Bitcoin price looking bearish with monthly losses of 11%
As a result of the ongoing turbulence, Bitcoin’s weekly losses now stand at 11%.
- Despite last night’s bearish movements, Bitcoin’s market dominance continues to stand close to 41%.
- For Bitcoin (BTC) to recapture its bullish momentum, experts believe the currency must quickly regain support around the $43,600 level.
- Between September 20-24, institutional capital flowing into BTC amounted to approximately $100 million.
After having held steady around the $41,500 resistance for a couple of days, the last few hours saw the world’s largest cryptocurrency by total market capitalization plummet past the all-important stress zone. It scaled down to $40,800 before making a minor recovery. At press time, BTC is trading for $43,735.
As a result of this ongoing action, it appears as though bears are once again back in control. Most experts agree that for BTC to break out of its ongoing rut, it needs to make a quick ascent to the $43,600 zone. Furthermore, BTC’s current futures and options data suggests that the cryptocurrency may face a high degree of volatility over the coming few days.
That said, a new report released by CoinShares reveals that despite the above-stated movements, institutional investors have entered into the sixth consecutive week of inflows. Between September 20-24, Bitcoin witnessed an estimated total capital influx of $100 million.
Bitcoin network to die a slow death?
As volatility issues continue to plague the cryptocurrency industry at large, one of Bitcoin’s former lead developers, Gavin Andresen, believes that Bitcoin will meet its eventual demise over the next 40-year stretch.
However, before that fateful day, he is confident the value of a single Bitcoin could hover around the $6 million mark. He added: “Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”
But even if that scenario plays out, there will still be +20 million Bitcoin circulating across several different blockchain ecosystems, thereby allowing the coins to not only retain their value but also gain more monetary strength as inflation grows.
As things stand, around 2.17 million Bitcoin — approximately 10.5% of the currency’s entire supply — are yet to be mined, with the last Bitcoin due to be mined sometime during 2140.
BlackRock rakes in $369,000 profit from its Bitcoin futures contracts
A new filing submitted by BlackRock Financial Management with the United States Securities and Exchange Commission (SEC) revealed that the financial behemoth has not only increased the number of its Bitcoin futures contracts since Q1 2021 but also made a cool $369,000 profit from the offerings.
The gains represent just 0.00138% of the BlackRock Global Allocation Fund, a number that works out to around 9 BTC at press time. The company currently has a whopping $9.5 trillion in assets under management (AUM).
Disclosure: The author owns a range of cryptocurrencies at the time of writing