When is grayscale 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
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Cryptocurrency assets like Coinbase Global (NASDAQ:COIN) and cryptocurrencies Dogecoin (CRYPTO:DOGE), Ethereum (CRYPTO:ETH), and Bitcoin (CRYPTO:BTC) were down between 3% and 5% this morning but have since recovered more than half of the losses.
Sharp moves in the cryptocurrency space are nothing new; however, the past week has seen a wide divergence between the prices and other risk assets like the technology-laden Invesco QQQ Trust (NASDAQ:QQQ).
As global stock markets plunged on Monday, the prices of all cryptocurrency-related assets dropped. Yet, as markets recovered on Tuesday, the prices of cryptocurrencies remain under pressure. The trend of underperformance has been in place since mid-May.
There is no indication the selling will end anytime soon. Trading volume in Bitcoin at the largest exchanges fell 40% in June. That said, volume can't be the main factor. Although institutional products related to Bitcoin have seen outflows over nine of the past 10 weeks, the reverse has been true of Ethereum. And its price is also off more than 50%.
Perhaps the best explanation is China's continued crackdown on cryptocurrency miners. The country is preparing to launch its own digital currency. In late June, it ordered a stop to operations in some provinces that were responsible for at least half of all Bitcoin mining power on earth.
Adding salt in the wound, U.S. Federal Reserve Chairman Jerome Powell recently said creating a digital dollar is a high priority. The glass-half-full view is that governments are validating the concept and usefulness of cryptocurrency. For now, the half-empty perspective is dominating.
Earlier today, the Securities and Exchange Commission revealed it had shut down an alleged cryptocurrency-based Ponzi scheme run by an 86-year-old woman and her 54-year-old son. News like that certainly won't help to change the negative sentiment.
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21 July, 2021 - 07:00am
Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average.
The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.
If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.
The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $30,500, followed by $30,000.
Major Resistance Levels – $31,200, $31,500 and $32,000.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
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21 July, 2021 - 07:00am
The price of bitcoin dropped below $30,000 late Monday night for the first time since Jun. 22, dragging other digital coins lower with it.
Bitcoin is trading in the $29,000 range, about 3% lower on the day, according to Coin Metrics. Ether is down 1.25% and XRP fell 4%. Even with the plunge bitcoin is up 2.3% for the year, according to CoinDesk data. Ether and XRP are both up about 140% for the year.
The plunge came amid news that the New Jersey Attorney General issued a Cease and Desist Order against the New Jersey-based crypto services firm BlockFi, ordering it to stop offering interest-bearing accounts, according to Forbes and later confirmed on Twitter by the company CEO.
It also came after a big sell-off in global stock markets Monday, when the Dow Jones Industrial Average had its worst day since last October, though the markets reclaimed much of their losses Tuesday.
"There's been a broad sell-off in global markets, risk assets are down across the board," Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.
There are "concerns of the quality and strength of economic recovery" and "broader risk assets turned weaker including high yields," Huang said. "Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further."
At one point early Tuesday, about $89 billion was wiped off the entire cryptocurrency market in a 24-hour period. Since bitcoin's all-time high of nearly $65,000 in mid-April, its price has plunged over 50%.
A renewed crackdown in China on cryptocurrency trading and mining has weighed on the bitcoin price.
Major regions responsible for bitcoin mining in China have forced operations to shut down. Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins.
China's central bank has also spoken to finance and fintech companies reminding them not to offer crytpo-related services to customers.
China banned local cryptocurrency exchanges in 2017 forcing them to move offshore. That did not stop Chinese traders buying and selling digital coins. But the tough actions this year from Chinese regulators has looked to further tighten restrictions on trading and mining.
"All signals are red as BTC (bitcoin) continues to be weighed down by China's ultimate crypto ban and worsening macro economic conditions from a surge in covid variants," said Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital.
Regulators around the world are also looking more closely at the crypto space.
Binance, the world's largest cryptocurrency exchange, last month was barred by U.K. authorities from carrying out any regulated activities in the country. Regulators in Japan, Canada and Thailand have also issued warnings about Binance.
"In general we're seeing more regulatory focus on crypto and bitcoin," said Vijay Ayyar, head of business development at cryptocurrency exchange Luno.
Bitcoin's fall below $30,000 could be important, according to Ayyar, who said the sell-off could go lower to test the $22,000 to $24,000 level.
From then on, bitcoin could trade in a range.
"I would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns," Ayyar said.
Kinetic Capital's Chu also sees potential selling ahead.
"Q1's crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels," Chu said.
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21 July, 2021 - 05:04am
"Bitcoin is still just chopping around," one analyst said.
The biggest cryptocurrency by market value was changing hands near $31,300 at press time, a 5% gain on the day, according to CoinDesk 20 data. The bounce comes a day after the cryptocurrency printed its first UTC close below $30,000 since New Year’s day and may have caught out some traders.
There was concern in the market that put-option sellers might take short positions in the spot/futures market on a break below $30,000, amplifying the price drop. Further, fund holdings dropped in the lead up to bitcoin‘s break below $30,000, signaling the absence of dip demand from large investors and higher odds of a continued sell-off.
Still, the dip below $30,000 was shallow and short-lived, possibly due to the risk reset in traditional markets. The U.S. equity market jumped over 1% on Tuesday as the focus shifted from concern about the delta coronavirus variant to growth, lifting banks and industrial stocks, according to the Financial Times. Futures tied to the S&P 500 are pointing to a positive open on Wednesday, with a 0.65% gain, according to Investing.com.
Bitcoin crossed above $30,000 early today. Buying pressure strengthened, pushing the cryptocurrency above $31,000, after Financial Times reported that Bank of New York Mellon had joined State Street and four other banks in backing the planned cryptocurrency trading platform Pure Digital.
Earlier this month, BNY Mellon, the largest custodian bank, entered into an agreement with Grayscale Investments to handle accounting and administration services for the digital asset manager. Grayscale is a unit of Digital Currency Group, which also owns CoinDesk. Many investment banks have announced plans to launch crypto services this year, citing a surge in interest from its clients.
Crypto market sentiment may have also received a boost from the crypto derivatives exchange FTX’s record $900 million fundraise at an $18 billion valuation. The big number highlights long-term conviction in the crypto industry despite bitcoin, the industry leader, losing more than half of its value since mid-April.
Some in the crypto community are associating the price recovery with the impending bitcoin-centered conference “The ₿ Word” scheduled for Wednesday. According to reports, Tesla’s CEO Elon Musk, one of the most famous crypto proponents, will participate in a live discussion with Square’s CEO Jack Dorsey and ARK Investment Founder Cathie Wood.
“Bitcoin bottoming just below Elon Musk’s entry price the day before he hosts a big conference to talk about Bitcoin sounds like something that would feel very obvious in retrospect,” one popular trader tweeted.
Nevertheless, some analysts remain cautious. “Bitcoin is still just chopping around,” Joel Kruger, a currency strategist at LMAX Digital, said. “I still think there is a risk for one more decent decline, but we’d need to see a break below the June low of $28,800 to trigger such a move.”
Bitcoin still remains well below the crucial 50-day moving average (MA) resistance. “Bitcoin has been grinding lower below its down trending 50-day MA, which can be considered initial resistance near $35,000, a breakout above which would target the 200-day MA near $44,000,” Katie Stockton, founder, and managing partner of Fairlead Strategies said in the weekly research note published Monday.
On the downside, the June low of $28,800 is a key support. “Everyone is talking about $30,000 like it’s a big deal, but in reality, it’s the June low at $28,800 which is the key level to watch,” Kruger said.
A breakdown may bring a quick sell-off to the former hurdle-turned-support at $20,000. “The area between $20,000 and $30,000 is lightly traded, there is fresh air between these levels,” ByteTree Asset Management’s CIO Charlie Morris noted in a blog post published Tuesday. “Price is supposed to move slowly through the heavy areas, and quickly through the light ones.”