Bitcoin Entrenched at $30,000


Bitcoin price has been fluctuating around the $30,000 level over the past 12 days and it has crossed that mark daily, either upwards or downwards. On Thursday, Bitcoin saw a 3.5% increase in the day’s result, which turned out to be another pullback on Friday morning.


Ethereum has seen a 3.5% increase in the past 24 hours, and it is now trading at $2,000 on crypto exchange platforms.

Other top 10 altcoins gained between 0.4% (Solana) and 5.5% (XRP). According to CoinGecko, the total cryptocurrency market capitalization rose by 3.1% overnight to $1.28 trillion. Bitcoin dominance index also rose by 0.1% to 44.8%. However, the cryptocurrency fear and greed index has not changed, but it remained at 13 points on Friday (“extreme fear”).

Bitcoin Price Prediction

The protracted tug-of-war between Bitcoin and the entire cryptocurrency market promises to end with a strong move in one direction. However, the crypto markets give hope to both bulls and bears. The bears have a minor advantage over the bulls as we witnessed this area touch down from above in January and June-July 2021. For now, the fighting is focused on below.

Other Latest Crypto News

In other cryptocurrency news, Michael Saylor, MicroStrategy CEO, stated that his company would buy Bitcoin at any price till it reached a million dollars.

The drop in Bitcoin price to below $30,000 last week came after huge volumes of the cryptocurrency were entered into crypto exchange platforms. Data obtained from IntoTheBlock reveals that cryptocurrency traders sent about 40,000 Bitcoin to cryptocurrency exchange platforms since May 11.

In other crypto news, an audit report from accounting firm MHA Cayman shows that USDT stablecoin issuer Tether Holdings Limited reduced its commercial paper reserves by 17%, a good move for improving the quality of its funds. This comes at a time when most stablecoins are on the verge of collapsing. Tether’s USDT should provide a safe haven for crypto investors as it is one of the most popular stablecoins. This move was meant to silence haters and gain trust from cryptocurrency investors.

The Ethereum development team also announced that it would shift the Ropsten test network to start using the Proof-of-Stake consensus algorithm on June 8, 2022. The Proof-of-Stake consensus algorithm is better than the Proof-of-Work consensus algorithm in terms of energy consumption, hence, it is friendlier to the environment.

The US Commodity Futures Trading Commission (CFTC) has said that as cryptocurrency crime rises, the watchdog should strengthen the regulation of digital assets to crackdown on fraud and manipulation involving digital assets.

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