CRYPTO NEWS

Bitcoin Struggles to Hold $20,000

The Bitcoin price struggled to hold above the closely-watched $20,000 level, continuing a period of extreme volatility.

On Monday in Asia, the largest cryptocurrency fell as much as 4.8% to $19,618 on and was trading at $20,036 as of 12:30 p.m. in Tokyo. Ether at one point dropped 7.8% but held above $1,000. Solana, Cardano and Dogecoin in the red.

Bitcoin sank to almost 15% on Saturday but then swung back above $20,000 with a 16% surge on Sunday. The pattern of swings suggest that investor sentiment remains very fragile as the Federal Reserve seek to fight inflation with interest-rate hikes that drain liquidity from markets.

“Expect more pockets of forced selling of Bitcoin and Ether as the market figures out who is swimming naked,” Arthur Hayes, co-founder of crypto exchange BitMEX, said on Twitter.

He is unsure if the selling is over but “for those skilled knife-catchers, there may yet be additional opportunities to buy coin from those who must whack every bid no matter the price.”

Some crypto executives claimed that Bitcoin below $20,000 could lead to more liquidations of leveraged prices. Since the start of the year, the token is down about 57%, while others have suffered even more.

Decentralized-finance (DeFi) applications are under intense pressure, adding to the uncertainty. When pandemic-era stimulus drove a record-breaking crypto boom, they became popular as a source of high yields.

However, they are now taking unprecedented measures to protect themselves from cascading liquidations. The crypto lending platform Celsius Network Ltd. said Monday it needs more time to stabilize its liquidity and operations after freezing deposits last week.

The post Bitcoin Struggles to Hold $20,000 appeared first on Cryptoverze.

Bitcoin Visa card with ‘no-limit’ spend launches in the UAE

A Visa VIP crypto credit card for Bitcoin  millionaires and billionaires is now officially available in the United Arab Emirates (UAE), giving holders a chance to join an exclusive club.  Available by-invite to only 10,000 members across the globe, the bitcoinblack will offer holders the opportunity to convert their BTC or other major digital assets::Listen

A Visa VIP crypto credit card for Bitcoin  millionaires and billionaires is now officially available in the United Arab Emirates (UAE), giving holders a chance to join an exclusive club. 

Available by-invite to only 10,000 members across the globe, the bitcoinblack will offer holders the opportunity to convert their BTC or other major digital assets into spendable cash. 

With this, the card provides “the gateway” holders may need to splash their crypto wealth – with access to the world of luxury goods and services.

Premium benefits to members

A press release announcing the Bitcoin card teases several premium benefits to this private club. For one, users will enjoy no limit spending on their card at all Visa accepted locations.

They will also earn up to 10% rewards on the expenditure in an exclusive SPND token.The card’s holders can redeem their SPND tokens at Haute Living Luxury Marketplace, an online boutique with top of the range luxury watches, cars, purses, charter jet deals, and private mansion access among others will be available.

Prakash Chand aka ‘Dr. Crypto’ on Twitter is the CEO of bitcoinblack. He said the card has seen massive interest since its launch in 2021. Below is his tweet to the winner of a giveaway he announced on 2 July.

Chand first invested in Bitcoin in 2011 and says he fancied the Visa card following a spike in crypto wealthy individuals who wanted a product that gives them the best way to spend their money and get rewarded while doing it.

bitcoinblack is perfectly suited for high networth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted” he said.

According to Chand, all that a holder needs to do is “load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app,” and they have instant access to the world of luxury available to members.

The post Bitcoin Visa card with ‘no-limit’ spend launches in the UAE appeared first on CoinJournal.

Bitcoin Struggles to Hold $20,000

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