Cryptomustar
Wednesday, June 29, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes

by admin
October 16, 2020
in Bitcoin
0
Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



Bitcoin slipped on Friday as it looked sure to close the week at a loss in the remaining three days of trading.

The benchmark cryptocurrency was down $230, or 2 percent, to $11,279 per token by 0456 UTC. It lost 0.7 percent so far in the week. Its downside mood resurfaced as the US dollar surged and hopes of finalizing the second coronavirus deal before the presidential election faded.

The US dollar index was looking to post its first weekly gain in three.

The US Dollar Index is looking more assertive this week on renewed flight t safest haven assets. Source: DXY on TradingView.com

A resumption of stimulus talks earlier this week had prompted the Bitcoin price to grow by up to $1,000. Another fundamental tailwind was institutions that increased their exposure in the cryptocurrency against their long-term inflationary outlook.

RELATED POSTS

Bitcoin miners are facing harsher conditions despite easier mining difficulty

What Happens To Bitcoin Miners If Price Keeps Dropping?

But after US Treasury Secretary Stephen Mnuchin proposed to limit the stimulus size to $1.8 trillion, the deal went into another deadlock. The Democrats demanded a $2.3 trillion relief for American households and businesses that suffered losses amid the coronavirus-induced recession.

Exchange FUD

The prospect of lesser dollar liquidity raised its demand among investors. As a result, they got rid of a part of their risky allocations, impacting Bitcoin, stocks, and even gold.

However, Bitcoin fell harder than its traditional peers on Friday. Part of the reason was OKEx, an Asian cryptocurrency exchange, that suspended withdrawals after landing itself into a police investigation.

bitcoin, btcusd, btcusdt, xbtusd

Bitcoin plunged by $300 after the OKEx news broke out. Source: TradingView.com

The exchange explained that one of its private key holders – those who are responsible for validating capital outflows with an extra set of digital keys – is “currently cooperating with a public security bureau.” That has limited OKEx’s authorization over the clients’ funds. The exchange assured that the capital remains safe and secure nonetheless.

Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Your funds and assets are safe and not affected. Details: https://t.co/vMehdsZs1b

We sincerely apologize for any inconvenience. Further announcements will be made. pic.twitter.com/t14l7z0EUL

— OKEx (@OKEx) October 16, 2020

Colin Wu, a China-based reporter, tweeted that an over-the-counter trader mistakenly received $74.5K worth of Chinese Yuan from a group that the police were hunting for a money laundering case.

“The Chinese government is cracking down on money laundering using cryptocurrency for telecom fraud, and centralized exchanges are in a very dangerous state,” Mr. Wu claimed.

Surprise Bitcoin Plunge

The presence of OKEx around a supposed money laundering investigation panicked traders with low-risk appetites. Bitcoin fell by more than $300 within hours the news went to the wire.

“It is literally lesson #1 in #Crypto school,” asserted Kevin Svenson, an independent market analyst. “Not your keys, not your crypto. Bitcoin begins selling off as a result of the news.”

Nevertheless, some analysts ignored the short-term price shocks over a more optimistic long-term outlook. Crypto Youtuber Lark Davis stated that Bitcoin could still recover to new highs, citing institutions that poured $800 million into its market via spot and shares market (Grayscale).





Source link

Tags: BitcoinFadinghopesLossStimulusWeekly
ShareTweetShare

Related Posts

Bitcoin miners are facing harsher conditions despite easier mining difficulty

Bitcoin miners are facing harsher conditions despite easier mining difficulty

by admin
June 29, 2022
0

Despite the decline in mining difficulty, Bitcoin (BTC) miners are facing harsher conditions in the market due to the...

What Happens To Bitcoin Miners If Price Keeps Dropping?

What Happens To Bitcoin Miners If Price Keeps Dropping?

by admin
June 29, 2022
0

Bitcoin miners have been in a bind for a while now. When the price of the digital asset dropped,...

Saylor’s faith in Bitcoin unshaken as MicroStrategy buys another 480 BTC

Saylor’s faith in Bitcoin unshaken as MicroStrategy buys another 480 BTC

by admin
June 29, 2022
0

MicroStrategy bought 480 Bitcoin (BTC) between May 3 and June 28. according to a Form 8-K filed with the...

Breitling, The Luxury Swiss Watchmaker, Now Accepts Bitcoin For Purchases

Breitling, The Luxury Swiss Watchmaker, Now Accepts Bitcoin For Purchases

by admin
June 29, 2022
0

Breitling, one of the world’s most renowned watchmakers, has hopped on the bandwagon and begun accepting digital currencies as...

Bitcoin sees sharp decline in correlation with tech equities, Kaiko says

Bitcoin sees sharp decline in correlation with tech equities, Kaiko says

by admin
June 29, 2022
0

The correlation between Bitcoin (BTC) and Nasdaq 100 reduced this month after reaching a record of .8 last month,...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Altcoin exchange Kucoin to cease China operations amid regulatory woes

Altcoin exchange Kucoin to cease China operations amid regulatory woes

October 5, 2021
The Bitcoin hashrate soars to a new all-time high, what happens next?

The Bitcoin hashrate soars to a new all-time high, what happens next?

February 14, 2022
Argentina grava a los exchanges de criptomonedas

Argentina grava a los exchanges de criptomonedas

November 18, 2021
Bitcoin ETF unlikely until market cap reaches $2 trillion, fund manager says

Bitcoin ETF unlikely until market cap reaches $2 trillion, fund manager says

January 28, 2021

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • One More Way to Make Working From Home Secure
  • Bitcoin miners are facing harsher conditions despite easier mining difficulty
  • US Infrastructure Law’s Reporting Requirements for Crypto Brokers Likely to Face Delay
  • Young Web3 Believers Unfazed by Battered Crypto Market
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%