Tag: Bitcoin

Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs
Altcoins, Bitcoin

Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs

Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewETH all-time high? Blink and you'll miss itData from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.We couldn’t even celebrate $ETH ATH for longer than 30 seconds Lmfao ruthless market makers— Johnny (@CryptoGodJohn) October 21, 2021Trader and analyst Rekt Capital called the event a "picture perfect rejection."At the time of writing, ETH/USD circled $4,150, preser...
Too popular: Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin

Too popular: Bitcoin futures ETF in danger of hitting upper limit for contracts

The ProShares Bitcoin Strategy ETF is on track to reach a limit on the number of futures contracts it’s allowed after quickly becoming a little too popular.After just a couple of days of trading, the ProShares ETF has reached 1,900 contracts sold for October and there is 2,000 front-month limit imposed by the Chicago Mercantile Exchange.There are already 1,400 contracts for November and there is an overall maximum limit of 5,000 open contracts according to Bloomberg. One solution could be to offer longer contracts, but that would carry the danger of too much distancing from BTC prices.President of the advisory firm the ETF Store, Nate Geraci, commented that the fund could start to diverge from market prices, adding:“The ETF is forced to obtain Bitcoin price exposure at higher and higher pr...
Bitcoin sheds 6% in battle for all-time high support amid falling funding rates
Altcoins, Bitcoin

Bitcoin sheds 6% in battle for all-time high support amid falling funding rates

Bitcoin (BTC) briefly dipped below $63,000 on Oct. 21 as a standard correction cooled the market.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin battles for new support at old peakData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came off all-time highs above $67,000 to hit lows of $62,860 on Bitstamp.The roughly 6% drop from its peak came as little surprise to seasoned traders, despite Bitcoin so far failing to create solid support at the site of its previous all-time high of $64,900.“Bitcoin is still undergoing this retest attempt,” popular trader Rekt Capital wrote in his latest update, suggesting that the old high could still flip to support.Others took the chance to poke fun at the jittery mood on social media, where various users were ...
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin

Bitcoin futures ETF hits $1B AUM in a record-breaking two days

Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM).The highly anticipated launch of the first Bitcoin futures exchange-traded fund in the United States, BITO, has resulted in a number of milestone achievements.Bloomberg senior ETF analyst Eric Balchunas reported that the fund was the quickest ever to reach a ten-figure AUM after just two days of trading. BITO easily surpassed the previous record holder, a gold-based fund with the ticker GLD, which took three days to hit the billion-dollar mark in 2004.He commented that this was “poetically apropos,” presumably in reference to Bitcoin’s store of value properties and comparison to digital gold. RECORD BREAKER: $BITO assets up to $1.1b af...
Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Bitcoin (BTC) surged to a new all-time high today, hitting close to $67,000. Ether (ETH) also broke above its immediate resistance and has started its march toward the all-time high. This pushed the total market capitalization of the crypto sector to a new all-time high above $2.64 trillion.The successful debut of the ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as the trigger to boost sentiment in the crypto space. The ProShares’ ETF trading volume on the first day of the launch exceeded $1 billion, making it the second-most successful ETF debut based on the trading volume on day one.Daily cryptocurrency market performance. Source: Coin360A panel of 50 fintech industry specialists, commissioned by Finder, believes that strong on-chain fundamentals, a favorable macro envir...
Mt. Gox trustee announces approval of rehabilitation plan, meaning creditors could soon receive billions
Bitcoin

Mt. Gox trustee announces approval of rehabilitation plan, meaning creditors could soon receive billions

Creditors from the now-defunct crypto exchange Mt. Gox have overwhelmingly approved a rehabilitation plan to compensate them for billions in lost Bitcoin.According to a Wednesday announcement from Mt. Gox trustee Nobuaki Kobayashi, roughly 99% of the creditors affected by the collapse of the Japan-based crypto exchange approved of the draft rehabilitation plan originally filed in the Tokyo District Court in February. In addition, he reported claimants representing roughly 83% of the total amount of voting rights voted in favor of the plan.The decision follows an Oct. 8 vote from thousands of Mt. Gox users whose losses are estimated to be worth in the billions of dollars. Kobayashi said the distribution of the assets likely wouldn’t begin for at least a month, once the rehabilitation plan b...
Bitcoin briefly flippens Swiss franc after rally to new ATH
Bitcoin

Bitcoin briefly flippens Swiss franc after rally to new ATH

After hitting a new all-time high price approaching $67,000 earlier on Wednesday, the market capitalization of Bitcoin briefly surpassed the total market cap of the Swiss franc.According to data from Fiatmarketcap, Bitcoin’s market cap was more than $1.263 trillion when the price of the crypto asset reached an all-time high of roughly $67,000 earlier on Wednesday. This briefly exceeded the value of the circulating supply of the Swiss franc at 1,158,489,000,000 CHF, or roughly $1.26 trillion. AssetDash also lists the total Bitcoin (BTC) market cap within $500 billion of Amazon.The price rise that led to Bitcoin flippening the franc in value came as crypto futures-linked exchange-traded funds, or ETFs, were being approved for trading on major United States stock exchanges. The Bitcoin Strate...
Ethereum nears its own all-time high as ETH price retakes $4K
Bitcoin, Etherium

Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.Ethereum breaks $4,000, nearing new all-time highETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.ETH/USD versus BTC/USD daily price action. Source: TradingViewAs a result, Bitcoin's ability to enter price discovery opens up similar prospects for Eth...
Chainalysis will add Bitcoin to its balance sheet as price surges
Bitcoin

Chainalysis will add Bitcoin to its balance sheet as price surges

Blockchain analytics firm Chainalysis plans to purchase an undisclosed amount of Bitcoin for the firm’s balance sheet through New York Digital Investment Group’s brokerage services.In a Tuesday blog post, Chainalysis said it will expand its partnership with the New York Digital Investment Group, or NYDIG, to buy an undisclosed amount of Bitcoin (BTC), the price of which reached a five-month high of $63,293 earlier on Tuesday. The firm said the purchase was “guided by strong confidence in Bitcoin” in addition to the NYDIG’s expertise in the digital asset space. “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to be adding Bitcoin to our corporate investment portfolio,” said Chainalysis co-founder and CEO Michael Gron...
Cardano price paints ‘death cross’ with ADA at two-month lows vs. Bitcoin
Altcoins, Bitcoin

Cardano price paints ‘death cross’ with ADA at two-month lows vs. Bitcoin

Cardano (ADA) has formed a deadly "death cross" on its daily chart against Bitcoin (BTC) — a market signal that's generally seen as a warning of more downside in the near term.The ominously-titled indicator kicks in when an asset's short-term moving average closes below its long-term moving average. In doing so, it calls for technically-minded traders to increase their bearish positions in the market. ADA/BTC in troubleOn Tuesday, ADA's 50-day exponential moving average (50-day EMA; the velvet wave) dropped below its 100-day exponential moving average (100-day EMA; the blue wave). That marked the sixth 50–100 EMA bearish crossover ever on the ADA/BTC daily chart, raising fears of further declines ahead.ADA/BTC daily price chart featuring Oct 2021 death cross. Source: TradingViewThat i...