Data shows Bitcoin price drops days after BTC futures open interest hits $1B

There was a time when BitMEX derivatives exchange reigned sovereign over other exchanges, and the company effectively held a 50% market share until July 2019. For this reason, traders kept a close eye on every indicator connected to BitMEX, including its funding rate, open interest, and basis. Open interest measures the total number of contracts held by market participants. As the figure rises higher, so does the potential size of liquidations. On Aug. 2, a $1,400 crash happened as $1 billion in futures contracts were forcefully closed due to insufficient…

Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers

It has been a rough past few days for Bitcoin and the entire crypto market. Following BTC’s tests of its all-time highs in the mid-$19,000 region, the benchmark digital asset faced a massive influx of selling pressure. However, this was expected, and most investors didn’t believe that it was enough to spark any long-lasting correction. However, recent comments from Treasury Secretary Steve Mnuchin regarding a potential second eave of crypto regulations caused BTC to see a sustained move lower that shows few signs of slowing down anytime soon. If this…

Bitcoin’s price correction may not be over, on-chain data analysts warn

Analysts say a larger Bitcoin (BTC) price pullback or a consolidation period could occur. The two factors that could trigger more downside include increasing whale activity and short-term resistance. Bitcoin whale watching As Cointelegraph reported, Bitcoin crashed after it surpassed $19,400 across major exchanges. It dropped to below $16,400 before slightly recovering. But analysts foresee another possible drop incoming, especially if BTC does not rebound strongly in the near term. Two key trends caused the recent Bitcoin correction. First, whales began to sell BTC at around $19,000, resulting in a downside…

Bitcoin is peerless thanks to early distribution CoinMetrics analysts

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Thousands of different cryptocurrencies have arisen in the since Bitcoin’s ( BTC ) 2009 genesis block. Even though newer assets come with different technology and new bells and whistles, Bitcoin still has an upper hand in a key category, according to a November  report from crypto data firm Coin Metrics. Due to its relatively older framework, people sometimes compare Bitcoin to early, outdated versions of other technological innovations, such as dial-up internet, the report explains:Technological ability is important. Cryptocurrencies, with their underlying…

Putting data on blockchain doesn’t mean it’s correct

Until recently, the use of blockchain in elections was perceived as nothing more than an experiment. However, during the recent United States presidential election, some tried to turn the public’s perception of the possibilities of blockchain technology. For example, the Associated Press, one of the largest U.S. media outlets, published the election results on the Ethereum and EOS blockchains.  Does this results call, however, suggest that the time to use blockchain in elections has come, and does it make sense to use the technology if the information source is centralized?…

Search Engine Marketing Data Reveals Highest Retail Interest In Bitcoin Ever

Bitcoin is nearly at $20,000 once again and to the surprise of the crypto community, Google Trends search data now still doesn’t anywhere nearly compare to the search interest back then. However, digging deeper into search engine volume using a plethora of search engine marketing tools, there’s a very different “story” to be told. Here are the reasons why search volume and related terms suggest that there is far more interest now in Bitcoin than there was at the height of the crypto bubble. Bitcoin Blows Up But Fails To…

HODL your horses, Bitcoin options data says $18.5K is not a local top

Earlier today, Bitcoin (BTC) price peaked at $18,476 after an impressive 35% bull run that appears to have started in early September.  This powerful movement was followed by a correction to $17,000, a natural pullback. This adjustment led some investors to question whether the current formation resembles the $13,850 top formed in July 2019. BTC/USD, July 2019. Source: TradingView Back then, a 30% drop followed a similar-sized rally, and afterwards it took Bitcoin 14 months to regain the $13,850 level. Coincidently, an intense flash crash happened right after that local…

Amazon Web Services and NXP Semiconductors Partnership to Connect Cars to Data Center

This collaboration will effectively accelerate the needed improvements for cars to successfully communicate with data centers. Carmakers will find it easy to now observe and uncover a potential failure in any of the components. NXP Semiconductors N.V. has announced a partnership deal with Amazon Web Services to connect cars to cloud computing services. By revenue, Amazon Web Services is the largest while its new partner NXP Semiconductors appears to be the biggest producer of computing chips to automakers. Though the details of the partnership will be made available on 19…

Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst’s Case for $300K BTC.

A Citibank managing director thinks bitcoin could hit $318,000. MIT researchers resoundingly reject blockchain-based voting. And Bitcoin Cash’s latest fork looks set to fail. Top shelf Technical comparison?A Citibank executive published a report predicting that bitcoin could reach $318,000 by December 2021. Using technical analysis, and a comparison to gold markets in the 1970s, Citibank Managing Director Thomas Fitzpatrick said quantitative easing could lead to a breakout price movement for the largest cryptocurrency by market capitalization. ClassicMacro, a pseudonymous Twitter account that surfaced the report, bucked the prediction by saying,…