Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet. The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax payments. Meanwhile, Bukele clarified that his government would not impose capital gains tax on Bitcoin investors. He also announced that El Salvador would use …

Bitcoin (BTC) price reclaimed $36,000 heading into the New York session Wednesday as investors awaited fresh data on inflation in May and El Salvador approved a bill that made cryptocurrencies a legal tender in the country. Bull-market bottom? The benchmark cryptocurrency surged 9.86% to an intraday high of $36,696, wiping off a portion of the losses it incurred in the previous session. In retrospect, the BTC/USD exchange rate had fallen to almost $31,000 on Tuesday over fears that the pair has entered a 2018-like bearish phase after topping out near $65,000 in mid-April. #Bitcoin on the charts: Key levels to …

United Kingdom-based fund manager Ruffer liquidated its $600-million Bitcoin (BTC) bet after growing nervous about the speculative frenzy in the cryptocurrency market, including huge rallies in meme-based tokens such as Dogecoin (DOGE). The fund, which manages roughly $34 billion for wealthy clients and charities, started selling its cryptocurrency stash in December 2020, when the BTC/USD exchange rate rose to $25,000, the Sunday Times reported. It continued selling as the pair established newer highs in January 2021, breaking past the $40,000 level. Ruffer had wound up its remaining Bitcoin position by April, netting $1.1 billion in profits from the sales, or …

May was a testing time for cryptocurrencies like Bitcoin (BTC). The flagship digital asset was already wobbling after rallying to nearly $65,000 in mid April, owing to profit-taking sentiment among traders. Elon Musk accelerated the sell-off by reversing his company's plans to accept Bitcoin as payment for Tesla's electric cars. Later in the month, the People's Bank of China reiterated to the country's financial institutions against the use of virtual currencies for payments. Chinese authorities are also starting to keep a close eye on crypto mining — the process by which computers mine cryptocurrencies like Bitcoin. More blows to the …

A recent run-up in Ether (ETH) prices against its top rival, Bitcoin (BTC), appears to be at the risk of exhaustion, even as analysts see the second-largest cryptocurrency as the stronger of the two. The ETH/BTC exchange rate has risen by up to 40.19% after bottoming out at 0.0553 BTC on May 23. The powerful rebound move reflected a spike in the capital flow from the spot ETH to spot BTC market. That also led analysts at Delphi Digital, an independent market research firm, to highlight Ether's "formidable strength" in the Bitcoin-quoted markets. They wrote: "If you look at the …

A lackluster balance sheet, excessive debt load and over-leveraged exposure to Bitcoin have crashed MicroStrategy stock by more than 63% since February already. Nevertheless, the business intelligence company has ignored the risks of its frothy valuations, and it now wants to raise more debt and buy Bitcoin with proceeds (BTC). MicroStrategy announced on June 7 that it "intends to raise $400 million aggregate principal amount of senior secured notes in private offering [...] to acquire additional Bitcoins." The company already holds more than 92,000 BTC, worth about $3.31 billion at current exchange rates — almost 1.5x its principal investment. MSTR …

Bitcoin (BTC) bulls should brace for a potential onslaught from bears as the number of margined short positions on Bitfinex jumps by a little over 378%. Known to most by the ticker BTCUSD Shorts, the dataset records the number of bearish positions in the Bitcoin market. In simple terms, traders borrow funds from Bitfinex — their broker — to trade bet on bearish outcomes for the instrument BTC/USD. Meanwhile, the value of opened short positions is measured in BTC. The number of short margined positions on Bitfinex reached an intraday high of 6,468.2202 BTC this Monday, up more than 378% …

Overconfident Bitcoin (BTC) bulls would need to battle more than just Elon Musk as a price prediction model — created by technical analyst pioneer Richard Wyckoff more than 100 years ago — also goes against their wild upside predictions. Dubbed as Wyckoff Method, the model involves a five-phase approach to determine price trends that majorly involve investors' psychological reaction to an asset's supply and demand. For example, in the case of accumulation, when an asset tends to bottom out following sharp price moves downhill, the five phases in order include Selling Climax (SC), Successful Secondary Test (ST), Last Point of …

Update: An earlier version of this article incorrectly reported that capital inflows into Grayscale Bitcoin Trust declined due to a lack of Wall Street interest. However, Seres Lu, vice president of Grayscale, updated Cointelegraph via email that the capital inflow stopped because the firm closed some of its trusts for administrative purposes. The article has been updated accordingly. There is a reason why Grayscale Bitcoin Trust (GBTC) emerged as a benchmark to measure institutional interest in Bitcoin (BTC). Grayscale no longer the only option for investors The digital currency investment product was among the only ones that offered hedge funds, …

Bitcoin (BTC) has rebounded by more than 25% after bottoming out at $30,000 during the May 19 crash. But the cryptocurrency continues to tread ahead under the possibility of facing another period of strong sell-offs owing to a classic technical indicator pattern. Bitcoin price in a “bearish pennant” Dubbed a “bearish pennant,” the pattern forms when an asset consolidates after a strong move downward and forms a small symmetrical triangle-like price range. It breaks below the range support and continues moving lower. Traders usually estimate the size of the negative breakout move by measuring the height of the earlier move. …

Bitcoin (BTC) faces the prospects of falling further even after its price made a strong recovery after crashing from $65,000 to $30,000 in May 2021. So, it reflects in the latest statements from Peter Brandt, chief executive of global trading firm Factor LLC, who questioned, if not asserted, the longevity of the ongoing relief rally in the Bitcoin market, especially after a 50%-plus price crash. The veteran commodity trader challenged “BTC price historians” to identify a single instance in the last decade that saw Bitcoin logging a new record high seven months after crashing more than 50%. He also asked …

Bitcoin started the week off with an abrupt bullish breakout to $37,500, a level some analysts have identified as a crucial “line in the sand,” but the rally was short-lived, as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes. While many traders are concerned that the 2021 bull market is now over and considering whether gains should be locked in, on-chain data shows that long-term Bitcoin (BTC) holders have been accumulating in preparation for a potential 2013-style double-pump that has the potential to elevate BTC to a fresh all-time high. …