3 Main Reasons Bitcoin’s Price Plummeted 14% in 15 Minutes to $8,600

The price of Bitcoin (BTC) plummeted by 14% from $10,180 to $8,600 on BitMEX within less than 15 minutes. Three major factors that caused the price drop were: long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multiyear resistance at $10,500 and whales dumping. BTC/USDT four-hour chart. Source: TradingView Bitcoin was overdue for a long squeeze Before the price correction occurred, the funding rate for Bitcoin and Ether (ETH) hovered at around 0.16% and 0.19%, respectively. The term funding rate in the Bitcoin futures…

Analyst Who Called Bitcoin’s 2019 Bottom Down to Dollars Thinks This Comes Next

The past few days have seen Bitcoin recover strongly from the weekly lows of $8,600. As of the time of this article’s writing, the flagship cryptocurrency sits at $9,400, just over $200 shy of the weekly high of $9,650. It’s a strong rally that has convinced many traders of the bull case, but one prominent analyst suggests that it is too soon to be bullish. This is especially notable as the analyst that made this assertion has a surprising track record. Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs…

XRP Inflation Rate Five Times Higher Than Bitcoin’s

Data from research firm Messari indicates that Ripple’s circulating supply (XRP) inflation rate is coming up to 20% for the latest financial year. Highest among the large-cap crypto assets, it is five times that of Bitcoin’s (BTC). Inflation vs. price Messari researcher Florent Moulin shared the information on Twitter stating that Bitcoin is up 20% since last year, but in contrast, XRP is down 47% —- alluding to some correlation between their price and circulating supply inflation rates. Moulin also compared how much of the max supply is in circulation,…

The Signal That Preceded Bitcoin’s Drop to $3k in 2018 Is About to Flash Again

Just a week ago, Bitcoin was trading just dollars shy from $10,000. But after rumors (since disproven) spread about Satoshi Nakamoto selling his stash of BTC, the cryptocurrency has collapsed to $8,700. Some have deemed this move a “healthy” retracement, but a key indicator suggests that Bitcoin bulls have further losses ahead of themselves. Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His Bitcoin, China ‘Bans’ Cryptocurrency Mining Bitcoin Is About to Print a Hash Ribbons Crossover Due to the block reward halving that transpired two weeks ago, the revenue that…

Bitcoin’s Path to a Safe Haven

Aren’t we all searching for a safe haven? Whether we mean literal shelter — four walls and a roof over our heads — or something more sophisticated, the craving for a dependable defense against random chaos has always been our instinct. With the COVID-19 pandemic rearranging society at every level, the allure of a safe haven reigns supreme for our battered psyches. In the realm of financial instruments, the search for the safest of safe havens, also known as a store of value, has taken on a new urgency. Is…

Did Satoshi Just Move Craig Wright’s Bitcoins?

On May 20, reports indicated that Satoshi Nakamoto may have reactivated himself in order to move 50 Bitcoins (BTC) first mined back in February 2009. Upon further research, it was discovered that these were not just any Bitcoin. They are Bitcoin that Dr. Craig Wright himself has laid claim to. Transactions in question The transaction in question transferred 50 BTC to two addresses with a 40/10 split (this split is reminiscent of the famous first ever Bitcoin transfer, which sent 10 BTC from Satoshi to computer scientist, Hal Finney). The…

Bitcoin’s Sentiment Score Post-Halving Rises to Highest Since 2017

One week after the Bitcoin rewards halving, investors are speaking more positively about the coin than they have at any point over the last 2.5 years according to crypto data company The TIE. Chief Executive Officer (CEO) Joshua Frank spoke to Cointelegraph on May 18, saying the 30-day average daily sentiment score — the number of positive reviews in relation to the number of negative reviews — of Bitcoin (BTC) is the highest the company has ever recorded.  Bitcoin’s sentiment (30 day average) is the highest that we have recorded…

These 4 Trends Suggest Bitcoin’s Bull Trend Is Exhausted After Rally to $10k

Just two months ago, Bitcoin was trading at $3,700. Amid a liquidation event in traditional finance and growing fears of a recession and a pandemic, global markets were tanking, crypto included. But just eight weeks and a block reward halving later, BTC just recently traded at $10,000 — just over 170% higher than the March capitulation lows. It’s a stunning reversal that has analysts anticipating more upside. But according to a leading trader, there are four clear market trends indicating that for the time being, Bitcoin will see a “dip,”…

Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. BTC’s tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. One investor touting this forecast is the same individual who, in the middle of last year, predicted a retracement to $6,400 when the asset was rallying well above $10,000. The retracement took place…

Once In a Lifetime Money Printing Strengthens Bitcoin’s Bull Case Investor

Since the crypto bubble of 2017 that brought Bitcoin from under $1,000 to $20,000 in a year, analysts have been wondering what will spark the next rally. Many have put their faith in the Bitcoin block reward halving, which came to pass earlier this week, but more and more are becoming convinced that central bank and government liquidity is the “prime catalyst” to start a bull market in both Bitcoin and gold. Fund Manager: “Long Bitcoin and Gold” Due to Money Printing Macro hedge fund manager Dan Tapiero, just a…