Overwhelming bullish sentiment once again proves costly

According to data collected from 1000+ crypto social media channels, the average crowd sentiment towards Bitcoin adapted from slightly bullish to overwhelmingly bullish over the days leading up to Thursday’s dramatic pullback, mirroring the levels previously observed during its May and August price tops, respectively.  The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicated that with both short-term and long-term Bitcoin holders in a position of +15% and +63% profit, the likelihood of profit-taking became high. To make matters more ominous, the funding rate on Bitcoin’s derivatives…

Cypherpunk Holdings becomes 9th largest public holder of Bitcoin

Cypherpunk Holdings (CSE:HODL), a privacy-focused Canadian investment company, has upped its stake in Bitcoin (BTC).  The company disclosed Thursday that it has added 72.979 BTC to its reserves since June 30, 2020. Cypherpunk funded the acquisition by liquidating its holdings of Monero (XMR) and Ethereum (ETH), as well as through partial proceeds from a private placement of $505,000 CAD, or $388,000 U.S., closed on Aug. 27. With the purchase, Cypherpunk now has 276.479 BTC in its reserves, making it the ninth-largest public Bitcoin holder. At current values, Cypherpunk’s stake in…

Bitcoin and blockchain topics to discuss with the crypto curious this Thanksgiving

With Bitcoin’s (BTC) recent price movements drawing fresh attention to the blockchain industry, conversations centered around cryptocurrency have once again begun to see an uptick. Google Trends data shows that searches for the term “Bitcoin” have increased to yearly highs following the asset’s rally above $19,000.  Given the current circumstances, discussion centered around Bitcoin, general questions about blockchain and cryptocurrencies may come up at the Thanksgiving table. Yet while the crypto community has a lot to be thankful for this year, newcomers and the crypto curious may want to know more…

Record $7.4B Bitcoin futures open interest shows pros still expect $20K BTC

Bitcoin (BTC) price failed to blast through the $20,000 level this week but multiple records related to volume and open interest were made on the way up to $19,484. One notable achievement was the open interest on aggregated futures contracts reached $7.4 billion at derivatives exchanges.  BTC futures aggregate open interest. Source: Skew As depicted above, there has been a 110% increase over the past 6 months, and it is also worth noting that the Chicago Mercantile Exchange (CME) now holds over $1.1 billion of these contracts. This data is…

Ripple would still thrive even if XRP were declared a security

Ripple CEO Brad Garlinghouse believes his company can still thrive under a hypothetical scenario where XRP is declared a security by U.S. lawmakers.  Appearing on episode 439 of the Pomp Podcast, Garlinghouse talked about the implications of XRP being declared a security by the U.S. Securities and Exchange Commission, or SEC. He said such a position would run contrary to the prevailing view among G20 markets. While acknowledging that “it’s very hard to look at XRP as a security,” Garlinghouse said: “You know if XRP were deemed a security here…

XRP Sees Massive Retrace, But Analysts Remain Optimistic

XRP has been on a roller-coaster of a ride throughout the past few days and weeks, with the crypto randomly breaking out of a multi-year trading channel earlier this week that allowed its price to ascend as high as $0.90 on some exchanges. The selling pressure here was significant, with many long-term holders using the pump as an exit opportunity. It has struggled to gain any momentum since, which could be a sign that downside is imminent in the days and weeks ahead. The downturn seen across the aggregated market…

Compound liquidator makes $4M as oracles post inflated Dai price

The crypto market suffered a powerful crash on Thursday morning UTC, which sent prices of major currencies like Bitcoin (BTC) and Ether (ETH) tumbling in excess of 10%. When traders rush for the exits, the price of stablecoins generally increase as the demand for stability rises. In today’s crash, however, the effect became particularly pronounced on Dai (DAI), which briefly traded for $1.3 between 7 and 8 AM UTC. Dai/USD price on Coinbase, courtesy of TradingView Most notably, DAI traded at this inflated valuation only on Coinbase and Uniswap, while…

Where The Bitcoin Bull Market Correction Might End

Bitcoin price over the last 24 hours saw an over $3,000 crash and more than 15% wiped out from its price tag. Despite the downside, the cryptocurrency is undeniably in a bull market. But bull markets do correct, and when they do it can be powerful. As to where Bitcoin could fall to, the last bull market and one particular indicator could provide clues. Bitcoin Begins First Major Bull Market Correction Since $10,000 Breakout The leading cryptocurrency by market cap shocked Wall Street and the rest of the world over…

Indian Crypto Investors Want to Clear the Fog Around Regulations

Key Takeaways Indian crypto exchange CoinDCX has released a survey report on crypto investor trends in India.  The report says that young investors in India recognize the potential in cryptocurrencies. However, the lack of legal clarity is a cause for concern.   Share this article Polychain-backed Indian crypto exchange CoinDCX has released a report titled “The Mood of the Nation Survey” to understand how Indian investors perceive the digital asset class. Young Indians Favor Crypto The CoinDCX survey covered responses from 11,000 Indian investors who are actively invested in crypto and…

Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers

It has been a rough past few days for Bitcoin and the entire crypto market. Following BTC’s tests of its all-time highs in the mid-$19,000 region, the benchmark digital asset faced a massive influx of selling pressure. However, this was expected, and most investors didn’t believe that it was enough to spark any long-lasting correction. However, recent comments from Treasury Secretary Steve Mnuchin regarding a potential second eave of crypto regulations caused BTC to see a sustained move lower that shows few signs of slowing down anytime soon. If this…