Day: October 12, 2020

Chainlink Whales Continue Accumulating Despite Signs of Technical Weakness

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Chainlink’s price action throughout the past few days and weeks has done little to provide investors with insight into its near-term outlook, as it has mainly been consolidating between lows of $7.50 and highs of $11.00. The cryptocurrency has seen some notable momentum throughout the past 24-hours, but it is struggling to push higher as it begins approaching the heavy resistance that sits at $11.00. It has been rejected here on multiple occasions over the past month, with each one catalyzing far-reaching selloffs that damage its market structure. Although analysts…

Top traders go long after Bitcoin price rallies to key $11.5K resistance

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On Oct. 7 Cointelegraph reported that top crypto traders had kept a bearish stance since mid-September and at the time the Bitcoin (BTC) long-to-short ratio had reached its lowest level in 10 weeks. All of this changed in a matter of hours as soon as BTC broke through the $11,000 resistance. Whenever Bitcoin’s volatility gets too low, it usually signals that traders became too complacent. Naturally, there will be periods of range trading, but short-term unpredictability is Bitcoin’s defining characteristic. For pro traders, implied volatility is commonly known as a…

A “Tsunami” of Capital Is Coming For Bitcoin

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Last week, Square made mainstream headlines when it was revealed that the firm had bought Bitcoin — $50 million worth of the cryptocurrency. Square is a financial technology giant valued at around $80 billion, though the $50 million was only approximately 1% of its assets. Square wasn’t the first company to do so. The month before, MicroStrategy, a business services company, revealed that it had purchased $250 million worth of Bitcoin, then $175 million just months later. Tyler Winklevoss, the co-founder of Gemini, believes that these two moves are just…

Bitcoin for Spain’s Congress: BTC Sent to 350 Spanish Parliament Members

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Bitcoin has been sent to 350 deputies of the Spanish Congress as part of an educational initiative similar to the “Crypto for Congress” campaign that sent bitcoin to all Members of U.S. Congress. Bitcoin Sent to 350 Spanish Lawmakers All 350 members of Spain’s Congress of Deputies have been sent bitcoin worth a euro each as part of an educational campaign, local newspaper ABC reported Thursday. The Congress of Deputies is the lower house of Spain’s parliament; it has 350 members. The initiative was launched by blockchain education platform Tutellus…

Chainlink (LINK) Forms Bearish Divergences as It Prepares to Plunge

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Chainlink (LINK) is one crypto-asset that has recovered massively from its September lows. As of this article’s writing, Chainlink (LINK) trades for $10.75, far above the $8 lows seen near the start of September. The coin is still down by just shy of 50% from its all-time high price of $20, set in the middle of August’s buying frenzy. Unfortunately for bulls, analysts think that the cryptocurrency is primed to move lower in the near term as LINK forms some bearish signals. Chainlink’s long-term trend is still in a positive…

A U.K. Ban on Crypto Derivatives Will Hurt, Not Protect Investors

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This week the U.K.’s Financial Conduct Authority (FCA), which regulates the country’s financial services, issued a ban on the sale of crypto derivatives and ETNs to retail investors.  While this may not seem particularly material to crypto asset markets overall – U.K. retail investors weren’t that much into crypto derivatives anyway, and the market hardly reacted at all – it is worth paying attention to for the alarming message contained within. This message loudly says: “We don’t like crypto assets.”  In case you think I’m exaggerating, the policy statement opens…