Deribit Pumps 500 BTC Into its Own REKT Insurance Fund

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Crypto New Media Press

It’s a wild ride out there as insane volatility catches both derivatives traders and exchanges off-guard. Not only did BitMEX suffer a “hardware” issue but Deribit also went down and saw its insurance fund get REKT. Instead of initiating socialized losses though, the Panama-based exchange will use 500 BTC from its own funds. Deribit Does […]

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BitMEX Denies it Made Bitcoin Price Drop to $3.7K After Going Offline

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Crypto New Media Press

Trading giant BitMEX is at the center of attention after unexpected downtime sparked rumors of foul play as Bitcoin (BTC) fell as low as $3,700. According to a tweet from the company, problems arose during frenzied trading activity on the evening of March 12. BitMEX “hardware issue” sparks delays As a result, BitMEX was offline […]

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Bitcoin Is Carving Short Term Bottom Near $4K After A Massive 50% Decline

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Crypto New Media Press

Bitcoin is down more than 50% and broke many key supports such as $5,000 against the US Dollar. BTC price seems to be forming a short term bottom near $4,000 and it could recover. Bitcoin tumbled below many important supports and tested $4,000 against the US Dollar. The price is currently recovering from a major […]

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BitMEX Liquidates $700 Millions of Orders amid Bitcoin Price Crash

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Crypto New Media Press

Friday 13 is at the beginning, but the market already shows the scary new Bitcoin’s bottom of $4,900. BitMEX derivatives exchange is reporting a huge wall of long orders sell-offs. BitMEX report that they have the biggest order liquidation sequence in the last 16 months. Both longs and shorts have been selling crypto, which causes […]

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Analyst Who Predicted Bitcoin’s $3,000 Bottom & More Thinks This Is Next

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Analysts in the Bitcoin market are dime a dozen, but good analysts are hard to come by. One of these “good” analysts is PenarthUdi — a pseudonymous TradingView user who few know nothing about, other than the fact that his calls have been amongst some of the most accurate in the industry. In December 2018, […]

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Top Analyst: Ethereum Could See Significantly Further Losses Before Becoming Bearish

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Ethereum has had a rough day, with the market-wide downtrend sparked by Bitcoin’s recent selloff leading the cryptocurrency to plummet over 10% as it erases nearly all of the gains that incurred throughout the course of its intense parabolic rally in early-February.

One top analyst, however, is noting that the cryptocurrency can still be characterized as being highly bullish on a macro timeframe until it breaks below one key level that exists significantly below its current price region.

This means that bulls still have plenty of time to step up and defend ETH’s bullish market structure, but a failure to defend this level could lead to tremendous losses.

Ethereum Plummets Over 10% Amidst Market-Wide Downturn, But Remains Bullish

At the time of writing, Ethereum is trading down over 10% at its current price of $214, which marks a massive decline from daily highs of $252 that were set yesterday while Bitcoin was hovering in the lower-$9,000 region.

Today’s downturn lead ETH to plummet as low as $205, from which point bulls have been able to step up and catalyze a decent rebound.

In spite of this, the crypto still appears to be weak at the moment, as Nik Patel, a popular cryptocurrency analyst, explained in a recent blog post that he believes it will tap $200 before finding any significant support.

“Turning to ETH/USD on the Daily timeframe, this looks like complacency forming at $250 and I have marked out the trajectory I am expecting. I would be looking for a move down into the prior resistance at $200, which has confluence with the 360MA and 50% fib.”

Although a dip to this level would only mark a slight decline from its daily lows, it would mark an over 20% decline from its daily highs, and an over 30% decline from its recent highs of $290 that were set at the peak of its parabolic rally.

Although this retrace may seem significant, it would not invalidate the cryptocurrency’s bullish market structure, according to Patel.

Later in the post, he goes on to explain that he will only flip bearish on ETH if it breaks below $180.

“A deeper, more accelerate dump could send us to $180 (confluence with prior resistance, the 61.8% fib and the 200-day moving average) but I think such a dip would be short-lived. I would get bearish on Ethereum if $180 was lost.”

How Ethereum closes its daily and weekly candle in the next few hours should provide analysts and investors will valuable insights into whether or not a movement down towards $180 is truly imminent.

If This Happens, There’s a High Chance Bitcoin Bottomed at $8,200: Analyst

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Bitcoin really hasn’t done too well over the past 24 hours. After peaking at $9,200, the leading cryptocurrency has fallen lower and lower, reaching a price as low as $8,150 (the lowest in literal weeks) on Sunday.

Despite this, there remain some prominent analysts that suggest BTC is in the midst of forming a local bottom at $8,200. Here’s why they think this optimistic hope could become the truth.

Bitcoin Could Be In the Midst of Forming a Bottom; Here’s Why

Nik Patel — author of “An Altcoin Trader’s Handbook” and a noted crypto analyst — recently shared that he thinks BTC might be in the process of forming a bottom.

In the wake of the drop to $8,200, he wrote that “if we close today (Sunday’s candle) above $8,400,” he will be 75% sure the bottom is in. (Note: the close of the candle is set to take place in two hours, as of the time of this article’s publishing, and Bitcoin is currently trading at $8,350.)

As to why he thinks this is the case, Patel explained that Bitcoin bouncing back above $8,400 after the strong drop to $8,200 will mark a “swing failure pattern of two important swing-lows, a rejection of the 360-day moving average, and [will trap] anyone thinking this is a break of a head and shoulders neckline.”

Technical analysis terms aside, what he’s saying is the cryptocurrency recovering $8,400 will suggest that bears don’t have as much control over Bitcoin as sentiment suggests, opening the door to a bounce to the upside.

Patel isn’t the only bull in this environment.

Late last month, trader Dave the Wave  (whose work EWN has covered in the past) suggested that  Bitcoin was on track to test the $8,400 region in the coming weeks. While BTC fell to the region he expected a bit early, he expects the low-$8,000s to be the point at which the crypto correction will stop and where a reversal to the upside will begin.

This is especially relevant because Dave has been extremely accurate in calling Bitcoin’s price action over the past few months; the analyst predicted a retracement to $6,400 when the asset was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.

Fundamentals Remain Positive

Along with the technicals showing that Bitcoin is bottoming, the fundamentals of the cryptocurrency market have never been this strong.

Case in point: last week, data from showed that the hash rate of Bitcoin reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second — nearly three times higher than it was one year ago.

Commenting on the significance of this, crypto price tracking app Blockfolio wrote:

“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”

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Here’s Why Bitcoin Could Rip to the Upside, Moving Past $8,000

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Over the past few hours, Bitcoin has mounted a comeback; after falling as low as $7,590 in step with a similar drop in the price of equities, the cryptocurrency surged towards $7,900.

While some say this is just volatility, there is purportedly evidence that an uptrend is forming, one that could take BTC above $8,000, then potentially higher to recover some of the strong losses the asset incurred at the start of the week.

Bitcoin Forms Flurry of Positive Signs

Analyst JB recently noted that there is a confluence of technical analysis signs suggesting Bitcoin could soon see some strength:

  • The price of the cryptocurrency has bounced cleanly off the key $7,700 support level, printing a number of wicks under that level, suggesting there remains buying interest.
  • BTC hit a volume profile gap, bouncing off it.
  • The “Willy” indicator is oversold, which last took place near the $6,400 bottom in December, then once before prior to the 40% “China pump” seen in October.
  • Bitcoin is printing a potential divergence with the one-day Moving Average Convergence Divergence (MACD).

He continued his train of thought in a later tweet, noting that the one-day and three-day Stochastic Relative Strength Index, which is a measure of momentum and trends, is looking like “they could turn here” to the upside. Should this take place, Bitcoin could be cleared for a short-term bounce at the very least, one that will likely take it past $8,000 once again.

Importantly, the one-week Stoch RSI is currently “charging down,” but is nearing the oversold region, meaning that price may trend lower for maybe another week before a potential bounce can form.

Bullish reversals in the one-day and three-day Scotch RSI marked the return to a bull trend in December, prior to Bitcoin rallying 50% to $10,500, along with the bottom prior to the aforementioned China pump.

There are also fundamental signs that BTC could soon see some strength.

The difficulty of the Bitcoin network, meaning how hard it is to put blocks into the chain, recently increased by 7%, indicating that miners remain optimistic about the future of BTC despite the recent market weakness.

Also, governments have been forced to intervene to save a potentially catastrophic economic and monetary situation due to the coronavirus.

The Bank of England (the central bank of the U.K.) has cut its policy interest rate by 0.5% to 0.25% as an emergency measure, Italy has just announced a €25 billion package to deal with the outbreak after quarantining the whole country, and the European Commission has pledged to help member states get ready for the economic effects of the virus through more flexibility in budget rules.

Analysts say that this seeming move to MMT and Helicopter Money will spur the growth in scarce assets like Bitcoin and gold.

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Capitulation: Bitcoin Falls Off a Cliff to $5,600, Crypto Now in “Uncharted Territory”

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There’s no other way to put it: Bitcoin has fallen off a cliff.

The cryptocurrency, over the past few hours, has plunged from a comfy price above $7,700 (which now seems extremely high) to as low as $5,600 in the span of a few 15-minute candles. This crash, which caught many traders aback, liquidated some $655 million worth of BitMEX long positions, wiping out many traders across the board.

As explained by Bitcoin Jack, former lead analyst at cryptocurrency analysis upstart Bravado, the move was an “insane shock in supply and demand,” as there was a large loss in liquidity due to the unexpectedness of this crash.

This move has been so crazy that TradingView, the chart provider for many in the industry, has seemingly frozen, while the average Ethereum transaction time has reached 45 minutes, per an observation from Binance’s CEO.

To put it short, the crypto market is entering uncharted territory, at least in a matured state.

Bitcoin Is Being Affected by Global Market Crisis

It appears that much of Bitcoin’s weakness over the past few days, which began when the cryptocurrency failed to move above $9,200 in a spectacular fashion, has been related to global market weakness.

Last night, stock futures for the U.S. stated to fall.

After President Trump’s address, in which he revealed that he would be suspending all travel from Europe to the U.S. for a month, the futures for the S&P 500 (ES) and the Dow Jones (YM) started to fall. At the crash’s worse, they had dropped almost 5% since the daily close, nearing limit down for the session.

The fears of the coronavirus were rapidly exacerbated by news that the NBA will be suspending its season for the foreseeable future due to a player catching the virus, along with Tom Hanks announcing that he and his wife have been diagnosed with COVID-19 while traveling in Australia.

Unfortunately, contrary to those that were touting the “digital gold narrative,” the price of Bitcoin is tracking or at least vaguely following traditional markets, which have all been affected by the recessionary conditions building.

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Polymath 101 – A platform to tokenise securities

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Polymath is banding together with Charles Hoskinson to assemble a blockchain organize explicitly intended to help security tokens. since 2013, when Initial Coin Offerings made success, the blockchain ecosystem has raised over $3 billion USD massively pushing the traditional finance to the last ladder. However, this booming token fundraising is yet to be backed up […]

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