Bitcoin

Bitcoin slumped below $27000 Thursday for the first time in over 16 months, as cryptocurrency markets extended their losses amid fears over rising ...

Digital currency investors often turn to them for safety in times of volatility in the markets. Economists have long feared that tether may not have the required amount of reserves to bolster its dollar peg in the event of mass withdrawals. Adding to investors’ fears Thursday was a drop in the value of tether, the world’s biggest stablecoin. Ether, the second-biggest digital currency, tanked to as low as $1,789 per coin. That marks the first time bitcoin has sunk below the $27,000 level since Dec. 30, 2020. That’s a risky gamble, not least because bitcoin is itself an incredibly volatile asset.

The cryptocurrency market continued to hemorrhage money Thursday, with the most popular coins down double-digit percentages over the past 24 hours.

But if you’re looking to pick up some cheap crypto, it’s probably a good idea to at least wait to see what happens with Tether in the coming days and weeks. And that’s exactly the kind of volatility that you already have with cryptocurrencies and doesn’t help people looking for a safe haven asset that can more easily be used to convert to fiat. First and foremost, look for exchanges to suddenly stop letting people from withdrawing money in the name of “scheduled maintenance,” something Binance U.S. already announced overnight would be happening this morning from 6:00 a.m. ET until 9:30 a.m. ET. The culprit for the crypto bloodbath was a chain reaction that started over the weekend when Terra’s stablecoin, TerraUSD, which is theoretically supposed to stay at $1, became “depegged” and started trading below a dollar. Tether, the most popular stablecoin in the world, also depegged for the first time early Thursday, dipping to $0.95 on major exchanges before recovering slightly to $0.98 as of this writing. And absolutely no one knows when things will bottom out, with many people worried the entire market of fake digital money could go to zero as the stablecoin Tether officially traded below $1 for the first time ever early Thursday.

Bitcoin tumbled below $30000 on Wednesday – a figure experts considered to be a key level of support.

- Dogecoin – $0.077 - Cardano – $0.45 - Solana – $43.50 - XRP – $0.37 - Ethereum – $1,930 - Bitcoin – $28,000

The longtime bitcoin bull remains so, reminding that he's held the crypto through three 80% drawdowns.

Not long after he left Meta, where he headed the Novi and Diem projects, the fintech pioneer is now building a startup on top of the bitcoin blockchain.

Marcus testified on Capitol Hill, but his hearing performance didn't pacify politicians, and the project struggled. While he had a highly successful tour through PayPal and Facebook, he is back to playing to his strengths." The Lightning Network is a project designed to create faster and cheaper transactions on top of the bitcoin network.

The cryptocurrency declined toward $25,400 before quickly recovering back above the $27,000 support level. BTC is down by 2% over the past 24 hours and declined ...

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Further, BTC registered a countertrend reversal signal on the daily chart, per the DeMARK indicators. The cryptocurrency declined toward $25,400 before quickly recovering back above the $27,000 support level.