Cardano Jumped By 6% As Bitcoin's Consolidation Continues

Cardano jumped by 6% as Bitcoin's consolidation continues and Solana charted some gains as well so let's read more today in our latest altcoin news today. Bitcoin jumped above $31,000 but was then stopped in its tracks and it is now below the $30,000price point.

Timeline of Cardano, Bitcoin

Bitcoin (BTC/USD) attempted to add to recent gains early in the Asian session as the pair moved back above the 50-bar, 4-hourly simple moving average and 200-hour simple moving average for the first time in several trading sessions after recently trading as low as the 25338.53 area, its weakest print since 2020.  Traders observe that this recent low represented a test of the 23.6% retracement of a historical appreciating range from the 15708.24 level to the 28387 area, and was also above the 24365.11 area, a downside price objective related to selling pressure that emerged around the 48240 area.

Sam Bankman-Fried (SBF), the CEO and founder of leading crypto exchange FTX,  said in a recent interview with the Financial Times that he does not think Bitcoin has a future as a payment network.  SBF continued that the environmental impact of Bitcoin mining, alongside the fact that the coin is “inefficient,” would count against it The post SBF does not see Bitcoin becoming a payment network, lampoons its energy consumption appeared first on CryptoSlate.

Investors in funds backed by bitcoin (BTC) appear to be taking advantage of the lower prices, adding close to USD 299m to such funds last week, or the most this year, while ethereum (ETH) outflows more than doubled. 

President Nayib Bukkele has announced that financial authorities from 44 countries are meeting this Monday in El Salvador to discuss Bitcoin and other related matters.  President Announces Bitcoin Meeting According to his Twitter announcement, 32 central banks and 12 financial authorities are meeting to discuss matters of financial inclusion, digital economy, banking the unbanked, El Salvador's Bitcoin rollout, and its benefits in the country.

PlanB, the creator of the Stock-to-Flow (S2F) model, says the expected Bitcoin (BTC) price to touch $100k in December 2021 failed because it was already in a bear market since April 2021. Currently, the Bitcoin (BTC) price is creating a bottom as we are witnessing strong pressure in the Bitcoin market.

Bitcoin, the largest cryptocurrency suffered major limelight into extreme fear territory not seen since the COVID-19 crash. The worst trading day came on 12 May, when BTC slumped from just over $30,000 to its lowest price position since late December 2020 at $25,300.

ADA has rallied over 50% since the crash on May 12th, with the price now sitting under a key resistance. Key Support levels: $0.40  Key Resistance levels: $0.60, $0.75 In the past few days, ADA entered a relief rally, moving very fast from the key support at $0.40 towards the resistance at $0.60.

Over the last ten days, the $30K demand zone, which was expected to be a strong support level for reversing any downtrend price movement, was broken to the downside. Now, it acts as a magnetic resistance level in the market.

The Luna Foundation recently released a statement citing the balances on their reserves as the platform's Bitcoin reserves made a huge noise of let. The thread documented how the platform disbursed millions of dollars worth of crypto and eventually failed to stabilize the destabilized assets.   The foundation clearly states the number of BTC and the …

The cryptocurrency sector was founded on both transparency and anonymity. Even Bitcoin's developer used a fictitious name, and the world may never know who was behind one of the most innovative financial inventions ever devised. However, there are many diamonds in the rough among the sea of unknown merchants, much as Satoshi's successes and efforts …