Surging Bitcoin futures volume highlights increasing institutional interest

On Oct. 12 Bitcoin price (BTC) pushed above $11,700 on Binance and data shows trading at derivatives exchanges also began to spike. According to data from Skew, CME Bitcoin futures open interest has started to recover. The term open interest refers to the total amount of long and short contracts open at a given time and it is typically used to gauge trading activity in the futures market. CME Bitcoin futures volume. Source: Skew The daily volume across other institution-focused platforms, including LMAX Digital and Bakkt, also remains high. This…

Bitcoin is About to Form a Pivotal Buy Signal Last Seen in Late July

Bitcoin has seen a strong rally over the past few days after weeks of consolidation. The leading cryptocurrency has gained around $1,000 from last week’s lows near $10,400. This rally has allowed the technical case for further upside to continue to build. One crypto-asset analyst recently noted that Bitcoin is about to form a pivotal buying signal that was last seen in late July, in the midst of the strong uptrend that took the asset as high as $12,500. Should history repeat, Bitcoin should continue to ascend in the days…

Analysts Expect Chainlink to See Accumulation Before Rocketing Higher

Chainlink’s price action has been rather lackluster as of late, with Bitcoin’s indecisiveness not providing altcoins with much momentum. LINK has been caught within a bout of sideways trading throughout the past few days, with buyers and sellers largely reaching an impasse as the crypto ranges between $10.50 and $12.00. Until one of these levels is decisively broken above or below, it will likely continue seeing relatively lackluster price action as bulls and bears both try to gain control of its near-term outlook. There is a bullish possibility that the…

Bitcoin futures impact price more than spot markets: Wilshire Phoenix

A new report from investment firm Wilshire Phoenix claims that the Chicago Mercantile Exchange’s, or CME’s, cash-settled Bitcoin futures trading products affect Bitcoin’s price even though they do not directly involve actual real Bitcoin (BTC). “The findings of Wilshire Phoenix indicate that CME Bitcoin Futures contribute more to price discovery than its related spot markets,” said an Oct. 14 report from Wilshire Phoenix, adding: “A leading futures market suggests the existence of a robust base of traders who may trade on such markets for many reasons such as trust in…

Litecoin One Step Closer to Cardano Partnership and “Velvet Fork”

Key Takeaways Litecoin is preparing to work with Cardano on a “velvet fork.” That fork will add several features including cross-chain fund settlement, smart contracts, and improved scalability. It is not yet certain that Litecoin will go forward with these plans. Share this article Litecoin is preparing to collaborate with Cardano on cross-chain interoperability, according to a blog post from David Schwartz, Project Director at the Litecoin Foundation. Velvet Fork Under Consideration Schwartz says that Charles Hoskinson, creator of Cardano, invited Litecoin creator Charlie Lee to collaborate on blockchain interoperability…

Bitfinex Launches Yield Product With Celsius

Bitfinex, a state-of-the-art digital tokens trading platform, and Celsius Network Limited (“Celsius”), the industry-leading cryptocurrency reward-earning platform, are collaborating to offer customers of the exchange easy access to Celsius’s unmatched rates for earning rewards on their crypto holdings. Together, Bitfinex and Celsius aim to empower the crypto community to stabilize the market by earning passive income simply by holding on to their coins. Bitfinex and Celsius have built an integration that will allow Bitfinex customers to create a wallet with Celsius and manage it through the Bitfinex platform. Through their…

OECD calls out countries for their inconsistent rules on crypto taxation

A study of cryptocurrency taxation regimes from around the world by the Organization for Economic Co-operation and Development, or OECD, found that global crypto taxation laws are highly inconsistent. Source: OECD Report. The way crypto assets are defined vary greatly by jurisdiction. Cryptocurrency is most commonly defined as a “financial instrument or asset”, followed by a “commodity or virtual commodity.” In the U.S., the asset class remains mostly undefined for tax purposes. Source: OECD Report. The same inconsistency is observed when it comes to determining the first taxable event for…

Following OECD Report, Member Country Spain Clamps Down on Crypto Users

According to a recent report, the Organization for Economic Co-operation and Development (OECD) says that all member countries should be open to sharing information on citizens’ crypto holdings.  OECD Places Cryptocurrencies at Center of Digital Economy The OECD, an intergovernmental organization made up of 37 member nations, is working to establish a common reporting standard for taxing crypto-assets. The reporting standard will make it easier for various members to share information on cryptocurrency holders. “The OECD will continue to work on the detailed technical proposals for the new tax reporting…

Why didn’t the Kucoin hack or legal action against BitMEX seem to impact Bitcoin?

BitMEX recently faced major U.S. legal action, and KuCoin suffered a significant hack, all inside a several-day span — but why did these events not affect Bitcoin’s price in a more negative way? Aleks Svetski, CEO of Bitcoin investment app Amber, said it has to do with a number of factors, including big players buying Bitcoin (BTC). “Bitcoin’s price is a function of global demand vs a strict, immutable supply and diminishing schedule,” he told Cointelegraph, referring to the asset’s coin supply and mining payout halvings. “As more people, especially…

Institutions Rush to Bitcoin, Grayscale’s Record-Breaking Q3

Key Takeaways Grayscale Investments announced its best-ever quarterly report, with a record-breaking $1.05 billion flowing into its cryptocurrency investment products. Grayscale Bitcoin Trust (GBTC) was the best performing product for Grayscale, with inflows of $720 million since last quarter. Grayscale’s assets under management reached all-time highs during Q3 of 2020 for all its products, growing from $2.0 billion to $5.9 billion. Share this article Between July to September, Grayscale saw $1.05 billion going into its investment products, the bulk of which went into Bitcoin. This was the third consecutive record-breaking quarter…