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BTC price cools on latest US data as Bitcoin liquidates $80M in shorts

Bitcoin (BTC) trended toward $24,000 at the Feb. 16 Wall Street open after fresh macroeconomic data from the United States overshot estimates.

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

Hot U.S. PPI data "rattles" markets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retracing some of its latest gains on the day, trading at around $24,400 on Bitstamp at the time of writing.

The pair had hit $24,895 on Bitstamp overnight, marking its highest levels in six months as a surprise rally appeared to catch many traders off-guard.

Over the two days to Feb. 16, $80 million in short positions were liquidated on Bitcoin alone, with $65 million coming on Feb. 15 — the most in a single day since Jan. 20.

BTC liquidations chart. Source: Coinglass

The U.S. Producer Price Index (PPI) print for January nonetheless extinguished some of the excitement on risk assets as it showed prices increasing more than expected on a year-on-year basis.

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Market Analysis

Ethereum price prints 'death cross' after losing 13% versus Bitcoin from 2023 peak

ETH price is in danger of losing another 20% versus Bitcoin by March, based on a mix of technical and fundamental indicators.

Ethereum

Ethereum price prints 'death cross' after losing 13% versus Bitcoin from 2023 peak

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Market Analysis

Own this piece of history

Collect this article as an NFT

Ethereum's native token, Ether (ETH), has printed a death cross technical pattern versus Bitcoin (BTC) for the first time since May 2022, suggesting more pain ahead for ETH/BTC in the coming weeks.

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Market Analysis

How to evaluate any crypto project using fundamental analysis

Different from traditional markets, the crypto market has its own set of key questions to consider when analyzing a project and its assets.

Bitcoin

Artificial intelligence, robots and blockchain deliver next-generation healthcare, today

Emerging technologies are revolutionizing medicine - person by person and pill by pill.

Blockchain

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon DixonAnonymous: NoTwitter Followers: 109.1KKnown for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin. Who is this guy anyway? Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which […]

Regulations

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon Dixon
Anonymous: No
Twitter Followers: 109.1K
Known for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin.

Who is this guy anyway?

Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which was released in February 2012, and has splashed over $1 billion in cash investing in “over 100” different crypto companies, including Kraken, Ripple Labs and — err — Celsius.

Dixon stumbled upon Bitcoin when he was “deep in debt” after his ambitious attempt to start a traditional bank didn’t go to plan. “I failed at that task,” he admits.

Instead of throwing in the towel, Dixon eventually founded BnkToTheFuture, an online investment platform that crowdsources private equity funding, giving smaller-scale investors who can satisfy regulatory requirements in their own countries access to early-stage but risky tech VC-style opportunities, with Celsius, Kraken, Bitfinex and Securitize among them.

In recent times, he has “accidentally become the Chapter 11 guy” as he seems to have psychic powers in predicting what crypto firm is going to go into Chapter 11 next.

Wei Escala, Eggschain
Weekly Overview

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon Dixon
Anonymous: No
Twitter Followers: 109.1K
Known for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin.

Who is this guy anyway?

Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which was released in February 2012, and has splashed over $1 billion in cash investing in “over 100” different crypto companies, including Kraken, Ripple Labs and — err — Celsius.

Dixon stumbled upon Bitcoin when he was “deep in debt” after his ambitious attempt to start a traditional bank didn’t go to plan. “I failed at that task,” he admits.

Instead of throwing in the towel, Dixon eventually founded BnkToTheFuture, an online investment platform that crowdsources private equity funding, giving smaller-scale investors who can satisfy regulatory requirements in their own countries access to early-stage but risky tech VC-style opportunities, with Celsius, Kraken, Bitfinex and Securitize among them.

In recent times, he has “accidentally become the Chapter 11 guy” as he seems to have psychic powers in predicting what crypto firm is going to go into Chapter 11 next.

Wei Escala, Eggschain
Altcoins

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon DixonAnonymous: NoTwitter Followers: 109.1KKnown for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin. Who is this guy anyway? Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which […]

Bitcoin

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon DixonAnonymous: NoTwitter Followers: 109.1KKnown for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin. Who is this guy anyway? Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which […]

Blockchain

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon DixonAnonymous: NoTwitter Followers: 109.1KKnown for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin. Who is this guy anyway? Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which […]

Ethereum

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Name: Simon Dixon
Anonymous: No
Twitter Followers: 109.1K
Known for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin.

Who is this guy anyway?

Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, which was released in February 2012, and has splashed over $1 billion in cash investing in “over 100” different crypto companies, including Kraken, Ripple Labs and — err — Celsius.

Dixon stumbled upon Bitcoin when he was “deep in debt” after his ambitious attempt to start a traditional bank didn’t go to plan. “I failed at that task,” he admits.

Instead of throwing in the towel, Dixon eventually founded BnkToTheFuture, an online investment platform that crowdsources private equity funding, giving smaller-scale investors who can satisfy regulatory requirements in their own countries access to early-stage but risky tech VC-style opportunities, with Celsius, Kraken, Bitfinex and Securitize among them.

In recent times, he has “accidentally become the Chapter 11 guy” as he seems to have psychic powers in predicting what crypto firm is going to go into Chapter 11 next.

Wei Escala, Eggschain
Market Analysis

10 emerging technologies in computer science that will shape the future

Discover 10 emerging technologies in computer science that are set to shape the future, including quantum computing, extended reality and robotics.

Blockchain

10 emerging technologies in computer science that will shape the future

Discover 10 emerging technologies in computer science that are set to shape the future, including quantum computing, extended reality and robotics.

Bitcoin

How to buy and sell NFTs on Polygon

Offering low fees and fast transaction finality, Polygon has emerged as the primary blockchain platform for various NFT marketplaces.

Ethereum

How to buy and sell NFTs on Polygon

Offering low fees and fast transaction finality, Polygon has emerged as the primary blockchain platform for various NFT marketplaces.

Blockchain

Groceries to luxury cars: The state of crypto adoption in Dubai

Cointelegraph visited a grocery store and a luxury car club to learn how crypto has been adopted in Dubai.

Blockchain

BIS-funded regulator to probe DeFi entry points like stablecoins

Despite providing many novel services, DeFi does not differ substantially from traditional finance in its functions, the Financial Stability Board stated.

Regulations

Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs. 

BUSD market cap drops by $2 billion

The SEC asserts that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it.

Related: Paxos ‘categorically disagrees’ with the SEC that BUSD is a security

Since Feb. 13 when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 — the lowest since January 2022. 

BUSD circulating supply. Source: Messari

As Cointelegraph reported, Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown.

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Altcoins

Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

The United States Securities and Exchange Commission (SEC) plans to sue Paxos for issuing and listing its Binance USD (BUSD) stablecoin, benefitting its top-rival, Tether (USDT), whose market capitalization has risen to multimonth highs. 

BUSD market cap drops by $2 billion

The SEC claims that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it.

Related: Paxos ‘categorically disagrees’ with the SEC that BUSD is a security

Since Feb. 13, when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 — the lowest since January 2022. 

BUSD circulating supply. Source: Messari

As Cointelegraph reported, Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown.

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