Daily Crypto News
- Bitcoin price falls below US$19,000, ETH down, XRP continues to rise — Bitcoin traded below the US$19,000 mark in early Monday trading in Asia after fluctuating around the resistance level all week. Ethereum and most other tokens in the cryptocurrency top 10 by market capitalization lost ground. XRP once again defied broader market forces and was up on the day.
- Mining GPUs Won’t Generate Much — Ethereum’s Merge happened 12 days ago, writing the obituary for GPU mining. Days after The Merge, one graphics card manufacturer took the coming glut of cards (which are already not that profitable to produce) to quit the business altogether. Despite this, there are still proof-of-work tokens on the market. These aren’t exactly blue-chip tokens on the front page of CoinGecko, but rather altcoins like BitcoinGold, Neoxa (which has a market cap of $4 million) or Cortex.
- Bitcoin Sticks Near $19K as Most Cryptos Spend the Weekend in the Red — With a couple of brief detours higher, bitcoin remained below $19,000 throughout the weekend. The largest cryptocurrency by market capitalization was recently trading at about $18,800, down slightly less than a percentage point over the past 24 hours. The decline capped a turbulent week of steep interest rate hikes by the U.S. Federal Reserve and other central banks and shrinking economic indicators that point increasingly toward recession.
- One Bitcoin Equals One Bitcoin Becomes the Narrative as the Drop Gets ‘Too Painful’ — “1 BTC = 1 BTC is something Bitcoin maximalists say tongue-in-cheek when looking at the USD price of BTC becomes too painful,” said Joshua Lim, former head of derivatives at Genesis Trading. “The implication is that BTC will eventually become a unit of account so just focus on the absolute number of BTC you own today.”
- JPMorgan analyst drops COIN price target, saying “falling cryptocurrency markets will pressure the stock price” — JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December. The publicly listed crypto exchange draws the majority of its revenue from U.S. crypto trading levels, meaning its third and fourth quarter earnings hinge on crypto trading interest. “We think pressure on Coinbase revenue from falling cryptocurrency markets will pressure the stock price,” JPMorgan analysts wrote. Shares of Coinbase Global (COIN) sold down from their $72 high Wednesday to $62 Friday. Still hanging above its June lows, the stock has fallen 11% over the past five days and 75% year to date.
- ‘100x better than gold’: Michael Saylor says bitcoin is the next big ‘store of value asset’ and will soar 2,500% within 10 years — “I think that the next logical stop for bitcoin is to replace gold as a non-sovereign store of value asset and gold is a $10 trillion asset right now. Bitcoin is digital gold, it’s 100x better than gold,” he says at MarketWatch’s Money Festival on Wednesday. “You can’t inflate it. The half-life of money in bitcoin is forever. You can move it on billions of computers at the speed of light. So if bitcoin goes to the value of gold it’s going to $500,000 a coin, and I think that happens this decade.”
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