Bitcoin (BTC) bears have been in control since Nov. 11, subduing BTC price below $17,000 on every 12-hour candle. On Nov. 28, a drop to $16,000 shattered bulls' hope that the 7% gains between Nov. 21 and Nov. 24 were enough to mark a cycle low at $15,500. The most likely culprit was an unexpected transfer of 127,000 BTC from a Binance cold wallet on Nov. 28. The huge Bitcoin transaction immediately triggered fear, uncertainty and doubt, but the Binance CEO, Changpeng Zhao, subsequently announced it was part of an auditing process. Regulatory pressure has also been limiting BTC’s upside …

The Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures have been trading below Bitcoin’s spot price on regular exchanges since Nov. 9, a situation that is technically referred to as backwardation. While it does point to a bearish market structure, there are multiple factors that can cause momentary distortions. Typically, these CME fixed-month contracts trade at a slight premium, indicating that sellers are requesting more money to withhold settlement for longer. As a result, futures should trade at a 0.5% to 2% premium in healthy markets, a situation known as contango. However, a prominent futures contract seller will cause a momentary …

Bitcoin (BTC) saw flash volatility into the Oct. 12 Wall Street open as United States economic data began to move markets. Analyst: PPI volatility a taste of things to come Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping abruptly below $19,000 as Producer Price Index numbers came in above expectations. A hint that inflation is not abating as quickly as the Federal Reserve might expect, PPI’s release an hour before the open saw local lows of $18,967. The losses disappeared as quickly as they came, however, and at the time of writing, Bitcoin had already recovered above $19,000. …

Digital asset manager Grayscale has filed its opening brief against the U.S. Securities Exchange Commission (SEC) to challenge its decision denying Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. The world’s largest digital asset management firm filed its opening legal brief on Oct. 11 in the U.S. Court of Appeals in the District of Columbia Circuit, in which it claimed the SEC’s knockback to be “arbitrary, capricious and discriminatory.” Grayscale argued that the SEC treats spot Bitcoin Exchange-Traded Products (ETPs) with “special harshness” and is doing so “in excess of its statutory authority.” Attorneys …

Bitcoin (BTC) stayed rangebound at the Oct. 6 Wall Street open with traders already planning for a “violent” breakout. Bitcoin whale activity highlights the importance of $19,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it moved up and down by only a matter of a few hundred dollars on the day. $20,000 formed a focus for the pair, which meandered in step with consolidating U.S. equities and dollar strength. With no spot catalyst in sight on short timeframes, on-chain analytics resource Whalemap turned to largescale buy and sell points to sketch out likely support and resistance. To …

A sequence of macro warnings coming out of the Goldman Sachs camp puts Bitcoin (BTC) at a risk of crashing to $12,000. Bitcoin in "bottom phase?" A team of Goldman Sachs economists led by Jan Hatzius raised their prediction for the speed of Federal Reserve benchmark rate hikes. They noted that the U.S. central bank would increase rates by 0.75% in September and 0.5% in November, up from their previous forecast of 0.5% and 0.25%, respectively. Fed's rate-hike path has played a key role in determining Bitcoin's price trends in 2022. The period of higher lending rates — from near …

Derivatives marketplace Chicago Mercantile Exchange Group has launched trading for Bitcoin euro and Ether euro futures contracts. In a Monday announcement, CME Group said that it launched contracts for euro-denominated Bitcoin (BTC) and Ether (ETH) futures sized at 5 BTC and 50 ETH per contract. Both contracts will be listed on CME, cash-settled, and based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, respectively. "Our new Bitcoin Euro and Ether Euro futures will provide institutional clients, both within and outside the U.S., with more precise and regulated tools to trade and hedge exposure to the …

Bitcoin (BTC) futures are starting to see record discounts as sentiment among derivatives traders worsens. In its latest dedicated report issued Aug. 23, analysis firm Arcane Research painted a worrying picture of morale among BTC futures participants. Futures basis revisits June lows After an initial shock during June’s BTC price drop, which has since held as a macro bottom, Bitcoin derivatives have not been the same. After an initial bounce, metrics are trending downwards, and this month are challenging records. Futures basis — the difference between futures contract prices and the Bitcoin spot price — is already back at lows …

On Friday, August 19, the total crypto market capitalization dropped by 9.1%, but more importantly, the all-important $1 trillion psychological support was tapped. The market's latest venture below this just three weeks ago, meaning investors were pretty confident that the $780 billion total market-cap low on June 18 was a mere distant memory. Regulatory uncertainty increased on Aug. 17 after the United States House Committee on Energy and Commerce announced that they were "deeply concerned" that proof-of-work mining could increase demand for fossil fuels. As a result, U.S. lawmakers requested the crypto mining companies to provide information on energy consumption …

Institutional investors loaded up on a record $51.4 million worth of investment products offering exposure to shorting the price of Bitcoin (BTC) last week. According to data from the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, there was $64 million worth of inflows for digital asset products between June 27 and July 1, with short BTC funds representing 80% of that figure. United States-based investors accounted for the lion’s share of inflows at $46.2 million, with short-BTC investment products in solid demand after ProShares launched the first-ever U.S.-based short Bitcoin exchange-traded fund (ETF) on June 22. The …

Bitcoin's (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls' current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional traders are still extremely skeptical. It’s important to remember that the S&P 500 index dropped 11% in June, and even multi-billion dollar companies like Netflix, PayPal and Caesars Entertainment have corrected with 71%, 61% and 57% losses, respectively. The U.S. Federal Open Market Committee raised its benchmark interest rate by 75 basis points on June 15, and Federal …

Bitcoin (BTC) lost the $28,000 support on June 12 following worsening macroeconomic conditions. The United States Treasury 2-year note yield closed on June 10 at 3.10%, its highest level since December 2007. This shows that traders are demanding higher rates to hold their debt instruments and expect inflation to remain a persistent challenge. Louis S. Barnes, a senior loan officer at Cherry Creek, stated that as the United States reported its highest inflation in 40 years, the mortgage-backed securities (MBS) markets had zero buyers. Barnes added: "Stocks are down 2% today [June 10], but would be down a hell of …