Category: Analysis
-
Bitcoin price spiked 13% in 1 hour, but top traders think it’s a fake rally
The Bitcoin price increased from $5,850 to $6,640 on major cryptocurrency exchanges in a 13 percent rally within an hour. But, top traders are convinced it is a fake out before a bearish continuation. The abrupt spike in the Bitcoin price coincided with the Federal Reserve’s aggressive fiscal policy and its decision to acquire as…
-
Why Ethereum locked in DeFi plunged $600m after intense 57% ETH drop
The total amount of Ethereum (ETH) locked in decentralized finance (DeFi) platforms plunged by more than $600 million since February 16. It coincided with a 57 percent drop in the price of ETH from $280 to $120. DeFi platforms like MakerDAO have gained significant popularity in recent months by allowing users to issue loans on the…
-
XRP is now nearing 3-year lows: what’s behind the massive correction?
The price of XRP is nearing a three-year low, hovering at around $0.15. Last week, XRP fell to as low as $0.114, which it has not hit since May 2017. The underperformance of the cryptocurrency against both Bitcoin and the USD comes as the appetite for high-risk assets is increasingly on the decline. XRP should…
-
New York Governor warns lockdowns could last through 2020; how will Bitcoin fare?
The COVID-19 pandemic is growing at an alarming pace, impacting virtually every major country and having devastating impacts on the global economy. Much to the chagrin of Bitcoin investors, the benchmark crypto has been struggling (from a price-perspective) despite long being thought of as a “digital gold” or a safe haven asset. It now appears…
-
The crypto market is hanging on by a thread according to this chart, but all hope isn’t lost
It’s been a rough past few weeks for the crypto market, with the Coronavirus-induced turbulence in the global markets catalyzing an intense and far-reaching selloff that has devastated traditional markets and nascent ones alike. This selloff has led Bitcoin down to a critical support level that bulls have been attempting to defend over the past…
-
Top traders make a strong case for why Bitcoin could drop sub-$3,000 by 2021
Bitcoin’s recent rally may simply be a fleeting dead cat bounce that is ultimately followed by significantly further downside – a grim theory that is supported by multiple top cryptocurrency analysts. The benchmark digital asset is currently caught within a bout of sideways trading that comes close on the heels of its recent rally to…
-
BitMEX may be about to add KYC, and that’s bearish for Bitcoin: traders explain why
BitMEX, the leading Bitcoin and crypto-asset derivatives exchange, has long played a central role in these nascent markets. The firm’s Bitcoin (XBT) perpetual swap — the infamous vehicle that allows traders to 100x leverage their capital in exchange for mind-blowing profits or a brutal margin call — just months ago passed $2 trillion in contracts…