Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$102,861.00
-0.81%$2,464.97
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4.69%$0.00067266
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0.04%$3,203.86
0.58%$0.792176
-4.89%Reading
Bitcoin's price has lost 3.3% today to reach its current value of $6,250. As a result, it saw more than $4 billion wiped from its market capitalization in the last day, falling back to just under $114.5 billion.
Bitcoin is down 6.5% for the week and 27.5% for the month, as the cryptocurrency has failed to recoup the losses incurred following its a major crash earlier this month.
Worse, fewer people appear to be using Bitcoin recently. The number of daily Bitcoin transactions has slipped in recent weeks. Since March 12, the number of Bitcoin transactions has fallen from 350,000 to just 290,000 yesterday—a decline of 17.2%.
One of the directors of the Digital Dollar Project, a non-profit that promotes the implementation of a central bank issued, blockchain-based US dollar, said that a digital dollar isn’t a quick fix to the COVID-19 crisis. “It is not something that can be done in weeks,” David Treat, who’s also Accenture’s Blockchain Business and Director, told Ledger Insights. A digital dollar, according to Treat, would involve “having it (dollars) be minted, if you will, through the Fed and Treasury, and then d...
The number of transactions in the mempool—a place where all the unconfirmed Bitcoin transactions are stored—also declined significantly in recent weeks, falling from around 53,000 down to below 5,000 at times yesterday. This implies that fewer people are trying to make transactions
.At the same time, Bitcoin's daily trading volume has dropped from $47.4 billion to $35.5 billion—a reduction of 25%
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Bitcoin’s market cap is shrinking relative to other popular cryptocurrencies as U.S. President Donald Trump continues to back away from his once-dizzying trade war. But that doesn’t mean “altcoin season” is around the corner, according to analysts. They say that a recent pivot to risk-on assets that has buoyed Ethereum and other altcoins may not last amid ongoing macroeconomic uncertainties, and that investors could favor the safer-haven digital asset if volatility arises again. “When markets a...
Coinbase’s stock jumped 9% on Friday following its addition to the S&P 500 and subsequent upgrade by analysts, and despite the crypto exchange’s admissions earlier this week that it had suffered a major data breach and remains under investigation by federal regulators. Benchmark Equity Research raised its target for Coinbase’s stock to $301 on Friday—a 19% increase from its previous prediction of $252, according to the firm's May 16 report. Coinbase shares closed at $266.32—a rebound from the pr...
Healthcare company Basel Medical Group (NASDAQ: BMGL) joined a growing list of publicly held companies that are intent on adding Bitcoin to their balance sheets, announcing Friday that it had "begun exclusive negotiations" for a $1 billion BTC investment. The Singapore-based company, which provides orthopedic and trauma services, said if approved, the buy would help it have one of the strongest balance sheets in healthcare companies in Asia. Basel Medical Group said in a statement that the $1...