On April 14 Bitcoin price hit a new all-time high at $64,850 and many of the crypto sector’s top analysts were calling for BTC to carry on to at least $100,000 before the rally showed any signs of possible exhaustion. Fast forward 37 days and Bitcoin now trades nearly 50% down from its all-time high after dropping as low as $30,000 to mark the sharpest correction in BTC price since March 2020. The general reaction among analysts has been mixed as some cite various metrics which suggest that $30,000 is the bottom for BTC. Others advise caution as the failure …
In its recent analysis published Dec. 17, research firm Diar has found that institutional investors have shifted towards higher liquidity over-the-counter (OTC) physical Bitcoin (BTC) markets. Diar noted growing investment in OTC funds like that offered by major American cryptocurrency exchange Coinbase. According to the report, Coinbase outperformed Grayscale’s Bitcoin Investment Trust (GBTC) on OTC markets in terms of BTC trade volume. While OTC trade volumes are dwarfed by non-OTC investment, it is still significant as OTC markets are only open for 31 percent of annual tradable hours. Grayscale reportedly registered $216 million in net inflows into its Bitcoin Investment …
Major U.S. crypto wallet provider and exchange service Coinbase has refuted “inaccurate” media reports that the platform engages in proprietary trading, in an official statement published Thursday, September 20. According to Coinbase, media coverage has “inaccurately characterized” the results of the New York Virtual Markets Integrity Report, to which Coinbase had voluntarily contributed information about its practices by participating in a Virtual Markets Integrity Initiative Questionnaire. Coinbase yesterday cited the report, with the view to “correct the record”: “The report states: ‘Coinbase disclosed that almost twenty percent of executed volume on its platform was attributable to its own trading.’” However, …
Todd Gordon, founder of TradingAnalysis.com predicted Bitcoin (BTC) to drop to $4,000 prior to a rebound above $10,000 by 2019 on CNBC’s Stock Draft June 22. Gordon suggested that BTC will drop below $5,000, subsequently hitting $10,000 by the end of the year, citing significant market volatility to be the main reason. When asked to explain his estimates, Gordon cited a “beautiful uptrend,” and called the recent correction down from $19,000 “inconsequential” given the gains in BTC price since 2015. The analyst said that the current high to low range is 17 percent on average, which is one of the …
2022 was a near-unprecedented year of extremes and black swan events for the crypto market, and now that the year is about to wrap up, analysts are reflecting on the lessons learned and attempting to identify the trends which may point to bullish price action in 2023. The collapse of Terra Luna, Three Arrows Capital and FTX created a credit crunch, a severe reduction in capital inflows and an increased threat that additional major centralized exchanges could collapse. Despite the severity of the market downturn, a few positives have emerged. Data shows long-term hodlers and smaller-sized wallets are actively accumulating …