Bitcoin

Bitcoin (BTC) futures volume and open interest are declining rapidly. Data shows that since the September peak, BTC futures volume has dropped by 60% from over $25 billion to around $10 billion. Bitcoin futures volume by exchange (September). Source: Digital Assets Data While the decline in trading activity could ostensibly seem like a negative metric, it could also indicate that a bull cycle is emerging.  Why declining futures market activity could boost Bitcoin price The Bitcoin futures… Source link

Within the last few hours Bitcoin (BTC) price plummeted as the U.S. Commodities and Futures Trading Commission (CFTC) charged BitMEX with facilitating money laundering and operating an illegal cryptocurrency derivatives exchange. An even larger shock occurred as authorities announced the arrest of Samuel Reed, one of the co-founders of BitMEX. BitMEX has been the most dominant Bitcoin futures exchange for a long time, at least until March 2020 when the massive $1 billion Black Thursday… Source link

Some time ago, one of the more thoughtful critiques of Bitcoin went a little like this: “Sure, bitcoin is scarce in its supply, but since it’s effectively costless to clone the software and fork it, it’s not scarce overall. Forks constitute effective dilution and render the Bitcoin system’s commitment to a hard cap irrelevant.” This wasn’t altogether a terrible point. For a moment in 2017, it seemed like Bitcoin was being forked on a weekly basis. I’ll confess to feeling a twinge… Source link

A lot of crypto investors like to think of bitcoin as a bet on higher inflation, or as a futuristic hedge on some imagined economic-armageddon scenario – Gold 2.0, as they say. Lately, it’s looking more like Gold 2x: As bitcoin heads into the final months of 2020, the largest cryptocurrency’s 2020 investment returns are twice those of the yellow metal.  Bitcoin gained 50% in the nine months through September versus gold’s 25%, during a year when a global pandemic ravaged economies… Source link

Bitcoin (BTC) may see a price boost this week as the U.S. dollar currency index (DXY) weakens and one analyst tells American voters to buy. Data showed DXY dropping for a fourth day on Oct. 1, as negotiations over a new coronavirus stimulus deal continued in Washington. Vays: “Buy Bitcoin” no matter who wins the U.S. election DXY and BTC/USD have demonstrated a strong inverse correlation in recent months. Recent DXY gains did not translate into intense selling pressure for Bitcoin, but… Source link

Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction—but that’s not stopped bitcoin bulls from fighting on Twitter. The bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model—that predicts a massive $288,000 bitcoin price before 2024—working “like clockwork,” according to its anonymous creator. However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the… Source link

The price of Bitcoin (BTC) has remained relatively flat for September and the strong decline in altcoin and DeFi token prices seems to be making the situation worse for many investors.  Despite this lack of bullish momentum, on-chain data reveals that new participants are joining the Bitcoin network at an alarming rate.   Although the price has failed to react to the sharp inflow of new participants, on-chain analyst Willy Woo believes that this is a strongly bullish sign. Sept. 30 Woo Source link

A widespread debate among investors is the correlation of Bitcoin (BTC) with other markets. A high degree of correlation between the equity markets and Bitcoin has existed, particularly in the last few months. In other periods, gold and Bitcoin appear to move in tandem. However, the correlation that should be watched the most is the dollar since the global economy is based on the strength or weakness of our world reserve currency, the United States dollar. Weaker USD drove up Bitcoin prices in… Source link

Bitcoin (BTC) is on track for its best third quarter ever, data shows as Q3 2020 has just one day left to go. According to price records from on-chain analytics resource Skew, this year should produce Bitcoin’s strongest Q3 in its history. BTC price challenges Q2 2019 close BTC/USD traded at around $10,680 at press time on Sep. 30. That number comfortably beats any other Q3 close on record, the next highest being last year’s $8,310. What’s more, Bitcoin may seal the second-best quarterly… Source link

A few weeks ago, Devere Group CEO and founder Nigel Green said that he believed the U.S. election would bolster the price of bitcoin. Speaking with the financial broadcast MoneyFM on Monday, Green said he also believes that bitcoin will replace gold as the ultimate financial safe haven within the timespan of a generation. Devere Group CEO Nigel Green is a big believer in crypto assets like bitcoin (BTC) and he’s been more vocal about his forecasts in recent days. Last August,… Source link