Data shows Bitcoin price drops days after BTC futures open interest hits $1B

There was a time when BitMEX derivatives exchange reigned sovereign over other exchanges, and the company effectively held a 50% market share until July 2019. For this reason, traders kept a close eye on every indicator connected to BitMEX, including its funding rate, open interest, and basis. Open interest measures the total number of contracts held by market participants. As the figure rises higher, so does the potential size of liquidations. On Aug. 2, a $1,400 crash happened as $1 billion in futures contracts were forcefully closed due to insufficient…

Tether’s market cap is growing at a near-record pace

The market cap of Tether (USDT), a U.S. dollar-pegged stablecoin, has surged in recent weeks, potentially helping to fuel the recent Bitcoin (BTC) rally that drove prices to near all-time highs.  Paolo Ardoino, who serves as dual CTO to Bitfinex and Tether, tweeted Thursday that the supply of USDT increased by 1 billion over nine days, marking the second-fastest expansion in its history. The record was set on Sept. 4, 2020 when, over eight days, USDT’s circulating supply increased by 1 billion. At press time, Tether had a market cap…

Hodl or spend? Retailers offer Black Friday deals for those paying with cryptocurrency

Cryptocurrency adoption is slowly but surely making its way to the mainstream — a notion that has become more apparent as major retailers like PayPal announce support for digital currencies. As such, it shouldn’t come as a surprise that crypto holders may be keen to spend some of their digital currency this holiday season.  According to a new report from Forrester and blockchain payments service provider BitPay, cryptocurrency adopters tend to spend more than other consumers. Based on interviews with BitPay merchants, the report noted that cryptocurrency users have an…

Negative Bitcoin headlines affect speculators, not HODLers says Morgan Creek CEO

The motivation and time horizon for entering Bitcoin (BTC) will ultimately dictate whether investors succeed in this new asset class, according to crypto pioneer Mark Yusko. On Friday, the CEO of Morgan Creek Capital Management commented on the recent wave of negative headlines concerning Bitcoin. In a series of tweets, Yusko said financial institutions are justifiably concerned about Bitcoin’s disruptive impact and will use whatever means they have to slow its adoption. The normal response to Bitcoin’s threat is to “erect barriers to adoption and innovation,” Yusko said, adding: “When…

Institutional money may propel Bitcoin to $250K in one year’s time, says macro investor

Bitcoin may hit $150,000 by November 2021 according to Raoul Pal, founder and CEO at Global Macro Investor and Real Vision — And that would be the most conservative scenario. Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the Bitcoin market. That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors. According to Pal, most of Bitcoin’s additional supply is currently…

Bitcoin whale clusters show these are the strong support levels

Since topping out at $19,484, Bitcoin price has struggled to reclaim the $17,000–$18,000 level. As the price continues to decline, traders are targeting key underlying support levels to determine where traders will buy if Bitcoin (BTC) price continues to fall. The immediate support levels based on whale clusters are $16,694, $16,411 and $16,064. Below the $16,000 support, $15,355, $14,914 and $13,740 could serve as macro support areas. Whale clusters form when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where whales last bought,…

Ukrainian government sponsors educational web show about cryptocurrencies

The Ukrainian Ministry of Digital Transformation released a web series to educate citizens about cryptocurrencies, blockchain and Bitcoin (BTC). The show premiered on Wednesday and was developed in collaboration with Binance, Hacken and Crystal Blockchain as part of the Ukrainian government’s “Diia.Digital Education” program. The show consists of eight episodes of six to 12 minutes each that explain the basic concepts of cryptocurrency and blockchain. The show is hosted by Andriy Onistrat, an entrepreneur and former banker, who interviews guests working in the blockchain industry. The first episode, available on…

CME overtakes OKEx as largest Bitcoin futures market

CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows.  In a Friday tweet, Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion. “Institutional investors are here,” Arcane said. CME’s Bitcoin futures market has more than doubled over the past month, with more traders…

Decred co-founder explains rationale behind Bitcoin bull and bear cycles

Since its launch approximately 12 years ago, Bitcoin (BTC) has seen a number of bull and bear cycles, each greater than the last. What drives these cycles, however? Decred co-founder Jake Yocom-Piatt claims that the answer lies within the human brain.  “Bitcoin’s bull and bear cycles are functions of generic human psychology, attention spans, and its deterministic and diminishing issuance,” Yocom-Piatt told Cointelegraph. Over the years, various parties have argued different cases for Bitcoin’s cycles, including PlanB’s stock-to-flow model, which projects future Bitcoin prices based on its programmed halving events…