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ByAuthor J.D. SmithPosted on
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Elon Musk Buys $1.5 Billion in Bitcoin !!

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Bitcoin Investment Markets
ByAuthor J.D. SmithPosted on
3
0

Kraken users demand refunds over flash-crash liquidations

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Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22.

Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase.

However, it appears that a combination of weak buy support and cascading liquidations resulted in particularly heavy losses on Kraken — with BTC falling 22% to less than $45,000 while ETH declined 64% to find support at just $700.

The public reaction on subreddit r/Krakensupport has seen many traders voice their frustrations. Some traders are even threatening to organize legal action against the exchange, with Reddit-user “dtk6802” claiming to have lost the majority of their…

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Bitcoin Investment Markets
ByAuthor J.D. SmithPosted on
16
0

Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K

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In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market.

Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350.

Daily cryptocurrency market performance. Source: Coin360

Despite today’s $1.6 billion liquidation event, Bitcoin bulls remain optimistic about the future of the top cryptocurrency with key indicators suggesting that those buying today’s dip are likely to come out on top.

According to ExoAlpha Chief Investment Officer David Lifchitz, recent charts for Bitcoin looked overbought, signaling that a “15% correction could happen” as part of a normal market cycle before BTC attempts to break out to…

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Bitcoin Business Investment Markets
ByAuthor J.D. SmithPosted on
14
0

‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower

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In a report shared with Cointelegraph, institutional crypto trading platform CrossTower asserts that large investors will not let Bitcoin (BTC) fall back below $50,000.

According to the report, addresses holding over 1,000 BTC rose to record highs in January on the heels of sizable retracements — evidencing strong dip-buying from whales despite the relatively high price of Bitcoin.

Combined with positive business developments in the industry, such as Mastercard’s decision to integrate certain cryptocurrencies and BNY Mellon’s newly launched custody services, CrossTower believes the outlook remains bullish for the digital asset markets. The firm also described the growth of corporate Bitcoin treasuries, such as Tesla’s $1.5 billion BTC acquisition, as strengthening the bullish case.

“We believe the record amounts of addresses holding 1,000 BTC in recent weeks is proof of rising institutional interest and likely reflects the many headlines in January and…

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Bitcoin Opinion
ByAuthor J.D. SmithPosted on
17
0

Here’s how pro traders use options to profit from Bitcoin price corrections

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Bitcoin seems to be struggling at the $58,000 level, which is leading some traders to fear a more significant correction could take place.

While Bitcoin’s (BTC) 2021 performance has been incredibly strong, its current 696% gain and comments from United States Treasury Secretary Janet Yellen suggesting that cryptocurrencies are used to finance terrorism may be enough to have investors feeling a bit cautious.

Reducing open position sizes is usually the method most investors use to reduce exposure, but another way to manage risk is to use BTC options contracts to provide protection. Buying a put (sell) option is the easiest way, but it is quite costly considering the current high volatility scenario.

For example, a March 26 put option with a $56,000 strike trades at $5,300, and its holder would only profit if BTC trades below $50,700 in 32 days. That would be 12% below the current $57,500 price….

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Bitcoin Markets Opinion Tech
ByAuthor J.D. SmithPosted on
28
0

Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

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Every uptrend witnesses periodic bouts of profit-booking as short-term traders tend to unwind positions either on adverse news or at critical technical resistance levels. This occurred with Bitcoin (BTC) today as the price momentarily dropped below $48,000 and traders scrambled to close or top up positions before being liquidated.

Elon Musk’s tweet on Feb. 20 that said Bitcoin prices “seem high” and the U.S. Treasury Secretary Janet Yellen’s warning today on Bitcoin being “extremely inefficient” could have dampened short-term sentiment.

Daily cryptocurrency market performance. Source: Coin360

Another possible factor that may have exacerbated the fall could have been the unwinding of excessively leveraged long positions. About $1.64 billion worth of Bitcoin futures positions were liquidated during today’s sharp pullback.

However, derivatives data for Bitcoin futures do not show any negative development, as highlighted by Cointelegraph Markets analyst Marcel Pechman.

Let’s analyze…

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Blockchain Investment
ByAuthor J.D. SmithPosted on
13
0

MoneyGram suspends Ripple partnership, citing SEC lawsuit

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Global money transfer service MoneyGram says it has officially suspended its partnership with blockchain payments firm Ripple amid the latter’s litigation with the SEC.

According to MoneyGram’s quarterly outlook, the company is “not planning for any benefit from Ripple market development fees” for Q1 2021. MoneyGram said it had a more than $12 million net expense benefit from Ripple in the same quarter last year.

“Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform,” said MoneyGram.

The collaboration between the two firms largely began three years ago, when MoneyGram integrated XRP into its payment system. The following year, Ripple and MoneyGram entered into a partnership for cross-border payments and foreign exchange settlements with digital assets.

Ripple followed through with a $50 million investment in November 2019 in exchange for a 10% stake in the company. As of December, the firm…

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