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The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets. Daily cryptocurrency market performance. Source: Coin360 Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past...

Ordinals on Bitcoin debuted in January 2023 and have been a hot topic of discussion since then. Ordinal Inscriptions are quite similar to NFTs but come with a slight twist. Simply put, they are digital assets inscribed on a Satoshi, the lowest denomination of Bitcoin. The network’s SegWit and Taproot upgrades that took place to improve the privacy and efficiency of the network also opened the doors for Satoshi inscriptions. In February, a developer forked the Ordinals project to PoW blockchain Litecoin. At that time, a pseudonymous Twitter user with the username indigo_nakamoto offered around 5 LTC [approximately $500] to anyone who could port Ordinals to Litecoin. The reward was later increased to 15 LTC and 22 LTC. Motivated by the bounty, Australian software engineer Anthony Guerrera posted a repository on GitHub that forked the Bitcoin Ordinals protocol to Litecoin. Likewise, people from the DOGE community copied the Ordinals protocol to create the same functionality on Dogecoi...

Dogecoin shifting to proof-of-stake would be good for the environment, but what impact would it have on miners and ASIC manufacturers? There are rumors that Dogecoin could switch from proof-of-work to proof-of-stake (PoS).  Do I know if Dogecoin is switching to PoS? No. Do I think it’s going to PoS? Probably not. But I love the “what if” game. As a person who works in the crypto mining industry, I do my best to gauge where the market and mining industry are going, along with how that could play out. If Dogecoin makes a change to PoS or some other change to how new blocks are created, it would have massive ramifications for the mining industry. Here’s a look at a few options and their effects. Scrypt mining could be devastated I’m not going to debate whether or not Dogecoin will or should switch to PoS. While it’s hard to determine if the recent rumors about the potential for a switch are true or not, they were enough to have Bitmain supposedly pause Litecoin (LTC) and Dogecoin (DOGE) ...

Bitcoin and the wider crypto market began to correct after the bullish momentum that drove last week’s rally to year-to-date highs started to fizzle out. Bitcoin (BTC) has been consolidating near $23,000 for the past few days. The next big question troubling investors is whether the rally is over or if Bitcoin resume its recovery. The strong year-to-date rally in Bitcoin has turned several analysts bullish in the short term. They anticipate Bitcoin to extend its up-move and reach $25,000 and even $30,000. However, for the slightly longer term, analysts seem to be divided. In comments to Cointelegraph, economist Lyn Alden said Bitcoin could face “considerable danger” in the second half of 2023 as liquidity risks rise. Daily cryptocurrency market performance. Source: Coin360 On the other hand, ARK Invest CEO and chief investment officer Cathie Wood said in a company video blog on Jan. 23 that crypto assets could witness a huge turnaround in 2023 as the Fed pivots due to falling inflatio...