USDT has surged to a market capitalization of $83.2 billion, successfully recuperating all the losses suffered since the collapse of the blockchain project Terra over a year ago.
Macro analyst Tom Dunleavy suggests that the stablecoin market's contraction is indicative of the ongoing bearish phase in the crypto market.
The bank anticipates a continued lack of activity in digital asset trading, as retail investors choose to stay out of the market.
The price of Bitcoin has fallen by 0.41% in the past 7 days. The price declined by 1.84% in the last 24 hours. In just the past hour, the price shrunk by 0.61%. The current price is $26,663.27 per BTC. Bitcoin is 61.24% below the all time high of $68,789.63. The current circulating supply is 19,380,075 BTC.
The current price is $26,663.27 per BTC. Bitcoin is 61.24% below the all time high of $68,789.63. The current circulating supply is 19,380,075 BTC. This content is for informational purposes only. The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain.
"We think intrinsically bitcoin is worth about $40,000," Scaramucci told Bloomberg this week, implying a 50% increase to the current bitcoin price of around $26,000 per bitcoin and potentially adding some $200 billion to bitcoin's $500 billion market capitalization.
Throughout much of its history, speculative interest has been the primary driver of Bitcoin's value. Bitcoin has exhibited the characteristics of a bubble with drastic price run-ups and a craze of media attention. This is likely to decline as Bitcoin continues to see greater mainstream adoption, but the future is uncertain.
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Bitcoin remains stagnant, inching closer to marking its first month of decline in 2023. Meanwhile, Ether experiences a slight increase but appears poised to end May in the red as well.
The crypto debates have become progressively more polarized and politicized, exemplified by a recent CoinDesk article highlighting a contentious mining facility in New York.
The miner stands to earn up to $75 million in management fees for the Celsius mining rigs over a span of five years, making it a highly lucrative venture.
Florida's governor and the Republican Party's newest frontrunner engaged in a Twitter conversation with Elon Musk, discussing the realms of cryptocurrency and central bank digital currencies.
The recent hedging activity of market makers, who consistently take the opposite side of investors' trades, appears to have effectively maintained price stability within a narrow range.