Michael Saylor Pauses Bitcoin Purchases as Price Dips Below $87K: A Strategic Move

Michael Saylor, the CEO of MicroStrategy, shared his strategy of holding onto Bitcoin during market drops rather than attempting to time the market by buying and selling. Saylor emphasized the importance of having a long-term approach to investing in Bitcoin, arguing that attempting to predict short-term price movements is a risky strategy. According to Saylor, [...]

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Uncovering the Mystery of Bitcoin Reserves as BTC Price Dips Below $90,000

Bitcoin’s vast reserve is starting to show signs of impact as the BTC price dips below $90,000. This downturn in value is raising concerns among investors and enthusiasts alike. The recent drop in Bitcoin’s price has left many wondering about the future of the cryptocurrency market. Some attribute the decline to factors such as market [...]

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SOL dips another 10% amid negative sentiment: What’s the outlook for Solana? | Invezz

Solana (SOL/USD) has slipped down the cryptocurrency ranking in terms of market cap as the value of its native token SOL plummets. As of writing, Solana is down another 10.5% in the past 24 hours, and more than 18% in the red this past week. Are you looking for fast-news, hot-tips and market analysis? Sign-up ... Read more

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Celsius price: CEL dips 17% as crypto struggle to hold gains

Celsius (CEL/USD) price fell by as much as 17% on Monday amid an overall struggle across crypto assets.

The CEL token, which had pumped by more than 13% late Sunday amid a short squeeze, fell from highs of $1.68 to place at $1.43 at the time of writing.

The 82nd ranked crypto by market cap was also down significantly against the Bitcoin (BTC) and Ether (ETH) pairs. As of 12:50 pm ET, the CEL/BTC pair was down 18% while CEL/ETH was nearly -14% off in the past 24 hours.

Crypto news this week is largely going to be dominated by the Ethereum Merge, which is just two days away. But Monday finds cryptocurrencies struggling to hold onto weekend gains, with a lull for most of the tokens resulting in bulls giving up momentum.

For the CEL token, the dip to $1.43 looks to open it to further weakness as the downturn since a high of $3.86 on 14 August threatens a revisit of a local bottom formed around $0.86 on 28 August 27.

As can be seen on the CEL chart below, the token has made a series of higher lows and lower highs since the start of September. 

Actually, the token lacks any sustained upside since last month’s pump and faces main resistance around the 50-day moving average.

However, while the outlook is likely to favour bears, another short squeeze could ensue as speculative momentum builds, with buy pressure pushing the price higher again.

However, (and its generally), Celsius lacks any real fundamental strength for a sustained move upward, especially with uncertainty still lingering over the company’s future since the bankruptcy debacle earlier in the crypto winter.

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Tornado Cash: TORN dips after reported developer arrest

Tornado Cash (TORN), a decentralised crypto mixer platform built on top of Ethereum (ETH/USD) has seen its price fall significantly over the past 24 hours following the arrest of Alexey Pertsev, a developer associated with the platform.

According to data on CoinGecko, the TORN token’s price is down more than 16% in the past 24 hours to trade around $14.25 on Friday evening. The declines for the TORN/USD pair saw it touch lows of $13.00 earlier in the day, before briefly pushing higher amid a broader market upside that currently has Bitcoin (BTC/USD) above $24,200 and ETH/USD above $1,920.

On Friday, Dutch authorities announced the arrest of a man (later identified in a report by The Block to be Alexey), stating that he was part of the Tornado Cash team.

The Fiscal Information and Investigation Service (FIOD) said in its statement that the 29-year-old was part of a wider group being targeted for their role in the sanctioned crypto transaction privacy solution.

Noting that the arrest was made on 10 August, FIOD said the suspect was being held for his “involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies.”

And while FIOD’s arrest follows an investigation the agency says began in June, its timing coincides with a recent move by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) that sanctioned the Ethereum-based crypto mixing protocol.

According to the US agency, sanctions against Tornado Cash are as a result of its use by criminals to launder cybercrime proceeds, including over $96 million and $7.8 million from the hack of Harmony Bridge and Nomad Bridge respectively.

Several within the crypto industry have condemned the arrest of the developer, with many seeing this as an unjustified action. Jake Chervinsky, head of policy at Blockchain Association tweeted about it on Thursday.

I've spent all week on the @TornadoCash sanctions & haven't heard a satisfying justification yet.

The main argument is "criminals used it a lot." Okay, but they use everything law-abiding citizens do.

Where's the line? How slippery is this slope? The uncertainty is a step back.

Reportedly, the Tornado Cash Discord channel and DAO website are down.

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Dogecoin, Others Plummet as BTC Dips Below $30K Today

Dogecoin, Bitcoin, and other currencies have been on a downtrend today. The sell-off has likely been triggered by several factors. Bitcoin fell over 3% and was trading at $29,258.10. The price of Bitcoin (BTC) and other cryptocurrencies has been plummeting today, with the price of Bitcoin sinking below $30,000. Dogecoin and other currencies have also […]

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Bitcoin Market Cap Falls By $315 Billion As Crypto Adoption In 2022 Fails To Materialize

Cryptocurrencies’ values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned. Per the statistics provided by Tradingview.com, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors It means that the Bitcoin market cap has lost more than 35% by outflowing $315 billion since the beginning of the year. The DeFi asset’s drop in price has similarly declined the DeFi market cap. Meanwhile, Bitcoin faced an ever-decreasing price falling from $46,726 on January 1 and trading at $29,865 as of May 11. In other words, the BTC price at the time of writing had lost 35%. Or say the price has decreased by $17,861 compared to its value before the year started.  Crypto Bloodbath Occurs Amidst Bitcoin’s Growing Adoption Bitcoin’s inability to capitalize on the crypto adoption of 2022 across the global industries, became the reason for these year-to-date (YTD) losses. It also encircles the recent adoption of Bitcoin in the Central African Republic (CAR), the second country after El Salvador to make Bitcoin a legal tender. In terms of the adoption, the Bitcoin network has reportedly installed 3,000 ATMs in 2022 where users can buy and sell Bitcoins. The number of such machines is 37,338 as of May 11. Players in the industry put their efforts in 2021 to spread the growth of Bitcoin, installing over 10,000 ATM machines globally.  It is not only Bitcoin that recorded increasing adoption; nearly 700 new cryptocurrencies and 30 crypto exchanges have rolled out solely in March. At the time of writing this news piece, 19,384 cryptocurrencies are circulating in 525 total crypto exchanges. Cryptocurrency Is Now Linked With Stocks Cryptocurrencies’ relationship with stocks has grown up since many financial institutions have adopted blockchain technology over the past year.  Traditional financial markets, alongside the crypto industry, have been seeing a big sell-off due to tightening monetary policies of the Federal Reserve spreading fear. Therefore, Wall Street is having difficulty, and its index has decreased by 3.75%. Related Reading | Bitcoin Long-Term Holders Start Capitulating Amid Panic Bitcoin’s price lastly went below $30,000 in July 2021 when its value reached the $29,301 mark before rebounding. “Bitcoin could perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I’m predicting for $29,000 in the coming weeks or week,” said Wendy O, a crypto analyst, in a new social media video. Many investors called BTC the gold of the digital era and a potential safety investment posing inflation hedge. But, seeing the volatile price actions of cryptocurrencies, the market doesn’t consider virtual assets as a reliable value repository. Featured image from Pixabay and chart from TradingView.com  

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El Salvador Doubles Down And Buys The Dip As Market Crashes

Unphased by the crash, El Salvador buys more Bitcoin. Covered: Crypto Market Crash El Salvador Buys The Dip For The Fourth Time Nayib Bukele Taking Bitcoin Seriously El Salvador Buys The Dip For The Fourth Time In case you missed it last night, Bitcoin fell over 20% amid instability in the markets likely compounded by […]

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Bitcoins Value Dips Below $100K after Donald Trump Enforces Import Tariffs

Bitcoin Price Drops Below $10,000 as Trump Introduces Import Tariffs Bitcoin’s value took a significant hit, plunging below the $10,000 mark, as President Donald Trump announced the implementation of import tariffs. This move by the US government has injected uncertainty into the global markets, causing a ripple effect across various asset classes, including cryptocurrencies. The [...]

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Solana (SOL) price dips as on-chain volumes decrease by 28% in just one week

The price of Solana (SOL) has experienced a slight decline as on-chain volumes decreased by 28% in just one week. This drop in trading activity has led to some softening in the value of SOL tokens. Solana has been a popular choice among investors due to its fast transaction speeds and low fees. However, the [...]

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Bitrue Coin (BTR) dips after deadly Bitrue hack

In what appears to be a well-orchestrated Bitrue hack, the Singapore-based cryptocurrency exchange lost $23 million worth of cryptocurrencies earlier today. The hack has added to the woes of the Bitrue Coin (BTR) which has been on a bear streak since the beginning of April. The token has dropped by about 19% over the last …

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AVAX daily volume slips as Avalanche market share dips

Avalanche’s daily traded volume continued dropping even as the AVAX token remained ~63% above the lowest level this year. Data compiled by Santinent shows that the daily volume of AVAX crashed to 91.5 million on Monday, the lowest level since January 8. It has dropped from the year-to-date high of over 1.15 billion, which it …

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dYdX token dips after exchange announce Canadian market exit

The DYDX token took a hit after the decentralized exchange dYdX announced that it is winding down its services for Canadian users. The token had dropped to $2.44 before slightly recovering to trade at $2.50 at press time. The exchange announced that it will be restricting Canadian user accounts over the next seven days as …

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