Although the increased volatility indicates a possible rise in Bitcoin market price, the fear and greed index pushed above 90 on the scale of 0-100 last week.Bitcoin volatility has increased in the past few months but more in the last month. According to the Bitcoin weekly report done by Arcane Research, Bitcoin spot volume increased more than 270% over the past month. Ostensibly, this is the highest level recorded in 2020, which coincided with Bitcoin price hitting a new yearly all-time high.Last week, Bitcoin price was less than 0 shy of k after breaking out of major resistance levels.Bitcoin Weekly Report by ArcaneThe Arcane Bitcoin weekly report noted that the open interest on CME has surged in the past few months. Whereby it is nearing the billion level, a clear indication of
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Although the increased volatility indicates a possible rise in Bitcoin market price, the fear and greed index pushed above 90 on the scale of 0-100 last week.
Bitcoin volatility has increased in the past few months but more in the last month. According to the Bitcoin weekly report done by Arcane Research, Bitcoin spot volume increased more than 270% over the past month. Ostensibly, this is the highest level recorded in 2020, which coincided with Bitcoin price hitting a new yearly all-time high.
Last week, Bitcoin price was less than $100 shy of $16k after breaking out of major resistance levels.
Bitcoin Weekly Report by Arcane
The Arcane Bitcoin weekly report noted that the open interest on CME has surged in the past few months. Whereby it is nearing the $1 billion level, a clear indication of increased institutional investors. In addition, Arcane noted that there has been a decline of Bitcoins held in crypto exchanges. “The last 6 months have seen a sharp decline of BTC on exchanges as the aggregated BTC exchange balance has fallen by 560,000 BTC since March 15th,” the report read.
Although the increased volatility indicates a possible rise in Bitcoin market price, the fear and greed index pushed above 90 on the scale of 0-100 last week. Apparently, this was the highest figure ever recorded since the index was launched in 2018.
The report, however, suggested that the flip flop experienced in the Bitcoin market last week was somehow related to the United States election. With the election expected to affect the dollar value and the overall stock market, investors possibly rushed to Bitcoin as the most liquid safe haven to store value.
Institutional investors are flocking into the crypto industry as the pandemic poses greater market risks. Reports from the Commodity Futures Trading Commission (CFTC) show that almost 100 large traders hold the Bitcoin contracts on CME.
Arcane noted that large traders hold at least 5 future bitcoin contracts, which equates to 25 BTC.
Recent Bitcoin Updates
Recently, PayPal Holdings Inc (NASDAQ: PYPL) announced plans to fully venture into the crypto industry and rumors are that it plans to acquire BitGo, a crypto custodial firm.
This is expected to further the crypto adoption course despite the increased market risks. Recently, crypto scams orchestrated through exchanges are on the rise. Perhaps it can be explained by the high level of fear and greed in the market.
At the time of writing, Bitcoin was trading around $15,392.54 according to figures provided by CoinGecko. The asset had a market capitalization of $285,352,645,128 with its 24 hour trading volume at $21,714,964,490.
Notably, Bitcoin has added 70% in the past one year, jumped 35.3%, 12.7%, and 10% in the last 30 days, two weeks and seven days respectively.
A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."