Bitcoin Futures Data Shows Market Favors Bulls Despite $1.5K Flash Crash

The sudden $1,500 drop in Bitcoin (BTC) price on August 2 caused over $1 billion worth of liquidations on futures contracts and also led to a sharp decline in the price of many top altcoins.  This massive figure represents 18% of the total $5.6 billion open interest and undoubtedly caused the exaggerated move down to $10,560. Interestingly, futures open interest recovered half of this loss in less than 48 hours, and currently sits at $5.2 billion. Meanwhile, derivatives indicators like contango (basis), funding rate, options 25% delta skew, and the…

Market Wrap: Bitcoin Flat at $11.2K; DeFi Has Highest Volume Month Ever

Bitcoin trading is weak Tuesday while volumes on DeFi are as high as they have ever been. After wild Sunday action that saw the price of the world’s oldest cryptocurrency fall as low as $10,050 on spot exchanges like Coinbase, bitcoin is trading relatively flat, at around $11,200 Tuesday. “The asset is trading in a narrow range of $11,080 to $11,220,” said Constantine Kogan, a partner at crypto fund of funds BitBull Capital. “To continue last week’s rally, bitcoin needs to overcome the resistance level, which is in the $11,300-…

Market Wrap: Bitcoin Rebounds to $11,400 After Flash Crash as Ether Closes In on $400

Cryptocurrencies are working their way back Monday after Sunday’s big flash crash. A bullish run for bitcoin past $12,131 was interrupted Sunday, as bitcoin endured a sudden drop, losing over $1,400 within a brief period of time. “The market had rallied strongly from $9,000 to over $12,000,” said Rupert Douglas, head of institutional sales for crypto brokerage Koine. “The reaction down was purely to shake out the weak longs who had got in at the higher levels,” Douglas added.  Indeed, hourly liquidations spiked to over $147 million on derivatives platform…

XRP Price Above $0.31, Ripple Labs Improving XRP Market Liquidity

XRP price is up 7% at the time of writing. The coin’s price seems to be benefiting both due to FOMO action and RippleNet performance. XRP Ledger native coin XRP has broken out of a multi-week falling trend. At the time of writing, XRP that is widely used by Ripple in its solutions, was trading slightly above $0.31, with the bull seeming in control of the price in the coming days. In the past seven days, the asset rose over 40% and jumped over 7% at the time of writing.…

Bitcoin, Ether, and XRP Weekly Market Update August 03, 2020

The total crypto market cap added $31.8 billion to its value for the last seven days and now stands at $338.6 billion. The top 10 currencies were mostly in green for the same period with Ripple’s XRP adding 36.5 percent to its value while Cardano (ADA) lost 9 percent. By the time of writing bitcoin (BTC) is trading at $11,125 while ether (ETH) skyrocketed to $380. Ripple’s XRP climbed up to $0.293. BTC/USD Bitcoin continued to rise during the weekend of July 25-26 and successfully closed above the $9,500-$9,600 resistance…

Bitcoin Just Broke $12,000, As Bulls Take Over Crypto Market

Bitcoin is up over 5% and it surged above the $11,500 resistance zone against the US Dollar. BTC touched the $12,000 market and it seems like the bulls are taking over the crypto market. Bitcoin is gaining bullish momentum and it broke the $11,500 resistance zone. The price even traded above the $11,800 level and settled above the 100 simple moving average (4-hours). There was a break above a crucial contracting triangle with resistance near $11,260 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair…

Market Wrap: Bitcoin Pushes to $11,450, DeFi Value Locked Now at $4B

Bitcoin and ether continue to make gains Friday and stakeholders are increasingly investing their crypto into DeFi. Bitcoin (BTC) trading around $11,333 as of 20:00 UTC (4 p.m. ET). Gaining 2% over the previous 24 hours. Bitcoin’s 24-hour range: $10,974-$11,460 BTC above 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since July 28.Source: TradingView Bitcoin’s price pushed as high as $11,460 on increased buying volume Friday, continuing its bullish run to cap a week of economic uncertainty.  Read More: Bitcoin on Track for…

Bitcoin’s Option Market Is Now Skewed Bullish

Bitcoin’s price jumped to a fresh 11-month high on Friday, with the options market betting on a sustained bull move.  The put-call open interest ratio looks to have risen from 0.50 to 0.63 this week due to greater selling in put options. With the combination of negative skews and a rising put-call open interest ratio, bitcoin’s latest move above $10,000 looks like it can be sustained. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set…

Bitcoin an Option, as Dennis Gartman Says He’s Exiting ‘Crowded’ Gold Market

Gold bull Dennis Gartman is moving out of gold because the market has become “too crowded.” In an interview with Bloomberg on Thursday, Gartman said he was “social distancing” from the precious metal until such a time when the price falls to around $1,775. “Too many people all of a sudden are involved in the gold market,” he complained. “There’s only one position everybody has and that’s long…people have to be taken out of that trade.” Back in April, the popular gold investor told everyone “now is the time to…

Market Wrap: Bitcoin Clings to $11,000 as Ether Futures Top $1B

Bitcoin was little changed at around $11,000 with lower spot volumes as traders eye growth in the market for ether futures. Bitcoin was little changed at around $11,000 Thursday as traders digested reports the U.S. economy shrank during the second quarter at the fastest pace on record, and that President Donald Trump is wondering if the Constitutionally mandated November presidential election could be delayed.  Trading was light, with volume of about $113 million on the Coinbase exchange, after a price rally earlier this week led to a surge in volumes.…