Day: July 29, 2020

Bakkt Bitcoin Futures Smashes Records Two Days Running

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Intercontinental Exchange subsidiary, Bakkt, is reporting record numbers of trades for its monthly Bitcoin futures contracts as BTC prices made a new high for the year. The institutional investing platform reported its highest ever figure for Bitcoin monthly futures on Jul. 28 with 11,506 contracts — an increase of 85% over the previous record. The move followed a surge in the underlying asset’s price to a 2020 high of $11,400. On July 29, Bakkt topped the new record with 11,706 contracts traded. “Talk about momentum! We beat yesterday’s record with…

Technicals Suggest Bitcoin Could Correct To $10,700 Before Fresh Increase

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Bitcoin is struggling to gain momentum above the $11,200 level against the US Dollar. BTC is currently correcting lower and it could test $10,700 before a fresh increase. Bitcoin is showing signs of a downside correction below the $11,200 level. The price is likely to find a strong buying interest near the $10,700 level. There was a break below a crucial bullish trend line with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase as long as…

Grayscale’s Crypto Funds Grow by $1 Billion in Just 11 Days

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Crypto fund manager Grayscale Investments has managed to increase its assets under management by another $1 billion in less than two weeks. According to an update posted to Grayscale’s Twitter account on July 28, the investment firm currently has $5.1 billion in assets under management (AUM). The funds are mostly held in Grayscale’s trusts for Bitcoin (BTC) and Ethereum (ETH), along with the firm’s digital large cap fund. There are smaller allocations in Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC) …

Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End

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Bitcoin is surging higher after consolidating under $10,000 for a number of weeks and months. As of this article’s writing, the leading cryptocurrency is trading at $11,000 — a price nearly 20% higher than it was seven days ago. The asset is on track to hit $20,000 by year-end, according to a prominent cryptocurrency investor and Wall Street veteran. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue Bitcoin On Track to Hit $20,000  Speaking with CNBC on Tuesday, Galaxy Digital chief executive Mike…

DeFi Can Continue to Grow as ‘Useless’ Top 30 Coins Wither

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Data published by crypto market analytics firm Messari on July 29 indicates that the collective capitalization of the decentralized finance (DeFi) sector is equal to only 1.5% of the entire crypto capitalization. According to Messari, the collective capitalization of every DeFi project put together is roughly $4.12 billion — less than that of the fifth-ranked crypto asset by market cap, Bitcoin Cash (BCH). Watkins also noted that “literal meme coin” Dogecoin (DOGE) boasts a larger capitalization than every DeFi project with the exception of MakerDAO (MKR). Despite the recent DeFi…

Deribit Options Market Sees Record High Volume as Bitcoin Upside Demand Grows

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The structure of the entire cryptocurrency market has been shifting throughout 2020, with traders placing an increased emphasis on options contracts to capitalize on the volatility seen by Bitcoin and other digital assets. The options market’s influence over Bitcoin’s price dynamic is growing by the day, with trading volume on Deribit setting a record high yesterday. Currently, traders are favoring near-term upside for the benchmark digital asset, as data from the platform reveals that call skew has been increasing. The Call:Puts ratio has also hit 2:1. Deribit Sees Record High Bitcoin…

Bitcoin’s Current Breakout Sets It up for $28,000, Headed for Six Figures – Max Keiser

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Max Keiser has predicted that bitcoin’s current bullish pattern will lead toward a price of $28,000. While the bitcoin bull does not give a timeframe when this is likely to happen, he believes that, thanks to relentless government money printing, the benchmark cryptocurrency will eventually test $100,000. But not before some correction. “$28,000 is in play before we see a pullback – and then we’re heading to 6-figures,” Keiser forecast, in the course of several tweets. Bitcoin (BTC) soared more than 20% to hit $11,300 on July 28, its highest…

HEX Plasters UK with Ads Boasting of 11,500% Returns

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Richard Heart’s controversial HEX token has launched an advertising blitz in the U.K., plastering ads on London public transportation, in newspapers, and during English Premier League soccer games.  As reported by Twitter user Metallic Elmo, scrolling text appeared behind players at the series of soccer matches on July 26.  “HEX price went up 11,500% in 129 days,” the ads stated, directing viewers to visit the ERC-20 token’s website. Four months ago — March 19 — the altcoin was priced at $0.0000359 according to crypto analytics site CoinMarketCap, compared to $0.004394…

Bakkt Futures Volume Hits $122 million, as Bitcoin Reached New 11-Month High

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Volumes on bitcoin futures offered by Bakkt set a record high on July 27, with 11,500 contracts traded on the institutional exchange. Altogether, the contracts are worth about $126 million, at the time of writing. Each contract is equivalent to one bitcoin (BTC). Total open interest – an indicator of the total number of outstanding contracts held by investors – reached $8 million from a low of around $4 million a few days earlier, showing that more money is flowing into the marketplace. In a tweet, Bakkt said: “Our bitcoin…

“Don’t Get Left Behind”: Bitcoin Forms Signal Seen Before 2017’s 2,000% Rally

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It’s been an explosive past few days for the Bitcoin market. Even after a slight correction from the $11,500 highs, the asset remains up nearly 20% in the past seven days alone. Some analysts are still pricing in a correction, arguing that bulls are overextended here. They cite funding rates, which is the fee that long positions pay short positions in perpetual futures markets to normalize market conditions. Funding rates are currently at highs not seen since previous Bitcoin tops. Yet a trader is reminding his followers and Crypto Twitter…