While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
Experienced analyst Peter Brandt does not think the declines in Bitcoin will be long-lasting. Evaluating the course in a tweet, Brandt likened the current period to the halving time in 2016.
Elon Musk, owner of Tesla, Space X and X, also reacted to the Fed’s failure to cut interest rates. Musk said in a tweet yesterday, “The Fed needs to drop rates. They have been foolish not to have done so already” he said. Musk also said in another tweet that he wanted to come to Istanbul.
Fears of recession in the US caused cryptocurrencies to start the new week with major declines. Bitcoin fell as low as $49 thousand in the morning hours. The value of forward crypto positions that were liquidated in the last 24 hours exceeded $1 billion. Approximately $900 million of these positions were long positions.
Bitcoin, which exceeded $70,000 on Monday last week, fell close to $20,000 in a week. While the largest cryptocurrency saw $52,000 tonight, the decline in Ether exceeded 20% in the last 24 hours. The depreciation in altcoins has also reached much more dramatic levels.
While the financial world focused on the employment and unemployment figures from the US on the last trading day of the week, both data pointed out that the economy was cooling. Despite this ‘positive’ situation, the decline in futures markets and Bitcoin also raised questions.
Matt Hougan, CIO at Bitwise, one of the asset management firms with Bitcoin and Ether spot ETF, claimed that the upturn in cryptocurrencies was not fully seen. Hougan said, ‘I think the big story in the second half of the year is we’re going to see flows re-accelerate,’ he said.
In Hong Hong, which has taken positive steps on cryptocurrencies in the last 2 years, online broker company Futu has now launched cryptocurrency trading services. Some users who take advantage of the services, which are also open to individual investors, will be able to obtain Alibaba and Nvidia share gifts along with Bitcoin.
Willy Woo, known for his price analyses on X, especially on Bitcoin price, stated that Bitcoin could reach a level between $700,000 and millions of dollars in the coming periods. Stating that it is important for this, especially how much asset management companies make / will make an allocation for BTC, Woo said that comparisons with fiat currencies will end one day.
RIOT Platforms, one of the most important Bitcoin mining companies in the US and the world, announced losses again in the second quarter of 2024, while the number of BTC mined also decreased. RIOT also did not give up its stubborn strategy of buying Bitfarms. The company bought another $10 million worth of RIOT shares in July alone.
While the Fed’s keeping interest rates constant once again and the developments in the Middle East caused Bitcoin to drop to $63,500 in the night hours, the purchases made by whales in the last 48 hours have not escaped the eyes. It is seen that Bitcoin and 2 altcoins come to the fore in purchases.