Bitcoin 2021: World’s Largest Cryptocurrency Conference Coming To Wynwood

On Wednesday, crews were putting the final touches on the Bitcoin 2021 Convention, the world’s largest-ever crypto-currency conference to be held this weekend at the Mana Convention Center in Wynwood. “We could not be happier. Happier that organizers of the Bitcoin 2021 Conference have chosen the city of Miami”, said Miami Mayor Francis Suarez who held a virtual international crypto conference Wednesday morning.

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Bitcoin Stabilizes Within Range as Short-Term Trend Improves

Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes. Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.

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Globant Says It Bought Bitcoin in Q1

Information technology and software development firm Globant bought bitcoin in the quarter ended March 31, according to a company filing made this week with the U.S. Securities and Exchange Commission. With the purchase, the Luxembourg-based firm becomes the latest company to hold cryptocurrency on its balance sheet, following in the footsteps of firms like MicroStrategy and Tesla. At March 31, when the price of a single bitcoin was roughly around $58,000, Globant’s holdings of the leading cryptocurrency was worth $500,000. Bitcoin is currently trading at about $34,000.

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Another Multibillion Company Testing Bitcoin On Its Balance Sheet

The Argentinian, New York Stock Exchange-listed software developer Globant has made a low-key bitcoin (BTC) investment, according to its latest filing to an American financial regulator, and has spent USD 500,000 from its balance sheet on the token. The firm did not specify exactly when it made the purchase, or indicate how much it had paid. It made mention of the BTC purchase in the intangible assets section of its filing. However, as the filing covers the first three months of the calendar year, the buy was likely made when the token was enjoying relative stability or even growth.

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Whales scooped up $5.5B in Bitcoin as BTC price dropped below $36K

Derivatives data shows whales aggressively bought the dip as Bitcoin’s price dropped below $36,000, but that doesn’t mean BTC has bottomed yet. The stream of negative regulatory news concerning Bitcoin (BTC) and cryptocurrencies has been nonstop over the past couple of weeks. Today’s FUD — fear, uncertainty and doubt — news that failed to cite any actions and merely refreshes old information from China. A statement from the Chinese government revealed plans to “crack down on Bitcoin mining and trading behavior.” While retail traders are easily scared by this type of news, whales and market makers know how to spot a buying opportunity, which was the case for today’s drop to $36,200.

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Bitcoin’s epic $7.5B long squeeze just made BTC price more bullish — Here’s why

May 19’s price crash in the Bitcoin (BTC) spot market wiped about $7.56 billion worth of long-leveraged positions from cryptocurrency derivatives markets, marking the biggest bullish leverage wipeout since March 2020. Retail and institutional investors borrowed from leading exchanges to amplify their potential returns but a sudden reversal in Bitcoin spot rates, reportedly led by Elon Musk’s anti-Bitcoin tweets over the weekend and fueled by China’s reiteration of a ban on crypto transactions, blew up bulls’ leverage ratios. That led to a so-called liquidity cascade in the derivatives market.

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Bitcoin $5K ‘kimchi premium’ returns while gold prices surge in Korea

Bitcoin (BTC) was trading at $5,000 higher in South Korea than in other markets on Wednesday as capital flow controls continue to enforce the “kimchi premium.” While Bitcoin was trading at $39,932 on Coinbase at the time of publication, the price on the Korea-based Bithumb exchange stood at $45,115. According to a recent Bank of America statement, the kimchi premium is a result of capital flow controls aimed at stopping the cross-border transfer of “hot money,” reports Reuters.

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Nearly a quarter of unique Bitcoin wallets at a loss amid $15K price dump

Bitcoin (BTC) is down almost 30% in the last seven days and this dip has triggered an almost commensurate plunge in the percentage of wallets in profit. Data from crypto data provider Glassnode shows that Bitcoin price drawdown has led to almost a quarter of unique on-chain entities being at a loss. This situation also bears some parallels to previous extreme downside price action periods that interrupted bullish advances.

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Bitcoin Suffers Biggest Pullback This Year With Drop to 3.5-Month Low

Bitcoin slipped to 3.5-month lows early Monday, confirming the biggest price pullback of the current bull run. The top cryptocurrency printed a low of $42,212 during the Asian hours, the level last seen on Feb. 8, marking a 35% drop from the record high of $64,880 reached on April 14, according to CoinDesk 20 data. The bitcoin (BTC) price has seen four corrections from new price highs so far this year, out of which the latest 35% retreat is the biggest.

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Tesla will no longer accept Bitcoin over climate concerns

Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet. Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped. Tesla’s announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors. The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world’s biggest digital currency. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Mr Musk wrote.

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