Category: Cryptocurrency News

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The Bitcoin price action has been stuck in a tight range for weeks leading to the lowest volatility levels in years. A recent report hints at a potential breakout from the current range, but which side will be favorable by the potential spike in volatility? Related Reading: Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak As of this writing, Bitcoin trades at $28,950 with sideways movement in the last 24 hours. Over the previous seven days, the BTC’s price saw a slight downtick recording a 2% loss. Other tokens in the top 10 by market cap are underperforming, with many seeing double-digit losses on low timeframes. The Last Time The Bitcoin Price Saw Low Volatility As seen in the chart below, provided by trading desk QCP Capital in a report, annualized volatility for BTC reached critical levels seen for the first time in over five years. The metric last stood at these levels from late 2018 to 2019. The chart above also shows that volatility fluctuated from the low to the yearly high in a cycle that extended for 2019. At that time, Bitcoin and the crypto market were coming out from a prolonged bear market that, as today, left traders and market participants in shambles and with almost no appetite for risk. QCP Capital noted that from 2018 to 2019, the macroeconomic landscape dominated the Bitcoin price action. At that time, the US Federal Reserve (Fed) hiked interest rates, but the COVID-19 pandemic, which operated as a catalyzer, forced it to reverse. The latter occurred from late 2019 to 2020, when the ease in macroeconomic conditions allowed Bitcoin to soar to a new all-time high. Thus, the trading desk believes that a catalyzer is needed to push the price action back to life: The last time trading was this compressed, it was during the crypto winter of 2018 and 2019, and it took a change in the macro environment to revive the market again. However, they noted that the break of the current low volatility environment is not “imminent.” However, the upcoming decision on a Bitcoin spot Exchange Traded Fund (ETF) in the US could operate as a catalyzer, bringing BTC to its next resistance level at around $34,000, but patience is still required. Related Reading: Bitcoin & Top Assets See High Loss Taking, Is This Bullish? QCP Capital concluded: Will there be a sharp rally that takes us to the 34k resistance – like the prior three times which kissed the support trendline this year? We think it could still be another quiet few weeks before we find out. Cover image from Unsplash, chart from Tradingview

In just one week, Base has attracted hundreds of thousands of new users, attention from mainstay brands and artists, and unfortunately, scammers as well.

Asset management firm Valkyrie has taken a significant step by filing for an Ether or Ethereum (ETH) futures exchange-traded fund (ETF) called “Valkyrie Ethereum Strategy ETF” with the United States Securities and Exchange Commission (SEC).  Valkyrie Ether Futures ETF Include Secure Collateral Investments According to the filed documents on August 16, the proposed ETF will not directly invest in Ether, the native token of the Ethereum blockchain. Instead, it aims to acquire a portfolio of Ether futures contracts.  These contracts are traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), primarily focusing on contracts traded on the Chicago Mercantile Exchange (CME).  The value of these futures contracts will be determined by the CME CF Ether Reference Rate, which tracks the price of Ether across selected cash exchanges. Related Reading: Bitcoin & Top Assets See High Loss Taking, Is This Bullish? Per the filing, the Fund intends to employ a “rolling” strategy to manage the expiration of futures contracts. As contracts approach their expiration date, they will be replaced by similar contracts with later expiration dates.  These contracts allow investors to speculate on Ether’s future price movements without owning the digital asset directly.  Apart from Ether futures contracts, the Fund will invest its remaining assets in cash, cash-like instruments, or high-quality securities, collectively called “Collateral Investments.”  These may include U.S. Government securities, money market funds, and corporate debt securities rated investment grade or comparable quality. Collateral Investments serve the purpose of providing liquidity and satisfying margin requirements for the Fund’s futures portfolio.  In addition, the Fund may engage in reverse repurchase agreements to help maintain the desired level of exposure to Ether futures contracts. These factors are expected to position the proposed Ether ETF favorably with the SEC, as it aligns with their requirements. Therefore, there is optimism for a promising decision in support of the Ether ETF application. Options Market Supports BTC And ETH Amid Strong US Economy The strength of the US economy has propelled the US Dollar Index (DXY) to deliver a sharp performance, exerting continued pressure on the cryptocurrency market. However, despite liquidity challenges, the gradual decline in Bitcoin (BTC) and ETH prices has not exceeded expectations.  Fortunately, the options market continues providing substantial price support for BTC and ETH, ensuring stability without external liquidity. Digital asset management platform Blofin has closely analyzed the options market and identified significant factors contributing to the ongoing support for BTC and ETH.  Positive gamma has impacted BTC, “sticking” its price around the $29,000 mark. Similarly, for ETH, market makers’ hedging behavior around the $1,800 strike price has also provided support, preventing a steeper decline in its price. Despite the overall support from the options market, Blofin’s analysis reveals a discrepancy in the sentiment of block traders towards BTC and ETH.  Related Reading: Shiba Inu DAO Gets Serious With New Advisory And Investment Firm Block traders, who typically execute large-volume trades, believe more strongly in BTC’s resilience than ETH. This preference may stem from BTC’s established position as the leading cryptocurrency and its reputation as a reliable store of value. Overall, Blofin’s analysis underscores the crucial role the options market plays in supporting BTC and ETH amid liquidity pressures. The positive gamma effect and market makers’ hedging actions have contributed to maintaining the stability of both cryptocurrencies. As of the time of writing, the second-largest cryptocurrency in terms of trading volume is trading at $1,825. Following in the footsteps of Bitcoin, Ethereum has experienced a 0.8% decline over the past 24 hours, further extending its downward trend over the past 30 days, resulting in a 4% decline during that period. Featured image from iStock, chart from TradingView.com

Guys I wanted to see NFTs at $4 and I was wondering if it was better to place them on the ETH network or polygon? Thank you 🙂 submitted by /u/GoldenGate92 [link] [comments]

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Over 25,000 students in El Salvador have learned about Bitcoin in the classroom.