Bitcoin Amid $32K as Markets Await GBTC Unlock (Market Watch)


CryptoPotato 18 July, 2021 - 03:11am 17 views

When is GBTC unlock?

On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

Bank of America Launches Bitcoin Futures Trading for Select Group of Clients: Report | The Daily Hodl

The Daily Hodl 17 July, 2021 - 01:45pm

Bank of America is reportedly taking a big first step into the crypto markets.

The second-largest bank in the US has launched Bitcoin (BTC) futures trading for a select group of clients, according to a report from CoinDesk.

Anonymous sources “with knowledge of the matter” say a small number of clients are already up and running, and additional clients are currently going through an onboarding process.

The move would make Bank of America the latest in a string of financial institutions to support the emerging digital asset industry.

In February, BNY Mellon announced it’s working on a platform that will allow clients to transfer, safekeep and issuance digital assets.

In March, Morgan Stanley revealed it’s giving wealthy clients access to BTC.

In April, Goldman Sachs said it plans to offer crypto exposure to clients in its private wealth management group.

In May, crypto custody firm New York Digital Investment Group (NYDIG) and Fidelity National Information Services (FIS) confirmed they are working together to allow hundreds of US banks to support Bitcoin, the top crypto asset.

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Negative Sentiment on Crypto Twitter Peaks Again: History Shows This Could Be Bullish

CryptoPotato 17 July, 2021 - 01:28pm

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Could bitcoin’s price be actually primed for a price uptick despite the highly negative sentiment among the Twitter community?

With bitcoin’s price losing more than $3,000 in days and reaching a multi-week low, the crowd sentiment remains mostly negative, shows recent data. However, similar developments have turned out to be signals for local bottoms in the past, and the question remains if history is to repeat itself.

Bitcoin tried to break above $37,000 at the end of June, but it was quickly rejected and headed south in the following days. Despite the relatively positive start of July when BTC attempted another breakout, the asset has actually lost more than $5,000 of value since June and reached a three-week low earlier today.

Naturally, these adverse developments have affected investors’ general feelings and approach towards the primary cryptocurrency. Data from the analytics resource Santiment shows that the overall Twitter sentiment toward Bitcoin “remains negative,” with most comments predicting more price slumps hidden around the corner.

However, BTC’s price actually tends to perform in the opposite direction of the general sentiment, as the graph above demonstrates. For instance, the crowd was mainly optimistic in early January when BTC had reached a new all-time high, but it quickly retraced. Once the community resumed the negativity again, bitcoin went on an impressive run resulting in tapping $65,000.

As such, Santiment concluded that the current negative state means, “there is a higher degree of a price upswing to catch the crowd off guard.”

While Santiment’s data from above shows the Twitter sentiment, the Fear and Greed index displays a more macro picture. Apart from social media discussions, it calculates various types of data, including volatility, surveys, and volume, to determine whether the general mood is positive or negative in regards to bitcoin.

The metric presents the final results from 0 (extreme fear) to 100 (extreme greed). It actually supports the aforementioned narrative as it shows a state of “extreme fear,” which has dominated the market for a few consecutive weeks. In fact, the index has only gone down lately as it’s now at 15, while last week was at 20.

It’s also quite affected by the most recent price movements, but history shows that BTC has reacted well when the index was so long in a deep state of fear.

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