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Viral Video Capturing Power of WallStreetBets and Rise of Bitcoin Shoots Through Cryptoverse

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An epic video depicting WallStreetBets and Bitcoin’s shakeup of the financial system has shot to the front page of the Bitcoin subreddit.

The Oscar-worthy clip inserts key players of the GameStop short-squeeze saga into a League Of Legends battle scene and includes WallStreetBets, Reddit, Janet Yellen, Chamath Palihapitiya, Michael Saylor and Robinhood.

As it turns out, Bitcoin’s conquest may have some basis in reality. According to new data from The Block, Bitcoin traders may be preparing for a GameStop style short-squeeze on BTC as hedge funds stack short positions on the world’s top crypto.

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The data shows that since October, hedge funds have accumulated at least $1 billion in short positions on BTC, climbing almost every day, even as Bitcoin continues to gain recognition from institutions, celebrities, and retail traders.

Should the hedge funds get short-squeezed on Bitcoin, it would echo what Morgan Creek Digital founder Anthony Pompliano said last week on CNBC about the retail trader rebellion inevitably moving into the crypto markets as more and more traders become frustrated with the rampant manipulation of traditional markets.

“We’re just watching the acceleration, where these people are going to pick up their ball and they’re going to go play elsewhere. And they’re going to move to the digital decentralized financial system that is a free market that operates as a meritocracy, where the best idea wins. If you’re right, you profit. If you’re wrong, you lose.

There’s no bailouts, there’s no circuit breakers, there’s no hours of operations, there’s no one to call to halt the trading of a stock. If you’re right, you profit, and if you’re wrong you lose. But that’s no longer happening in American financial markets. We now have manipulated markets where the free market does not reign, and therefore we’re going to accelerate the digital decentralized financial system that’s being built now.”

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Ripple

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto bulls unfazed by flash crash

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  • Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure.
  • Ethereum price action mixed post-all-time high rejection.
  • XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

Bitcoin price closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. Ethereum price action shows that the recent rejection has caused some indecision. XRP price does not have far to move to initiate a massive bullish breakout.

Bitcoin price continues to find buyers at the Tenkan-Sen

Bitcoin price has shown resilience and conviction since creating new all-time highs. There were broad concerns that due to Ethereum’s rejection of new all-time highs, Bitcoin might suffer a robust corrective move below the $60,000 value area. Although the Binance.US exchange did have an anomalous wick that saw Bitcoin return to the $8,000 level –that was the exception. If buyers can maintain the Tenkan-Sen as a primary support zone, then a move to test $70,000 is next.

BTC/USD Daily Ichimoku Chart

Market participants should be wary of the weekend. Weekends are notorious for whipsaws in price action and major sell-offs, especially on Sunday. Watch for sustained breaks below the Tenkaan-Sen to test the Kijun-Sen near the $55,000 value area.

Ethereum price may trap short-sellers if bulls push higher

Ethereum price action was almost comical during the Thursday trade session, with sellers preventing Ethereum from making new all-time highs by just $2.70 (depending on the exchange data). Even though Ethereum closed 7% below the Thursday high and 2.5% below the open, buyers at first appeared undeterred. Some weakness and selling pressure have been observed during the New York lunch hour. Like Bitcoin, Ethereum has found buyers near the Tenkan-Sen. If bulls can hold the daily close above the Tenkan-Sen, another test of new all-time highs appears inevitable.

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ETH/USD Daily Ichimoku Chart

However, watch for signs of selling pressure as the weekend approaches. The black vertical line represents where the nearest Kumo Twist (when Senkou Span A crosses above or below Senkou Span B) is located. Kumo Twists often mark turning points for markets that have been trending strongly at the time of the Twist. Thus, the upcoming weekend would be a perfect opportunity for short-sellers to push Ethereum price lower to test Kijun-Sen at $3,575 or Senkou Span B  at $3,350.

XRP price action frustrates bulls and bears

XRP price has spent the past two weeks trading in a very constricted trading range. The bodies of the daily candlesticks have been limited to $1.08 on the low side and $1.16 on the high side. From an Ichimoku perspective, XRP has fulfilled all conditions to confirm an Ideal Bullish Ichimoku Breakout – buy buyers need to step in and push Ripple higher. A close at or above $1.17 would likely be sufficient for XRP to begin a 50% upswing towards the $1.60 – $1.70 value area.

XRP/USD Daily Ichimoku Chart

As the weekend approaches, bulls will want to be cognizant of any strong push south which could cause a daily close below the Cloud. A close at or below $1.03 could be an early warning sign of some imminent selling pressure. If sellers were to push XRP price low enough to cause the Chikou Span to close below the candlesticks ($0.88), then a brand new bear market would likely begin for XRP.

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Valkyrie Bitcoin futures-linked ETF launches on Nasdaq, with share prices dropping 3% in first hour

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The second Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the Nasdaq, opening at a price of $25.52 per share.

According to the Nasdaq, digital asset manager Valkyrie’s Bitcoin Strategy ETF, the second exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $25.52 per share of BTF before dropping 3.3% to reach $24.66 at the time of publication. The exchange-traded fund is aimed at tracking the value of BTC futures listed on the Chicago Mercantile Exchange, or CME.

“This Bitcoin Strategy ETF is a major leap forward for this asset class,” said Valkyrie CEO Leah Wald. “It enables investors to participate in the digital asset markets through a regulated, transparent product that trades on a trusted, reliable exchange and can be bought and sold as easily as any other investment currently available.”

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The crypto fund on a major stock exchange is the second to launch this week following ProShares’ Bitcoin Strategy ETF opening for trading on the New York Stock Exchange on Oct. 19. In less than a week, the fund has reached more than $1 billion in assets under management in addition to approaching the limit on the number of futures contracts allowed under the CME.

The Securities and Exchange Commission first accepted the registration request for Valkyrie’s ETF on Oct. 15 shortly after doing the same for shares of ProShares’. The regulatory body still has several crypto ETF applications under consideration, and has only approved ones with exposure linked to BTC futures.

According to data from Cointelegraph Markets Pro, the price of Bitcoin rose above $63,000 for the first time in months following shares of ProShares’ ETF opening for trading on Oct. 19, later reaching an all-time high price approaching $67,000. Today, the price dipped more than 3% following markets opening, dropping from $63,449 to as low as $61,437.

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Altcoins breakout even as Bitcoin price falls to $60,000

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This week we saw bitcoin’s price reaching a new all-time high around $67K. This came on the back of the first-ever futures BTC ETF approval.

To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in.

Starting with Bitcoin. The price was trading around $62K last this time last week and even dipped below $60K briefly on Monday. However, the market was propelled higher from then, and this culminated in a new all-time high around $67K on Wednesday. It was a major event for the community – it took BTC exactly 6 months and 6 days to paint a fresh peak.

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This came on the wings of some tremendous news. The SEC approved the first-ever futures-backed Bitcoin ETF ticked BITO. On its opening day on Tuesday, the product did over $1 billion in trading volume, making it one of the most successful ETF launches in history. Meanwhile, we also saw a flash-crash on BinanceUS, which took the price for BTC down to around $8.2K in a second before recovering. It also happened on other exchanges but not with such gravity.

Since peaking, though, Bitcoin’s price has been wobbly and, perhaps somewhat expectedly, tumbled towards $60K once again. This might be considered a healthy correction, given that there were no real shakeouts in the past few weeks.

Altcoins also followed suit to a certain extent. Solana and Ethereum literally came a couple of dollars away from marking new all-time highs but failed to do so.

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It’s very exciting to see how the market will follow through. As we recently reported, the overall trend remains bullish, but it’s also critical to be very cautious in the short term, as corrections of this kind tend to take place and shake out weak hands.

Market Data

Market Capitalization: $2.644T | 24Volume: $156B | BTC Dominance: 43.7%

BTC: $61,272 (+6.7%) | ETH: $3,987 (+5%) | ADA: $2.15 (-0.9%)

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Bitcoin Price Breaks All-Time High Surpassing April’s $64.8K Peak. It took Bitcoin’s price exactly six months and six days to break its former all-time high set on April 14th, 2021. The price reached around $67K this week, setting a new peak and further validating the continuation of the current bull run.

First Bitcoin Futures ETF Generates $1 Billion in Trade Volume on First Day. The ProShares Bitcoin Strategy ETF, ticked BITO, became one of the most successful ETF products launched on the traditional market ever. This happened as it saw over $1 billion in traded volume on its first day.

I Feel Underinvested in Bitcoin: PayPal Co-Founder Peter Thiel Says. The CoFounder of PayPal and Palantir Technologies, Peter Thiel, said that he feels underinvested in Bitcoin. He also said that BTC’s recent all-time high spells bad news for central banks.

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FTX Closes $420 Million in Series B-1 Funding: Company Now Valued At $25 Billion. One of the leading cryptocurrency exchanges – FTX – successfully closed a Series B-1 investment round worth $420.69 million. The entire thing was based on pop culture number memes and included exactly 69 investors, including BlackRock.

JPMorgan: Inflation Hedge Narrative Propelled Bitcoin’s Price to ATH. According to analysts from the multinational banking giant JP Morgan, BTC reached a new all-time high because people started investing in it as a hedge against inflation.

$2.2T Asset Manager Pimco Is Starting to Trade in Cryptocurrencies, Said CIO. The Chief Investment Officer of the $2.2 trillion asset manager Pimco, Daniel Ivascyn, said that some of the company’s hedge funds are already trading securities associated with cryptocurrencies. This comes as a sign that Bitcoin and the industry, in general, are becoming more legitimate in the eyes of institutions.

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Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Solana – click here for the full price analysis and overview.

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