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World Bitcoin Loses 17% in Value Thursday, Rebounds Early Friday

19:10  22 january  2021
19:10  22 january  2021 Source:   newsweek.com

Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher

  Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher The Bitcoin price hovered around $US35,000 and technical analysts said this point was a pivotal one on the daily charts. A break above this level could push Bitcoin back towards all-time highs around $US41,000, while a marked drop below could trigger a fall towards key support at $US30,000, they said. Although the longer-term outlook for both cryptocurrencies remains skewed to the topside, further losses look likely in the coming days," DailyFX strategist Daniel Moss said in a note. Sign up here for our daily newsletter, 10 Things Before the Opening Bell .

Bitcoin lost its allure as a safe-haven asset this week. The world's first and most widely held cryptocurrency dropped 50% over the past two days. Bitcoin — sometimes referred to as "digital gold" — fell more than 30% Friday to its weakest level since March 2019, according to data from CoinDesk.

Early Trading: Bitcoin History. The Meteoric Rise, Fall and Rise. Bitcoin 's halving, the maturity of the overall crypto industry, and institutional interest in using Bitcoin as a hedge against inflation are all factors driving its increase in price.

Bitcoin fell as much as 17% Thursday, but regained its footing in early trading Friday.

Janet Yellen wearing a purple shirt: Secretary of the Treasury nominee Janet Yellen told the Senate Finance Committee during her nomination hearing on Tuesday that she believes in a “fair and progressive tax code” and explained President-elect Joe Biden’s plan to repeal parts of President Donald Trump’s 2017 tax cuts. In the photo above, Yellen speaks during an event to name President-elect Joe Biden’s economic team at the Queen Theater on December 1, 2020, in Wilmington, Delaware. © Alex Wong/Getty Secretary of the Treasury nominee Janet Yellen told the Senate Finance Committee during her nomination hearing on Tuesday that she believes in a “fair and progressive tax code” and explained President-elect Joe Biden’s plan to repeal parts of President Donald Trump’s 2017 tax cuts. In the photo above, Yellen speaks during an event to name President-elect Joe Biden’s economic team at the Queen Theater on December 1, 2020, in Wilmington, Delaware.

The world's largest crypto-currency by market cap fell below $30,000 after peaking at $41,940 earlier this month, underscoring its volatility. CoinDesk calculated that the plunge erased about $100 billion in market value.

$500,000 in Bitcoin May Have Financed Groups Who Planned Capitol Assault

  $500,000 in Bitcoin May Have Financed Groups Who Planned Capitol Assault Transfer of 28.15 Bitcoins on Dec. 8 to 22 alt-right recipients may have been used to help organize the Jan.6 assault on the the U.S. Capitol, investigators believe. © Scott Olson/Getty The Daily Stormer is a neo-Nazi website that was founded by Andrew Anglin, who also serves as its editor-in-chief. The Bitcoins were valued at more than $500,000 at the time of the transfer.Chainanalysis reviewed the donations after Yahoo News alerted the organization to the transactions on a French crypto-currency exchange.Groups allegedly involved in the transactions include VDARE, a U.S.

Thursday ’s drop helped erase most of bitcoin ’s yearly gains, with the cryptocurrency now up only 6 Greenlight Capital hedge fund manager and notorious value investor David Einhorn just released his QR-421 is in Phase 1/2 studies, with an aim of restoring lost vision or preventing the loss in the first

(Bloomberg) -- Bitcoin closed in on the lowest in three weeks as the cryptocurrency’s sizzling rally gives way to pessimism that prices are too high. Bitcoin “Occasionally, the Bitcoin blockchain will have competing mined blocks, but only one chain-forming from competing blocks will be accepted by the

Bitcoin recently changed hands at $32,353, down about 22.86% from its recent high. Bitcoin had gained about 400% in 2020 and ended the year just over $29,000.

The crypto-currency appears to be a favorite of day traders and long-term investors hedging against what they fear will be devaluation of the dollar, pound and euro due to quantitative easing by the U.S. Federal Reserve and other central banks as part of the effort to stabilize economies pounded by the COVID-19 pandemic.

Ethereum, often called Ether and the world's second largest crypto-currency in total value, also fell Thursday. It dropped about 22% to $1,053.80, but rebounded in early trading Friday to $1,227.66.

Ether jumped about 471% last year, CoinDesk reported.

Amid the trading turmoil, there are calls in the U.S. and Europe for tighter regulation of Bitcoin and other crypto-currencies.

JPMorgan: Bitcoin could climb to almost 150,000 dollars

 JPMorgan: Bitcoin could climb to almost 150,000 dollars The experts at the US investment bank JPMorgan are convinced that Bitcoin could climb to 146,000 dollars in the long term. However, an essential requirement would have to be met. © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images • Bitcoin record hunt • JPMorgan sets price target at $ 146,000 • Growing interest at the expense of gold The Bitcoin has rallied fabulously in recent months and was able to more than triple its course last year.

Bitcoin continued its move lower Friday , struggling to find footing after a week of pain for the world's largest cryptocurrency. The digital asset hit a low of Since its peak, the market has lost about 0 billion in value , according to the data. The tumble for bitcoin started abruptly last week when it fell

Bitcoin ’s market value to realized value (MVRV) Z-score fell below zero on Friday and stood at -0.18 as of Monday, according to crypto analytics firm Glassnode. At press time, bitcoin is trading in the green near ,335, representing a near 18 percent gain over 24 hours. Equity futures rebound .

President Biden has nominated Gary Gensler, a former investment banker at Goldman Sachs and former chairman of the Commodity Futures Trading Commission, to be chairman of the U.S. Securities and Exchange Commission (SEC). The SEC oversees securities markets, financial- services companies and companies offering stock to the public for the first time in an Initial Public Offering.


Video: Crypto market sheds $100B as investors await Biden's regulatory approach (CNBC)

Gensler, winner of the Massachusetts Institute of Technology Sloan Outstanding Teacher Award in the 2018-2019 academic year, taught classes about crypto-currencies and block chain, the unbreakable and unalterable ledger used to track Bitcoin transactions. He has called for increased regulation of crypto-currency exchanges.

Janet Yellen, named by former President Barack Obama to head the Federal Reserve and Biden's nominee to be Secretary of the U.S. Treasury, has suggested that Congress should "curtail" the use of Bitcoin and other crypto-currencies because digital money is used "mainly" for illegal activities.

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Find the latest Bitcoin USD (BTC-USD) stock discussion in Yahoo Finance's forum. Share your opinion and gain insight from other stock traders and investors.

Bitcoin 's relief rally gathered pace on Thursday , pushing prices to two-week highs above the The recovery rally was overdue as BTC had been looking extremely oversold as its value dropped by 50 percent NSW recorded 11 new Covid-19 cases on Friday including four acquired locally as some

"Crypto-currencies are a particular concern," Yellen said earlier this week.

"I think many are used, at least in a transaction sense, mainly for illicit financing," she said. " I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels."

Christine Lagarde, Ali Babacan are posing for a picture: IMF Managing Director Christine Legarde speaks with Turkey's Deputy Prime Minister responsible for the Economy Ali Babacan Joshua Roberts/Reuters © Joshua Roberts/Reuters IMF Managing Director Christine Legarde speaks with Turkey's Deputy Prime Minister responsible for the Economy Ali Babacan Joshua Roberts/Reuters

Her warning has been echoed in the international finance community.

Christine Lagarde, president of the European Central Bank in Frankfurt, Germany, warned last week that Bitcoin is sometimes used for "totally reprehensible money-laundering activity."

Investigators believe transfer on Dec. 8. of 28.15 Bitcoins valued at more than $500,000 at the time to 22 alt-right recipients may have been used to help organize the Jan. 6 riot at the U.S. Capitol.

Both Gensler and Yellen must be confirmed by the Senate.

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Bitcoin could be like the FAANG stocks for the next decade – but it will take more than the buy-in of the retail army to get it there, an investment chief says .
Bitcoin could become the next "great tech stock" of the coming decade, an investment chief said. But only retail traders buying into the coin won't be enough, according to Skybridge's Brett Messing.The investment chief explained that just like three of those tech stocks were some forms of networks, bitcoin too is a monetary network.

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