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Eurekahedge’s index of crypto hedge funds have clocked 21.15% returns since the start of 2020 and this is the best performance from the firm since the index started in 2013. Even in 2017, which was the blockbuster year for cryptocurrencies, the January returns were a modest 4.85%. If the crypto hedge funds maintain their stellar performance this year, they are likely to attract further investments in this space.
As of now, there is no specific reason for this abnormal price behavior; however, a question mark could be related to Binance unscheduled maintenance, which lasted most of today. The biggest crypto exchange was not functioning for an unknown and unexpected reason.
Despite the above, during today’s flash crash, Binance was fully functioning, and all funds were reported by Binance to be safe.
Another explanation could be the recent Bitcoin’s price volatility. When an asset experiences volatility to one side, it’s reasonable to see volatility to the other side as well.
According to data from Skew.com, a leading cryptocurrency data provider for derivatives, over $120 million worth of BitMEX long positions were liquidated in this massive flash crash lower.
More positions are being liquidated as I write this, with the price of Bitcoin continuing to whipsaw between $9,400 and $9,700, with volatility going through the roof.
Analysts have attributed the rising price to many different factors. BeInCrypto has previously reported on those that believe in Bitcoin’s growing use a safe haven asset, the argument that dominant global fiscal policy alone promotes BTC adoption well enough, and those that reason that pre-halving speculation is the cause of the 2020 pump so far.
As always, it’s almost certainly a myriad of the above factors, along with others, causing the current bullish Bitcoin price action. The question for many is: will it continue?
Indeed, the sell-off caught many traders unawares as the price of BTC shed much of the gains achieved over the last few days with BTC’s price rising out of a prior area of resistance near $9,483 on Feb. 17 to above $10,000 a day later.
So far sellers are intent on keeping prices below hourly resistances near $9,793 and will be a telling sign should prices remain below that level in the coming days, towards the end of the weekly closing session on Feb. 24.
For the uninitiated, Coinbase’s fling with Visa began in April last year when the cryptocurrency exchange joined forces with fintech firm Paysafe to launch the Coinbase Visa debit card. Later in the year, in November, the cryptocurrency card added support for a slew of digital currencies including Ripple (XRP), Stellar (XLM), Basic Attention Token (BAT), REP, and 0 protocol (ZRX).
Crypto traders are tracking a rare Bitcoin (BTC) indicator known as the golden cross. It happens when an asset’s 50-daily moving average rises above its 200-daily moving average.
Analysts use the cross, which occurred on Tuesday, to try and identify future bull markets. The cross is considered an especially strong signal during periods of high trading volume, which BTC is witnessing right now.
In his first public remarks on the case, Judge P. Kevin Castel of the U.S District Court for the Southern District of New York began Wednesday’s hearing with an opening statement that urged both parties to consider the “economic realities” of the $1.7 billion token sale while recognizing that “disclaimers don’t control” how the court views the asset.
XRP has been like a rocket ship ready for a moon mission, with crypto speculators predicting an immense rally against the dollar and Bitcoin.
But either XRP is refueling its jets before more upside or has just taken a detour back into a selloff, as the price of the number three cryptocurrency by market cap just plummed below 27 cents in a matter of minutes.
Billionaire investor Tim Draper has invested a million dollars in Aragon, a blockchain-based startup aiming to facilitate the creation and management of DAOs, and create the first digital jurisdiction. Aragon wants to decentralize power by creating a blockchain-based court system for community members to settle disputes.
Ethereum’s recent price action has been closely tied to that of Bitcoin in the time since it faced a rejection at its recent highs of $290, with its inability to further extend its parabolic uptrend signaling that bulls may not be as strong as they were previously thought to be.
Further adding to this bearishness is the fact that this close correlation to BTC is starting to degrade, with ETH showing signs of weakness as the benchmark cryptocurrency finds strong support within the lower-$10,000 region.
This bearish sign suggests that ETH may see some slightly further losses in the near-term, but its mid-term outlook still remains bright.
Samsung’s new mobile smartphone offering, the Galaxy S20 was recently announced at the company’s Unpacked 2020. The event, which took place in San Francisco, unveiled some of the S20’s features, including its impressive camera technology. In addition to this, the company has also maintained blockchain and crypto support on its Knox platform which it added to last year’s flagship offering.
We connected with the Chintai team, a Cayman-based platform that seeks to enable the leasing of unused utility tokens. If you haven’t heard about utility tokens in a while, you’re not alone. Utility tokens, or tokens that are essentially a promise to access a future product or service, were exceptionally hyped in the 2017 ICO craze, but the ensuing bear markets cooled off the utility market landscape.
After turning into a Bitcoin (BTC)-only exchange, the United Kingdom’s oldest cryptocurrency exchange Coinfloor is now expanding its consumer BTC services.
Focused on Bitcoin, the world’s first ever cryptocurrency, Coinfloor is launching a range of new consumer-oriented investing and trading services in order to make Bitcoin easy for everyone, the firm said in an announcement shared with Cointelegraph on Feb. 19.