Category Archives: Bitcoin

Billionaire Bond King Jeffrey Gundlach believes Bitcoin (BTC) will plummet further despite having already fallen by about 70% from its all-time high.

In a new CNBC interview, the CEO of asset management firm DoubleLine Capital sayshe wouldnt be surprised at all if the flagship crypto asset fell by more than 50% from the current levels to around $10,000.

The trend in crypto is clearly not positive. I mean it topped out a long time ago. Remember, I was with you in July of last year, and Bitcoin was up at like $60,000 or something. And then it dropped down to $30,000

It managed to rally back but it looks like it is being liquidated. So Im not bullish at $20,000 or $21,000 on Bitcoin. I wouldnt be surprised at all if it went to $10,000.

At time of writing, Bitcoin is trading for $21,062, an increase of about 5% from the 2022 low of $20,111 reached earlier this week.

Gundlanch also warns the recent collapse of some cryptocurrencies could be a sign of a looming crisis in the digital asset space.

Weve had such a huge decline in parts of the stock market. Emerging market equity year-to-date is down 15%. Most equities are down. Nasdaqs down 28%, Bitcoin is down 53% year-to-date and 45% just since the last Federal Reserve meeting.

Weve already seen around the edges some blow-ups in parts of the crypto world and that could be foreshadowing some problem.

DoubleLine Capital, headquartered in Tampa, Florida, had more than $122 billion of assets under management at the close of this years first quarter.

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Billionaire CEO of $122,000,000,000 Asset Manager Predicts Bitcoin (BTC) Could Crash by Another 50% - The Daily Hodl

Arman Shirinyan

Cardano shows better performance compared to Bitcoin and Ethereum while market enters limbo

While the majority of the top-tier assets on the cryptocurrency market are struggling under unseen selling pressure, projects like Cardano are feeling reliefas they avoid a massive plunge down and even show significant growth in assets like Ethereum andBitcoin.

Unexpectedly, Cardano easily beattop-tier digital assets like XRP, ETH and BTC, thanks to the lack of leveraged positions openon the market and lower institutional exposure, as they appeared to be two main reasons behind the strong plunge of the market.

Both neutral performance on the ADA/USD pair and a plunge below $900 forEthereum is fuelingthe 75% gain. The strongest plunge on Ethereum since 2020 helps with ADA's short-term rally against major players on the market.

While Ethereum's massive sell-off is the biggest support for ADA, Bitcoin's 32% drop in value caused only a 25% return for Cardano, which does not make it the best hedge against the cryptocurrency market but still a better option than holding large caps like BTC or ETH.

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While ADA's growth is mostly tied to the lack of exposure to institutional funds that are being liquidated, industry experts are also highlighting the fundamental wellness of the network, which is receiving a massive amount of updates and releases thissummer, including Djed stablecoin, Vasil hard fork and others.

Withthe constant updates and relatively low pressure from investors because of the low-leveraged nature of the asset, Cardano has all the chances of being among the leaders when the cryptocurrency market sees new funds inflows. This may takeanother couple of years, especially with the hawkishness of the Fed.

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Cardano Massively Outperforms Bitcoin and Ethereum as It Avoids Market Sell-Off - U.Today

Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse.

Global management consulting firm McKinsey & Company published a report last week titled Value creation in the metaverse.

The report details: Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors. We also interviewed 13 senior leaders and metaverse experts.

According to McKinsey:

By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse.

In addition, more than 80% of commerce could be impacted by activities in the metaverse, the firm described, adding that most learning, development, and collaboration could happen in the metaverse. Furthermore, McKinsey said, We expect the average internet user to spend up to six hours a day in metaverse experiences by 2030.

More than $120 billion has already flowed into the metaverse space in 2022 more than double the $57 million in 2021, the report notes.

While estimates vary widely, we forecast it [the metaverse] may generate up to $5 trillion by 2030, the firm described. Our estimate of the metaverses potential impact by 2030 is based on a bottom-up view of consumer and enterprise use cases, derived from discussions with around 20 internal and external experts In short, our forecast is our best estimate given the very high levels of technical, regulatory, and societal uncertainty.

Noting that the metaverse will have a major impact on peoples commercial and personal lives, the report concludes:

With its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored.

Several major banks and investment houses now have a presence in the metaverse, including JPMorgan, HSBC, Standard Chartered Bank, and Fidelity Investments.

In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.

Besides McKinsey, there are other estimates of the size of the metaverse. Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs sees the metaverse as an $8 trillion opportunity.

What do you think about the metaverse? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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McKinsey: The Metaverse Could Generate $5 Trillion by 2030 'Simply Too Big to Be Ignored' Metaverse Bitcoin News - Bitcoin News

Global financial markets once again find themselves trending lower on June 10 after the Consumer Price Index (CPI) came in at a blistering 8.6% year-over-year increase, the highest print since 1981.

The hotter-than-expected CPI print resulted in a collapse of the $30,000 support and Bitcoin (BTC) price sold off to a daily low of $28,852 before dip buyers managed to bid the price back above $29,000.

Heres what several analysts in the market are saying about the outlook for Bitcoin moving forward since there appears to be little relief on the inflation front and the Federal Reserve is still determined to raise interest rates.

The effect of the high CPI print on two benchmarks of financial markets, the dollar index (DXY) and the S&P 500 (SPX), was touched on by il Capo of Crypto, who posted the following charts noting that After CPI results, #DXY continues its pump and #SPX keeps free-falling.

Market analyst Kevin Svenson also said that the Fed's inability to curb inflation is likely to translate to choppy price action for the next year.

Should the price of BTC continue to trend lower, crypto trader and pseudonymous Twitter user Altcoin Sherpa says trading below $28,000 is possible.

Altcoin Sherpa said,

Related: Bitcoin price falls under $29.5K after 'unexpected' 40-year high US inflation

Insight into what it would take to avoid a pullback to the support at $28,000 was provided by market analyst and pseudonymous Twitter user CrediBULL Crypto, who posted the following chart showing the unfortunate retrace from $30,000, the area. The analyst suggested that this was the moment where we needed to see follow through.

CrediBULL Crypto said,

The overall cryptocurrency market cap now stands at $1.192 trillion and Bitcoins dominance rate is 46.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin, altcoins sell-off on record-high inflation, but traders still expect BTC to consolidate - Cointelegraph

Cointelegraph introduces Crypto Street, a series of spontaneous conversations with strangers on the street to educate, entertain and take a temperature check on the worlds relationship with crypto.

The first episode comes from the gates of the World Economic Forum (WEF) in Davos, Switzerland. Cointelegraph reporter Joseph Hall attempted to speak with the worlds elite where he was rejected, ridiculed, and ignored before stumbling across crypto believers among the WEF attendees.

Sporting aCointelegraph sweatshirt with the loudest Bitcoin(BTC) logo, Hall asked passersby to guess what was print represented. Some WEF-goers refused to talk on camera while others claimed ignorance.

Thats not Bentley, its Bugatti! One passerby at the World Economic Forum joked. That, or they genuinely believed that the Bitcoin logo is a luxury car brand.

The shoot then moves to the blockchain streets of Davos, wherecryptocurrency companies outweigh the tradfi presence. Irina Heaver, a crypto lawyer and Bitcoin believer told Cointelegraph that Bitcoin is freedom. She explained that for her family:

When the Soviet Union Collapsed, they were left absolute penniless so did millions of other people [...] If they could have some of that (Bitcoin) can you imagine how their families would be better off?

Heaver also explained that more and more Russians transact with Bitcoin and crypto, reflecting thegrowing popularity of cryptocurrencyin the country. WEF attendees from India, wherecrypto education is weak at best, explained that the younger generation is a lot more curious about Bitcoin and cryptocurrency.

Some rethinking and action need to happen to make it [crypto] more sustainable.

The International Monetary Fund is close friends with the WEF, and itconsistentlypushes for central bank digital currenciesas well as moving cryptocurrencies away from proof-of-work blockchains to less energy-intensive proof-of-stake blockchains.

Related:CBDCs are the natural evolution, says HyperLedger director Barbosa

Theres also a cameo from Nas Daily, the Youtuber and Bitcoin HODLerwho lost $200,000 on Bitcoin to date. He appears on camera and exclaims, I lost so much money.

Finally, theres also a Golden Retriever who holds his tongue regarding Dogecoin (DOGE) price predictions for 2022, and an acapella rendition of Nina Simone by up-and-coming vocalist, Evan Klassen. Incidentally, Klassen is signing at the FIFA World Cup in Qatar this year; will he croon a crypto tune?

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Bitcoin at the WEF: What did the world's elite think of crypto? - Cointelegraph

The adoption of Bitcoin (BTC) could occur more rapidly than the adoption of past disruptive technologies such as automobiles and electric power, with global take-up likely to hit 10% by 2030 according to a new report.

In its Wednesdayreport, Blockware Intelligence said it arrived at this forecast by examining historical adoption curves for nine past disruptive technologies including automobiles, electric power, smartphones, the internet and social media, along with the growth rate of Bitcoin adoption since 2009:

Using the average and weighted average of historical technology adoption curves, as well as the growth rate of Bitcoin adoption, the report was then able to arrive at its prediction.

It said that based on a metric called Cumulative Sum of Net Entities Growth and Bitcoins predicted CAGR of 60% we forecast that global Bitcoin adoption will break past 10% in the year 2030.

Blockware Intelligence is the research arm of Blockware Solutions, a Bitcoin mining and blockchain infrastructure company, so you might expect it to be bullish on adoption.

The intelligence unit said it expects Bitcoin adoption to reach saturation quicker than many other disruptive technologies, given direct monetary incentives to adopt, the current macro-environment and because adoption growth will be accelerated by the internet.

From a consumer perspective, past technologies had convenience/efficiency-related incentives to adopt them: adopting automobiles allowed you to zoom past the horse and buggy, adopting the cell phone allowed you to make calls without being tied to a landline, the report explains:

Bitcoin, like the internet, smartphones, and social media, also derives benefits the more people that adopt the technology, which is known as the network effect.

Case in point if you were the only user on Twitter would it be of any value? It would not. More users make these technologies more valuable.

Related: 75% of retailers eyeing crypto payments within 24 months: Deloitte

However, the authors of the Blockware report stressed that the model used to predict the rate of adoption was only conceptual at this stage, adding it is neither meant to be used as investment advice nor a short-term trading tool, and it would continue to be refined:

The report and model were reviewed by several crypto investors and analysts, including executives from Ark Invest, Arcane Assets, AMDAX Asset Management and M31 Capital.

Cryptocurrency adoption has been growing rapidly over the last few years. In 2021, global crypto ownership rates reached an average of 3.9%, with over 300 million crypto users worldwide, according to data from TripleA, a global cryptocurrency payment gateway.

Blockchain data platform Chainalysis last year revealed that global adoption of Bitcoin and cryptocurrency surged 881% from July 2020 to June 2021. It found Vietnam to have the highest cryptocurrency adoption, leading 154 countries analyzed, followed by India and Pakistan.

In April, a survey conducted by cryptocurrency exchange Gemini found that crypto adoption skyrocketed in 2021 in countries like India, Brazil and Hong Kong, as more than half of respondents from its 20 countries polled stated that they started investing in crypto in 2021.

Originally posted here:
Global Bitcoin adoption to hit 10% by 2030: Blockware report - Cointelegraph

With DeFi scams, exploits and collapses becoming more and more common within the digital asset space, the need for comprehensive regulation that protects consumers has never been more important. While the space has often fought against oversight from any sort of centralized body, the popularity of modern-day digital assets and the plethora of applications that have been built using blockchain technology have necessitated the need for some level of regulatory guidance, especially to safeguard citizens from predatory financial schemes that only serve to fill the pockets of the creators and their stakeholders.

Note: The cypherpunk group that originally came up with many of the ideas surrounding digital assets valued cryptography as a tool to protect oneself against authoritarian governments.

The purpose of this article is to provide an overview of Bitcoins role in digital asset regulation, and why its differences from a majority of other cryptocurrencies should encourage regulators to view it in a different light.

This past week, Wyoming Senator Cynthia Lummis, in a bipartisan collaborative effort with New York Senator Kirsten Gillibrand, released a proposal for regulation surrounding cryptocurrencies and other digital assets. This mostly pertains to security and taxation laws in the United States, but if passed, could serve as a standard for other jurisdictions. This proposal is certainly good news for cryptocurrency developers and users; it serves to ensure that the United States can become a leader in digital asset innovation while protecting its own citizens against fraudulent schemes. While the entirety of the proposal is beyond the scope of this article, the major takeaways follow, as reported in this article in Fortune:

While this bill does codify and introduce some authority and oversight to the space, it does so while ensuring that development in the space is not hindered, a concern that was previously posed by Jack Dorsey, among others. Senator Lummis in particular has long been a staunch supporter of Bitcoin, and unlike her contemporaries, is focusing on innovation rather than just the potential downside of its energy consumption.

Bitcoins design, however, gives it some unique advantages that should serve to make it a unique asset in terms of both user protection and broader regulation. For starters, a lot of disclosure and transparency concerns surrounding other base-layer platforms do not apply to Bitcoin (they may apply to companies building sub assets or other products on top of the Bitcoin blockchain) because of the lack of a centralized organization that oversees Bitcoins operations. You will often hear the adage that bitcoin is the purest form of digital money because it does not offer, or even try to offer, anything different. You are not entitled to any special rights by holding bitcoin: You do not have a voting right in any entity, you are not entitled to receive rewards in the form of yield and you cannot gain control of the underlying protocol by simply buying more of it due to the underlying proof-of-work consensus mechanism. This is not meant to deride alternative platforms that may offer these features. After all, a lot of alternative platforms have played an active role in helping to decentralize the internet, and have also allowed stablecoins (along with bitcoin) to be an alternative financial instrument for those of us who are less fortunate. Rather, it is meant to underscore the fact that bitcoin is the best form of digital money specifically because of its simplicity.

In a previous article, I argued that it is Bitcoin, rather than the broader cryptocurrency market, that is helping to fight authorianism and acting as a tool for financial freedom. A variation of the same argument applies to differentiating Bitcoin when it comes to thinking of regulation specifications for digital assets. No centralized party within Bitcoins vast ecosystem can exert a significant influence over its protocol, nor can any one party cause new bitcoin to be created to meet some need that serves its own interests.

The core ethos that separates Bitcoin from other protocols is its decentralization. While many in the space argue that Bitcoin is actually quite centralized due to its supply distribution and the presence of mining pools, the reality is that measuring the decentralization of any protocol be it a peer-to-peer digital asset network, a government or your local recreational sports league goes beyond just analyzing quantitative data such as the concentration of hash power or the concentration of wealth. Rather, perhaps the most important part of measuring decentralization is the decision-making power any centralized party has to make long-standing decisions for the protocol. A majority of, if not all, alternative platforms have some form of foundation or organization that makes significant protocol or tokenomic (the economics of the underlying asset) decisions. In many cases, there may be some form of governance or voting mechanism that enables holders to vote on certain proposals. While this is certainly more decentralized than your traditional Web 2.0 protocol, let's present Bitcoins decision-making protocol.

In Bitcoin, anyone can make a proposal for a protocol change through a Bitcoin improvement proposal (BIP). For the protocol-change to be codified, it must be approved by miners, whose current ownership has no weight. Most significantly, there is no centralized authority that may influence the decision of miners. Bitcoin is much more akin to a software rather than a company, unlike alternative platforms. (The anonymous creator/founder has completely removed themself from the public eye, and has not made any transactions with their own bitcoin for almost a decade.)

It is specifically this decentralization that allows Bitcoin to be a tool for human rights activists and those living in authoritarian countries. It is this decentralization that allows bitcoin to be a version of sound money and be an active hedge against inflation. It is this decentralization that regulators and lawmakers must take into account when designing regulation for cryptocurrency-based assets. Senator Lummis and Senator Gillibrands proposal takes a massive step in the right direction by specifically differentiating between protocols/assets that have characteristics of a traditional company and those that are independent, autonomous and helping to create legitimate change within our society.

This is a guest post by Archie Chaudhury. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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Bitcoins Role In The Recent Digital Asset Regulation - Bitcoin Magazine

Erik Finman, who became a bitcoin millionaire by the time he was 18, is spending up to $20 million on Republican candidates running for Congress in the 2022 midterm elections.

Finman, 23, said he wants to donate $10 million toward GOP candidates and political action committees, including Saving Arizona, a super PAC backing Trump-endorsed Arizona Republican Senate candidate Blake Masters. The committee has received at least $10 million from tech executive and Republican megadonor Peter Thiel, Federal Election Commission records show.

Finman said he's sinking another $10 million into his new Washington D.C.-based nonprofit America's Future. The 501(c)(4) will finance what he called a "midterms tour" a series of rallies across the country for conservative candidates. Finman's new organization will also promote his conservative ideals as well as a proposed regulatory framework for cryptocurrencies, he said in an interview.

Finman's foray into politics comes as the crypto industry evolves into a powerful lobbying force on Capitol Hill. More than $30 million so far has been poured into the campaigns from crypto leaders since the 2020 election cycle.

Sam Bankman-Fried, CEO of crypto exchange FTX, has been the primary financier behind the political action committee Protect Our Future, which has only backed Democrats running for office in the 2022 election cycle so far. Bankman-Fried gave another $10 million to the PAC in April, according to FEC records.

Finman could give a similar boost to Republicans this cycle. He's donated tens of thousands of dollars in the past, but not millions. Election records show he gave more than $40,000 to candidates since the start of the 2020 election cycle.

Like Bankman-Fried, Finman says he's met with lawmakers about crypto regulations and other policy matters, though he would not say who he's met.

Finman's become more active in politics because he questions whether lawmakers really understand the laws they're writing and industries they oversee, he said.

"I don't think a lot of these people are wise elders," Finman said, adding that some lawmakers are thoughtful and well informed, "and those are golden people. But I don't know if that's the majority of people in D.C."

Finman's nonprofit, America's Future, is expected to launch in July and already has plans to host a rally for George Santos, a Republican running for Democratic Rep. Tom Suozzi's open House seat in New York. Suozzi is giving up his position to try to unseat New York Gov. Kathy Hochul in the primary. Finman has separately given $5,800 to Santos' campaign this cycle, the maximum allowed in direct contributions to a candidate under campaign finance rules. Larry Sabato's Crystal Ball, an election tracker, marks the race for Suozzi's district as a toss-up

Though Finman gave $2,800 to President Joe Biden's campaign during the 2020 election, he's become increasingly more conservative. He met with former President Donald Trump in February at Mar-a-Lago, his private club in Florida, and said he plans to support the twice-impeached president if he runs again in 2024.

Finman also spoke at the Conservative Political Action Conference in Orlando, Florida, earlier this year. The conference is organized by longtime Trump ally Matt Schlapp.

A high school dropout, Finman said he attended a summit Thiel hosts for a fellowship program he runs that gives $100,000 over two years to participants who drop out of school to pursue business opportunities. Masters and Thiel worked together at Thiel's firm, Thiel Capital.

He said he met Masters while participating in the program and then spoke with him again at a 2020 election night party hosted by Thiel at his home in Los Angeles. Finman says he encouraged Masters to run for Arizona's Senate seat and he has since given $5,800 to his campaign.

Finman is surrounded by key Republican political advisors, including Garrett Ventry, who was chief of staff to Rep. Ken Buck, R-Colo., and a senior communications advisor to Sen. Chuck Grassley, R-Iowa. when the veteran lawmaker chaired the powerful Senate Judiciary Committee.

Finman also said he's in regular contact with David McIntosh, president of the conservative group Club for Growth.

Correction: Finman took part in a summit Thiel hosts for tech entrepreneurs in his fellowship program, he wasn't a fellow himself.

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Peter Thiel bitcoin ally Erik Finman tries to sway 2022 midterms with up to $20 million for GOP campaigns - CNBC

PayPal announced on Tuesday that crypto users can now move funds off its platform, a long-awaited feature that will make the company's offering more like other popular cryptocurrency services.

"Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," the financial giant said in a statement.

The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two.

PayPal first launched its crypto offering in late 2020, allowing users to buy, sell, and hold four cryptocurrenciesBitcoin, Ethereum, Bitcoin Cash, and Litecoinbut not to move the funds to external destinations like MetaMask, Coinbase, or hardware wallets.

The fact users now can do this is significant because PayPal, which also owns the popular app Venmo, is used by hundreds of millions of people across the world to move money, and is increasingly used by merchants as a payment platform.

It's also notable that PayPal is not backing off its ambitious crypto plans despite a financial downturn that's seen the company's share price get battered in recent months.

In an interview with Decrypt, a PayPal executive said the company is taking the long view when it comes to pursuing a crypto strategy.

"The whole reason we're in crypto is because we believe a substantial portion of commerce is going to move to digital currencies," said Jose Fernandez da Ponte, the company's SVP of blockchain and crypto.

Fernandez da Ponte added this is a big reason the company doesn't charge for crypto transactionsnamely, because its crypto plans revolve around commerce, not operating an exchange business. He also noted that PayPal is bullish on more countries embracing stablecoins and central bank currencies, a development that would favor the company's business model.

It's unclear for now how much crypto is contributing to PayPal's bottom line, especially as the company doesn't disclose how many people are using its Bitcoin and Ethereum service. If the likes of Coinbase and Robinhoodtwo firms with large crypto businessesare any comparison, the volume of crypto transactions at PayPal has likely dropped significantly with the recent market downturn.

Fernandez da Ponte said he's unfazed.

"Theres a lot of discussion about crypto winter, but its important to see beyond that," he said. "The macro trend [of broad crypto adoption] is undisturbed."

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PayPal Lets Users Transfer Bitcoin and Ethereum to External Wallets - Decrypt

The battle for higher profitability between Bitcoin and Ethereum has been a long-running one. These two cryptocurrencies command the most market share in the market, and by extension, have the most supporters. Despite operating in the same space, the rivalry between them has been unparalleled. It doesnt just end at the networks themselves but flows into the communities that support both assets, as each one claims to be superior to the other.

The profitability of both of these digital assets has been immense in the past few years. They have cemented their reputations as millionaire-makers since its inception. Nevertheless, it continues to be a competition for which is the better option when it comes to investing.

Related Reading |U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

On a year-over-year basis, the newer and younger Ethereum has proven to have the most returns for investors, usually beating pioneer cryptocurrency Bitcoin by more than 2x on various occasions. This has drawn more investors to it and the speculations that Ethereum is the better choice.

This school of thought is also supported by data that shows investor profitability across both digital assets. Ethereum currently sees 54% of all holders being in profit, surpassing that of Bitcoin holders. However, this is only by a small margin given that 52% of BTC investors are in profit. This also shines through in the loss territory where ETH and BTC investors in loss are 42% and 43% respectively. This puts both cryptocurrencies on an almost equal footing.

Both digital assets have a reputation for being good options to hold through the bear market. But where Bitcoin shines through, though, is its ability to hold up better during market downtrends. During the last bear market, the price of bitcoin had declined a little over 80% whereas Ethereum had seen a more than 90% decline.

Related Reading |Bitcoin Open Interest Falls As Price Dips Below $31,000

This is the case through the present bear market where bitcoin had proven to hold up better once more. Since the all-time high in November, BTC is down about 56%. However, ETHs price has crumbled by more than 63% in the same time period.

One thing remains constant across these two digital assets, and that is the fact that longer-term holders are more likely to make a profit compared to those who only choose to hold for the short-term. Wallets which have held their cryptocurrencies for more than one year are more likely to be in the green compared to those that arent.

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Head To Head: Bitcoin, Ethereum Profitability For Investors - NewsBTC