Day: October 17, 2020

Ascending channel Bitcoin price breakout possible despite OKEx scandal

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Earlier this week Bitcoin (BTC) price entered a bullish breakout to $11,725 following the previous week’s news that Square purchased $4,709 BTC but since then the price has slumped back into a sideways range.  Several rejections near $11,500 and the recent news of OKEx halting all withdrawals as its CEO ‘cooperates’ with an investigation being carried out by Chinese authorities is also weighing on investor sentiment and Bitcoin price. Cryptocurrency daily market performance snapshot. Source: Coin360 The wave of negative news has pulled the majority of altcoin prices back into…

Crucial Bitcoin Signal That Formed Prior to $2,000 Crash Returns

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Bitcoin has undergone a strong rally over the past 10 days, moving from $10,400 to a high near $11,750. As of this article’s writing, the coin trades for $11,400, far above those lows but still below those highs. While some see this price action as consolidation before another thrust higher, Bitcoin has formed a strong bearish signal after this rally. Some fear that it is a precursor to a strong move to the downside, or at least one suggesting BTC will sink back towards the $10,000s. Related Reading: Here’s Why…

Industry Continues to React to OKEx Freezing Bitcoin Withdrawals

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Yesterday, leading Bitcoin exchange OKEx revealed that it had frozen withdrawals of all cryptocurrencies, from Bitcoin to the altcoins it supports. The firm said one of our private key holders is currently cooperating with a public security bureau.” Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom OKEx News Doesn’t Hurt Bitcoin Trend While the news was notable for Bitcoin on many levels, the price of BTC was relatively resolute in the face of this event. In fact, from the time the news was released to the…

Bitcoin’s Correlation to S&P 500 is “Concerningly High”

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Bitcoin has been moving in close tandem with the stock market throughout the past few days and weeks, which has slowed its growth and caused it to see some turbulence. The stock market is currently in a consolidation trend as investors await progress on a second round of federal stimulus. It remains unclear as to whether or not this will come about before the election next month, but until it does, it is highly unlikely that the stock market will see any intense upwards momentum. One analytics firm is now…

Traders Flip Long on Uniswap’s UNI as OKEx News Highlights CEX Risks

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Uniswap’s UNI token has been closely tracking Bitcoin and the entire crypto market over the past few days and weeks, but this correlation is beginning to break as it bucks the downtrend seen by BTC over the past 24-hours and rallies higher. One reason behind its slight upswing seen today may be the recent OKEx imbroglio, in which the founder’s arrest by the Chinese authorities effectively froze all the funds on the platform, as it cannot process withdraws without his key. This has led to 200,000 BTC being in limbo,…