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The trading volume of Bitcoin (BTC) futures on the Intercontinental Exchange’s (ICE) Bakkt platform reportedly soared to 224 contracts on Oct. 9 — 796% higher than the previous day. According to the tracking data compiled by Twitter account Bakkt Volume Bot (@BakktBot) — which is not affiliated with Bakkt but rather with Dutch journalist and cryptocurrency author Gert-Jan Lasterie — the 224 contracts represent an apparent all-time-high for the platform.
Bitcoin stormed past the $8,000 support and fell all the way down to $7,850 on Sunday, October 6. The most popular cryptocurrency lost 3.6 percent on the day and ended the week 2.4 percent lower compared to the previous seven-day period.
After closing below $8k for the first time since June this year, the BTC/USD pair started trading on Monday, October 7 with a huge green candle. It gained 4.5 percent and moved up to $8,200, but not before hitting the $7,760 mark – right at our projected bottom of the downward correction.
BTC dominance is considered the total market share of the overall cryptocurrency market cap that Bitcoin accounts for within the crypto-sphere. BTC dominance at its height this year, approximately 3 months ago, was about 66%. BTC dominance has been estimated by some to reach nearly 90% by the year 2030. While this percentage may seem extreme, the “dot com” era can serve as a guide to why such a number holds validity. Current market cap dominance as of the time of writing this piece is about 66%. Some believe that altcoin season is near, and that BTC dominance will actually drop.
A huge role in the trading of Bitcoin futures is played by Asian and European traders, which account for half of the market. Therefore, CME Group expects that the launch of the BTC options will attract a lot of attention precisely from the side of traders and miners in Asia. If everything goes well, options will be launched in the first quarter of 2020.
The SEC issued an order disapproving another high-profile bitcoin ETF on Wednesday. NYSE Arca Inc. originally filed a proposed rule change to list and trade shares of the Bitwise Bitcoin ETF Trust with the agency on Jan. 28. In its order, the SEC wrote:
THE COMMISSION EMPHASIZES THAT ITS DISAPPROVAL DOES NOT REST ON AN EVALUATION OF WHETHER BITCOIN, OR BLOCKCHAIN TECHNOLOGY MORE GENERALLY, HAS UTILITY OR VALUE AS AN INNOVATION OR AN INVESTMENT.
However, a more regular price structure becomes visible once we look at longer-term time-frames. When looking at price movement over a span of one or more years, we can see that the price often follows clear and defined trading structures. Cryptocurrency commentator and investor @davthewave pointed out that despite all of the recent volatility in the short-term, we can be sure that Bitcoin is trading inside a longer-term descending channel.
This is for good reason. An analyst, whose analysis can be seen below, recently noted that at $8,600 exists a confluence of key technical trendlines that are preventing Bitcoin from heading higher. These include the 21-day exponential moving average, a level used to differentiate short-term trends; the 200-day exponential and simple moving averages, believed to be many to be indicative if an asset is in a long-term bull or bear trend; and the yearly VWAP. With Bitcoin starting to look bullish, you may be wondering — what is behind the recent move higher?
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Technical analysis of the BTC/USD
- A massive attack may kill the BTC
- Bitwise is counting on a positive decision of the SEC on the Bitcoin ETF
- Bitcoin’s short-term bullish view remains intact.
- Daily chart indicators are biased bullish, while the 4-hour chart is reporting a bullish reversal pattern. So BTC could rise to $9,000 in the days ahead.
- The bullish case would weaken if prices drop below key support at $8,110.
Disrupt is the “what is hot in Silicon Valley” conference. It was meant to be the biggest, best ever but to me it seemed pretty quiet for the exhibition of the beating heart of the new economy. Of the companies showing, nothing was especially awesome. There was little-to-no crypto in evidence; certainly it was not there as the next big thing. There was pretty much zero crypto buzz happening and there seemed to be more sighing than grinning when it came up in conversation.
The Bank of England’s Financial Policy Committee (FPC) published the new regulations on Wednesday which should apply not just to Libra but any other entity that may be thinking of launching a financial system in the UK.
In Libra’s case, the committee thinks that it “has the potential to become a systemically important payment system” and for this reason, it needs to adopt the new terms of engagement well before its launch.
The latest to fall victim to such a scam were the users of CoinGate, a cryptocurrency payment gateway. The clone website has an uncanny resemblance to the real one, with the number of victims increasing as each day passes by. Unlike how the official CoinGate functions, the clone website comes across as an exchange, even offering a token listing option.
Notably, it’s increasingly easy to fall for this sort of a scam as even the link has a resemblance to the official website, with the only difference being .uk and .com. On one hand, the logos for both the websites are entirely different, and on the other hand, the way the brand name was displayed was in the same manner.
The IRS has finally issued the long-promised follow-up guidelines on the tax treatment of crypto assets. The agency’s new guidance, published Wednesday, includes Revenue Ruling 2019-24 and 43 frequently asked questions (FAQs).
Also read: 10 Tax Tools to Help Crypto Owners