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Bitcoin (BTC) continued to trade in a rather quiet, choppy fashion. Following the BTC halving, prices have gyrated back and forth in a range-bound manner, frustrating both bulls and bears. Crypto prices started the week on a positive note but surrendered early gains mid-week. The drop was spurred on by news that the U.S Director of Trade Peter Navarro said the phase one trade deal with China was no longer on. Though this led to a quick price shock, both equities and cryptocurrencies stabilized after the Trump administration clarified the statement and assured the public that the deal is still on.
In crypto specific news, reports emerged that fintech behemoth PayPal (PYPL) will roll out a service allowing users to buy and sell crypto through the firm’s popular Venmo app. PayPal already has an existing relationship with crypto exchange CoinBase.
The technical picture of Bitcoin (BTC) and many of the other major cryptocurrencies remains the same. Range bound; directionless action continues to be the theme. Recently crypto markets have been somewhat correlated to equity markets. Gyrations in price continue to occur any time major headlines about Covid-19 numbers or the U.S China trade deal are released.
Bitcoin (BTC) bulls are still looking for price to get back above $10,000. The $10,000 level has been breached multiple times over the last few weeks, but the key is for price to hold above the level. For bears to gain momentum, price needs to get and stay below $9,000. Investors will want to stay tuned. Periods of long BTC price contractions have led to significant price movements in both directions.
Bitcoin has existed as a digital asset for 15 years. This week, it took a big step toward mainstream finance when the first exchange-traded products launched in the United States. The U.S. Securities and Exchange Commission (SEC) approved 11 exchange-traded funds...
Cryptocurrencies like Bitcoin tumbled in the last year as the Federal Reserve hiked interest rates, but now spirits could be improving. The Crypto Fear & Greed Index, which includes factors like Volatility and Momentum, hit 61 on Monday. It was the highest reading...
Cryptocurrencies have been sitting quietly for most of the year as investors digest potential positives like Ethereum's pending upgrade and more institutional adoption. Bitcoin and Ethereum, the two biggest digital assets, are little changed since the first week of...