The shallow pullback in Bitcoin (BTC) following the news of the CFTC’s regulatory crackdown on BitMEX and the late announcement that U.S. President Donald Trump tested positive for coronavirus shows that the underlying sentiment is still bullish. Generally, most damage during such periods of negative news flow is caused by the squaring up of leveraged positions. Data shows that Bitcoin futures volume and open interest has been dropping since hitting the peak in early September. This means that there were fewer long positions that had to be squared up in a hurry and it also may explain why a sharper …

Active addresses and transaction counts on the Bitcoin SV network saw unbelievable growth in the two days leading up to the CoinGeek Live conference in New York this week. Active BSV addresses grew from 110,000 on Sept. 28 to 947,400 addresses today. That’s an astonishing growth rate of 761% in just two days leading up to CoinGeek Live, which kicked off on Sept. 30 at 9 am New York time and will run until Oct. 2. The spike in active addresses raised eyebrows on Crypto Twitter. Bitcoin SV and Craig Wright antagonist Arthur van Pelt reposted SirToshi's chart that calls …

According to data from CryptoQuant, the total amount of Bitcoin (BTC) held in exchange reserves dropped from 2.8 million BTC in October 2019 to 2.4 million. Analysts believe that this steady decline in reserves means retail traders and whales may be accumulating Bitcoin as they expect prices to rise in the future. Even though Bitcoin is still far below its lifetime highs, if it manages to close Q3 2020 above $10,590, that would be the second-best close in any quarter. Data from Skew shows this would only be behind the Q4 2017 closing price at $13,660. All of this suggests …

Bitcoin (BTC) soared above $10,000 on July 27 and has sustained above this level since then. Data shows that this streak of 63 consecutive days of closes above the $10,000 level is a new record. This also shows that the level has now become a strong support after previously acting as a stiff resistance. Bulls have consistently purchased dips to and below $10K and this psychologically important level may now act as a floor for launching the next leg of the uptrend. Daily cryptocurrency market performance. Source: Coin360 At the moment it seems that the monetary and fiscal stimulus measures …

According to a study by researchers at the Cambridge Centre for Alternative Finance, the number of people who own Bitcoin (BTC) and other digital assets has surged from about 35 million in 2018 to over 100 million. This is a positive sign because the growth continued even when the crypto markets were not in a secular bull trend. The allure of digital currencies is likely to increase further if the U.S. Securities and Exchange Commission approves a Bitcoin ETF, but only Commissioner Hester Peirce is supportive of such a move. Peirce recently said that the SEC was closely watching recent …

According to survey data from crypto asset insurance firm, Evertas, institutional investors believe that clearer regulations and better infrastructure in terms of trading, reporting, and custodial services will increase their participation in the crypto market. About a quarter of the respondents expect that pension funds, sovereign wealth funds, insurance companies, and family offices will also become more involved with digital assets. The survey also found that 32% of the participants expect hedge funds to substantially increase their crypto holdings in the future. The approval of the world’s first crypto asset exchange-traded fund on the Bermuda stock exchange is a positive …

Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg. In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could have been involved in facilitating the movement of over $2 trillion over a two-decade period. These suspicious transactions have been flagged as possible money laundering or criminal activity by the banks internal …

The U.S. Federal Reserve recently hinted that it could keep interest rates near zero at least through 2023. The Bank of England went a step ahead and said that it could explore options for cutting rates below zero in order to support an economy battered by the coronavirus lockdowns and the upcoming Brexit. In other news, Kraken exchange has become the first digital asset company to receive a charter to operate as a bank in the U.S. This is a huge change from the days when traditional banks refused to support crypto businesses. Daily cryptocurrency market performance. Source: Coin360 MicroStrategy’s …

This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard. Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at much higher levels according to Datavetaren, a pseudonymous software engineer. CNBC Mad Money host Jim Cramer also suggested that he might place 1% of his portfolio into Bitcoin as he considers gold ‘dangerous’. During …

Most retail traders find it difficult to go against the herd and buy when the market is down. They generally wait for the price to recover and for improvements in sentiment before jumping in. By doing this, retail traders typically miss the larger part of relief rallies and pocket a smaller profit. On the other hand, professional investors capitalize on sharp corrective moves by purchasing if they believe that the fundamental long-term trajectory remains intact. Daily cryptocurrency market performance. Source: Coin360 New research by OKEx Insights and Catallact indicates that retail traders were “shaken out” by Bitcoin’s (BTC) crash in …

The President of the European Central Bank (ECB) Christine Lagarde said that the coronavirus pandemic has acted as a catalyst in boosting the adoption of digital payments in the European Union. Lagarde expects the majority of the consumers to continue using digital services even in the future. In order to support the digitalization, the ECB has formed a task force, which is “exploring the benefits, risks and operational challenges” of developing a digital euro and is expected to announce its findings within the next few weeks. While a central bank digital currency might build up consumer interest in the short-term, …

The short-term gyrations in crypto and stock prices are usually based on sentiment and technicals, while the long-term trends generally follow stronger underlying fundamentals. Therefore, if the fundamentals do not weaken, smart investors view short sharp corrections as a buying opportunity. Data suggests that large investors, oftentimes dubbed ‘whales’, have been accumulating Bitcoin (BTC) since March. Along with them, several new small traders have also been buying Bitcoin and this suggests that retail and high net worth traders believe that Bitcoin will work as a store of value during the next crisis. Daily cryptocurrency market performance. Source: Coin360 Morgan Stanley’s …