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US GDP misses goal as Bitcoin price seeks to erase 'ultra nasty' 7% dip

Bitcoin (BTC) stuck to $29,000 at the April 27 Wall Street open as United States GDP growth missed expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

U.S. GDP figures reveal surprise slowdown

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD once again stagnant after flash volatility the day prior.

The largest cryptocurrency had liquidated over $300 million in long and short positions after a snap correction over claims that Mt. Gox and U.S. government bitcoins had left their wallets.

A subsequent rebound rescued some of the losses, but $30,000 remained out of reach as macro data failed to offer a suitable catalyst.

This came in the form of GDP growth, which at 1.1% fell far short of predictions.

Thursday, 27 April 2023

Market Analysis

Decentralized file storage pricing differentials persist despite market growth: Report

Depending on the metrics, the cost of decentralized file storage can be very low or significantly higher than Web2 counterparts.

Thursday, 27 April 2023

Blockchain

Phantom Wallet CEO explains why wallets must move to be multichain

Phantom Wallet CEO Brandon Millman argues airdrops may not be worth the hype and self-custody wallets are not off the hook regarding regulation.

Thursday, 27 April 2023

Ethereum

Got liquidated with Bitcoin futures? Get 3.5x leverage using this options strategy

Here is how professional traders use Iron Condor options strategies to benefit from the banking crisis and the U.S. debt ceiling increase.

Thursday, 27 April 2023

Bitcoin

Got liquidated with Bitcoin futures? Get 3.5x leverage using this options strategy

Bitcoin (BTC) bulls might be disappointed after the $31,000 resistance proved stronger than expected on April 14. However, looking at a broader time frame, Bitcoin has been the best-performing asset in 2023, gaining over 74% year-to-date at $29,000.

Positioning for weaker dollar, debt ceiling

It is worth noting that gold is merely 4% behind its all-time high, likely indicating a weaker U.S. dollar as investors increase the odds of recession and further fiscal turmoil for the world’s biggest economy.

Behind the bullish price momentum for Bitcoin are the weakness in the U.S. financial system, namely the $100 billion in quarterly net withdrawals at First Republic Bank and the legislative effort to approve an increase to the urgent $31.6 billion national debt ceiling.

For Bitcoin investors, a financial crisis is a net positive as it forces the U.S. Federal Reserve to expand its emergency funding programs and take out additional unprofitable long-term debt from the system.

Cryptocurrency traders are uncomfortable with the regulatory environment, and the April 25 statement from the New York Federal Reserve further added to the uncertainty. The guidelines disclosed could potentially hinder the USD Coin (USDC) stablecoin issuer Circle’s access to the Fed’s securities reverse-repurchase program, the safest vehicle to get yield on deposits.

Thursday, 27 April 2023

Market Analysis

California approves blockchain-based digital wallet for gov't services

Santa Cruz voted to approve the use of a blockchain-based digital wallet for government services and official documentation and is set to begin a pilot program in July 2023.

Thursday, 27 April 2023

Blockchain