Tag: Bitcoins

Revisiting Bitcoin’s Energy ‘Problem’ in the Face of ESG Investment Mandates

Anthony B

The preceding point about transaction validation is important because it is enticing to compare the energy density of Bitcoin transactions to something like Visa (V). Bitcoin can only handle seven transactions per second compared to Visa’s 24,000+. But, remember, Bitcoin doesn’t use energy to validate transactions. The miners’ job is to secure the network, add new blocks of data to the chain and win bitcoin in return. That’s what they spend energy on. They’re not primarily interested in validating transactions. That consensus on the true state of the network is…

Bitcoin’s got 3 strikes, but investors remain calm despite price drop

Marcel Pechman

After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency, the path to $50,000 appears more challenging than previously expected. According to Euronews Next, on March 14, the European Union rejected a proposed rule that could have banned the energy-intensive proof-of-work (PoW) mining algorithm used by Bitcoin and other cryptocurrencies. Several EU parliamentarians have been pushing to ban PoW mining over energy concerns. BTC/USD price at FTX. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptos…

Bitcoin’s Price Bounce Stalls as 10-year Yield Hits 32-Month High

Anthony B

Bitcoin’s bounce from key price support stalled near $39,000 ahead of American trading hours, as the futures tied to the tech-heavy Nasdaq 100 index erased 1% gain and dipped into the red. Meanwhile, the yield on the U.S. 10-year Treasury note rose to 2.10%, the highest since July 2019, according to the chart platform TradingView. Author: Omkar Godbole, Parikshit Mishra Source link

Bitcoin’s sub-$40K range trading and mixed data reflect traders’ uncertainty

Marcel Pechman

The phrase “hindsight is 20/20” is a perfect expression for financial markets because every price chart pattern and analysis is obvious after the movement has occurred. For example, traders playing the Feb. 28 pump that took Bitcoin (BTC) above $43,000 should have known that the price would face some resistance. Considering that the market had previously rejected at $44,500 on multiple instances, calling for a retest below $40,000 made perfect sense, right? Bitcoin/USD at Coinbase. Source: TradingView This is a common fallacy, known as “post hoc” in which one event…

Bitcoin’s ‘Ichimoku Cloud’ Breakout Could Lead to Continued Uptrend

Anthony B

“Bitcoin has cleared resistance defined by the daily cloud, and it is likely to confirm its breakout upon today’s close,” Katie Stockton, founder and managing partner of Fairlead Strategies, told CoinDesk in an email on Wednesday. While bitcoin traded slightly weak on Wednesday, it managed to print a UTC close above the cloud, confirming a bullish trend change. Author: Omkar Godbole Source link

War coincides with Bitcoin’s highest ‘real’ volume since early December

Brian Quarmby

The “real” daily Bitcoin (BTC) volume spiked to levels not seen for three months amid the Russian invasion of Ukraine. According to the latest weekly update report from blockchain analytics firm Arcane Research, real daily BTC trading volume surged above the $10 billion last Thursday (Feb. 24, the first day of the invasion), marking the highest daily volume recorded since Dec. 4. The firm cited “new crypto narratives” that have risen to the forefront amongst the ongoing crisis, such as crypto fundraising in Ukraine, along with demand increasing in relation…

$300M in crypto liquidations accompanies Bitcoin’s surge to $44K

William Suberg

Bitcoin (BTC) hit $44,000 overnight on Mar. 1 as a rally that began Monday sparked unexpected results.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Traders warns of “massive variables” for BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $44,250 on Bitstamp before consolidating, still above $43,000 at the time of writing. The move had come in two main bursts, beginning just prior to the Wall Street open. Against a highly uncertain macro backdrop, analysts had been hard-pressed to forecast what Bitcoin price action would do next, a…

Bitcoin’s censorship resistance capacity enters the spotlight, Feb. 14–21

Kirill Bryanov

Amid the barrage of last week’s regulatory news, from rumors of Joe Biden’s upcoming executive order on digital assets to another round of the Russian government’s crypto tug of war, the storyline that was arguably the most consequential for the mainstream narrative on the social effects of crypto has been the one around the Canadian government’s standoff with the Freedom Convoy. The government’s invocation of emergency powers to put down a protest movement — combined with the movement’s financial infrastructure being one of the main attack vectors — has led…

Bitcoin’s Value Depends on Its Decentralization

Anthony B

The lesson drawn from this conflict was that Bitcoin would not be changed by an economically powerful group of individuals seeking to impose their will over the objections of the average users of the network. The oligarchs were forced to bow to the will of a group of vocal plebs. And, crucially, this power dynamic proved Bitcoin’s decentralization. Author: Andy Edstrom Source link