Bitcoin (BTC) bears should watch out for a potential blow as the number of margined short positions on the Bitfinex exchange crashes by roughly 25%. The dataset dropped to 11,066 BTC as of 12:20 GMT Saturday, compared to 14,897 BTC at the session's open. Meanwhile, the drop came as a part of a bigger downside move that started on July 15. On the day, the total number of margined short positions had reached 17,053 BTC. In simple terms, BTCUSDSHORTS represents the number of margined bearish positions on Bitfinex, measured in BTC. Traders borrow funds from Bitfinex — their broker — …

Dollar traders have kept a close eye on a potentially bullish "inverse head-and-shoulders" pattern building in the U.S. dollar index (DXY) chart. Meanwhile, the smell of a stronger greenback is weakening Bitcoin's (BTC) upside case, especially as the flagship cryptocurrency struggles to break out of its current $30,000-35,000 trading range. Three troughs, one price ceiling In detail, the inverse head-and-shoulders (IH&S) pattern forms after a downtrend. It contains three successive troughs, with the middle trough (head) being the deepest than the other two (shoulders). Ideally, the two shoulders are of equal height and width. All three troughs hang by a …

The global food and agriculture industry is a trillion-dollar sector that is growing exponentially. According to findings from the World Bank, agriculture alone accounted for 4% of global domestic product, or GDP, of the United States in 2018. The report further noted that agriculture could account for more than 25% of GDP in developing countries. Meanwhile, it’s important to point out that large corporate farms play a dominant role in the agriculture industry. For instance, research from the United States Department of Agriculture (USDA) shows that major farms accounted for 89% of food production in the U.S. in 2015. This …

A Canada-based Bitcoin fund, operated by 3iQ Corp, has witnessed a dramatic decline in its BTC reserves since June. Literally named the Bitcoin Fund (QBTC:CN), the closed-end investment product, was holding around 24,000 BTC in its vaults in early June. However, as the monthly session progressed, the reserves first dropped to below 16,000 BTC in a dramatic, straight-line decline. Later, another massive withdrawal pushed the Bitcoin Fund's BTC reserves to around 13,000 BTC, according to on-chain data from South Korea-based analytics firm CryptoQuant. However, the withdrawals from the QBTC fund across June coincided with an inflow spike in 3iQ's exchange-traded …

Ethereum's native token Ether (ETH) reclaimed $2,000 in the early New York trading hours Wednesday as crypto traders assessed the Federal Reserve Chairman Jerome Powell's prepared congressional testimony. The ETH/USD exchange rate surged 7.19% to reach its intraday high of $2,019.90. Likewise, Bitcoin (BTC), whose 7-day positive correlation with Ether stands at 0.84 above zero, climbed, albeit by a modest 0.75%, hitting $32,379. Powell gave his semi-annual monetary policy report to Congress on Wednesday, a day after the U.S. consumer price index report showed an increase of 0.9% between May and June, reaching 5.4% for the first time in three …

Bitcoin’s (BTC) price continued its downtrend Wednesday ahead of the testimony from United States Federal Reserve Chairman Jerome Powell. The spot BTC/USD exchange rate fell to its 17-day low of $31,600 following a 3.46% intraday dip. Meanwhile, CME futures tied to the pair plunged 3.41% to $31,515, extending their week-to-date losses to 9.5%. Bitcoin had powered to $35,000 at the beginning of July, as bulls continued to defend support levels around $30,000 against each downside attempt. Independent market analyst Will Clemente III noted that entities with a low history of selling kept absorbing Bitcoin at lower levels from speculative traders, …

Ether (ETH) perhaps had the most bullish outlook entering the July session, with the Ethereum Improvement Proposal (EIP) 1559 promising to make ETH scarcer through the network’s first-ever burning mechanism. But so far into the month, the second-largest cryptocurrency by market capitalization has vastly tailed its top rival Bitcoin (BTC). The positive correlation was visible on Tuesday, following the New York opening bell when Ether plunged below $2,000 to hit a two-week low in sync with Bitcoin, which slipped below $32,500. As it happened, the ETH/USD exchange rate reached its intraday low of $1,961.10 following a 3.43% drop. The pair’s …

Bitcoin (BTC) prices steadied on Tuesday after closing the previous session at a 3.41% loss, supported by a weakening United States dollar sentiment ahead of a key U.S. inflation report due later on Tuesday. The spot BTC/USD exchange rate rose by a modest 1.31% to $33,096 after bottoming out on Monday at $32,996 on Coinbase. The CME Bitcoin Futures was up 1.64% from its previous session’s low of $32,600. Meanwhile, the USD index was down about 0.03% ahead of the London opening bell. The index represents the greenback’s strength against a basket of top foreign currencies. Inflation data awaited Bitcoin …

Institutional investors are yet to regain confidence in the crypto markets, with weekly crypto investment product volume dropping to its lowest level since October 2020. According to CoinShares’ Monday "Digital Asset Fund Flows Weekly" report, $1.58 billion worth of digital asset products changed hands between July 5 and July 9. Crypto investment products also saw outflows of $4 million for the week, with roughly $7 million exiting Bitcoin (BTC)-tracking products. However, European Bitcoin products saw inflows overall, suggesting some investors believe the worst of 2021’s bear market may be behind us. Ethereum (ETH) products also saw minor inflows of $800,000 …

Synthetix (SNX) prices reached a one-month high on Monday as traders looked for alternative upside bets against a mixed cryptocurrency market. Bids for SNX/USD achieved an intraday high of $13.76 during the Asia-Pacific trading session, following an approximately 25% price rally that started Sunday. A flurry of technical and fundamental factors contributed to the sudden market demand for Synthetix tokens, including founder Kain Warwick's update on the project's much-awaited layer 2 solutions. A new synthetic exchange underway Layer 2 refers to the techniques for scaling blockchains by taking computation and transaction load from the parent layer and put them onto …

Bitcoin’s (BTC) price remained relatively flat over the weekend, inching closer to $34,000 on Sunday. Nevertheless, BTC/USD has tumbled by almost 50% from its all-time high, near $65,000 in mid-April. But the massive downside move has not deterred investors from betting on the digital asset’s long-term bullish outlook. According to one of the Glassnode metrics, dubbed as Liveliness, the Bitcoin market has been noticing a shift in long-term investors’ “macro hodling behavior.” Hodling represents crypto investors’ ritualized response to market downtrends, a meme-driven investment strategy that originated from a drunken forum post in 2013 and typo. Meanwhile, Liveliness is the …

Popular cryptocurrency trader Keith Wareing warned Bitcoin (BTC) traders about a critical bearish scenario brewing in the market. The trader spotted Bitcoin inside an inverse cup-and-handle pattern earlier this month, a bearish structure that forms during a price wave downward, followed by a stabilizing period. The technical design typically leads the price lower by as much as the size of the previous decline. Bitcoin topped near $65,000 in mid-April before reversing to the downside in later sessions. The cryptocurrency crashed to as low as $28,800 on June 22 after attempting to keep prices above $30,000 repeatedly. It successfully did so …