Financial Industry News
An overnight attempt to crash Bitcoin alongside the US stock market met with extreme resistance as the cryptocurrency bounced back handsomely. The BTC/USD exchange rate lost $465, or 3.51 percent, after the New York opening bell Monday. The pair fell to as low as $12,785, only to find a considerably higher buying sentiment. As a […]
Continue ReadingBitcoin is bracing for a bearish impact in the short- to medium-term, according to OKCoin. The San Francisco-based cryptocurrency exchange cited data from IntoTheBlock, a blockchain intelligence platform, that painted Bitcoin’s two out of seven on-chain fundamentals as bearish – and the rest as neutral. “The two “bearish” metrics [concern] the number of active Bitcoin […]
Continue ReadingA recent sharp pullback move in the US dollar market is insufficient to log a full-fledged upside breakout. So says Stephen Roach, the former chairman of Morgan Stanley Asia. The pro-Bitcoin economist wrote in an op-ed that the US dollar could fall by as much as 35 percent by the end of 2021 due to […]
Continue ReadingBitcoin did its own thing during the late Monday trading session. The benchmark cryptocurrency plunged suddenly towards $10,600 after maintaining intraday gains above the $10,800-support all day. The sell-off appeared despite a healthier macroeconomic outlook led by signs of progress in the release of the second COVID-19 stimulus package. US House Democrats released a $2.2 […]
Continue ReadingAs Bitcoin attempts a breakout move above $11,000, an analyst sees the cryptocurrency moving in the opposite direction. TradingView contributor Vince Prince placed the latest BTC/USD moves inside a descending channel. The chartist wrote in his Thursday analysis that the pair is heading into a so-called distribution zone inside the Channel. The area earlier clipped […]
Continue ReadingAn overnight pump that pushed popular decentralized finance token, YFI, up by 23 percent, has entered a bull trap. The Yearn Finance governance cryptocurrency fell 10 percent this Friday from its intraday top at $36,043. Its plunge appeared as a part of formal downside correction that typically follows price rallies. Traders apprehensively bought spot YFI […]
Continue ReadingFaith in Polkadot hasn’t been tarnished by the ham-fisted actions of Binance and Kraken, after the cryptocurrency exchanges commenced trading for DOT two days before the token was due to be redenominated, reducing its unit value by 100x. Because the CEX listings preceded a scheduled token redenomination, the Polkadot community was, for a short time, […]
Continue ReadingGold bull Peter Schiff has not been convinced by the rally in Bitcoin’s price, despite the positive macroeconomic trends underpinning it. The long-time crypto skeptic doubled down on his sentiment in a number of tweets. He said that Bitcoin is a passing fad and is likely on its way towards zero. Schiff also said that […]
Continue ReadingThe U.S. dollar drop and the Bitcoin surge happened at the same time. Why? Before we reveal the answer, let’s explore the multiple factors in the background starting with the continued downward adjustment of interest rates on U.S. Treasury bonds and quantitative easing policies. These policies have caused a lot of U.S. dollars to be […]
Continue ReadingBitcoin has slid lower over the past 24 hours as the cryptocurrency failed to surmount $12,000 in the latest leg higher. As of the time of this article’s writing, BTC trades for $11,600 — 5% shy of the local highs. Investors are still reeling from the flash crash that transpired approximately one week ago. While […]
Continue Reading