Bitcoin dipped below $87,000 as the Coinbase Premium hit 12-month lows, signalling weak US demand and with technicals hinting at a $66,000 BTC price target. Bitcoin (BTC) extended its weakness into the low-liquidity weekend trading session, with BTC slipping to a five-week low of $86,000 on Sunday. The cryptocurrency could potentially retest its macro low of $66,000 over the coming weeks, a key support level from November 2024. Key takeaways: Bitcoin dropped below $87,000 on Sunday as its momentum weakened. Read more
The blockchain battle is now centered on distribution, as established firms convert existing customers into network participants and create new competitive landscapes. Opinion by: Marcin Kaźmierczak, co-founder of RedStone The fight for dominance in blockchain won’t be won by whoever has the lowest fees or the fastest consensus; it will be won by whoever can mobilize the largest base of users. Circle, Stripe, Coinbase and others are soon to follow, rewriting their business models around proprietary chains. They already control the payment flows, merchant networks and trading activity that most blockchains spend years trying to attract. Read more
Past yen shocks were followed by BTC dropping 30% before rebounding more than 100%, a pattern traders are watching as talk of Japan's intervention returns. Bitcoin (BTC) may face another sharp sell-off if growing talk of a Japanese yen (JPY) intervention turns into action, with past intervention episodes coinciding with 30% drawdowns in BTC price. Key takeaways: Past Japanese yen shocks saw BTC drop about 30%, and then recover by over 100%. Read more