World’s largest banks lost 3x Bitcoin’s market cap during the pandemic

Since the outbreak of COVID-19, the world’s 14 largest banks have lost $635.33 billion in market capitalization. This is more than three times the current market capitalization of Bitcoin (BTC) and almost double the capitalization of all cryptocurrencies. Market capitalization of the world’s biggest banks. Source: Buy Shares. The starting point for this data is December 19. For reference, Bitcoin’s market cap at the time was $130 billion. As the world was entering the pandemic induced recession, six of the banks on the list had a market cap higher than…

Here’s What Bitcoin’s Strong Weekly Close Says About Its Present Outlook

Bitcoin posted a strong weekly close yesterday afternoon, which is what allowed the cryptocurrency to see an overnight upswing that has led it past multiple crucial levels. While speaking about the digital asset’s price action, one analyst observed that its strong weekly close may continue acting as a launchpad for further upside, noting that bulls were able to defend a crucial support level for two consecutive weeks. Further adding to the fire that has driven BTC higher today is strength seen in the stock market. BTC has once again grown…

Does Bitcoin’s Ongoing Rally Have Legs? Here’s Why Analysts Think It Does

Bitcoin is pressing higher after a $300-400 correction on Sunday morning. The leading cryptocurrency currently trades at $10,400 as of this article’s writing, around $200 from the lows. This comes after the leading cryptocurrency printed a pivotal weekly candle close above $10,000. $10,000 has long acted as an important horizontal level for Bitcoin, having marked three separate highs over the past year. Analysts think that Bitcoin’s ongoing rally may have legs despite it being so nascent and relatively small. One sign that this is the case is the price action…

These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model

At this point following Bitcoin’s halving, expectations were that the cryptocurrency’s price would be a lot higher. This expectation is primarily due to Plan B’s stock-to-flow model – a valuation method based on the asset’s digital scarcity. But before anyone writes off the theory as invalid, another analyst has provided key levels and dates to watch for, which would prove the model invalid if not reached in time. Here are the most important dates and levels critical to this valuation method remaining accurate. Belief In Plan B’s Stock-To-Flow Model Is…

Bitcoin’s $12.5K pump didn’t do much to impress Peter Brandt

Trader and head of proprietary trading firm Factor LLC, Peter Brandt, said Bitcoin’s (BTC) recent run up past $12,000 did not excite him as much as it did the rest of the market.  “I never got super super excited about the advance in Bitcoin,” Brandt told Cointelegraph in a Sept. 9 interview. “I thought it was constructive — the advance we had in Bitcoin starting in late July” he said, noting the chart looked good. On July 27, Bitcoin definitively broke $10,500, a level which previously stood as a wall against…

Bitcoin’s Recent Drawback May Mark a Bullish Retest as Bulls Defend $10,000

Bitcoin is currently showing some serious signs of strength. The benchmark cryptocurrency has flown past its $10,400 resistance and is now en route to setting fresh weekly highs. This marks a notable rebound from lows of $9,900 that were set on multiple occasions throughout the past couple of weeks. The buying pressure between this level and $10,000 was rather significant, as it was defended on multiple occasions by buyers keen on maintaining BTC’s mid-term market structure. It now appears that the crypto is poised to see further upside in the…

No, a quantum computer won’t instantly reward you with 69,000 Bitcoins … yet

A Bitcoin wallet with nearly $700 million is up for grabs — but anyone intending to be a “crypto thief” and nab it will have to crack the password first. Crypto Twitter user Alon Gal has put out a call to his 29,900 followers for solutions on how to gain access to 69370.22 Bitcoin (BTC), worth roughly $695.4 million as of this writing. According to the Sept. 8 post from Gal, the wallet has been passed between hackers for the past two years without success at determining the password. Source:…

Bitcoin’s plunge, Twitter hack revelation and Pornhub now accepts crypto

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   Three reasons why Bitcoin suddenly dipped under $10K — and recovered It’s been a bad end to an already trying week for Bitcoin. At one point, prices fell below $10,000 across major exchanges.  Overall, the world’s biggest cryptocurrency has seen its value fall by 11.7% in recent days. Most of these losses came on Thursday when a sudden drop of 7% in less than…

Trader That Predicted Bitcoin’s Plunge Under $10,000 Thinks This Comes Next

Few expected Bitcoin to be in the position it’s in now just days ago. Just earlier this week, the leading cryptocurrency was riding high, trading above $12,000 as investors thought the rally to new all-time highs had begun. There were reasons to believe this: gold was surging, the U.S. dollar was crashing, increased inflation was hinted at, and altcoins were surging. But one trader, the whole time, was predicting a strong move lower under $10,000 to $9,755. With Bitcoin having traded under $10,000 twice in the past few days, he’s…

Bitcoin’s Selloff Shakes Out “Top Buyers” as Analysts Eye Further Blood

It has been a rough past few days for Bitcoin, with the benchmark digital asset erasing virtually all of the gains that came about as a result of its strong uptrend seen throughout the past several days and weeks. The cryptocurrency has mostly been consolidating for the past couple of months, with buyers ardently defending $11,000 while bears stopped it from breaking above $12,000. The latest rejection it posted within the lower-$12,000 region happened just a few days ago and was the event that first caused the market to begin…