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Bitcoin downward formation. Trading Bitcoin week 46

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Crypto Markets Shed $10 Billion in Hours as Bitcoin Loses $400 (Market Watch)

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After a sharp price jump towards $13,650 intraday, Bitcoin has retraced and trades around $13,200. The alternative coins continue to bleed out, and the total market capitalization has dropped below $390 billion.

Bitcoin To $13,650 And Back On ECB Stimulus News

Following the latest 2020 high, Bitcoin got rejected and lost nearly $1,000 of value in hours a few days ago. Since then, the asset has been struggling with the $13,000 level.

After another dip below it, BTC went on a roll yesterday. This resulted in a daily high of almost $13,700 (on Bitstamp). Interestingly, the impressive price increase came shortly after the European Central Bank said that it could seek a new stimulus package in December.

“The Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favorable to support the economic recovery and counteract the negative impact on the pandemic on the projected inflation path.”

More impactful news came from the US. The jobless claims fell to a 7-month low – a level not registered since before the COVID-19 outbreak.

Wall Street also felt the positive effects. The three most prominent US stock indexes closed Thursday’s trading session in the green. However, the futures contracts have dropped after hours.

Bitcoin has mimicked the stocks’ performance, but being a 24/7- traded asset, it started dropping shortly after Wall Street closed doors. BTC has lost about $450 and currently sits around $13,200.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood On The Altcoins Street

The situation within the alternative coin market is unfavorable, to say the least. As the graph below demonstrates, all alternative coins are in the red on a 24-hour scale.

Ethereum struggles with $380 after a 2.4% drop. Ripple’s near 4% decline has taken XRP beneath $0.24. Bitcoin Cash (-2.2%), Binance Coin (-7%), Chainlink (-6%), Polkadot (-9%), Cardano (-9%) have all lost significant chunks of value from the top ten coins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from the lower and mid-cap altcoins. Reserve Rights has dropped by 20%, Yearn.Finance by 17.5%, and Synthetix Network Token by (-17%).

Other double-digit price declines are evident from Ampleforth (-16.7%), ABBC Coin (-16.7%), Ocean Protocol (-16.5%), Compound (-14.5%), Band Protocol (-14%), Algorand (-13%), Ren (-13%), and more.

The total market capitalization has seen $10 billion evaporate in a day and $20 billion in two days.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-markets-shed-10-billion-in-hours-as-bitcoin-loses-400-market-watch/

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After Buying 38,250 Bitcoins, MicroStrategy Has Become A Full Node On The BTC Network

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After purchasing a sizeable amount of bitcoins for himself and his company, Michael Saylor said that the firm he operates, MicroStrategy, has been running a full node of Bitcoin’s latest core version for over a month.

MicroStrategy Runs A Full BTC Node

Bitcoin nodes are an essential part of the Bitcoin blockchain peer-to-peer network. Running a full node means validating transactions and blocks. Almost all nodes also help the network by accepting transactions and blocks from other nodes to validate and relay them.

There’re certain requirements necessary to run a full node, such as robust hardware, reliable and fast internet connection, and the ability to leave the device running for hours without interrupting the connection.

The decentralized nature of the Bitcoin network requires as many volunteers as possible. Otherwise, the consequences could lead to slow transactions, inability to connect through the P2P network, and relying on centralized services.

Anyone fitting the requirements can join the network and become a Bitcoin Core node. According to Michael Saylor, the company he founded over three decades ago has done precisely that.

In a recent tweet, he said that MicroStrategy is “thrilled to do our part to support the growth of the Bitcoin network,” after running a full node for over a month of Bitcoin Core’s latest version – 0.20.1.

Pro-Bitcoin All the Way

The Nasdaq-listed company announced buying its first batch of bitcoins in August, followed by another massive purchase just a month later. In total, the firm acquired 38,250 bitcoins for about $425 million at the time. This represents about 0.18% of all bitcoins ever to exist.

MicroStrategy doubled-down on its belief in Bitcoin recently by instituting a new treasury reserve policy. It reads that “Bitcoin will be the primary treasury reserve asset.” Additionally, the firm said it will purchase even more BTC with the excess cash it generates.

The company’s CEO has been particularly supportive of the asset in the past several months. Earlier this week, Saylor disclosed that he’s a Bitcoin HODLer as well. His personal portfolio consists of 17,731 bitcoins (worth about $235 million).

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Source: https://cryptopotato.com/after-buying-38250-bitcoins-microstrategy-has-become-a-full-node-on-the-btc-network/

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