Bitcoin (BTC) might have failed to sustain the $42,000 support, and for many, this is a slightly bearish sign. Interestingly, the downward move occurred shortly after Saudi Aramco, Saudi Arabia’s largest oil exporter, denied having claimed to start mining Bitcoin. Top traders at exchanges seized the opportunity to add leverage-long positions, a clear bullishness indicator. Furthermore, margin traders have been increasing their stablecoin borrowing, indicating that whales and professional traders are expecting more upside from cryptocurrencies. The 24% weekly rally that took Bitcoin from $34,000 to its highest level since May 20 was fueled by a 30% surge in the …
Though Bitcoin’s (BTC) correlation with gold has diminished, the asset’s correlation with the S&P 500 stock market index is on the rise, researchers from Kraken exchange found. Kraken Intelligence, a research arm of major United States cryptocurrency exchange, Kraken, released a “Bitcoin Volatility Report” for June 2020. Bitcoin’s volatility hits a 6-month low Published on July 9, the new report outlines a 31% drop in Bitcoin trading that resulted in a six-month low of Bitcoin’s annualized volatility, which accounted for 51% in June. According to the report, the significant decline in volumes and volatility marked June as the quietest month …
Cryptocurrency exchange OKEx have just listed Compound’s COMP token for trade. COMP is the native token of Compound — a DeFi protocol that allows its users to earn interest on deposits or lend cryptocurrencies. Lending and borrowing on Compound are managed through a decentralized peer-to-peer blockchain-based protocol. After its 2017 launch, the platform grew to reach the top spot among all the DeFi services based on the total value of assets locked, according to DeFi Pulse. According to the same source, there are currently nearly $628 million currently locked in the ecosystem. As Cointelegraph recently reported, COMP has suffered heavy …
Malta-based cryptocurrency exchange OKEx has launched Bitcoin (BTC) options trading for a select group of traders ahead of a public launch in January 2020. In a press release shared with Cointelegraph on Dec. 26, the exchange — currently ranked third-largest by daily trading volume globally — has indicated that the new contract will be settled daily in Bitcoin (BTC). Diversifying hedging strategies for crypto traders As a popular derivative that enables traders to hedge against asset price swings in either direction, an options contract provides the chance to purchase either a right to buy (a call option) or sell (a …
Bitcoin (BTC) has been unable to break from the 26-day-long descending channel. Investors are uncomfortable holding volatile assets after the United States Federal Reserve pledged to reduce its $9 trillion balance sheet. While inflation has been surging worldwide, the first signs of an economic downturn showed as the United Kingdom's retail sales fell 1.4% in March. Moreover, Japan's industrial production dropped 1.7% in March. Lastly, the U.S. gross domestic product fell 1.4% in the first quarter of 2022. This bearish macroeconomic scenario can partially explain why Bitcoin has been on a downtrend since early April. Still, one needs to analyze …