The futures market provides good insight into the sentiment of larger players. If the futures volume continues to rise in a falling market, this indicates that a decline is likely to extend further. However, if the volume increases with a rise in price, this shows that the market participants are accumulating positions. On Nov. 27, Bitcoin closed in the green and Bitcoin futures on Bakkt hit a new all-time high volume record which was 60% higher than the previous record. This shows that institutional players have increased their activity during the most recent relief rally. This points to possible accumulation …

The theft of 342,000 Ether (ETH) from South Korean cryptocurrency exchange Upbit could have halted the current relief rally taking place in the crypto market. However, Lee Seok-woo, the CEO of Upbit’s operator, Dunamu said that the company will cover for the losses. This erased some of the initial concerns of the market participants and improved sentiment. When sentiment is negative, the markets fall quickly but take a lot longer to rise. This week a bullish bit of news came from Bitcoin ATM firm Bitstop. The company intends to install Bitcoin ATMs at several Simon Malls locations in the United …

The total crypto market capitalization has bounced from the $180 billion mark. We anticipate a strong support in the $168 billion to $183 billion range because the market cap had consolidated in this range in April of this year, before moving higher. So, on the way down, we expect this range to act as a strong support. Although Bitcoin (BTC) has started this leg of the down move, it is interesting to note that it has not given up its crypto market dominance, which remains above 66%. This shows that the altcoins are unlikely to go against Bitcoin’s main trend. …

Fear gripped the markets on the news that Chinese authorities had raided the offices of the leading cryptocurrency exchange Binance. This negated all the positive effects that had accrued following President Xi Jinping’s endorsement of blockchain technology. Though Binance denied reports of any raids, price action within the sector has remained subdued. Daily cryptocurrency market performance. Source: Coin360 Naysayers will use these bearish moments to further spread panic among market participants by issuing outlandish targets on the downside. Peter Schiff believes that Bitcoin could plummet to $1,000 as it has formed a head and shoulders pattern. We, however, could not …

The Federal Reserve Board Chairman Jerome Powell has said that the Fed is not developing a central bank digital currency (CBDC), but it is conducting its own research to evaluate the benefits and limitations of such an initiative. On the other hand, Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, believes that China will launch its digital currency within the next six to twelve months. A CBDC by a large economy will be an interesting development. Daily cryptocurrency market performance. Source: Coin360 The crypto markets have been losing ground in the past few weeks due to the …

At present, the combined capitalization of the 2,022 crypto assets with a known market cap was roughly $222 billion. On Nov. 19, 2017, just weeks before the current all-time highs would be set for the price and capitalization of Bitcoin and the crypto market overall, the 985 tokens with a known market cap represented a capitalization of around $244 billion — a similar zone to where the market is at currently. However, with the capitalization of Bitcoin (BTC) having grown 15% from $134.1 billion to $154.6 billion during the 24 months following November 2017, more than twice as many altcoins …

Since the Great Recession, the health of the global financial system has only deteriorated. Corrupt leadership, worsening standards of living and several other problems have sparked unrest in a number of countries. The latest country to see unrest is Iran. Recently protestors set several buildings on fire and one among them was a branch of Iran's central bank in Behbahan, a city located in the southwestern region of the country. Such events underline the importance of cryptocurrencies because crypto is the only asset class which cannot be controlled or manipulated by leaders and regulators. Though many suggest that gold can …

In this week’s selected cryptocurrency and blockchain-related news from Japan, a new association promoting crypto assets in antiquing was born, a well-known cryptocurrency trader was arrested and the Kyoto University started participating in the XRP ledger. Here is the past week of cryptocurrency and blockchain news in review, as originally reported by Cointelegraph Japan. Crypto Antiquing Association Launches On Nov. 11, Cointelegraph Japan reported that the Crypto Assets Antique Association (CAAA) was established with the purpose of promoting the use of crypto assets in the antique trade. CAAA’s representative director Ji Komiya said, “I want to connect to new activities …

Altcoins have continued to boom while Bitcoin (BTC) has effectively traded sideways. I closed the majority of my position in VeChain (VET) for a quick 60% profit and nailed my exit on Stellar Lumens (XLM) almost exactly at the top. I am once again long on Bitcoin from $8,375 and have stopped out in profit from a position on Tron (TRX). Update on the Bitcoin position I entered a fresh Bitcoin trade at $8,595 on November 12th. I took this position because I viewed a return to the previous trading range below price as unlikely and because there was a …

Fundstrat’s Tom Lee believes that cryptocurrencies “are network value assets” and as the number of people who hold the asset increases, the value of the cryptocurrencies would also move up. According to him, about half a million people use and own Bitcoin currently and if the number doubles, he expects Bitcoin (BTC) to easily reach his target of $25,000. Binance founder and CEO Changpeng Zhao believes that Chinese President Xi Jinping’s support of blockchain technology will result in the mass adoption of crypto. As more people learn about blockchain technology, they would understand cryptocurrencies better, boosting adoption. Zhao also expects …

Coinbase’s Visa debit card has expanded support for five more cryptocurrencies in ten new jurisdictions, the firm announced in two separate tweets on Nov. 14. Launched in April 2019, Coinbase Card now supports a total of nine cryptocurrencies in 29 countries in Europe. The Coinbase Card’s new supported cryptos include XRP, Stellar (XLM), Basic Attention Token (BAT), 0x (ZRX) and Augur (REP), enabling users to spend using the listed currencies. The five coins join other major supported cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Coinbase Card allows users to make purchases using crypto from Coinbase …

Although Bitcoin (BTC) is not showing any trending move, Bakkt and the Chicago Mercantile Exchange (CME) Group continue to roll out products designed to attract the large traders. Bakkt recently announced that it will add a cash-settled futures contract to its existing Bitcoin-settled contract. On the other hand, the CME group plans to offer options on Bitcoin futures after receiving the necessary regulatory approvals. Bitfinex cryptocurrency exchange is also planning to launch a slew of products, which include, options trading and a gold-backed stablecoin, to attract customers. These actions by cryptocurrency exchanges instill confidence that trading volume is likely to …