Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market picture
The crypto market continues to trade in a 0.3% range around the $1.05 trillion capitalisation level. Despite some improvement in risk sentiment, sellers got the upper hand on the approach of the 1.06 trillion level.
The narrow range has also become a hallmark of Bitcoin, which has been walking on a short leash of around $26K for the past eleven days. Such a lull usually ends with a boom in volatility, which is what we should expect this week.
Bitcoin's tera hash profit margin has reached historic lows as the price has fallen, and the network's hash rate has risen as more efficient ASICs went to work. Without a rise in the BTC exchange rate, miners' operations will soon become unprofitable.
News background
Arkham Intelligence says the Robinhood platform holds over $3 billion worth of BTC, making it the third largest Bitcoin holder after Binance (6.4B) and Bitfinex (4.3B).
Due to extreme heat and drought, Laos has imposed temporary restrictions on cryptocurrency mining. These factors have led to an increase in demand for electricity.
Approximately 16 trillion PEPE meme tokens (~$15 million) were illegally withdrawn and sold on various cryptocurrency exchanges. Pepe's remaining developer revealed that three former project team members were behind the theft.
Shibarium, the second-tier solution from meme token creators Shiba Inu (SHIB), resumed withdrawals via the Ethereum Bridge after a prolonged malfunction during the launch.
About the author
Alex Kuptsikevich is a financial market professional with 16-yearsā experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.