bitcoin

“It looks like it’s being liquidated. I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000,” billionaire investor Jeff Gundlach told CNBC in a “Closing Bell” interview.

Bitcoin fell to $20,378 immediately after the Fed announced its biggest interest-rate hike since 1994 on Wednesday, but rebounded back above $21,000. It was trading at $21,693 on Thursday, up about 6% in the last 24 hours.

The biggest non-exchange Bitcoin whale in the world is buying up BTC in June despite bearish price movement. The whale has increased its net holdings by 927 Bitcoin this month.

The address purchased 300 BTC on June 7th, sold 500 BTC on June 9th, and then bought another 425 BTC on June 13th, 488 BTC on June 14th and 214 BTC on June 15th. The whale is the third-richest wallet in the world, behind the Binance and Bitfinex cold wallets.

Alejandro Zelaya, the minister of finance of El Salvador, reacted to the recent media attacks on the nation’s strategy of investing in Bitcoin (BTC) by calling the allegations of fiscal risks “extremely superficial.”

The official underscored the impropriety of allegations that around $40 million had been lost by the country’s budget because of the cryptocurrency rate drop since the highest point at which El Salvador has purchased its first potion for $60,300 per BTC in October 2021.

More than a billion dollars worth of crypto assets are being liquidated as Bitcoin threatens to trade below $20,000 and print a low last seen in December 2020.

Cryptocurrency futures trading and information site Coinglass reveals that over $1.30 billion worth of BTC positions have been decimated in the last 24 hours.

Grayscale CEO Michael Sonnenshein said during a CNBC interview on June 10 that pension funds are considering Bitcoin as an asset class for diversifying their portfolio.

Last month, Fidelity Investments, the biggest pension plans provider in the US, said those participating in its 401(k) plan can now put 20% of their retirement funds in Bitcoin.

According to Bitcointreasuries.net, the 130,000 and 43,00 Bitcoin (BTC) held by Microstrategy and Tesla respectively are worth considerable sums less. They are down by almost $2 billion dollars on their Bitcoin buys.

For Microstrategy, Michael Saylor splashed out almost $4 billion ($3,965,863,658) on 129,218 BTC, approximately 0.615% of the 21 million total supply. For Elon Musk, whose Tesla automotive company bought over 40,000 Bitcoin during the 2021 bull market, his $1 billion profit has gone south.

The world’s largest digital token, Bitcoin, tumbled as much as 7% to $25,366, at an 18-month low. The most popular crypto is down more than 43% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.

Bitcoin price continued its selloff as part of broader declines in cryptocurrencies after a sharp rise in US inflation triggered risk-off sentiment.

Treasury Secretary Janet Yellen on Thursday warned against including Bitcoin and other cryptocurrencies in retirement plans, calling them a “very risky investment”.

Yellen’s comments came at a New York Times event in Washington, in response to a question about Fidelity’s April announcement that it will let workers save up to 20% of their retirement funds in Bitcoin.

When asked whether Bitcoin could pose a serious threat to the U.S. dollar in terms of dominance, Kasparov replied that it is “inevitable.”

Kasparov sees the U.S. dollar losing its reserve currency status with time as more people embrace crypto for its independence.

The adoption of Bitcoin could occur more rapidly than the adoption of past disruptive technologies such as automobiles and electric power, with global take-up likely to hit 10% by 2030 according to a new report by Blockware Intelligence.

The percentage of Bitcoin’s circulating supply being held on cryptocurrency exchanges has dropped below the 10% mark for the first time since the $BTC price hit a $3,200 low back in December 2018, at the bottom of the so-called Crypto Winter.

According to data from Santiment, over 50,000 Bitcoin have been withdrawn from cryptocurrency exchanges over the past week as the price continues to hover around $30,000. Bitcoin continued to trade narrowly on Wednesday after a nine-week extended sell-off.

The spot Bitcoin trading volume on FTX has surpassed Coinbase for the first time, hitting $30 billion in a single month. Coinbase has been knocked off its perch by FTX and FTX is now the second largest exchange by trading volume.

• The St. Louis Federal Reserve has posted a new blog where it compares the price of eggs in USD versus Bitcoin. In this egg on face moment for the FRED, comparing Bitcoin to the dollar seriously legitimizes the cryptocurrency and proves even the Fed is capable of figuring it out as a unit of account.

• MicroStrategy has accumulated over 129K bitcoins but at a debt of over $2.4 billion. MicroStrategy (MSTR) has purchased over 129,000 bitcoins since making its first move to add the flagship cryptocurrency to its balance sheet in August 2020.