook for BTC… So, is Bitcoin doomed? Recent Drop Brings Return Of Bitcoin Doomsday, But There’s Still Hope Left Fortunately, there are reasons for hope. Whereas short-term technical and sentiment signals…

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Bitcoin’s On-Chain Market Cycles

With an appreciation for bitcoin's market cycles, we can identify patterns to better gauge the progress of bull and bear markets alike. Bitcoin’s On-Chain Market Cycles This article is a collaboration by Glassnode and Bitcoin Magazine to introduce Bitcoiners to the world of on-chain analysis. Our aim is to simplify, demystify and improve access to on-chain data, helping you take the first steps into using these powerful new tools. Bitcoin is a free market for exponential, digital monetary technology. It has attracted interest from all manner of investors ranging from the individual right through to global institutions. Number go up…

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Altcoins hit new highs after bulls kick Bitcoin price back above $50K

A quick short squeeze catapulted Bitcoin price above $54,000 and a handful of altcoins rallied to new all-time highs. Cryptocurrency investors breathed a sigh of relief on April 26 as the sharp reversal in the price of Bitcoin (BTC) was accompanied by a market-wide recovery that has a majority of altcoins seeing green. It's likely that the breakout was aided by bullish assessments from JPMorgan analysts and PayPal's announcement that demand for purchasing cryptocurrencies had surpassed expectations.  Data from Cointelegraph Markets and TradingView shows that after bouncing off a low near $47,000 on Sunday evening, Bitcoin roared back above the…

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Tesla books huge profit from Bitcoin sale in Q1

In February, the electric vehicle maker announced it had purchased $1.5 billion worth of Bitcoin. Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday. In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million "positive impact" as a result of its Bitcoin sale: "Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in…

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Eric Weinstein calls Bitcoin potential hedge against fiat catastrophe

“Don’t let short term losses in Bitcoin sour you on Bitcoin, crypto or distributed computing,” Weinstein said. “Don’t let Bitcoin zealots chase you away either.” Eric Weinstein, managing director of Thiel Capital and host of the popular podcast The Portal, urged his followers over the weekend not to get caught up in Bitcoin’s (BTC) daily fluctuations. He seemed to feel that it was wiser to focus on the cryptocurrency’s ability to hedge against currency debasement at the hands of central banks. Bitcoin and other “hard-money” assets like gold and silver could be sound alternatives to the “disguised actions” of central banks,…

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Today marks the 10-year anniversary of Satoshi Nakamoto’s final message

On April 26, 2011, Bitcoin’s pseudonymous creator Satoshi Nakamoto allegedly left the nascent cryptocurrency community to work on other projects. Nobody has been able to track them down ever since. Bitcoin (BTC) creator Satoshi Nakamoto left the cryptocurrency community with a parting message exactly one decade ago today: “I’ve moved on to other things.”  In the years since, Bitcoin has evolved from an obscure and esoteric project to a trillion-dollar financial asset drawing attention from governments, financial institutions, corporations and investors. Despite dozens of plausible theories, Nakamoto’s identity remains elusive and their estimated stash of 1 million BTC remains unmoved.…

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Nigerian hotel becomes country’s first to accept Bitcoin payments

George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin. A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy. George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to 1st News, a Nigerian news publication. George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage. "We…

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Bitcoin bulls respond with a $150M short squeeze above $53K — Can BTC go higher?

Bitcoin saw $150 million worth of short contracts obliterated within hours. Roughly $150 million worth of shorts were liquidated within a span of hours as the price of Bitcoin (BTC) rose from around $47,000 to over $53,000 on April 26. The cryptocurrency market as a whole saw a strong short squeeze, as Ether (ETH), Binance Coin (BNB), and other major cryptocurrencies also rose by around 15% in the same period. Following Bitcoin's 12% recovery within a single day, the futures market has completely reset, with funding rates hovering at neutral levels. Why today's Bitcoin short squeeze is bullish A short…

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Bitcoin dominance teeters at 50% as ETH, altcoins gain traction

The Bitcoin dominance index has collapsed by 20 percentage points since the start of 2021. ETH, BNB and more speculative altcoin bets have seen their dominance rise over the same period. Bitcoin (BTC) dominance briefly fell below 50% last week for the first time since January 2018, sending a strong signal that more speculative bets on altcoins were on the rise. The Bitcoin dominance index, which measures BTC’s market capitalization relative to the broader cryptocurrency market, reached a low of 49.35% on Thursday, according to CoinMarketCap. At the beginning of 2021, BTC dominance was 70.68%. Ethereum (ETH), meanwhile, accounted for…

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BTC Price Consolidation Neared $50K, The Bulls Could Fail Again

The BTC price consolidation neared $50K and it seems that the bulls will fail to hold the $52K level according to the price charts that we can see more in our latest Bitcoin news today. The price extended its drop below the $50,000 support against the US dollar with the price now consolidating losses and remaining at risk for more downsides below $48,000. BTC dropped below the $52K and $50K support levels with the price now trading below the $52K and the 100 simple moving average. There’s a key bearish trend line forming with the resistance near the $52,800 on…

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The Bitcoin Price Drop May Have Been Caused By a Power Outage

Over the past few days, bitcoin has suffered somewhat, dropping in price from about $63,000 – the currency’s latest all-time high – to about $55,000 at press time. While many analysts believe that the currency has slipped due to exhaustion from the Coinbase listing on the Nasdaq, others feel differently, and point to other factors that may have contributed to the drop. Bitcoin May Have Fallen Due to a Power Outage Bitcoin has fallen by close to 20 percent over the past week, but according to Jason Deane of Quantum Economics, it has nothing to do with experiencing tiredness or…

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DEX volumes continue to surge even as Bitcoin and altcoins correct

Decentralized exchange volumes are on the rise as the pullback in the price of Bitcoin motivates some traders to book profits and rotate into altcoins. Decentralized finance (DeFi) started 2021 by taking the cryptocurrency sector by storm and helping to kick the bull market cycle into high gear as traders capitalized on ways to easily trade cryptocurrencies and earn high yields on their hodl stacks.  Eventually, high fees on the Ethereum (ETH) network and a few sharp market sell-offs helped contribute to a pullback in token prices and DeFi transactions beginning in late February, but that trend appears to have…

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