Bitcoin faces a deep correction, time to panic?

Bitcoin experienced a deep correction that took it below USD 33,000. USD 30,000 is a key level, will it collapse?

Yes, Bitcoin has fallen below USD 33,000 for the first time in over a week. Specifically, the crypto leader is trading at USD 32,000, after a drop of 8.9% and 19.5% over the last 24 hours and 7 days, respectively. Can Bitcoin’s correction be deeper?

Bitcoin pulls back, but that doesn’t seem to worry crypto whales

Bitcoin corrects and institutional investors cash in on gains

The crypto market panics as the price of the crypto leader has declined nearly 20% over the past 7 days according to CoinMarketCap. Is a deeper correction in store for Bitcoin?

According to CoinTelegraph analyst Michaël van de Poppe stated that „if the $30,000 area does not hold, a further correction towards $24,000 is likely, which would mean a 40% retracement from recent highs.“

Therefore, we must remain alert for a possible drop below USD 30,000. On the other hand, it is worth noting that some institutional investors have taken profits as crypto retreats.

Specifically, according to CoinShares, outflows have been observed from institutional products indicating that gains have been made amid Bitcoin’s correction.

As this happens, JPMorgan asserts that Bitcoin is not a hedge against market crashes. In fact, strategists John Normand and Federico Manicardi asserted that the leading crypto is the „least reliable hedge during periods of acute market stress.“

The thing is, Normand and Manicardi’s view seems to differ from the other JPMorgan strategists led by Nikolaos Panigirtzoglou, who believe Bitcoin is driving investors away from precious metals.

Bitcoin nodes surged to more than 11,600.

Crypto exchange Binance gets off the blacklist in Russia.

As we previously reported on CryptoTrendency, previously the Binance crypto exchange website had been blocked by Russia, specifically it had been blacklisted.

This occurred in September 2020 when Russia claimed that the distribution of information about Bitcoin, which was traded on Binance, was banned in the country.

However, after clashing, the prosecutor’s office simply dropped the case against Binance. And, although it did not provide much explanation, the website came off the blacklist.

Hive Blockchain to expand its crypto hashing power

Hive Blockchain announced the purchase of 6,400 ASICs from Chinese firm Canaan Creative, this with the goal of reaching 1200 PH/s and, to do so, will expand its stock of machines to almost 10,000 ASICs.

Another aspect of interest is that the shortage of crypto equipment has forced companies to turn to manufacturers other than Bitmain.

Bitcoin mining firm Hive Blockchain buys more than 6,000 ASICs.

In a nutshell…

Rick & Morty creator Justin Roiland dabbled in non-fungible token (NFT) crypto art and sold the collection for USD 1.65 million.
Crypto users belonging to the Yearn.Finance governance propose not to follow in the footsteps of Bitcoin and increase the supply of YFI.