Bitcoin and Ethereum languish after worst quarter in 11 years for crypto

As the third quarter began, Bitcoin and Ethereum languished in the vicinity of key support levels as investors remained side-lined following an up-and-down few weeks, with so-called bargain prices tempting very few. Bitcoin edged cautiously lower by 0.2% to US$19,389, while its largest rival by market value, Ethereum, was changing hands 0.8% lower at US$1,053.

Timeline of Bitcoin, Ethereum

After MicroStrategy's return this week, El Salvador's President Nayib Bukele has also broken his recent silence on all things bitcoin (BTC)-related. He announced that the country has bought the latest “dip” – splashing out on BTC 80 virtual coins at a price of USD 19,000 per bitcoin.

The entry of Samsung into 3-nanometer foundry processor manufacturing kicks off, and the South Korean company will reportedly start producing Gate-All-Around-based chipsets this week, Samsung New3sroom disclosed on Thursday. The electronics juggernaut is making rapid progress toward finishing the creation of chipsets that could assist the mining of Bitcoin.

Recent market volatility pushed Bitcoin below $20,000, marking the first time in its history it had sunk lower than the previous cycle peak. The post What's next for Bitcoin as market sentiment sours?

BnkToTheFuture, a lead investor in beleaguered cryptocurrency lending platform Celsius, has put forth three proposals to save the company from going under. What Happened: On Friday, CEO of BkToTheFuture Simon Dixon shared the Depositor's First Celsius Recovery Plan in a post on Twitter.

Bitcoin and Ethereum began the week picking up some positive momentum as the market turned its attention to the launch of Terra 2.0 following its predecessor's collapse. Bitcoin climbed back up to flirt again around the US$30,000 support level, up 5.6% to US$30,611, while its closest rival by market value, Ethereum, slightly outpaced the crypto king, climbing 6.8% to US$1,900.

Bitcoin and Ethereum continued to rebound and enjoy some much-needed respite as China's plans to lift Covid-19 restrictions sent positive waves through the global economy. Bitcoin edged cautiously higher by 2.7% to US$31,479, while its closest rival, Ethereum, slightly outpaced the more popular coin, advancing 3.0% to US$1,964.

Ethereum is counting down to its shift away from energy-intensive proof-of-work validation to proof-of-stake. A test network, called Ropsten Ethereum, that's been used for development and test of proof-of-stake is slated to merge into the main Ethereum network on June 8 as part of the crypto's transformation.

As part of the launch of its new crypto trading platform, Firstrade Securities has listed popular cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB) and Dogecoin (DOGE) for its customers to buy and sell. The four cryptocurrencies make up just a few of the dozens now available for trading on the global trading and investment …

El Salvador President Nayib Bukele said the country purchased 80 Bitcoin on Friday amid a broader decline in the token's prices. The South American country bought 80 Bitcoin at about $19,000 each, valuing the total transaction at $152,000.

Be[in]Crypto takes a look at on-chain indicators for bitcoin (BTC), more specifically the Stablecoin Supply Ratio (SSR) in order to draw comparisons with previous market bottoms. The post Bitcoin (BTC) on-Chain Analysis: SSR Gives Buy Signal After New All-Time Low appeared first on BeInCrypto.