Bitcoin

Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout. Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar… Source link

Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs. Data from CoinGecko showed BTC/XAU returning to the pivotal 7 ounce mark on Oct. 25, continuing to edge up to press-time levels of 7.02 ounces. Gold hits one-year lows in BTC Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election… Source link

While bitcoin’s rally over the past month has revived talks of its price reaching new record highs above $20,000 by the end of the year, the cryptocurrency’s options market continues to assign a very low probability of that scenario playing out.  At press time, bitcoin was seeing a 6% probability of bitcoin trading above the historical 2017 all-time high of $20,000 by the end of December, according to data source Skew.  Probability of Bitcoin Being Above $X at MaturitySource: Skew “A… Source link

Bitcoin (BTC) could see further downward price pressure this week as network difficulty is set to drop the most in five months. Data from data resource BTC.com estimates that difficulty will drop by 8.3% at the next automatic readjustment in four days’ time. Difficulty set to repeat June readjustment The mining difficulty is an essential measure of the competition among miners in finding block subsidies, and by extension, the overall health of the mining sector. Automatic readjustments… Source link

Bitcoin traders and investors are nervously watching traditional markets that have tanked this week. The bitcoin price, after climbing more than 20% over the last 30 days on the back of a slew of positive developments, has begun to wobble, sending warning signals to bitcoin traders—some of whom were already anticipating a correction. Now, bitcoin traders have turned their attention to 60,000 bitcoin options that are due to expire on Friday, October 30, potentially sending a $750 million… Source link

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… Source link

The price of Bitcoin (BTC) fell below $13,000 on Oct. 28 shortly after hitting $13,850 at the day’s peak. Despite the 7% drop in 11 hours, however, the market sentiment remains positive for three key reasons. First, Bitcoin is still at where it was on Oct. 27, merely 24 hours ago. Second, BTC rose to $13,850, right below a multi-year resistance area at $13,873. Third, a marketwide drop was expected due to declining stablecoin inflows into exchanges. Bitcoin drops to where it was yesterday In… Source link

Photographer: Andrey Rudakov/Bloomberg Photographer: Andrey Rudakov/Bloomberg Bitcoin advocates say this time will be different as the virtual coin surges back to price levels last seen in the wake of the cryptocurrency… Source link

According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales — or large BTC holders — are continuously accumulating. Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand. A large whale cluster has emerged at the $13,000 level, which… Source link

Bitcoin (BTC) has already hit an all-time high this week, according to one price measurement from popular statistician Willy Woo. In a series of tweets on Oct. 27, Woo added to his recent bullish prognoses on Bitcoin, noting that one valuation of BTC/USD was now higher than ever before. Woo: “Price will follow” NVT valuation Woo was referring to Bitcoin’s network value to transactions (NVT) ratio, which aims to suggest when the Bitcoin network is overvalued compared to the actual value of… Source link