Day: October 30, 2020

Bitcoin Regains Strength, But Break Above $13,700 Holds The Key

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Bitcoin price is up over 3% and it gained strength from the $13,000 support against the US Dollar. BTC is now facing a heavy resistance near the $13,650 and $13,700 levels. Bitcoin remained well bid above the $13,000 level and it started a fresh increase. The price broke the $13,500 resistance and settled above the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must settle above $13,650…

Signs that BTC is decoupling supports its ‘safe haven’ status

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Bitcoin (BTC) has started to decouple from the U.S. stock market index S&P 500 according to crypto statistician Willy Woo.  First signs of de-coupling behaviour spotted between BTC and stocks. Buying from an influx of new users provides price support preventing speculators from trading the correlation downwards. NVTP approximates a valuation for BTC with organic investor velocity on the blockchain. pic.twitter.com/AvilB9cfdD — Willy Woo (@woonomic) October 29, 2020 Predicting this behavior in late September, he asserted that Bitcoin will break ties with traditional markets due to an influx of new…

This Investor Group is Causing Bitcoin to Decouple from Stocks

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Bitcoin is finally breaking its correlation with the stock market, which has been persisting despite its recent uptrend’s strength. An example of this correlation’s lingering effects can be seen while looking towards yesterday’s selloff, with the rejection at $13,800 coming about almost instantly after investors saw a sharp decline in stock futures. Although yesterday was a somewhat rough day for Bitcoin, it quickly shook off the weakness created by the recent turbulence within the stock market and has since been rally higher. One on-chain analyst is now noting that the…

Bitcoin Dominance Is Days Away From Triggering A 30% Rally Against Alts

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Bitcoin smashing through $12,000 gave the cryptocurrency enough momentum and energy to take out $13,000 and revisit last year’s highs. But while it did so, it caused altcoins like Ethereum, Chainlink, and dozens more to bleed out relative to BTC. It has left alts in a precarious position, potentially about to be left for dead by Bitcoin dominance and a possible 30% rally from here. Remember The Once In A Lifetime Altcoin Season And Bitcoin’s All-Time High Bitcoin first arrived after the Great Recession of 2008. Within a few years,…

Here’s why Ethereum bulls don’t care about Friday’s $40M ETH options expiry

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In the last few days Bitcoin (BTC) price rallied within a hair of the $14,000 level and Ether (ETH) followed with a similarly strong performance but the altcoin failed to hold above the $400 physiological support.  Bitcoin and Ethereum year-to-date performance. Source: Digital Assets Data Although Ether price is below $400, data show traders are not worried about Friday’s options expiry. Investor optimism has been kept intact despite the recent decentralized finance (DeFi) lackluster performances. $80 million worth of Ether options are set to expire this Friday, but there has…

Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering

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Prosecutors from the Netherlands have seized 2,532 bitcoins worth $33 million after a couple was convicted of money laundering by the Rotterdam District Court. The man and his wife were sentenced to two years for illegal money transmission and the court claims the couple’s bitcoin stash was used on the deep web. Dutch officials recently arrested and charged a man and his wife for illegal money transmission and money laundering. According to the Dutch Public Prosecution Service from the Rotterdam District Court, the two suspects laundered close to $19 million…