Bitcoin (BTC) has risen above the psychological resistance at $40,000 following a series of positive news flow over the past week. The first bit of bullish news that impacted the price of Bitcoin was a tweet from Tesla CEO Elon Musk who said the carmaker wil accept Bitcoin payments if more than 50% clean energy is used by Bitcoin miners with a “positive future trend.” Another piece of news that may have boosted the recovery in Bitcoin was Paul Tudor Jones' suggestion that 5% of every investment portfolio have exposure to Bitcoin, which is equal to that of gold, cash …

A new project is bringing NFTs and DeFi together to build a launchpad that will help creative artists and inventors tokenize their intellectual property and raise funds on a single platform. Built on the Binance Smart Chain, LEXIT’s platform does more than just turn works of art, music, books, video, collectibles, games, source code and inventions — any copyrighted or patented intellectual property — into nonfungible tokens. It also brings in decentralized finance (DeFi) to make those NFTs available to anyone via DeFi liquidity pools, LEXIT CEO Amir Kaltak and CBO Katia Zaitsev explained on a Cointelegraph AMA on May …

Bitcoin’s (BTC) failure to rise above the critical $40,000 to $42,000 resistance zone is keeping crypto traders on tenterhooks. Some analysts view the sharp rebound from $31,000 level as a sign of accumulation at lower levels while others believe the failure to cross above the overhead resistance indicates that Bitcoin is still not out of the woods yet. JPMorgan’s cryptocurrency market analysts, led by global market strategist Nikolaos Panigirtzoglou, pointed out that after the recent fall, the Bitcoin futures market has shifted from contango to backwardation for the first time since 2018. The analysts believe this is a warning of …

Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin (BTC) is more likely to rally to $40,000 than slump to $20,000. This bullish outlook seems to be shared by traders as Bitcoin initiated a sharp recovery today. On-chain data also suggests that long-term holders (LTH) have again started accumulating Bitcoin after booking profits during the rally from $10,000 to $64,000. The total number of Bitcoin held by these long-term holders is 2.3 million more than what they held at the peak of the 2017 bull market. This shows the veteran traders remain bullish about the future prospects of Bitcoin. …

United States Treasury Secretary Janet Yellen defended President Joe Biden’s latest massive spending package while speaking to Bloomberg. Yellen said it would be “a plus” for society even if it resulted in a higher interest rate environment. If rates inch higher, traders will explore the best possible options to hedge their portfolios. While gold is down about 2.5% year-to-date, Bitcoin (BTC) is still up 22% during the same period, even after the massive plunge in May. Bitcoin’s outperformance may not go unnoticed and several institutional investors are likely to make it a part of their portfolio along with gold. London-based …

Several decentralized finance (DeFi) protocols running on Binance Smart Chain (BSC) have fallen victim to major exploits in recent months as the sector continues to see substantial growth in 2021. Binance’s very own smart contract blockchain platform has seen a surge in demand since its launch in September 2021, due to its low fees and high throughput. This has allowed the Binance Smart Chain to appropriate a percentage of the DeFi market as platforms looked for an alternative to Ethereum’s high gas fees. While Ethereum still commands the lion’s share of the DeFi network’s transaction volume due to the number …

Bloomberg senior commodity strategist Mike McGlone believes Bitcoin (BTC) is more likely to turn up and rally to $100,000 rather than correct to $20,000. In the June edition of the Bloomberg Galaxy Crypto Index report, McGlone said that Bitcoin’s correction had not dented its foundation and it was "stronger, greener and less extended" than in April. While Bitcoin has yet to witness a surge in demand, data from Coinshares show crypto funds have turned the corner and after two weeks of outflows, investors have pumped $74 million into cryptocurrency. Ether (ETH) products were leading the inflows with $47 million being …

Bitcoin’s (BTC) active supply — coins that have moved in the past two years or earlier — dropped to a five-month low of 44.5% on June 2, according to data from Glassnode. This indicates that investors who had purchased Bitcoin more than two years ago are not keen to sell after the 40% drop. Even miners, who sold during the May correction have since reversed their decision. The outflows from miner addresses are at the lowest level in seven months, which suggests that miners are holding on to their Bitcoin. Veteran trader Peter Brandt believes that Bitcoin’s correction could extend …

Bitcoin’s (BTC) massive drop in May 2021 is among its worst monthly performances, according to data from Bybt. The decline has divided the crypto community, with long-term investors considering the fall as a buying opportunity while short-term traders are dumping their positions out of fear. Glassnode data suggests that long-term HODLers and miners are using the current weakness to accumulate Bitcoin. This transfer of Bitcoin from weaker hands to stronger hands is a positive sign because long-term investors are unlikely to panic and dump their holdings on every bear market correction. In April, the U.S. personal consumption expenditures price index …

Earlier this week billionaire investor Carl Icahn’s told Bloomberg that he is considering entering crypto in a big way but this hardly made any difference to crypto prices. This is just another hint that the underlying sentiment is bearish and that crypto markets are not reacting positively to favorable news. However, this does not mean that the bulls have stopped buying. While speaking to Cointelegraph, S2F Capital managing partner and chief investment officer Micah Spruill said that on-chain data shows Bitcoin whales, owning between 1,000 and 10,000 (BTC), and retail traders holding between 0.1 and 1 Bitcoin, are accumulating at …

A strong bull market tends to attract speculators and newbie traders who hop on to the rally with an aim to get rich quickly. In their eagerness to earn huge profits, traders throw caution out of the window and take on excessive leverage. While this strategy is fruitful during the asset’s up-move, sharp corrections wipe out most accounts due to the use of massive leverage. Bitcoin’s (BTC) recent market drop below $30,000 caused the Bitcoin futures open interest to plummet from $27 billion to $11 billion. This suggests that several leveraged traders would have taken a huge hit. Although painful, …

The sentiment in the crypto sector is extremely bearish. On May 23, several altcoins dipped below the May 19 panic low, suggesting that traders continue to sell at every opportunity. However, Bitcoin (BTC) did not violate its May 19 panic low at $29,257.95, indicating buying at lower levels. John Bollinger, the creator of the Bollinger Bands indicator, believes Bitcoin could be forming a W-shaped bottom, which may have a good risk to reward ratio. In another positive sign, PlanB, the creator of the stock-to-flow Bitcoin price model, said that a large part of the selling has been done by traders …