Bitcoin | CoinDesk

Market Wrap: Bitcoin Trades Sideways as Institutional Demand Expected to Rise

Bitcoin and other cryptocurrencies are consolidating near recent highs.

However, only about 58% of nodes are operating channels and earning yield.

Ni Myles ShermanAgo 18, 2021

Bitcoin uses less than half the energy the banking system consumes, according to recent data.

Ni Annika FeignAgo 18, 2021

The cryptocurrency is down 3% in the last 24 hours.

Bitcoin continues to cool on multiple attempts at $50,000, though that may be less of a concern given demand from bigger players.

Some analysts are optimistic about the long-term recovery in crypto prices, although the pace of the upside will likely slow over the short term.

BTC is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.

Low levels of daily trading volume persist as bitcoin struggles to edge higher while short positions build.

Analysts expect traders to take a breather after the crypto's recent rally.

The outflow was partly because of low investor participation due to seasonal effects, also seen in other asset classes.

Ni Frances YueAgo 16, 2021

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