Day: May 17, 2020

Bitcoin Poised To Surge Above $10K If It Holds This Crucial Support

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Bitcoin is up around 4% and it is approaching the $10,000 resistance against the US Dollar. BTC price is likely to extend its rally above $10,000 unless it dives below the $9,500 support. Bitcoin is currently gaining bullish momentum and trading near the last swing high at $9,950. The price is trading well above the $9,600 support and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $9,720 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Japan’s Top Credit Card Issuer Building Blockchain Payment System

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The biggest credit card issuer in Japan, JCB, has partnered with technology accelerator TECHFUND to build a sustainable transaction system on the blockchain. According to a May 15 statement released by JCB, the partnership will utilize TECHFUND’s expertise on security token offerings (STOs) and staking to create a new platform for transactions. Also based in Tokyo, TECHFUND has a program called ACCEL BaaS (Blockchain as a Service) which aims to accelerate the adoption of blockchain technologies for startups and enterprises. JCB moves towards blockchain The financial firm has made some…

Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000

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Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday’s candle. The cryptocurrency fell short of the key $10,000 price point, since retracing to $9,900. Bitcoin chart from TradingView.com This move has not sparked much a reaction from the derivatives market, potentially because short traders were expecting the ongoing rally, and thus deleveraged their positions. Skew.com data indicates that a mere $5 million was liquidated during this upswing — far less than other liquidation events over the past two weeks. BitMEX…

If Bitcoin Crosses $10,500, a New Highs Would be “On the Horizon”: Analyst

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Over the past eight weeks, Bitcoin has surged past resistance after resistance in its rally from $3,700 to $9,700 — the price as of the time of this article’s writing. This move has been undoubtedly impressive, with the price action attracting mainstream media attention and Wall Street investors. However, analysts say it’s not clear skies ahead for Bitcoin just yet, pointing to a key resistance the cryptocurrency is rubbing up against. Related Reading: Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto Bitcoin Crossing $10,500 Will Open…

Record CME BTC Open Interest Shows Institutions Bullish on Bitcoin Price

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Bitcoin’s (BTC) options markets are finally taking off at CME. This week Cointelegraph reported that the combined volume traded over the last ten days surpassed $140 million, as institutional investors delved in call options. The buyer of a call option can acquire Bitcoin for a fixed price on a predetermined date. For that privilege, this investor pays an upfront premium for the call option seller. CME Bitcoin Options Volumes – USD. Source: Skew As halving uncertainties became less of a risk, institutional investors began mounting bullish positions. Despite being more…

Crypto Traders Are Longing ETH (And Not Much Else)

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The number of Ethereum (ETH) longs has continued to surge after breaking into all-time highs at the end of March. Despite the broader crypto markets posting price gains alongside Bitcoin (BTC) in recent weeks, the number of open longs remains low for most crypto assets after plummeting during the mid-March crypto market crash. Ether longs dominate crypto markets Since breaking into record highs on Feb. 26, ETH/USD longs on major crypto exchange Bitfinex have increased by 170%, with the violent Black Thursday mid-March crash failing to drive even a modest…

Bitcoin Breakout Hopes, R.I.P. TON, Trump Threatened: Hodler’s Digest, May 11–17

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Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price charts hint at the most exciting breakout in over a year The halving has been and gone — and so far, it hasn’t been the cataclysmic event that some in crypto circles feared. Some market analysts have now set their sights on what…

Bitcoin Transaction Fees Are Up 800% in One Month

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From April 11 until May 14, Bitcoin (BTC) transaction fees increased by more than 1,250% from $0.38 to $5.16. While Bitcoin transaction fees have since fallen by 33.3% to sit at roughly $3.44 as of this writing, fees have increased by 36.5% since the block reward halving on May 11. Bitcoin fees double in three days after halving The average cost of executing transactions on the Bitcoin network has increased by more than 800% in just one month, with May posting the highest transaction fees since July 2019 so far.…

Fortnite Fans Race to Earn ETH-Based Rewards on Reddit, Crypto Users Saunter

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Within days of launching on the Rinkeby testnet, Reddit’s Ethereum (ETH)-based Community Points rewards system has seen more than 10,000 addresses created. Reddit’s points were rolled out across two subreddit communities pertaining to the topics of the popular video game Fortnight (r/fortniteBR) and cryptocurrency (r/cryptocurrency) from March 13 to March 15. Perhaps surprisingly, over 80% of wallets created on the testnet so far represent the Fortnight community. Reddit ‘Community Points’ wallets tag five-figures Within three days of completing its rollout, over 10,000 users have signed up to receive Reddit’s Community…

Centralized Exchanges Continue to Shed Bitcoin

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Data compiled by Glassnode is showing that the number of Bitcoin (BTC) held on top crypto exchanges has steadily fallen since the violent mid-March crash that saw crypto prices tumble by 50% in a single day. The sum of BTC held on exchanges currently sits at a little over 2.3 million — the lowest it has been since May 22, 2019. As such, the percentage of BTC stored on centralized exchanges has dropped from 14.1% to 12.5%. $3B in BTC removed from exchanges since March The number of BTC stored…

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