Bitcoin (BTC) dropped below $30,000 on June 22, which may be a final sign of capitulation. Data from Skew suggests that if Bitcoin’s price does not recover sharply in the next few days, the decline in the current quarter could be the second-worst quarter since 2014. Bull and bear phases are part and parcel of every asset class. All the legacy markets have witnessed several bear phases with massive drawdowns in the past. However, after the bear phase ends, a new bull market begins and long-term investors are usually rewarded with strong gains. The crypto markets are presently witnessing a …

Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true. According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity. The market cap for …

Dogecoin (DOGE), Elon Musk’s pet favorite cryptocurrency, has shed tens of billions of dollars in value since he publicly plugged it on mainstream TV. As sources noted this week, the meme-based altcoin’s market capitalization is now $69 billion down versus where it was when the Tesla and SpaceX CEO hosted Saturday Night Live. Dogecoin: 6 weeks, 70% losses Dogecoin saw a major rally in early May, and its height had a market cap of $95 billion. When Musk took to the airwaves on May 8, contrary to expectations, DOGE/USD then began a precipitous fall that continues to this day. At …

In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin (BTC) dropped over $1,000 within a few minutes as news hit the stands that the third-largest Chinese bank, the Agricultural Bank of China, will not allow the use of its services for crypto transactions. Although the bank later deleted its anti-crypto statement, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin miners and this has resulted in the hash rate dropping to an 8-month low. While this may …

A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as Dogecoin (DOGE) fared much the same in the markets. Saturday’s NASCAR Xfinity Series Race in Nashville ended in disaster for the Dogecoin-sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70. The #dogecar has crashed. TV: NBCSN pic.twitter.com/eCb1PosOI3 — NASCAR on NBC (@NASCARonNBC) June 19, 2021 The faithful fans of the meme cryptocurrency had been revved up for the race, with the #dogecar hashtag trending on Twitter in the lead-up to the event on Saturday. Photos of the …

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, took a jab at Dogecoin (DOGE) last week by referring to the memecoin as a Ponzi scheme, upping his rhetoric against cryptocurrencies. Kashkari’s comments were in response to a LinkedIn poll by Paul Grewal, the chief legal officer and corporate secretary of Coinbase, who asked his connections about the proper way to pronounce "Doge." “The right pronunciation is pon-zi,” Kashkari quipped. This isn’t the first time Kashkari has taken aim at cryptocurrencies. In February 2020, he said digital assets like Bitcoin (BTC) lack the basic tenants of a stable …

Shoppers wanting to cash out their crypto holdings to buy groceries may soon be able to do so at many H-E-B supermarkets in Texas. According to a Friday report from the Houston Chronicle, crypto ATM firm Coin Cloud is preparing to install machines into 29 H-E-B locations in the Houston area. The ATMs will allow customers to buy and sell more than 30 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), certain DeFi tokens, and U.S. dollar-pegged stablecoins. Coin Cloud CEO and founder Chris McAlary said he expects “retailers will become increasingly aware of the important role digital …

The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023. This news has boosted the U.S. dollar index DXY to its best level since mid-April. Gold’s price, which generally has an inverse correlation with the dollar, has dropped to a 6-week low. The U.S. equity markets have also not been spared. The Dow Jones Industrial Average index is on track for its worst weekly performance since January this …

If one looks at Dogecoin (DOGE) charts from the point of view of a financial chartist, he/she will notice an alarming presence of a classic bearish structure. For instance, pseudonymous analyst Tyler Durden highlighted what appears to be a "Head and Shoulder" pattern. The trading structure forms when an asset forms three peaks atop the same support level. In doing so, its middle peak comes out to be higher than the other two. Durden flashed the Head and Shoulder-like pattern to predict a 67% price crash in the Dogecoin market. Calling it "programmed," the analyst hinted at the pattern's tendency …

Dogecoin (DOGE) hogged the spotlight on a tightly crowded stage throughout most of 2021, as Bitcoin (BTC) and the wider cryptocurrency market climbed to new all-time highs. Fueled by the social media flirtation of an eccentric billionaire, and the coordinated efforts of strategic Reddit traders, Dogecoin’s value increased 15,000% since the turn of the year when it peaked in early May. As Dogecoin’s price boomed so too did its exposure to a mass of internet users who had previously never heard of an eight-year old cryptocurrency that even industry insiders considered to be long dead. Created purely as a joke, …

In an exclusive interview with Cointelegraph during Bitcoin 2021 in Miami, Greenspan criticized a segment of Bitcoin (BTC) maximalists for being “small-minded and insecure,” pointing out that they don't have control over the main cryptocurrency. “They cannot stop any kind of innovation from happening. So let them yap, it doesn't bother me,” said Mati Greenspan, founder and CEO of Quantum Economics, about Bitcoin maximalists. Greenspan‘s statements came a few days after a number of Bitcoin hardliners attacked him on Twitter for calling the Bitcoin conference in Miami “a crypto conference.” Greenspan’s inclusive view on crypto is also reflected in his …

Bitcoin’s price (BTC) turned down from just above the $41,000 mark on June 15, suggesting that traders are halting their purchases at higher levels. Traders seem to be hesitant to take large bets until the U.S. Federal Reserve releases its latest economic projections and the timeline of the proposed rate hikes today. However, Jurrien Timmer, the director of global macro at Fidelity Investments believes that Bitcoin has bottomed out. Another positive sign comes from a Q2 retail investment survey of high-frequency traders by the crypto firm Voyager Digital that shows 81% of the participants are confident about the future of …