BlackRock has issued a serious warning regarding a potential 50% Bitcoin price drop due to Federal Reserve's actions, while a 0.5% Fed rate cut could heighten the alarm for Bitcoin as per 10X Research. As tensions in the market amass, Bitcoin's fate remains uncertain with regards to the Fed rate cuts. Meanwhile, Bitcoin's price in the market experienced a drop as the U.S. presidential debate commenced. Whenever the stock markets weaken, Bitcoin often plunges below the $56k mark. Despite the daily BTC price losses surpassing 3%, the CPI print was dismissed by Bitcoin. Notably, Bitcoin has been deemed overvalued by 29% and it has been predicted to be trading in a specific range by 2140.
Early Bitcoin developer comments on the Satoshi Nakamoto theory are a topic of discussion. But the question lingers, where will Bitcoin be in 3 years? The largest Bitcoin mine globally has significantly impacted a Texas oil town, while perspectives on the relocation of Bitcoin miners from China to America vary. Changes in Bitcoin net flows closely monitored as they recently hit $750m, marking the highest outflow since May. Subsequently, new email extortion schemes have been reported whereby scammers use public images of individuals' homes to blackmail them into sending Bitcoin.
However, the path to Bitcoin consolidating its position and setting off a new leg up could be nearer than expected. Meanwhile, the UK Parliament is considering a bill to recognize Bitcoin and other cryptocurrencies as personal property, contributing to the global validation of digital assets. Amidst this, Bitcoin shows signs of strength as on-chain data hints at a positive bias, but challenges for miners are on the rise as Bitcoin's all-time high difficulty impacts revenue.
Bitcoin News Analytics from Tue, 27 Aug 2024 07:00:00 GMT to Wed, 11 Sep 2024 20:00:53 GMT -
Rating -3
- Innovation 1
- Information 5
- Rumor 4
