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Tag Archives: btcusd

Is Direxion’s Short Bitcoin Futures Product A Daring Move?

US ETF issuers are looking for new ways to capture the attention of institutions a week after the watershed launch of Bitcoin ETF. Direxion, for one, is offering an ETF that shorts crypto futures. October 19th was a monumental day for the entire cryptocurrency industry. Right after ProShares’ Bitcoin ETF welcomed impressive volume on the New York Stock Exchange (NYSE), Bitcoin surged to record levels. BITO’s debut further extended the rally. But this time, firms are getting a...

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Bitcoin Price Analysis: BTC Dropped 13% From ATH, Is Bullish Sentiment Intact?

Bitcoin’s price went through a lot in the past few days. Last Wednesday, exactly a week ago, the cryptocurrency painted a fresh all-time high at roughly $67K (on Bitstamp). Now, BTC is trading at around $59K, having dipped to as low as $58K for a 13% decline since its peak. With this, it’s important to examine what caused the correction and if the bullish sentiment remains intact. The below summarizes what happened today, its cause, and what can be expected based on the...

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Over $900 Million Liquidated Today as Market Cap Loses $150 Billion

The cryptocurrency market took a hit today as its capitalization lost around $150 billion in the past few hours. This also saw a little over $900 million worth of long and short positions liquidated. As we reported earlier today, bitcoin’s price tumbled below $60K and tested the support found at $58.3K. This sent the entire market downwards as almost all cryptocurrencies saw double-digit declines with the exception of a few. Shiba Inu’s SHIB, AAVE, and 1inch were the major...

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Bitcoin Price Analysis: After Finding Support at $60K, Is BTC Ready for a Breakout?

The near-term pullback managed to find support at $59.5K and successfully held $60K on a daily closing basis. The significant rally with elevated open interest, high funding rates, and leverage ratios were all signals of caution. The open interest has been consolidating around $14.3 billion, and the funding rate also cooled down to neutral levels. The leverage ratio remains elevated, and it hit a recent high of .19 which is near the November 2020 peak. Chart by...

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Mastercard to Allow All Banks on its Network to Provide Bitcoin Services (Report)

In another venture within the digital asset space, Mastercard is preparing to expand the cryptocurrency economy in a whole new way, according to a recent report. The payment services giant will soon announce the provision of crypto-integrated services to every bank and merchant on its network. Mastercard’s Big Crypto Plan As revealed by CNBC earlier today, banks using Mastercard will be able to integrate cryptocurrency into many of their products. These could include credit...

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Byron Bay to Become Australia’s Bitcoin Mining Hub: Report

The Nasdaq-listed company Mawson Infrastructure Group reportedly inked a partnership with Quinbrook Infrastructure Partners to set up one of Australia’s largest bitcoin mining operations. It will be located in the beachside town – Byron Bay – and will use 100% renewable energy. Australia Aims at Green BTC Mining Apart from being one of the leading touristic hotspots in Australia, Byron Bay could also become the center of the country’s bitcoin mining. A recent report reads...

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55% of Britons Believe Banning Bitcoin Would Not Make The Planet Greener: Poll

A recent survey revealed that the majority of the UK residents would not support their government if it imposed a crackdown on bitcoin due to environmental reasons. Somewhat expectedly, the elderly were bigger proponents of the move. Not The Best Idea The first ten months of 2021 have been another turbulent period for bitcoin. The primary cryptocurrency hit an all-time high price of nearly $65,000 in April but then plunged in the next several months to as low as $29K in July....

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Twitter CEO Jack Dorsey: Hyperinflation Will Change Everything, It’s Already Happening

With inflation already here, Twitter founder and Bitcoin proponent Jack Dorsey believes it will continue at a fast rate, which will lead to hyperinflation, not just in the United States but around the rest of the world. Hyperinflation Will Change Everything The Square CEO shared his thoughts on the matter on Twitter, stating: “Hyperinflation is going to change everything… It’s happening.” While inflation is a decrease in the purchasing power of money, reflected in the general...

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Bitcoin Price Analysis: Following New ATH and Quick Retracement, What’s Next for BTC?

Bitcoin’s price finally entered a correction to flush out the leverage, cool off the overbought conditions, and help build a structure after the large rally in the past three weeks. This happened after the open interest, funding rates, and leverage ratio all reached elevated levels. The near-term support at $60K appears to be holding, which is a positive signal. Given the current selling pressure, it’s unlikely that the weekly close will be above $64.8K. Chart by...

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Weekend Status Quo: Bitcoin Stable Amid $60K, ETH Maintains $4K (Market Watch)

Bitcoin dipped below $60,000 once again in the past 24 hours but has recovered and currently stands above it. Most altcoins are also untypically calm this weekend, with ETH sitting north of $4,000. Shiba Inu, though, charted a new all-time high hours ago. Bitcoin Remains Above $60K All crypto eyes in the past few weeks were on the launch of the first-ever Bitcoin Futures ETF in the United States. After years of waiting, the Securities and Exchange Commission finally allowed...

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