Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.” In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.”  The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs. In total net Block’s revenues…

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Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5K

Bitcoin (BTC) returned to $30,500 on May 17 amid hopes that a retest of 2017 highs could be avoided. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $20,000 retest ‘highly unlikely’ Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing after the daily close to tentatively build on $30,000. Still, in a multi-day range, the pair was yet to decide on a meaningful upward or downward trajectory, while volatility ebbed into the new week. Amid concerns that a major retracement could take it below last week’s ten-month lows, popular analyst Credible…

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Canadian Bitcoin ETF adds 6.9K BTC in one day as GBTC discount hits record low

Bitcoin (BTC) descending to $24,000 has cost its largest institutional investment vehicle more than the average hodler. According to data from on-chain monitoring resource Coinglass on May 13, the Grayscale Bitcoin Trust (GBTC) is now trading at a nearly 31% discount. Grayscale CEO: Investors are “waiting for things to settle down” Amid ongoing market volatility this week, GBTC has seen its fledgling recovery fall flat on its face — for the time being. The so-called GBTC premium, long in negative territory and thus a discount in practice, has now reached…

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Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC

Bitcoin (BTC) bounced back from ten-month lows on May 11 as the start of Wall Street trading gave bulls some relief. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView One day, $860 million more crypto liquidations Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing the impact of above-expectation United States inflation data, hitting $32,000 on Bitstamp. April’s Consumer Price Index (CPI) print has sent the pair into a fresh tailspin, with $30,000 giving way to levels not seen since July 2021. As turmoil over Terra, its LUNA and TerraUSD (UST)…

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‘Kwontitative easing’ — BTC price hits $43K in UST as Terra empties $2.2B Bitcoin bag

Bitcoin (BTC) fell below $30,000 for the first time in ten months on May 10 as turmoil at Blockchain protocol Terra continued. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price bounces at $29,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plumbing lows of $29,731 on Bitstamp. The first trip under the $30,000 mark since July 2021, overnight BTC price performance came amid both declining stock markets and fresh trouble for Terra’s U.S. dollar stablecoin, TerraUSD (UST). As Cointelegraph continues to report, UST saw an attack involving mass selling…

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Bitcoin Price Hits Three-Month Low, What’s Driving This?

At this point, it is no longer news that bitcoin has now hit its lowest point in three months. The last time the digital asset had seen its price break below $34,000 had been in late January but had continued to hold up well after this. Last time, the low market momentum following the market crash on December 4th had been the culprit. This time around, a whole different beast is behind the wheel of the tumbling asset value. Stock Market On The Rocks Bitcoin’s correlation with the stock market…

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Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout

Ethereum’s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high. ETH/BTC daily price chart. Source: TradingView The Merge impact Many analysts credited Ethereum’s merge to proof-of-stake from proof-of-work as one of the key reasons behind the capital rotation from Ether to Bitcoin markets, including Toast.ETH, a pseudonymous analyst who underscored Ether’s ongoing supply…

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Vector Finance (VTX) TVL hits a record high as the Curve Wars shift to Avalanche

The battle to attract stablecoin liquidity has been a trending theme across the cryptocurrency landscape for the past year, especially as decentralized finance users have come to realize the hefty APY that can be earned on dollar-peg assets. While Curve Finance remains the undisputed leader in interest bearing stablecoin liquidity pools, several new entrants have begun to climb the ranks, including Vector Finance (VTX), a protocol that enables Avalanche network users to generate boosted yields on their stablecoin positions. Data from CoinGecko shows that the price of VTX recently underwent…

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Bitcoin price hits 10-week lows as $40K spike becomes ‘nasty bull trap’

Bitcoin (BTC) hit its lowest level in over two months later on May 5 as Wall Street trading saw volatility return with a bang. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView DXY celebrates as stocks, crypto tumble Data from Cointelegraph Markets Pro and TradingView painted an unsettling picture for hodlers as BTC/USD fell to $36,520 on Bitstamp. Capping losses, which totaled 8.3% at one point, Bitcoin only bounced at a price last seen on Feb. 24 this year. As Cointelegraph reported, the performance had come in tandem with mayhem in U.S.…

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Bitcoin Indicator Hits Historical Low Not Seen Since 2015

Bitcoin bulls continue to be demoralized, as the price per coin grinds continuously at lows for what feels like an infinite amount of time. However, a bottom could be forming, according to an indicator that has reached historical lows not seen since the 2015 bear market bottom. What followed the last signal, was 10,000% returns and Bitcoin became forever became a household name. While such returns aren’t likely a second time, such oversold conditions could yield some significant, unexpected upside. Here is a closer look at the 3-day Stochastic on…

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