Bitcoin has undergone a strong drop since the highs seen yesterday. The price of the leading cryptocurrency fell from its highs of $13,850 to lows around $12,900. This drop was seemingly a result of the drop in the U.S. stock market. The Dow Jones and the S&P 500 have dropped the largest they have in months, plunging 3% lower amid some uncertainty about fiscal stimulus and the upcoming election. Bitcoin’s price action has scared some investors, so much so that futures markets have begun to show short positioning. This may…
Day: October 28, 2020
COVID-19 forces Aussie stock exchange to delay DLT overhaul to 2023
The Australian Securities Exchange, or ASX, has delayed its switch to blockchain for the third time, citing complications due to COVID-19 and additional feedback from stakeholders. According to an Oct. 28 update from the ASX, the exchange has officially delayed the rollout of distributed ledger technology (DLT) infrastructure to replace its current system for processing equity transactions. ASX will now release the project — the replacement for the Clearing House Electronic Subregister System (CHESS) — in April 2023, a one-year push from its most recent timetable. The exchange cited a…
Bitcoin bulls set to defend $13K as $450M in BTC futures expire Friday
A total of 62K Bitcoin (BTC) options are set to expire this Friday, and this is equivalent to $830 million in open interest. These massive numbers fail to reflect the fact that 58% of these options are now deemed worthless. As we approach the expiry date, call (buy) options above the current level begin to depreciate very fast. It is not worth paying $20 for the opportunity to buy BTC at $14.5K on Friday morning. Therefore, rolling options to the next month is not that helpful. October BTC options pricing.…
Pattern Shows Ethereum Could Be Ready to Surge Despite Pullback
Ethereum could be on the cusp of seeing a strong push higher in the near-term despite its recent weakness. Over the past 24-hours, the cryptocurrency has seen some intense weakness, with the lack of intense buying pressure at $400 opening the gates for intense downside after Bitcoin saw a sharp selloff. ETH is now showing signs of forming a bottom in the lower-$380 region. This level has held strong on multiple occasions throughout the past few days and weeks, with $380 long being a pivotal level for the cryptocurrency. So…
Yearn.finance Nears Sub-$12,000 “Death Zone” as Analysts Eye Downside
Yearn.finance’s YFI governance token has been facing a relentless selloff throughout the past few days and weeks, with its bulls unable to garner any momentum. There are many reasons why it has been struck so hard despite bullishness seen by Bitcoin and the rest of the crypto market, but this latest selloff has come about simply due to weakness seen by the entire market. One analyst is now noting that the cryptocurrency is rapidly approaching a dangerous price region, with support seen throughout the lower-$12,000 region being vital. If it…
Price analysis 10/28: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA
Altcoins took a serious hit as Bitcoin dropped below $13K today, meanwhile, BTC’s macrostructure remains bullish. The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed…
Market Wrap: Bitcoin Slips to $12.8K; Ether Options Traders Prefer Calls
Major markets are in the red today, including bitcoin. Ether options traders have favored calls over the past month. Bitcoin trading around $13,184 as of 20:00 UTC (4 p.m. ET). Slipping 3.6% over the previous 24 hours. Bitcoin’s 24-hour range: $12,894-$13,831 BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin trading on Bitstamp since Oct. 26. Source: TradingView The price of bitcoin slipped Wednesday, going as low as $12,894 around 14:00 UTC (10 a.m. ET), according to CoinDesk 20 data. Prices have picked up…
5,000 Bitcoin ATMs Add Cash-Out Option: Libertyx Sees Strong Adoption
Libertyx has added a cash-out option to its 5,000 bitcoin ATMs. The CEO says this addition triples the number of bitcoin ATMs that allow users to cash out their bitcoin. He shares his business model with news.Bitcoin.com, providing insight into the bitcoin ATM usage trends he is seeing. 5,000 Bitcoin ATMs Now With Cash-Out Option Bitcoin ATM operator Libertyx announced Monday that 5,000 ATMs in its network now allow users to cash out their bitcoin. Besides the vast network of bitcoin ATMs (BTMs) in the U.S., Libertyx allows customers to…
Crypto Capital Manager Claims Failed Altcoin Promises Won’t Be Forgotten
Bitcoin recently exploded above $13,000 and came dollars way from setting a higher high and confirming a new uptrend. Altcoins, however, haven’t responded as well, and one cryptocurrency capital manager has a theory as to why. Su Zhu believes that because most altcoins haven’t delivered on the promises from three years ago, that when Bitcoin breaks out into a new bull market, newcomers and investors from the last cycle won’t be so easily duped again. Su Zhu: Crypto Newcomers Won’t Fall For Altcoin “Failed Promises” During the 2017 crypto bubble,…
Peru is studying crypto exchanges to figure out future laws
A Peruvian regulator authority said on October 26 that studies currently performed on local crypto exchanges will keep on going despite the COVID-19 pandemic, as the country is looking to find ways to regulate the national crypto industry. According to local news outlet Gestion, Superintendent of the Financial Intelligence Unit of Peru (UIF) Sergio Espinosa pointed out the need to work out the policy behind cryptocurrencies in the country. Espinosa called it a “priority”: “One of the topics that we have not stopped is a diagnosis — which is being…