• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Idelto

Cryptocurrency news website

  • About
  • Monthly analysis
    • August 2019
    • July 2019
    • June 2019
  • Bitcoin/Ethereum
  • How to invest in cryptocurrencies
  • News

Cryptocurrencies

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses

22/01/2021 by Idelto Editor

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses

Digital currency markets have dropped in value during the last two days as more than $100 billion was shaved off the entire crypto market valuation. Bitcoin slid to the lowest point of the year at $28,800 per unit on Thursday afternoon, and a number of other crypto-assets saw significant losses as well. Currently, as digital currency trading sessions head into the weekend, the crypto economy has regained some of the losses suffered during the last few days.

Crypto Markets Attempt to Heal

During the last 48 hours, the leading cryptocurrency in terms of market valuation has slid considerably in value. For instance, two days ago the price of bitcoin (BTC) was exchanging hands for $35,900 per coin and on Thursday afternoon (EST), the price dropped to $28,800 per unit. That’s a total loss of -19.77%, but BTC markets have rebounded since then and managed to climb right back over the $30k handle.

At the time of publication, bitcoin (BTC) is swapping at prices between $32,200 to $32,800 per coin and has a touch over a $600 billion market valuation.

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses
The price of bitcoin (BTC) touched a new 2021 bottom touching $28,800 per unit on Thursday. Since then, BTC and a slew of other digital assets have recovered some of the losses. (BTC/USD chart on Jan. 22, 2021, @ 10:30 a.m. EST on Bitstamp via Bitcoinwisdom.io. Currently, BTC is swapping for $32,500 per unit during Friday’s crypto trading sessions.

On Friday there’s over $28 billion in global BTC trade volume, with tether (USDT) capturing 52% of all bitcoin trades today. BTC shed over 13% over the course of the week, but is still up 35% for the last 30 days. Over the 90-day span, BTC has gained 140% and 275% against the USD for 12 months. Following BTC’s lead is ethereum (ETH), as each ether is trading for $1,240 per unit. ETH’s market cap is currently hovering at around $140 billion during Friday morning’s (EST) trading sessions.

Behind tether’s (USDT) market valuation is polkadot (DOT) which is swapping for $17.36 per DOT. On January 22, XRP is currently trading for $0.27 per token and holds a $12 billion market capitalization. XRP is followed by cardano (ADA $0.34), litecoin (LTC $140.81), chainlink (LINK $21.37), bitcoin cash (BCH $448.74), and binance coin (BNB $40.57).

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses
Bitcoin cash BCH/USDT (tether) chart on Jan. 22, 2021, @ 10:30 a.m. EST on Exchange.Bitcoin.com.

Bitcoin cash has a market valuation of around $8.1 billion and is down 12% during the last seven days. During the course of the month, BCH is up 56% and 56% for the 90-day span as well. Against the U.S. dollar over the course of the last 12 months, bitcoin cash (BCH) is up 32%.

Institutional Appetite for Bitcoin

In a note to investors, Etoro crypto analyst Simon Peters spoke about bitcoin’s (BTC) recent price movements and volatility. Peters said that lower prices could be “on the cards” but the analyst does not “believe it would last for long, [as] the cat is out of the bag with bitcoin.”

“This price movement is a perfectly natural correction, one which happens in all assets once the market has perceived them to be a little overbought,” Peters wrote. “And although the price is dropping, sitting at just over $31,000 at the time of writing, the demand for bitcoin is not.”

The Etoro crypto analyst added:

Appetite among institutional investors is still growing with the likes of investment trust Grayscale buying $600m of the crypto asset in a single day this week and Blackrock, the world’s largest asset manager, announced two of its funds will trade in bitcoin derivatives in the future.

Onchain Analyst Says Bitcoin Miners May Have Dumped

On Friday, the CEO of Cryptoquant, Ki-Young Ju detailed the recent sell-off may have been sparked by some mining pools selling. “This dump might have started from BTC miners in F2pool,” the Cryptoquant executive tweeted.

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses

The onchain researcher also shared charts of the action which showed the Miners’ Position Index and miner to exchange inflows. “I got these bearish alerts yesterday,” Ki-Young Ju further added. “Miners’ Position Index went above 2.5, 569 people deposited BTC in a single block (10 min), [and] 78 miners deposited BTC in a single block (10 min).”

Growing FUD

No one truly knows what will happen from here in the land of crypto assets and the growing economy. During the last few weeks, lots of fear, uncertainty, and doubt (FUD) has been circulating wildly while crypto-assets like bitcoin (BTC) have been bullish.

So in 1 month we had:
✅ Mnuchin regulatory scare
✅ tether fud
✅ ledger hack
✅ Mt.Gox fud
✅ Yellen, Lagarde, Dragi scare
✅ Faketoshi nonsense
✅ scam & spam attacks
✅ bitcoin software bug bullshit

Some would say that is a bit too much coincidence. Just saying.

— PlanB (@100trillionUSD) January 22, 2021

There’s been considerable regulatory scares, uncertainty surrounding the Biden administration, negative comments from Janet Yellen and Christine Lagarde, Mt Gox discussions, environmental debates over proof-of-work, tether (USDT) controversy, and the recent Ledger customer data hack. Despite all the FUD, cryptocurrency proponents still seem very optimistic about the future of crypto assets in 2021.

Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com.

What do you think about the recent crypto price action? Let us know what you think about this subject in the comments section below.

Filed Under: BCH, Bitcoin, Bitcoin (BTC), Bitcoin Cash, BTC, crypto assets, Cryptocurrencies, cryptocurrency, cryptoquant, English, Ethereum, FUD, Ki Young Ju, Market Cap, Market Update, Market Updates, Markets, Markets and Prices, Miners, News Bitcoin, Price, Simon Peters, Valuations, XRP

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise

18/01/2021 by Idelto Editor

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise

The price of bitcoin and a number of digital assets have been consolidating this week, after a number of crypto markets dropped over 25% the week prior. The entire crypto-economy is hovering just below the $1 trillion mark at $987 billion, gaining 1.3% during the last 24 hours.

Crypto Asset Markets Consolidate

A good number of crypto-asset markets have been meandering about in a state of consolidation, while a few tokens have seen significant gains in recent days. At the time of publication, bitcoin (BTC) has been exchanging hands for $36,400 per unit with an overall market valuation of around $677 billion. BTC’s market cap gives the crypto asset a 66% dominance rating in comparison to all the alternative digital currency valuations in existence. At the current price BTC is up 4% during the last seven days, 54% for the 30-day span, 209% during the last three months, and 324% over 12 months.

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise
BTC/USDT markets via exchange.Bitcoin.com.

Ethereum (ETH) is trading for $1,236 per ether and holds a market valuation of around $141 billion today. ETH traders are still in the green with a gain of 15% during the week, 90% for the month, 239% for the 90-day span, and over 651% during the last year. The stablecoin tether (USDT) holds the third-largest market cap today, but below the tether market is the digital asset polkadot (DOT).

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise
ETH/USDT & BCH/USDT markets on January 18, 2021 via exchange.Bitcoin.com.

Polkadot now holds the fourth largest market cap today as each token swaps for $17 per unit. Below the DOT market cap is XRP which is currently trading for $0.28 per coin. XRP is down less than a percentage for the week but also down over 50% during the 30-day span.

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise
ADA/USDT markets on January 18, 2021, via exchange.Bitcoin.com. ADA, DOT, and LINK have seen market prices pop northbound considerably in value during the last few days while other crypto assets have consolidated.

Cardano (ADA) follows XRP, and each ADA token is trading for $0.37 per unit. ADA has performed considerably well in recent weeks gathering 36% this week. Over the month ADA prices have improved by 108% and 266% during the 90-day span. Litecoin (LTC) is currently trading for $148 per coin and the crypto asset is up over 9% during the seven-day span. Bitcoin cash (BCH) is swapping for $492 per unit at the time of publication jumping over 5% this week. BCH has an overall market cap of around $9.19 billion and has gained 58% in the last 30 days.

‘No Surprise to See Bitcoin Recover Relatively Easily Last Week,’ Accumulation Addresses Rise

While the price of a great number of crypto assets dropped last week, mainstream pundits said that the crypto economy was headed for a bear market. However, crypto analysts disagree with the bear market assessment and BTC’s recovery last week highlighted that things are still very bullish. “Instead of a tumultuous week with talks of crashes and bubbles, last week was relatively steady for bitcoin for the most part,” Etoro’s Simon Peters explained in a note to investors. “Starting at just $30,000, bitcoin rose to $40,000 on Thursday, before dipping again over the weekend. It currently sits at $36,389,” the market analyst added.

Peters continued:

Whilst some commentators have pointed out that, from a technical standpoint, we are currently in a bear market, I don’t personally ascribe to that view. This level of volatility is no different from what we have seen in previous bull runs, but because bitcoin is at such a substantial price, the fluctuations in dollar terms appear much more significant. In percentage terms, they are not. The backdrop for bitcoin remains supportive and so, to myself and to many in the community, it was not a surprise to see bitcoin recover relatively easily last week from its setback.

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise
Glassnode stats show that BTC accumulation addresses have risen 17% in the past year.

Meanwhile, one analyst said that BTC has a few days of consolidation and in the interim altcoins will probably see some action. “Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins,” Teddy Cleps said to his 51,000 Twitter followers on Saturday.

The CTO at Glassnode explained to his Twitter followers that a large amount of BTC is being sent to “accumulation addresses.”

“2.7 million BTC are held in accumulation addresses– that’s an increase of 17% in the past year,” the Glassnode CTO, Rafael Schultze-Kraft, recently tweeted. “These are addresses that have received at least 2 incoming transactions and have never spend funds. Miner and exchange addresses are excluded,” the researcher added.

Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com.

What do you think about cryptocurrency market movements on Monday? Let us know what you think about this subject in the comments section below.

Filed Under: BCH, Bitcoin, Bitcoin (BTC), Bitcoin Cash, BTC, crypto assets, Cryptocurrencies, cryptocurrency, English, Ethereum, Etoro analyst, glassnode, Market Cap, Market Update, Market Updates, Markets, Markets and Prices, News Bitcoin, Price, Rafael Schultze-Kraft, Simon Peters, Teddy Cleps, Valuations, XRP

Steve Forbes Says Bitcoin’s Fixed Supply Limits Its Ability to ‘Meet the Needs of a Growing Economy’

18/01/2021 by Idelto Editor

Steve Forbes Says Bitcoin's Fixed Supply Limits Its Ability to 'Meet the Needs of a Growing Economy'

American publisher Steve Forbes has attacked bitcoin’s fixed supply saying this feature actually curbs the ability of the crypto to “meet the needs of a growing economy.” He also argues that bitcoin cannot replace the dollar because it is presently too volatile to function as money. Forbes insists that money only works best if it has a stable value.

New Respectable Investment Class

According to Forbes, cryptocurrencies can only challenge existing money if their value is tied to that of gold or the Swiss franc currency. In arguing his case against the idea that bitcoin will eventually replace the dollar, Forbes concedes, however, that the crypto is “now seen as a respectable investment class.” He adds that “financial institutions are adding it to their portfolios.”

Explaining this shift towards bitcoin, Forbes says:

People are piling in because of a lack of faith in government fiat currencies. The Federal Reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for Covid relief measures and to stimulate damaged economies.

According to the publisher, some of these steps, which are inflationary, could be the possible reasons why bitcoin has now “become the darling of investors.” Furthermore, Forbes also acknowledges that some enthusiasts do see bitcoin as “the new gold” while others believe it will “eventually replace the dollar.”

Impact of Bitcoin Volatility on Contracts

Nevertheless, the thinks this is not about to happen because of how bitcoin’s volatility can potentially affect the contract system. The publisher uses the example of a housing mortgage loan to illustrate why cryptocurrencies cannot be used in contracts which he says “are essential for an economy.” Forbes explains:

Say you took a mortgage in March for $250,000, today to you owe the bank almost $2 million.

Forbes surmises that no one in “their right mind would sign a long term contract based on bitcoin.”

Do you agree with Steve Forbes’ sentiments that bitcoin will not replace the dollar? You can tell us what you think in the comments section below.

Filed Under: Bitcoin, bitcoin volatility, COVID-19, Cryptocurrencies, digital gold, Economics, English, fiat currencies, fixed supply, News Bitcoin, Steve Forbes, Swiss franc, U.S. Federal Reserve

Argentine Billionaire Marcos Galperin Says Bitcoin a ‘Better Store of Value Than Gold’ as Officials Plan to Print More Pesos

15/01/2021 by Idelto Editor

Argentine Billionaire Marcos Galperin Says Bitcoin a 'Better Store of Value Than Gold' as Officials Plan to Print More Pesos

Argentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin says bitcoin is a better store of value than gold. However, the billionaire thinks the crypto will not replace fiat currency due to what he terms the high “energy cost required to process its transfers.”

Bitcoin Mining Energy Consumption Misconception

Galperin, who has an estimated net worth of $7.7 billion, made the remarks when responding to an inquiry from a Twitter user. The user wanted to know if the billionaire was a BTC holder as well as his opinion on the possibility of Argentina adopting cryptocurrencies.

Argentine Billionaire Marcos Galperin Says Bitcoin a 'Better Store of Value Than Gold' as Officials Plan to Print More Pesos

Although Galperin dismisses the idea of cryptocurrencies actually replacing fiat currencies, he does, however, think that “quantum computing” can solve the challenge of high energy costs which he believes to afflict the Bitcoin network.

However, the billionaire’s remarks about the bitcoin network energy costs prompted a response from bitcoiners. For instance, in their response to the billionaire’s tweet, one user going by the name Martín Morando agrees with the first part of Galperin’s comments. Nevertheless, the user is quick to explain to the billionaire that his understanding of bitcoin mining may not be correct.

In his tweet, Morando says, “the energy cost is not a problem (but) it is part of the combo.” He adds that “most of the energy used is renewable.” The Twitter user then refers the billionaire to a website that debunks the theory that bitcoin mining is energy inefficient.

On the other hand, another user Ibarra Gustavo poses a question to Galperin:

In Mercado Libre and Mercado Pago have they measured how many k.w.h they consume to process money transfers with all credit card and Mercado Pago entities that operate?

Still, other users like Matias Walkoski are skeptical of Galperin’s opinion that quantum computing will prove to be instrumental in hastening BTC adoption. Instead, Walkoski thinks all “a quantum computer could do is make BTC’s cryptographic keys hackable.”

Another Deluge of Pesos Coming

Meanwhile, as Galperin is lauding bitcoin, reports were emerging from his crisis-laden home country that it wants to inject new money. Some experts believe Argentina’s planned injection of $12 billion worth of new money, which is less than the $16.4 billion injected in 2020, will worsen the country’s current plight. As of December 2020, Argentina had a reported inflation rate of 40% while its currency depreciated by as much as 94% against the U.S. dollar.

According to one report, economic experts are predicting that the planned injection of new money will result in the significant depreciation of the peso and a higher inflation rate. Therefore, to escape the expected currency depreciation, the experts are encouraging Argentines to use “the crunchy pesos to buy bitcoin.”

Do you agree with Galperin’s remarks that BTC will not replace fiat currencies? Tell us what you think in the comments section below.

Filed Under: Bitcoin, Bitcoin Mining Costs, Bitcoin network, Bitcoin vs gold, Cryptocurrencies, Economics, English, Marcos Galperin, money transfers, News Bitcoin, quantum computing, store of value

Crypto Prices Show Signs of Recovery, Market Analyst Says ‘Bitcoin Remains in a Healthy Place’

12/01/2021 by Idelto Editor

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'

Bitcoin and a number of other cryptocurrencies have regained some of the percentage losses they suffered this past Monday, as various crypto assets are up today between 5-25% in value. On Monday, the crypto economy dipped under the $800 billion handle after the entire market cap fell from its trillion-dollar valuation. Today, the overall market valuation of all 7,500+ digital assets in existence is hovering just above the $900 billion mark.

Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin (BTC) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'

Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'

The second-largest market valuation is held by ethereum (ETH), which is up 12% on Tuesday and trading for $1,115 per unit. XRP is up over 8% today and each token is swapping for $0.29. Cardano (ADA) is up 16% at the time of publication and trading for $0.29 per token on Tuesday.

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'

Litecoin (LTC) is trading hands for $139 per LTC and is up 10% during the course of the day. Bitcoin cash (BCH) has gained 8.5% as each BCH is swapping for $470 on Tuesday afternoon (EST). Overall cryptocurrency trading volume worldwide today is up 14% and there’s $93 billion in global swaps.

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'

Etoro’s market analyst, Simon Peters, detailed on Monday that “despite yesterday’s short-term market correction, bitcoin remains in a healthy place.”

Peters further explained that many skeptics will call bitcoin a “bubble” but BTC’s long-term outlook remains very strong. “Many detractors were quick to believe the bitcoin bubble had popped, as the price seemed destined to fall below $30,000 but this failed to materialise,” Peters explained in a note to investors.

“As a result, enthusiasts declared victory, arguing that $30,000 is a new bottom for the crypto asset. In my view, it is too early to say. Although we remain in a price range we haven’t seen before, some of the rises and falls we’re seeing in this current crypto bull market were also present in the 2017 bull market,” the Etoro analyst added.

Furthermore, in the recent “Coin Metrics’ State of the Network: Issue 85,” the research company mentioned BTC’s reaction to the January 6, 2021, Capitol breach events in the U.S.

“Bitcoin’s quick reaction to events on January 6th shows its continued maturation as an asset that responds to global events,” Nate Maddrey and the Coin Metrics Team wrote. “It also potentially adds evidence to the narrative that bitcoin is sometimes viewed as a hedge against global unrest. But the run-up to $40K also occurred on the tailwind of a strong run to start the year so it can be difficult to untangle the exact impact of January 6th’s events.”

Meanwhile, the notorious gold bug and economist, Peter Schiff, scoffed at bitcoin’s big losses this past Sunday. “Bitcoin traded near $42K on Friday and near $30K on Monday,” Schiff tweeted. “An asset that drops 28% over a weekend is not a safe-haven, a store of value, or a viable hedge against inflation. If you want to gamble on bitcoin, buy Bitcoin. But if you want to hedge against inflation buy gold,” Schiff added. Following that statement Schiff also said:

As long as people don’t realize or don’t care that bitcoin has no actual value, and continue to buy it anyway, its price can continue to rise. But eventually, those who don’t care will start caring, and those who don’t understand will figure it out. By then it’s too late to sell.

Of course, a number of crypto assets said that Schiff was just talking about bitcoin to gain some attention, and they believe this is why the gold bug often discusses the cryptocurrency so regularly. “It sounds like bitcoin is helping you grow your following more than gold at this point,” one individual responded to Schiff’s tweet about bitcoin. “It seems like that’s where the real value to you is. Ironic. Appreciate the warnings, if you’re right, and forgive you if you’re wrong. Best of luck,” the person added.

Schiff replied back and said that he’s been trying to get people to jump off the bitcoin bandwagon. “It’s hard to tell, but my guess is that I would have even more followers if I got onboard the bitcoin train, rather than trying to convince others to jump off,” Schiff said.

Meanwhile, today’s top token gainers include coins like stakenet, district0x, genaro network, dmarket, and nano which are up between 40% to 91% today. Tuesday’s biggest losers are tokens such as golem, bitnautic, everex, acute angle cloud, and coinmeet. Those five tokens have seen percentage losses between 5% to 19.99% on Tuesday afternoon.

Check out all the latest cryptocurrency price action in real-time at markets.Bitcoin.com.

What do you think about the cryptocurrency percentage gains on Tuesday? Let us know what you think about this subject in the comments section below.

Filed Under: BCH, Bitcoin, Bitcoin (BTC), Bitcoin Cash, BTC, CME gap, Coin Metrics, crypto assets, Cryptocurrencies, cryptocurrency, English, Ethereum, Gainers, Losers, Market Cap, Market Update, Market Updates, Markets, Markets and Prices, Nate Maddrey, News, News Bitcoin, Peter Schiff, Price, Simon Peters, Valuations, XRP

  • Page 1
  • Page 2
  • Page 3
  • …
  • Page 181
  • Next Page »

Primary Sidebar

Archives

Recents articles

  • Montana County to Hold Public Hearings on Zoning Rules for Crypto Miners Amid Growing Complaints
  • Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network
  • Vaneck Files for Crypto ETF That Gives Investors Exposure to Equity in Digital Asset Companies
  • Cantillon Effect 2.0: Bitcoin Is The World’s First Truly Fair Money
  • Bitcoin Near ‘Extreme Bubble’ but Tesla More Vulnerable: Deutsche Bank Survey
  • Discussing Bitcoin Core 0.21.0
  • Buying the Dip: Multibillion-Dollar Microstrategy Invests $10 Million More in Bitcoin
  • Bitcoin 2017 Vs. 2021: How This Bull Run Is Different

© 2021 · Idelto · Site design ONVA ONLINE