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Bitfinex’s Order Book Is Strongly Stacked In Favor of Bitcoin Bulls

It’s been a tough past few days for Bitcoin. After plunging approximately $1,000 in 24 hours, the cryptocurrency has yet to decisively bounce. The lack of recovery has led some to suggest that BTC is primed to move under $9,000. As reported by Bitcoinist previously, a top trader opined that with the breakout. Bitcoin is primed to return to $8,575 in the coming week. That would amount to a 10% drop from current prices. Yet […]

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It’s been a tough past few days for Bitcoin. After plunging approximately $1,000 in 24 hours, the cryptocurrency has yet to decisively bounce.
The lack of recovery has led some to suggest that BTC is primed to move under $9,000. As reported by Bitcoinist previously, a top trader opined that with the breakout. Bitcoin is primed to return to $8,575 in the coming week. That would amount to a 10% drop from current prices.
Yet these fears may be invalidated with news that there is a confluence of buy support for BTC around the $9,000s, coupled with a wider spike in demand for cryptocurrency.
Bitfinex’s Bitcoin Order Book Is Favoring Bulls
According to Alistair Milne, the CIO of Altana Digital Currency Fund, there has been an influx of Bitcoin bids on Bitfinex’s order book.
His data shows that there is approximately 6,163 BTC worth of buy orders from $8,700 to $9,400, while there is 2,807 BTC worth of sell orders from $9,400 to $10,100.
That’s to say, there is currently more demand to buy BTC than sell it. This has the ability to act as a bull catalyst moving forward should the buy orders continue to support Bitcoin’s price. Bids are stacked on Bitfinex again … pic.twitter.com/K5oVbBjGX2
— Alistair Milne (@alistairmilne) June 14, 2020 This isn’t the only sign that BTC is seeing strong buy-side demand.
Data from TradingView.com shows that Grayscale Bitcoin Trust is trading on secondary markets at a premium to the spot price of BTC.
As of the last trading session on June 12th, shares of the trust (GBTC) were about 20% more valuable than the BTC that backs each share.
A high GBTC premium over the spot market, analysts say, is indicative of strong retail demand for Bitcoin. After all, GBTC is effectively the only viable way one can gain exposure to Bitcoin through one’s Wall Street brokerage.
There’s Institutional Demand Too
There is a propensity to buy Bitcoin amongst institutions as well, it seems.
Ecoinometrics reported that as of last week, there is around $300 million worth of call options open through the CME’s Bitcoin market. In comparison, there is only about $6 million worth of put options.
The CME’s Bitcoin market is mainly utilized by institutional players due to the high barriers to entry: the minimum order sizes and how relatively hard it is to set up an account on Coinbase vs. the CME.
Call options are financial contracts that are bought by investors wanting to benefit from an asset moving higher. As Investopedia explains:
“Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.”
This buy-side demand for Bitcoin is further corroborated by a survey from Fidelity Investments, a $2 trillion asset manager.
The Wall Street giant reported this week that a large number of institutions it surveyed have or are interested in Bitcoin and other cryptocurrencies. 36% of respondents have exposure to the digital asset market, while 80% are interested in the industry for basically one of three reasons: Cryptocurrencies are uncorrelated with other asset classes over the long run
Cryptocurrencies may be “an innovative technology play”
Digital assets have “high potential upside” Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Bitfinex’s Order Book Is Strongly Stacked In Favor of Bitcoin Bulls Source: https://bitcoinist.com/bitfinexs-order-book-is-strongly-stacked-in-favor-of-bitcoin-bulls/?utm_source=rss&utm_medium=rss&utm_campaign=bitfinexs-order-book-is-strongly-stacked-in-favor-of-bitcoin-bulls

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Crypto Whale Says Group of Altcoins Will Underperform in Next Cycle, Warns Bitcoin (BTC) Bull Run Facing Final Roadblock

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A wealthy Bitcoin investor says traders hoping for a revival of interest in the previous generation of altcoins will likely be disappointed.

The pseudonymous trader Joe007 says new and “shinier” altcoins are coming out every day, fiercely competing for the same pool of money. He believes older altcoins will eventually be forgotten and left behind.

The trader says PayPal’s plan to support Bitcoin and a number of altcoins is overblown, because the company will not allow investors to move their crypto to private wallets.

“It may be a nothingburger, except for the news that they’ll allow users to pay in crypto, converting the proceeds into fiat for merchants.

OGs might remember erstwhile bullish hopes for ‘merchant adoption’ that turned into increased BTC sales by said merchants.”

When it comes to Bitcoin’s trajectory the trader says he would be completely bullish if the macro economy was in better shape.

He predicts a major economic crisis is coming, which could delay the next big Bitcoin bull run.

“I think it’s more likely than not that a major macro crisis will unfold before parabolic rally happens in BTC. This is pretty much the only reason I’m not fully invested. Other than that, I suppose BTC is good to go.”

Joe007 says the crisis will occur because governments mistakenly believe they can print their way out of the economic shock. He believes the consequences “should be catching up with us pretty soon.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Source: https://dailyhodl.com/2020/10/23/crypto-whale-says-group-of-altcoins-will-underperform-in-next-cycle-warns-bitcoin-btc-bull-run-facing-final-roadblock/

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XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)

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XRP/USD – Buyers Finally Break Above Symmetrical Triangle

Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.

XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.

The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.

Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.

xrpusd-oct22
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.

On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).

The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.

XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.

Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.

XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.

The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.

xrpbtc-oct22
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).

On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.

The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/xrp-bulls-step-in-with-a-5-daily-increase-is-0-30-next-ripple-price-analysis/

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BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition

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BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.

DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.

Transitioning to BitTorrent X

Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.

The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.

After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.

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With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.

DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.

Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.

“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.

justin_sun_cover
Justin Sun, founder of TRON and CEO of BitTorrent

It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”

The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.

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Source: https://cryptopotato.com/bittorrent-launches-bittorrent-x-ecosystem-following-dlive-acquisition/

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