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GNOX Set To Overtake APE, MATIC As Token’s Price Continues Ascent

GNOX, and the crypto markets, are slowly recuperating from months of recession. And it’s not just the crypto winter that’s to blame, a whole rigmarole of other factors comes into play. Traders and investors are now looking for the most lucrative and promising cryptocurrencies and projects like the blue-chip GNOX. With its impressive business model, many crypto experts are placing their bets on the token, a new breed of DeFi or smart money that is expected to eclipse APE and MATIC in terms of price gain. Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red GNOX Pre-Sale Price Spikes 60% Gnox is a revolutionary and user-friendly Decentralized Finance earning tool which comes handy even for beginners. Evidently, the token’s pre-sale price has spiked by 60% even if it hasn’t been launched yet. Gnox is yet to launch in August 2022 but to date, it has already amassed hefty pre-sale gains matching the needs of private and institutional investors. Its massive growth even at a pre-launch stage is comparable to that of EOS and Binance Coin (BNB). Gnox is definitely great fit for newbies in the DeFi space because its platform is made conducive to investors who are looking to create passive income from crypto. APE And MATIC Enjoy Price Pumps APE and MATIC are also enjoying significant price hikes as the Bored Ape Yacht Club APE token price increased by 20% which goes the same with Polygon’s MATIC price that jumped by 16%. Polygon recently announced an ETH upgrade which gave MATIC increased momentum especially since it was also made public that the latter has been chosen to be a part of much-coveted Disney accelerator program. These left and right collaborations and development paved the way for MATIC’s recent increase in price that soared by over 60% in the past couple of days. More so, MATIC has also grown rapid to over 126% as seen in the past making the token one of the high-performers among cryptocurrencies at that particular time. Related Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com The Promise Of Passive Income Gnox promises passive income opportunities apart from ridding off middlemen in financial tractions. It’s also the first-ever protocol that has a treasury. It aims to simplify DeFi and make it easy-running for all investors; even for entry-levels. For those with low-risk appetite, Gnox is a haven because this platform allow everyone to access lending and liquidity protocols without taking lengthy steps. The only requirement is to buy and hold GNOX and then start earning passive income out of it. Apart from providing passive income, Gnox also aims to be platform for different DeFi activities. In the future, Gnox is also planning to launch NFT staking and a decentralized exchanged combined with an aggregator tool. Once Gnox is launched, the protocol is designed to be 100% decentralize..

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Stellar (XLM) Broke Down From The Descending Triangle, Fresh Lows On Chart?

Stellar (XLM) picked up pace on the daily chart as the coin registered some upward movement. The coin has been trading within a descending channel. Although the coin was moving sideways, if bulls reclaim the chart XLM can break above the channel. Technical outlook for the coin remained bearish. Buying strength also remained considerably low. Recent sell off in the market has caused the coin to lose its $0.107 support line. If the coin does not rise above the resistance mark of $0.107 then the altcoin is set to lose some of its value again. Buying strength has to recover in the market for the altcoin to break over the descending trendline. For bearish thesis to be invalidated, it is important for Stellar to trade above the $0.113. For Stellar to maintain its recovery, buying strength needs to immediately re-enter the market. The global cryptocurrency market cap today is $968 Billion with a 2.0% positive change in the last 24 hours. Stellar Price Analysis: Four Hour Chart Stellar was priced at $0.106 on the four hour chart | Source: XLMUSD on TradingView XLM was trading for $0.106 at the time of writing. The coin tried to rise above the descending line but fall in buying strength have dragged price below the $0.107 mark. If the coin manages to trade above the $0.107 mark, then it could revisit $0.113. Trading above the $0.113 level will help the bearish thesis to be invalidated. If XLM loses its current price level, it could fall to $0.099. The amount of Stellar traded fell on the chart signifying less buying strength. If buying strength continues to remain low then the coin can plunge through the $0.099 level. Technical Analysis Stellar displayed fall in buying strength on the four hour chart | Source: XLMUSD on TradingView The altcoin flashed fall in buying strength as seen from the technical indicators. Relative Strength Index was trading close to the half-line after noting a downtick. This downtick meant buyers exited the market. If buying pressure continues in this momentum, RSI will soon fall below the zero-line. Price of Stellar was slightly above the 20-SMA which pointed towards buyers driving the price momentum in the market. Although buyers are still more in number compared to sellers, it isn’t enough for the coin to register increased price over the upcoming trading sessions. Related Reading | Short Liquidations Climb As Bitcoin Recovers Above $20,000 Stellar flashed buy signal on the four hour chart | Source: XLMUSD on TradingView XLM’s buying strength has remained low on the chart. In consonance with the same, Chaikin Money Flow which depicts capital outflow and inflows displayed a downtick. Although CMF was positive, capital inflows have remained low. Awesome Oscillator points towards price direction and momentum. AO turned positive and displayed green histograms. These green histograms reflected change in price direction and also a buy signal. Despite a buy signal, if buyers don’t act on it then Stellar’s upward movement wil..

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Bitcoin Miners Send 14K BTC To One Block. Bullish News For The Market?

After the official US inflation numbers were released, bitcoin prices started to rise. However, during the previous month, the BTC miners have increased their outflow. A new set of tax policies targeted at preventing domestic cryptocurrency mining were unveiled by Kazakhstan, which is still a significant nation in the world of Bitcoin mining. During a halt in worldwide activity and fire sales connected to recent bankruptcy-related news, prices for Bitcoin mining rigs are also said to have fallen to epidemic lows for 2020. Most significantly, Texas power grid operators have asked all Bitcoin miners to cease operations in order to lessen the strain on a power grid that is already overloaded. Bitcoin Miners Inflow Reach New ATH IT Tech reports that Bitcoin miners transferred over 14,000 BTC to an exchange in a single block. The transfer from the miner wallet to the exchange was noted as being unfavorable for the market. According to their definition of mining pool wallets in their stats, all pool members—including the specific miner—are included. One user did point out that those Bitcoin were not reflected in the spot market or derivatives, though. Glassnode reported that the BTC Miners’ Netflow Volume on a 7-day moving average (MA) basis hit an all-time high (ATH) of $1,779,953. In the first week of January 2022, an ATH of $1,700,940 was registered. This outflow did not stop on the exchange wallet, according to Ki Young Ju, CEO of CryptoQuant. It will probably end up in a custodial cold wallet. This can be utilized as an OTC deal or as a custodial service. In his opinion, the news is either bullish or neutral. Miner just moved 14k $BTC: Poolin participants → Unknown wallet It didn’t go to an exchange wallet but more like a custodial cold wallet. It could be for using a custodian service or an OTC deal. It’s neutral or bullish news. Nice catch @IT_Tech_PL https://t.co/G25DsK2nR6 https://t.co/rYmqVaoTAR — Ki Young Ju (@ki_young_ju) July 15, 2022 Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter? Price May Surge? Additionally, open interest is increasing, according to IT Tech, and the market may soon experience growth. The Bitcoin miner reserves have decreased during the last two weeks, according to the study. This, however, may be a significant sign of waning confidence in a price turnaround. Within the past 24 hours, the price of bitcoin has increased by more than 6%. BTC is currently trading for $20,953 on average. Its 24 hour trading volume is up by 2% to stand at $32.8 billion. BTC active addresses have grown during the past 24 hours, says Santiment. The number was close to a million at press time, compared to 860,000 on July 14. This demonstrates that investor mood is quickly improving. Source: Santiment The volume, which changed from 28.13 billion to 31.64 billion, is in a comparable scenario. For Bitcoin maximalists, the increase in price over the past 24 hours on July 15 may be a sign of relief..

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Bitcoin Struggles Within A Range, When To Expect A Breakout?

Bitcoin had previously succumbed to the bears and sank below the $20,000 mark for a considerable period of time. At press time however, the coin managed to rise above the $20,000 mark. Market conditions are still fragile and BTC can again fall below the $20,000 price level. Selling volume had increased which had caused BTC to dip on its chart in the past. As Bitcoin continued to oscillate between $22,000 and $19,000 for the past month, it is imperative that the coin manages to trade above the $22,000 mark for a considerable period of time for the bearish thesis to be invalidated. Accumulation has also been low for the king coin, as for most of this month, Bitcoin traded in oversold regions. Long term traders might not be on the winning side, but short-term traders can expect to make some profits. It is however, too soon to say if Bitcoin is out of the intense volatility phase. Fluctuations in price could again push BTC below its current trading level. Bitcoin Price Analysis: Four Hour Chart Bitcoin was priced at $20,800 on the four hour chart | Source: BTCUSD on TradingView BTC was trading for $20,800 at the time of writing. The coin has formed an ascending channel within which it has been trading. It is too early to say if BTC has successfully depicted a breakout. Price of BTC has to rise above the $22,000 for this movement to be considered a breakout. Overhead resistance stood at $21,000 and then at $22,000, respectively. A fall from the present trading level will drag BTC to the $19,000 zone and then to $17,000. Amount of BTC traded declined considerably, indicating that selling pressure has fallen on the four hour chart. Technical Analysis Bitcoin displayed increased buying strength on the four hour chart | Source: BTCUSD on TradingView BTC was moving upwards in an ascending channel and the coin flashed increased buying pressure at press time. The Relative Strength Index pictured recovery as the indicator pushed itself upwards above the half-line indicating falling selling strength. With continued buying momentum BTC can invalidate its bearish momentum. The price of the asset was above the 20-SMA which indicated buyers were driving the price momentum. BTC was also above the 50-SMA and the 200-SMA which is considered to be extremely bullish for Bitcoin. Related Reading | A Breakout Above This Level Could Help Polkadot Recover On Chart Bitcoin portrayed buy signal on the four hour chart | Source: BTCUSD on TradingView BTC in accordance with other indicators presented similar reading on the Moving Average Convergence Divergence. MACD determines price momentum and where the coin is headed, it underwent a bullish crossover. Due to the bullish crossover, the indicator displayed green signal bars which were buy signal for Bitcoin. Buyers acted on it, which is why the coin displayed increased buying strength. Parabolic SAR depicts price direction and dotted lines below the candlestick point towards positive price direction. Related Reading ..

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Bitcoin Marks One Month Of Negative Funding Rates, More Decline Incoming?

Bitcoin funding rates had first fallen below the neutral level last month. Before that, the funding rates had been fluctuating at and below neutral for the longest time. This new trend has lasted longer than expected as the digital asset’s price continues to struggle. In this report, we take a look at the state of bitcoin funding rates as well as the implications if the present trend continues. Funding Rates Below Neutral When bitcoin funding rates had first fallen below neutral in June, the price of the digital asset was still trading well above $30,000. Since then though, multiple crashes and dips have seen the cryptocurrency lose more than $10,000 of its value and continue to struggle to hold above its previous cycle peak. Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter? However, despite the minor upward corrections that have been recorded since then, the funding rates have refused to budge. At the time of this writing, the funding rates have now spent a complete month with below neutral numbers. Binance and Bybit are some of the most prominent platforms when it comes to calculating funding rates and the last time the crypto exchanges had seen funding rates in the neutral level since bitcoin’s fall from $30,000 had been in mid-June. Instead, the funding rates have begun to mirror the movement of price and have not recovered since then. Funding rates remain below neutral | Source: Arcane Research This comes despite a surge in the bitcoin open interest last week which reached a new all-time high. So the funding rates have deviated from the open interest and are now following the low yield rates that are being recorded in the market. Will Bitcoin Recover? With bitcoin’s price above $20,000 once more, there has been some positive sentiment returning to the market. However, it remains shaky given that there is not a lot of support left at this point and the price can easily be pulled down by the bears. This is why the decline in the bitcoin funding rates remains a concern. Naturally, the funding rates are expected to see an increase when the price of the digital asset has declined as much as it has. But the opposite has been the case so far, meaning that there is not a lot of new money coming into the space, if any. BTC recovers just below $21,000 | Source: BTCUSD on TradingView.com For a prominent recovery in bitcoin’s price, an uptick in funding rates would need to be seen. When sentiment picks up among perp traders, the broader market is sure to follow. Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? Additionally, the inflation rate from the CPI report on Wednesday was higher than expected. While that has resulted in a spike in the price of bitcoin, it has been a short one. For this to hold, the market needs to see more buying momentum. Featured image from CNBC, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights,..

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Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In The Making?

Data shows the Bitcoin funding rate has increased to a relatively high positive value recently, something that could lead to a long squeeze in the market. Bitcoin Funding Rate Becomes Positive As Open Interest Rises Up As pointed out by an analyst in a CryptoQuant post, the BTC funding rate has a positive value at the moment. The “open interest” is an indicator that measures the total amount of positions currently open in the Bitcoin futures market. When the value of this metric is high, it means there is a large amount of leverage involved in the market right now. Excess leverage usually leads to the crypto’s price turning more volatile. Related Reading | When Will The Extended Stretch Of Extreme Fear In Crypto End? On the other hand, low values of the open interest can result in lesser volatility in the BTC market as there isn’t much leverage involved in the futures market. Now, here is a chart that shows the trend in the open interest over the past week: Looks like the metric's value has increased recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin open interest has observed a rise in recent days. This could mean that the crypto may face higher volatility in the coming days. Another indicator, the “funding rate,” measures the periodic fee that traders on derivatives exchanges pay each other to hold onto their positions. This metric tells us how the open interest is divided between the long and short traders at the moment. Related Reading | Bitcoin Manage To Hold Its Own As Wall Street Open With Losses, Analysts Weigh In On Bottom The below chart shows how this indicator’s value has changed during the past seven days. The value of the indicator seems to have been green recently | Source: CryptoQuant From the graph, it’s apparent that the Bitcoin funding rate has a relatively high positive value currently. This means that there are a higher number of longs present in the market right now. Since long traders are paying a premium to keep their positions (which is why the rate is positive), the overall market sentiment is leaning towards bullish. However, with the high open interest values, it’s possible that any large swing in the price can cause what’s called a “long squeeze,” which is an event where mass liquidations of long positions cascade together and push the price further down. BTC Price At the time of writing, Bitcoin’s price floats around $20.9k, down 2% in the last week. Over the past month, the crypto has lost 5% in value. The price of BTC has climbed up over the past couple of days | Source: BTCUSD on TradingView Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Why Cardano (ADA) Is Likely To Rise as High As $0.60 By End Of 2022, Experts Predict

Cardano has been lagging behind the current bullish momentum in the altcoin market. While Ethereum (ETH), Solana (SOL), and XRP trend to the upside in the last 24 hours, ADA’s price continues to move sideways. Related Reading | JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price At the time of writing, ADA’s price trades at $0.44 with barely 0.5% profit in the last day. ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview According to a survey conducted by Finder with 53 industry specialists, Cardano is likely to move higher from its current levels. The participants claim ADA’s price is set to end 2022 at around $0.60 with bullish expectations for the long term. In 2025, ADA could value at around $3 and close to $7 by 2030. Although the experts are bullish on ADA, this price target represents a far slower increase than the one predicted by Finder’s January survey. At the time, participants expected the price of Cardano to close out at $2.79 and at $58 by 2030. The expert believes Cardano developers have failed to meet market expectations regarding this network’s ecosystem and development. Expert Iwa Salami, Co-Director of the Centre of FinTech at the University of East London, said the following on Cardano and its potential to trend to the upside based on real-world use cases: I think the relevance of the Cardano blockchain, particularly as it seeks to foster financial inclusion in developing economies, is very significant and is likely to expand its long-term use, and therefore have a positive impact on the price of ADA. Source: Finder Is Now The Right Time To Buy Cardano (ADA)? In the short term, 17% of the experts expect Cardano to see bullish momentum on the back of the upcoming Vasil Hard Fork Combinator (HFC) event. An extra 20% believe the positive impact on the price of this cryptocurrency will be palpable in the long term. While there is a relevant percentage of these experts that expert bearish price action, the majority claim to be unsure of the future price impact of this event. Designed to provide the network with better performance, and throughput, and to increase its decentralization, the Vasil update might fail to provide bulls with enough momentum to break above the current range, at least for the time being. Source: Finder Ben Ritchie, another one of Finder’s survey participants and managing director at Digital Capital Management, is unsure about the potential impact of the upcoming upgrade. Ritchie is more certain about the potential long terms benefit. He said: In our understanding, the hard fork will benefit developers who want to use the Cardano network and the communities who love low fees and high-speed networks. However, the upgrade may be good for the future of the network as more project developers can build on the Cardano network with ease. Related Reading | JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price An important majority..

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Short Liquidations Climb As Bitcoin Recovers Above $20,000

Bitcoin had lost its footing above $20,000 at the start of the week, sparking uncertainty among investors who had previously believed that the price of bitcoin was in a recovery trend. This decline saw more sell-offs in the space, albeit to a lesser extent than previously recorded. With the digital asset now starting on another recovery trend though, traders who had bet against its ability to move upward are finding themselves in very unpleasant situations. Bitcoin Short Traders Suffer Losses Bitcoin had begun to recover just after the CPI had shown that the United States inflation rate had hit a new 40-year high. At 9.1%, it was the highest number ever recorded since 1981 and this had prompted investors to look to other alternatives for protecting their wealth from being eaten into by inflation. The result had been an influx of new money into the bitcoin market. Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? The recovery had seen a lot of traders who had bet against bitcoin suffering losses. Data from Coinglass shows that in the last 24 hours, almost $200 million in liquidations have been recorded and the majority of the liquidations had been from short traders. In total, there have been more than 57,800 traders liquidated and at a percentage of 83.91%, more than 48,000 traders who were betting against the crypto market’s recovery have suffered losses. BTC price recovers above $20,000 | Source: BTCUSD on TradingView.com Even as time has gone on, the liquidations have not subsided. In the last 12 hours alone, the liquidation numbers have come out to more than 54 million. At the time of writing this, the last four hours had seen liquidations of $21 million and this is expected to ramp up as the recovery continues. Ethereum Takes The Lead In most cases, when the market liquidations are calculated, bitcoin always takes the lead. However, that is not the case this time as another has taken the lead in liquidations. Ethereum’s recovery over the last day had been just as dramatic as that of bitcoin and short traders were caught in the wave. Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter? The second-largest cryptocurrency by market cap accounts for the majority of the liquidations recorded in the last day. It has seen more than 72.64K ETH liquidated, amounting to more than $90 million. Bitcoin which usually leads the pack has only seen half the value of liquidations in the same time period. ETH liquidations ramp up | Source: Coinglass The same is the case on a 12-hour basis, although bitcoin is catching up in this regard. Ethereum continues to lead but by a much smaller margin. Other cryptocurrencies that have recorded high liquidations in the last day include MATIC, SOL, and AAVE with $8.52 million, $5.93 million, and $2.81 million respectively. Featured image from Financial Times, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates,..

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Binance CEO Anticipates Inflation To Grow By 500%

The current US inflation data has thrown a great tantrum and panic within several market sectors. Different expectations and reactions are surfacing following reports of the inflation data. It seems to be a fact that even the crypto space now receives impacts from inflations and other macroeconomic factors. With reports from the US Bureau of Labor Statistics, different markets are loaded with diverse opinions. However, according to the released data, there’s been an increase of 9.1% in the consumer price index since June last year. This value is more than predictions from some analysts. Related Reading | A Breakout Above This Level Could Help Polkadot Recover On Chart However, Binance CEO Changpeng Zhao (CZ) seems to have a contrary idea concerning the released inflation data. According to CZ Binance, the 9.1% inflation is a magically low value concerning some surrounding events. Changpeng Zhao stated that the USD supply increased by 80%, equivalent to 5 times its original supply, through more minting of the note. Hence, the inflation value is expected to amount to about 500%. In CZ’s terms, such calculation should depend entirely on the rise in money supply over a given period. Twitterati swiftly offered a corrective response to Changpeng Zhao’s indications for inflation data. In further explanation, inflation calculations should consider different demand and supply factors. Also, it should consider the money supply remains within a given period. Several Markets Plunge With High Inflation Data With the release of the inflation data, Bitcoin experienced a dip in value as it fell below $19,000 in just a few minutes. Unfortunately, BTC was not alone in its downward movement. Other conventional stocks such as S&P 500, Nasdaq, and Dow Jones plummeted with the resulting high inflation data. The broader crypto market has been tossed about considerably as inflation keeps increasing with the year. The impacts create massive instability in the market value through the first half of 2022. Subsequently, the market plunged by over 70% since the beginning of the year, with several threats of insolvency to many firms. Before it announced the inflation data, predictions from market consensus expected 8.8% for June’s CPI. The predicted value was 0.3% lower than the US Bureau of Labor Statistics report. More prominent personalities in the crypto space have also been reacting to the high inflation rate. These include Michael Saylor, Tyler and Cameron Winklevoss. In their opinion, the high value has advanced the current situation of BTC and even the broader crypto adoption. Crypto market rebounds with solid gains | Source: Crypto Total Market Cap on TradingView.com As the inflation rate flag red alerts, it indicates a sharp rise in interest rates by the Federal Reserve. Such a trend is a big minus for the entire cryptocurrency ecosystem. Related Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise? Bitcoin fared very p..

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JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price

The recent crypto winter has affected miners negatively to the extent that many sold off their Bitcoin and other crypto holdings. In addition, many of these miners could not even pay their loans since their rigs’ values plummeted. As the price falls, there have been a lot of losses for them, given the cost of producing BTC. But now, recent events show that even the cost of producing the crypto for miners has also dropped. Recent news states there has been a 50% dip in the cost of producing Bitcoin. JP Morgan Chase & Co stated this in a recent report. JPMorgan Chase & Co is an American-based multinational investment bank. BTC Production Cost Drops To $13,000 Strategists headed by Nikolaos Panigirtzoglou at Wall Street banking announced the plunging of BTC production costs. According to the report, the Bitcoin production cost as of June 2022 was $24,000. But currently, the production cost stands at $13,000. The strategists added that this could, in turn, hurt the prices of digital tokens. Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise? They also cited that the primary cause of the decline in the production cost can be traced to the limited use of electricity. This report was drawn from the Cambridge Bitcoin Electricity Consumption Index data. As per JPMorgan, this can also affect the price of Bitcoin, looking at the present bearish trend of the digital currency market. Defeat Of Bitcoin Miners Bitcoin and the whole digital market have been facing a new phase of a bearish market. The event can be traced back to November 2021, after Bitcoin hit its ATH (all-time-high) of $69K. BTC price trends above $20,000 | Source: BTCUSD on TradingView.com This occurrence has affected certain high-profile companies and blockchains. A prominent example to note is the crashing of the LUNA digital token, which was based on the Terra blockchain. Another instance includes the insolvency of Three Arrows Capital (3AC). Also, the information about the hiking rates of the Federal Reserve to fight inflation is another example to note. Drawing from the crypto market watch, the most significant digital token, BTC, has been fluctuating around the $20K mark. This is about 70% of the digital token’s price drop last year. The drastic price change in the Bitcoin price posed a high level of uneasiness in the minds of BTC miners. This high price crash was why many BTC miners sold off the digital asset. This was notable in the second quarter of this year. Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt With this newest development, miners’ profitability will at least increase, and the craze to sell their holdings will reduce. But analysts believe that the bitcoin price might be affected negatively in the long run since the cost of producing it is now lower. If this keeps happening, investors who already have BTC in their portfolios will lose more. Featured image from Pixabay, charts TradingView..

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