The shallow pullback in Bitcoin (BTC) following the news of the CFTC’s regulatory crackdown on BitMEX and the late announcement that U.S. President Donald Trump tested positive for coronavirus shows that the underlying sentiment is still bullish. Generally, most damage during such periods of negative news flow is caused by the squaring up of leveraged positions. Data shows that Bitcoin futures volume and open interest has been dropping since hitting the peak in early September. This means that there were fewer long positions that had to be squared up in a hurry and it also may explain why a sharper …

According to data from CryptoQuant, the total amount of Bitcoin (BTC) held in exchange reserves dropped from 2.8 million BTC in October 2019 to 2.4 million. Analysts believe that this steady decline in reserves means retail traders and whales may be accumulating Bitcoin as they expect prices to rise in the future. Even though Bitcoin is still far below its lifetime highs, if it manages to close Q3 2020 above $10,590, that would be the second-best close in any quarter. Data from Skew shows this would only be behind the Q4 2017 closing price at $13,660. All of this suggests …

Bitcoin (BTC) soared above $10,000 on July 27 and has sustained above this level since then. Data shows that this streak of 63 consecutive days of closes above the $10,000 level is a new record. This also shows that the level has now become a strong support after previously acting as a stiff resistance. Bulls have consistently purchased dips to and below $10K and this psychologically important level may now act as a floor for launching the next leg of the uptrend. Daily cryptocurrency market performance. Source: Coin360 At the moment it seems that the monetary and fiscal stimulus measures …

According to a study by researchers at the Cambridge Centre for Alternative Finance, the number of people who own Bitcoin (BTC) and other digital assets has surged from about 35 million in 2018 to over 100 million. This is a positive sign because the growth continued even when the crypto markets were not in a secular bull trend. The allure of digital currencies is likely to increase further if the U.S. Securities and Exchange Commission approves a Bitcoin ETF, but only Commissioner Hester Peirce is supportive of such a move. Peirce recently said that the SEC was closely watching recent …

The potential Bitcoin Cash fork in November is looking increasingly likely, with 63% of the last 1,000 BCH blocks being mined using the community’s breakaway Bitcoin Cash Node (BCHN) implementation. BCHN appears to be ahead on multiple fronts. According to data published by Coin Dance, in total, roughly 82% of the hashrate on the Bitcoin Cash network are currently signaling support for BCHN, following recent support from the BTC.com and Antpool mining pools. And more than 700 of the Bitcoin Cash network’s 1,262 nodes support BCHN. That compares to just 516 running Bitcoin ABC — the historically dominant implementation of …

Tim Draper, the prominent venture capitalist and tech billionaire who purchased nearly 30,000 Bitcoins (BTC) that were seized from the Silk Road, has revealed his digital currency holdings span at least half a dozen different crypto assets. Speaking at a recent investment conference, Draper revealed that his holdings include Bitcoin Cash (BCH), Ripple (XRP), Tezos (XTZ), and Aragon (ANT), adding: “I’m a believer. I think it’s happening – [adoption] it’s coming. It’s so important for the world, and I want the world to know it, and I want other people in the world to get on board.” Draper’s comments come …

According to survey data from crypto asset insurance firm, Evertas, institutional investors believe that clearer regulations and better infrastructure in terms of trading, reporting, and custodial services will increase their participation in the crypto market. About a quarter of the respondents expect that pension funds, sovereign wealth funds, insurance companies, and family offices will also become more involved with digital assets. The survey also found that 32% of the participants expect hedge funds to substantially increase their crypto holdings in the future. The approval of the world’s first crypto asset exchange-traded fund on the Bermuda stock exchange is a positive …

Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg. In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could have been involved in facilitating the movement of over $2 trillion over a two-decade period. These suspicious transactions have been flagged as possible money laundering or criminal activity by the banks internal …

The U.S. Federal Reserve recently hinted that it could keep interest rates near zero at least through 2023. The Bank of England went a step ahead and said that it could explore options for cutting rates below zero in order to support an economy battered by the coronavirus lockdowns and the upcoming Brexit. In other news, Kraken exchange has become the first digital asset company to receive a charter to operate as a bank in the U.S. This is a huge change from the days when traditional banks refused to support crypto businesses. Daily cryptocurrency market performance. Source: Coin360 MicroStrategy’s …

An anonymous benefactor manipulated social media to get on the news in the Californian city of Bakersfield to encourage the adoption of Bitcoin Cash. According to a Sept. 17 blog post from the Bitcoin Man of Bakersfield’ (BMB) — a self-described “anonymous growth hacker and media manipulator” — he selectively placed 100 Bitcoin Cash (BCH) QR code stickers worth $1,100 total around the streets of the city this week. “Giving away crypto does help people, but the real motivation is to spread awareness in a way that’s fun and interesting,” he told Cointelegraph. To encourage people to continue the treasure …

This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard. Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at much higher levels according to Datavetaren, a pseudonymous software engineer. CNBC Mad Money host Jim Cramer also suggested that he might place 1% of his portfolio into Bitcoin as he considers gold ‘dangerous’. During …

Most retail traders find it difficult to go against the herd and buy when the market is down. They generally wait for the price to recover and for improvements in sentiment before jumping in. By doing this, retail traders typically miss the larger part of relief rallies and pocket a smaller profit. On the other hand, professional investors capitalize on sharp corrective moves by purchasing if they believe that the fundamental long-term trajectory remains intact. Daily cryptocurrency market performance. Source: Coin360 New research by OKEx Insights and Catallact indicates that retail traders were “shaken out” by Bitcoin’s (BTC) crash in …