Skip to main content

Bitcoin price (BTC) continues to dance on the abyss, stock market has no effect



 Bitcoin remains vulnerable

As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD started the weekend with a tumble below $28,700, but has since caught up to almost $500.


Compared to the daily high of $30,700 from the previous day, this is a minus of 4.7%, which at the time of going to press banishes the market-leading cryptocurrency relatively well into the existing price range.


Even the strong weekly close on the stock market couldn't help the crypto market, so the S&P 500 was able to gain again late Friday. Nevertheless, the important share index is still almost 20% behind the high for the year.



“And another crazy day in the stock market. The Dow Jones first went down 500, then caught up and closed at +8,” crypto trader Blockchain Backers summarizes the recent developments . To that end, he adds:


“Bitcoin meanwhile is still dancing on the abyss.”


The crypto analyst PlanC believes that the external forces could ultimately ensure that Bitcoin cannot last much longer in the current regions.


“If the crypto market is in a speculative bubble, then I would predict $25,000-$27,000 as the bottom, but there is a medium chance that macro forces will take us further down to $22,000-$24,000. In the worst case, we crash to $15,000-$20,000,” the expert tweeted .


The US Dollar Index (DXY), meanwhile, is beginning to bounce back after a sharp slide from a recent 20-year high .


Worst month ever?

How mixed the situation for Bitcoin is at the moment can be seen, among other things, from the fact that BTC/USD is in danger of having the weakest May ever in terms of monthly returns.


According to data from crypto market research institute Coinglass , the relative gain so far is a weak -22% for Bitcoin, only May 2021 was even worse at -35%.


Such weakness would absolutely fit the picture, because combined, the year 2022 has so far represented the worst first five months of a year since 2018.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more