Day: November 23, 2019

Bakkt’s Bitcoin Futures Shatters Records Amid Spot Market Turmoil

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Bakkt’s bitcoin core (BTC) futures product saw another all-time high as the spot market price of BTC plummeted under $7,000 on Friday morning, Nov. 22. Bakkt saw 2,728 contracts traded ($20 million) and $1.75 million in open interest outpacing the record of 1,179 contracts on Oct. 25. Also Read: Market Update: Cryptos Shed Billions in Rapid Sell-Off After BTC Spot Market Prices Shed Billions, Bakkt’s BTC Futures Volumes Reach Another All-Time High Ever since Bakkt’s physically-settled bitcoin futures contracts launched on Sept. 22, 2019, the product has been slowly gathering…

Shorting BTC is Dangerous, So I Went Long at $6.9K

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This has been a mixed week, with some small gains and losses on Bitcoin (BTC) longs and small earnings on alt trades which I will discuss in the coming weeks. I would like to take this opportunity to explain a few things about my trading style and approach in general, as it can be confusing for many. First, I do not short Bitcoin. This is not because I have no desire to look for short positions, but because I am American and cannot legally trade on leverage exchanges that offer…

Crypto Asset Diversification Vs. All Eggs in One Basket

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What’s an effective way to diversify a crypto portfolio? Are crypto assets able to be diversified at all? These are the questions that many “Hodlers” have been asking. The slow bleed of Bitcoin (BTC) and other major cryptocurrencies prices has been challenging investors and their holding powers. Despite BTC still able to maintain its 112% year-to-date gains so far — thanks to the massive bull run in the second quarter and the recent China-inspired rally — the recent price correction could pressure some of the latecomers. In this article, we…

Bitcoin Price May Hit $5.5K in 2020 to ‘Wear Out Bulls’ — Peter Brandt

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Bitcoin (BTC) could spend months trading at $5,500 before it recovers, one of the best-known analysts in the industry has warned.  In a tweet on Nov. 21, Peter Brandt revealed his target for Bitcoin price was a floor of $5,500. Negative pressure had engulfed markets on the day, sending BTC/USD to lows of $6,850. Brandt: length of bear market “might be surprise” What happens next, he argued, could continue that trend — and make it last longer than the general consensus suggests. “My target of $5,500 is not far below…

Bullish Macro Trend Intact — But $6,800 Will Be Key

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As the price of Bitcoin (BTC) was retracing from the massive rally four weeks ago, no clear indications were seen on the charts of a potential reversal. Thus, the price started to accelerate downwards to the next support areas, causing the price to drop $1,000 within one day. Crypto market data. Source: Coin360 However, is the bear market imminent, or is it still applicable to state that this is a bull market retracement? Let’s analyze the charts. Bitcoin lost crucial $8,200 support level As discussed in the previous article, the…

‘We Will Be Suing’ The Block Over China Police Raid Story

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The CEO of cryptocurrency exchange Binance has vowed to sue industry media outlet The Block over alleged false reporting. In an ongoing Twitter exchange on Nov. 22, Changpeng Zhao, known as CZ in crypto circles, promised to take legal action over an article that claimed Binance’s Shanghai office was receiving attention from Chinese police. CZ to The Block: “Own up and apologize” “We will be suing them,” he wrote in one tweet. The offending piece originally surfaced on Friday and was part of multiple reports of a fresh crypto clampdown…

Grin’s Mimblewimble Privacy Model Under Threat After Alleged Break-In

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On Nov. 18, crypto researcher Ivan Bogatyy published an article on Medium claiming that he had found an extremely easy way of bypassing Grin’s Mimblewimble privacy protocol. As part of his efforts, Bogatyy stated that he was able to trace over 96% of all Grin-related transactions in real time, including the addresses of the senders as well as recipients associated with these sets of transactions. What’s more striking is the fact that Bogatyy claims he was able to achieve all this by spending just $60 a week on Amazon Web…

‘Crypto is Unstoppable’ — Bitcoin Will Hit $100K, Says Cardano Founder

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Ethereum (ETH) co-founder turned Cardano (ADA) creator Charles Hoskinson said that he expects Bitcoin (BTC) to be back over $10,000 and reach $100,000 in the future. In a tweet published on Nov. 22, Hoskinson urged the cryptocurrency community that Bitcoin is more than speculation, putting the blame on the latest drop in price on news media “FUD” — or fear, uncertainty and doubt — and market manipulation.  A global movement Because there’s more to Bitcoin than just price movements, he expects the world’s biggest cryptocurrency to see more gains in…

Crypto Mining Giant Canaan Raises $90M in IPO, Trading at Bottom Price Range

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Canaan Creative, computer hardware manufacturer specialized in crypto mining hardware, priced its Nasdaq initial public offering (IPO) at the lowest of its marketed range, and was able to raise $90 million. On Wednesday, the developer of Bitcoin(BTC)trade mining machines based in Hangzhou, China, crossed the 10 million mark in sales of American depository shares that went up for $9 per share (CAN). In the market, the shares offers ranged from $9 to $11, as the company reported to the US Securities and Exchange Commission (SEC) , ultimately landing at the…

Bakkt Bitcoin Futures Set New Daily Record Trading Over $20M

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Bitcoin (BTC) futures daily volumes on digital asset platform Bakkt have hit a new all-time high, according to data from Intercontinental Exchange (ICE). More than $20.3 million was traded in Bitcoin — or 2728 futures contracts — on Nov. 22.  30% higher than the previous daily volume record The new volume record represents a 66% increase over the previous day and is roughly 30% higher than the previous all-time high on Nov. 8.  Bakkt daily volume & open interest chart | Source: BakktVolumeBot Major price moves coincide with big volume…