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Various factors impacting Bitcoin’s price include the supply and demand of BTC, competition from other cryptocurrencies and news, cost of production and regulation.
Supply and demand
Those with a background in economics are aware of the law of supply and demand.
Bitcoin (BTC) is attempting to find support and create a higher low after a breakout from a short-term resistance line.
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BTC has been decreasing underneath a descending resistance line since March 28. So far, this downward movement has led to a low of $17,622 on June 18.
The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food.
When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.
Recently, bad news has abounded, and the resulting fear is real. DeFi is looking dead, altcoins completed their lifecycle by returning back to $0 (I guess that’s a joke), and Bitcoin’s (BTC) price fell lower than even the smartest brains in the room expected.
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Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June, using the proceeds from the sale to reduce its debt.
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Natalie Brunell, the host of Coin Stories podcast, thinks that the recent incidents involving Terra (LUNA, now rebranded LUNC) and Celsius and the following market sell-off will lead to regulatory action that will likely favor Bitcoin (BTC) over the rest of cryptocurrency.
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The crisis has triggered a wave of panic in the community, with the Bitcoin miners’ selling activity surging to seven-month highs as the BTC mining profitability has dropped to October 2020 levels.
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Crypto traders and investors started out the week with a major shock to the markets. As assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to voice their dismay (or in some cases jubilation) with the current state of crypto.
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Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year.
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Inflation is front-page news again after the Labor Department revealed this week that the United States consumer price index soared to 8.5% year-over-year in March — the highest in over four decades.
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