Bitcoin (BTC) Reviews - Page 6

Cryptos are still struggling, and the entire space is still under selling pressure as Bitcoin continues to move lower along with Ethereum. From a seasonality factor, Bitcoin and other cryptos usually rally during this time of the year and traders are still holding on to their hopes that they will rally in this space. However, so far, the month of November has not been great for Bitcoin as the price is in negative territory.

Winter is here, but the biggest fear among crypto traders is whether the crypto winter is here? No one wants to see another crypto winter as it is difficult to forget the dire consequences of the previous one. Moreover, what traders have been hoping for is a strong rally especially given the fact that during this time of the year, we usually see a strong rally for cryptos–of course, with the exception of the crypto winter. Looking at the Bitcoin price, it seems like the bitcoin bulls are losing power, and they are likely to struggle soon as well, especially if the price breaks below the 50-day SMA on the daily time frame. Having said that, Bitcoin was well due for a correction according to the RSI indicator, and that correction is finally here. Speaking from a technical price perspective, if the price continues to stay above the 50-day SMA, we could see another substantial rally for Bitcoin.

Traders are really hoping to see a mega rally in Bitcoin. With half of November over; we have not yet seen that. But this is not to say that we have not seen any rally in November. We believe Bitcoin started the month on a positive note; however, things have been lagging for the past week. The last weekend’s price action was also lacklustre, and if we continue to see this trend, then we can very much say bye to the crypto’s seasonal rally which takes place at this time of the year.

Within just a few days of Bitcoin’s last burst to historical highs, on Monday the notorious digital coin was again able to shatter through its ceiling and is currently trading around $67,700. Similarly, Ethereum breaking through the $4.800 barrier is a first for the alt coin. The recent cryptocurrency rally has been aided by the launch of a Bitcoin-linked ETF in the United States as well as Elon Musk’s weekend Twitter poll. Solana and Binance Coin have gained nearly 20% in the last week, bringing the total market capitalization of cryptocurrencies to $3 trillion. As evidenced by Bitcoin’s price action, which is now four times what it was at the end of 2020, as investors are becoming more comfortable with the practical use of Bitcoin and companies are working hard to find innovative ways to use blockchain technology, as evidenced by the launch of new coins such as Solana.

Momentum seems to re-enter the crypto markets as most of the cryptos rallied over the weekend. The price action of Ethereum is particularly intriguing as it marches towards the 5K price level. The general consensus is that if the crypto rally goes full swing, we are likely to see Bitcoin price moving towards the 100K price level, and Ethereum could easily touch the 10K. Following the debut of Bitcoin-linked ETFs, corporations have begun exploring ways to begin offering Bitcoin-related products to their clients in nations all over the world. Companies are racing to become industry leaders and capitalise on first-mover advantages. Paytm is an example of such a company. Paytm is one of India’s largest digital payment companies. It has stated that it will gladly consider offering cryptocurrency products if Indian regulators work to remove barriers and uncertainties in the digital space. Previously, Bitcoin-related transactions were prohibited in India, but the country’s legal system lifted the ban in March 2020. The government has been considering implementing cryptocurrency regulations since then, but the Reserve Bank of India continues to view digital coins critically and favours a permanent ban.

Traders should be ecstatic that funds are continuing to seep into the blockchain space, as is clear from the case of AscendEX. In its Series B funding round, AscendEX was successful in raising a shocking $50 million, driven by Hack VC and Polychain Capital. All in all, the company has raised $63 million to date. The company is working on optimising the investing experience for leveraged trading. AscendEX has been operational for the last 3 years under the name BitMax.

The recent hike in cryptocurrencies was supported by interest from big institutional investors. Investment by whales is important because it brings some stability to the crypto markets, which are well known for their extreme volatility in prices. The weekly mean exposure by big investors surged to $724.4 billion, rising 0.25% since the start of October. Currently, there are nearly 16,156 such investors, expanding by 1.60%. These large investors are becoming more optimistic regarding the future outlook of digital coins as their adoptability rises and their access to investors continues to improve. Due to the recent change in market dynamics, these whales can clearly be seen changing their strategy from mere profit-taking to a wait-and-watch mode as these digital assets go more mainstream. In October, Bitcoin, the king of cryptocurrencies, achieved another record high of $67,000 after the launch of the first crypto-linked exchange traded fund.

Over the last few days, if not months, crypto prices have been surging and Bitcoin, the benchmark of cryptocurrencies, has broken down the door to a new all-time high. Currently, we are seeing some retracement in prices as investors are cashing out their profits. However, any drop in prices should only be seen as an opportunity to bag some digital coins at bargain prices. With the launch of crypto ETFs, financial institutions have become optimistic regarding digital assets, as can be seen through Citi’s bullish stance on Coinbase. The firm became publicly listed in April and achieved a market cap of $110 billion in its first day in the stock market. Companies like Coinbase are hot right now as they can be potential targets for behemoth companies who want to get into the blockchain space. The company’s stock price is currently hovering around $320 and is expected to rise to $415, as projected by Citi. On the other hand, investors should keep in mind that a rise in regulations around cryptos is still a concern. Having said that, traders should view increased regulations as a positive because it means that their investments will become more secure, bringing more traffic to crypto investments from people who are still concerned about this issue.

ETF issuers are getting creative with two new filings for inverse and leveraged funds. Exchange-traded fund (ETD) issuer Direxion has filed for a product that would enable speculators to buy contracts that short the price of Bitcoin (BTC). In a filing made to the United States Securities and Exchange Commission on Tuesday, the company unveiled the Direxion Bitcoin Strategy Bear ETF. Like other futures products, it will not invest directly in BTC but will instead maintain managed short-exposure position contracts issued by the Chicago Mercantile Exchange (CME). Direxion stated that the fund may invest in other BTC futures, money market funds, deposit accounts or short-term debt instruments. However, the firm did issue a dire warning that the value of the product could go to zero. “The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment.” Bloomberg senior ETF analyst Eric Balchunas described it as an inverse Bitcoin ETF. He reported that the company already has a “-1x BTC futures ETF” in Canada called BITI, adding, “While it’s gotten pretty wrecked, when it works it WORKS (as Bitcoin tends to sell off fast).” Direxion originally filed for a Bitcoin ETF in 2018, but it ended up in the queue with all of the others that the SEC had delayed at the time. Bloomberg reported that on Tuesday, Valkyrie filed for a leveraged BTC futures ETF that will offer 1.25x exposure to the asset. If approved, it will trade under the ticker BTFX and will be able to hold futures, swaps, options and forwards.Not everyone was impressed with the minimal leverage available, with user VandelayBTC referring to a Zoolander meme to throw shade.

A cool picture on global markets as United State stocks futures remain unmoved prior to the open. Inflation continues to bite, and even the U.S. Federal Reserve admits that it could stay higher for longer. A separate row over taxing unrealized gains is also coming in for intense debate among crypto circles. Beyond soaring commodities, however, the picture is cooler when it comes to Bitcoin price triggers, as a decoupling from macro moves has already long characterized BTC/USD. Ahead of the launch of the third Bitcoin futures exchange-traded fund (ETF) Monday, more attention is being paid to gold - and traditional ETFs - and the threat that Bitcoin poses to them. “If CME open interest jumping several places to number 1 globally in a matter of days this week is not a barometer for massive institutional interest, I don’t know what is,” Charles Edwards, CEO of investment firm Capriole, commented last week.

$60,000 support boosts wary hodlers and reinforces calls for even higher highs — the only question is, how soon? Bitcoin (BTC) launches into a new week, determined to keep $60,000 as support — despite new all-time highs failing to last. After a classic Sunday dip, bulls regained control and have managed to keep BTC/USD clear of sub-$60,000 lows. With neither the April nor October all-time highs seeing a retest so far, however, investors are eager to see where Bitcoin is capable of going. Expectations remain sky-high — as much as $300,000 in the coming months, and even a continuation of the bull run well into 2022. Cointelegraph takes a look at five factors to consider when charting BTC price action in the coming days.

Walmart plans to eventually install 8,000 Bitcoin ATMs in the U.S. and has installed 200 in a pilot program. Walmart has partnered with coin-cashing machine company Coinstar and crypto-cash exchange CoinMe to install 200 Bitcoin ATMs in its stores across the U.S. Although the pilot includes only 200 kiosks, the broader launch plans to eventually see the installation of 8,000 bitcoin ATMs across the country, according to Bloomberg. There has been no further details on timelines as of yet. According to Coin ATM Radar, there are currently over 25,000 bitcoin ATMs at select grocery stores and service stations in the U.S. Coinstar operates 4,400 kiosks enabled for Bitcoin purchases, across 33 states. Chief strategy officer and head of research at BitOoda Sam Doctor told Bloomberg that while Bitcoin ATMs aren’t a new development, and can already be found at many supermarkets: “Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”

Bitcoin continues to grow. The asset is close to the $60,000 mark. From there, it is not far from the all-time high, just below $65,000. After a strong breakout of the downtrend line, BTC is consolidating, forming a flag pattern. Local support for the whole last week has been the level of $54,000. Arcane Research analysts believe the current rally is driven and supported by increased open interest in bitcoin futures on the CME. The indicator increased in two weeks from 12% to 17% and equaled the data for February. Many on-chain metrics also confirm the increased interest in Bitcoin. For example, the aggregate daily transaction volume in the bitcoin network set a new record of $31 billion. Many market participants are determined to continue the current trend and renew the historical maximum. Some analysts believe that Bitcoin will hit the psychological $100,000 mark this winter. Cryptocurrency market capitalization has grown over the week from $2.3 to $2.4 trillion. The daily trade turnover is almost $110 billion. Not all altcoins have grown with the leading cryptocurrency. This caused an increase in BTC domination from 44.0% to 45.1%. The Fear and Greed Index slightly decreased. It moved to the state of Greed around 70 points. If we talk about retail traders, most of them believe in a short-term reversal and a fall in bitcoin. This is evidenced by the ratio of Long and Short positions on the main CEX.

The ProShares Bitcoin Strategy ETF, the first Bitcoin-linked ETF in the US, made a historic debut yesterday, becoming the second most traded debut fund of all time. The launch of the ETF helped Bitcoin, the king of cryptocurrencies, fly past the $63,000 mark. The launch of BITO, the ticker of the Bitcoin ETF, came only seconds after the BlackRock carbon fund and jumped 4.9%. Nearly 24 million shares of the fund were traded. For years, cryptocurrency supporters had been eagerly awaiting the launch of a Bitcoin-linked ETF, and had been debating its utility with regulators. The ETF is expected to open up digital coins to large investors, hastening the adoption of cryptocurrencies.

Today is the day that crypto traders have so eagerly been waiting for, as the ProShares Bitcoin Strategy ETF is now ready to invest in bitcoin futures and, according to preliminary disclosure, will be traded on the Chicago Mercantile Exchange (CME). In July, Profunds launched a mutual fund based on bitcoin futures. Many investors, however, believe that demand for bitcoin futures will be lower than expected, as was the case when bitcoin futures were listed on CME in 2017 and Coinbase was listed on the Nasdaq index. Having said that, it is unlikely that markets will experience a selloff similar to the one before because markets have evolved, and individuals now have a better understanding of how digital assets could benefit traditional finance.

Crypto bulls have been driving Bitcoin prices up in recent days, and on Friday they shattered the $60,000 level on hopes that US regulators are on the verge of approving a futures-based exchange-traded fund (ETF). Such an ETF will pave the way for greater adoption and investment in the digital sector. Investors have been waiting for the Securities and Exchange Commission (SEC) to make a decision on an ETF, and the first American Bitcoin futures ETF is expected to begin trading this week. A product like this will provide traders with another way to gain exposure to the trillion-dollar digital sector. Because of the high demand for a Bitcoin ETF, its creation is inevitable. Furthermore, officials and regulators now have a better understanding of the mechanics of cryptocurrencies than ever before, and the SEC is beginning to make sense of how digital money is reconciled, stored, and secured. As a result, it can now see how these assets can aid in the transition of traditional finance to the next level.

Bitcoin has never managed a weekly close above $60,000, and failing to do so again risks a reversal downhill, a new warning says. Bitcoin (BTC) challenged brand-new support levels on Oct. 14 after overnight successes took the market past $58,000. Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it reversed towards $57,000 after hitting highs of $58,540 on Bitstamp. The moves mimicked the first time Bitcoin had attacked $58,000 in February - several attempts interspersed by consolidation, followed ultimately by a run to April's all-time highs. Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just as bullish this time around. "Bitcoin is most likely just continuing this grind towards the all-time highs," Cointelegraph contributor Michaël van de Poppe wrote in his latest Twitter update. "Great bounce from $54K. Highly doubt we'll see a retest at $50K happening." Cementing $50,000 as support - albeit for a second time in 2021 - would form a clear signal on the market trajectory as pundits gear up for what they expect to be an explosive end to the year. For trader and analyst Rekt Capital, however, there was potential cause for concern this week. Zooming out, BTC/USD has failed to close a weekly candle above $60,000, and a repeat performance could likewise spell a copycat correction. That leaves bulls until Sunday to crack a historical watermark, something which may still be helped before Monday's approval decision on a futures-based exchange-traded fund (ETF). Altcoins meanwhile saw brief respite from weakness in the face of "Bitcoin Season."

BTC price rejected near $58,000, but derivatives data shows traders positioned neutral-to-bullish, leaving sufficient “room” for a new all-time high in 2021. Bitcoin had been underperforming against most altcoins ov the past two months, but that trend reversed when its 20% rally pushed its market capitalization to break the $1 trillion mark on Oct. 6. That shifted investors’ attention back to the leading cryptocurrency, and altcoins are currently in the red for the day. The current positive momentum could be dangerous if Bitcoin (BTC) traders become overconfident and abuse leverage to open long positions. To avoid this, traders need to carefully analyze derivatives markets to exclude this risk. Notice above how the altcoin market capitalization increased by 5.8%, while Bitcoin posted a 20.8% gain in the same period. Sure enough, there were some outliers such as Shiba Inu (SHIB), which rose by 200%, Fantom (FTM), which rallied 60%, and Klaytn (KLAY), which gained 36%. However, the aggregate market capitalization from altcoins did not accompany Bitcoin’s performance. Some well-known personalities have spoken up, such as billionaire Wall Street investor Bill Miller, who recently expressed his optimism for Bitcoin while raising concerns regarding most altcoin projects. Miller explicitly mentioned the “big banks” getting involved and referred to “huge amounts” of venture capital money flowing into Bitcoin. The recent Bitcoin frenzy seems driven by the macroeconomic scenario. The United States increased its debt limit by $480 billion to pay off its obligations until early December. The inflationary pressure brought by unending stimulus packages and meager interest rates has been fueling the long rally in commodities.

Bitcoin, the benchmark of cryptocurrencies, came in blazing through the $57,000 mark, a level not seen since May as investors applaud the digital coin’s performance and bet that the notorious asset will likely test record highs soon. Bitcoin rose as much as 4.3% on Monday and is currently hovering around the $57,000 price level. Earlier in 2021, in April, its price touched $65,000. The Bloomberg Galaxy Crypto Index, a product measuring the performance of cryptocurrncies, jumped nearly 2.4% yesterday. A couple of reasons are deemed to be behind the recent surge in crypto prices. Over the last few weeks, regulatory crackdowns on the digital sector have been on the decline, both in the U.S. and China. Moreover, optimism is also on the rise as the U.S. Securities and Exchange Commission is expected to grant consent to a Bitcoin exchange-traded fund. Similarly, investors are also anticipating that Bitcoin futures ETF may be on the horizon after SEC chair Gary Gensler hinted that he was open to a fund exclusively focused on crypto derivatives.

In the crypto space, we think that Bitcoin prices are likely to move higher and the coming weekend will be an important one once again as the price tends to move higher over the weekend. As for the second biggest coin by market cap, Ethereum. It is highly likely that the price may test the 4K price level, and that may open the door for the price to retest its all-time high, which matters the most. As for Bitcoin, the price level which matters the most is 60K. BTC has tested the 50K price level a few times now, and if the positive momentum continues to support the price action, we could be looking at a healthy weekend for cryptos.