Bitcoin Prices Did Their Own Thing In May - Forbes

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• Bitcoin Prices Did Their Own Thing In May - Forbes
• Jinxed It? Indicator Bets Bitcoin Won’t Fall Below $10K After August - Cointelegraph
• Latest Bitcoin price and analysis (BTC to USD) - Yahoo Finance
• Market Wrap: Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges - CoinDesk - CoinDesk

Bitcoin Prices Did Their Own Thing In May - Forbes Posted: 03 Jun 2020 05:07 AM PDT Bitcoin's price fluctuations were unphased by major events in May. (Photo by Chesnot/Getty Images) Getty Images Bitcoin, like many other assets, charted its own path in May, moving out of tandem with major news events. The digital currency experienced some notable volatility early in the month, climbing nearly 15% from $8,767.67 on May 1st to its intra-month high of $10,062.72 on May 7th, CoinDesk data shows. However, the cryptocurrency quickly lost all those gains, plunging to less than $8,200 by May 9th, additional CoinDesk figures reveal. In the remaining weeks, bitcoin recovered, repeatedly moving toward $10,000 but failing to breach that level. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] These price fluctuations took place during a month where bitcoin experienced several notable events. Paul Tudor Jones Paul Tudor Jones, a billionaire hedge fund manager, told clients earlier this month that he was purchasing bitcoin as an inflation hedge, according to Bloomberg. Jones was one of the 400 richest people on the planet at the time of this writing, according to a recent estimate made by Forbes, which placed his net worth north of $5 billion. Emphasizing that governments have spent trillions of dollars on asset purchases and fiscal stimulus in recent months, he chose bitcoin over other assets like commodities and Treasuries, Bloomberg reported. The Halving Bitcoin experienced a halving on May 11th, during which the mining reward was reduced from 12.5 bitcoin to 6.25 bitcoin. As a result of this development, the rate at which new supply of bitcoin enters the system was cut in half. While bitcoin didn't enjoy sharp gains right after the halving, such upside is probably on its way, said Tim Enneking, managing director of Digital Capital Management. "The halving has never had much of an effect right on the halving date," he stated. "The big move from that is almost certainly still coming." Major Bitcoin Transfer A little over a week later, on May 20, Twitter handle Whale Alert tweeted that 40 units of bitcoin had been "transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown wallet," an event that generated significant visibility. Goldman Sachs Client Call Another development that grabbed the attention of crypto enthusiasts was the revelation that Goldman Sachs' Investment Strategy Group was planning to criticize bitcoin on a May 27 client call. A slide deck for this event was released ahead of the call, and Michael Dudas, founder of The Block, tweeted about it on May 22. "Cryptocurrencies Including Bitcoin Are Not an Asset Class," the investment bank wrote at the top of one slide, emphasizing that digital currencies do not generate earnings or cash flow. "We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients," the slide deck stated. The statements made by Goldman Sachs have drawn widespread criticism from market participants. Michael Moro, CEO of Genesis Global Trading and Genesis Capital, described the investment bank's analysis as "rudimentary, to say the least," claiming that it "wasn't meaningful." He wasn't alone, as a weekly newsletter released by TradeBlock emphasized that: "The investment bank's critiques have limited merit, given that various digital currencies do in fact generate 'cash' flows such as exchange tokens which often pass value on to investors in a manner similar to dividends or buy-backs." Zac Prince, CEO & founder of fintech startup BlockFi, also weighed in. "The cryptocurrency market is driven by global retail investors primarily," he stated. "As a result, Goldman Sachs saying that it's not an asset class or worthy of investment...doesn't really have an immediate negative effect!" Bitcoin's 'Uncorrelated' Price Movements Moro spoke to the way that bitcoin markets behaved over the last month, noting their irregular nature, but emphasizing that the digital currency is not alone in acting this way. "The assessment that bitcoin price remains uncorrelated, even with splashy industry news is mostly accurate," he stated. "In general, though, I feel like all financial markets are uncorrelated to news right now. Given everything that's happening in the world today, does it make sense that NASDAQ is flat for the year?" emphasized Moro. Silver Linings While people and governments around the world have been dealing with myriad challenges, the ensuing turmoil may be motivating more people to explore digital currencies, said Catherine Coley, CEO of Binance.US. "Crypto access and awareness continues to expand while the non-digital world becomes increasingly unstable," she stated. "In the last month, we've seen more people outside of crypto start talking about crypto (for example, JK Rowling and US soccer 3-time gold medalist, Christie Rampone)," stated Coley. "As we are all stuck at home, more stimulus packages are being sent out through USD while digital currencies, like BTC, untied to the traditional banking system, appear more attractive as Americans look for additional ways to build their financial health and diversify their assets." Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Jinxed It? Indicator Bets Bitcoin Won’t Fall Below $10K After August - Cointelegraph Posted: 03 Jun 2020 05:04 AM PDT [unable to retrieve full-text content]Jinxed It? Indicator Bets Bitcoin Won't Fall Below $10K After August  Cointelegraph

Latest Bitcoin price and analysis (BTC to USD) - Yahoo Finance Posted: 29 May 2020 04:46 AM PDT Bitcoin is lining up a third major attempt at breaking out above $10,000 ahead of the expiry of the CME's Bitcoin futures contract. The expiry of the contract will see 50% of open interest also expire, which is expected to cause volatile swings in the price of Bitcoin at the start of next week. During the first week of May the CME reported that open interest for its Bitcoin contract had hit an all-time high after it recovered from the gruelling sell-off in March. At the time of writing Bitcoin is trading at $9,400 after falling slightly from this morning's high at $9,623. Moving forwards if Bitcoin can continue to trade above $8,830 and $9,200 in the short term it will continue to assert a bullish bias, while a break below these levels of support could cause a sell-off to as low as $7,100, which was the yearly open. High frequency traders, however, will be targeting a move to the upside over the coming weeks with the $10,000 level proving to be a bitter point of resistance. Breaking above a psychological level like $10,000 would indicate a change in behaviour from traders, with bullish price sentiment slowly returning after the recent halving event, which in truth turned out to be anticlimactic. As seen during the bullish phase in the market last year there are still a number of key levels of resistance above $10,000, notably $10,500 and $12,300, although what's most important is that Bitcoin prints a lower high for the first time in 12 months. For more news, guides and cryptocurrency analysis, click here. Bitcoin pricing Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar – BTCtoUSD British Pound Sterling – BTCtoGBP Japanese Yen – BTCtoJPY Euro – BTCtoEUR Australian Dollar – BTCtoAUD Russian Rouble – BTCtoRUB About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called "Bitcoin: A Peer-to-Peer Electronic Cash System". This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without "relying on trust". On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number "0" (or the "genesis block"), which had a reward of 50 Bitcoins. More BTC news and information If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here's an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Market Wrap: Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges - CoinDesk - CoinDesk Posted: 02 Jun 2020 01:42 PM PDT Tuesday's bitcoin price whipsaw can be partially explained by large traders looking to deleverage in the derivatives market.  Bitcoin (BTC) was changing hands around $9,512 as of 20:00 UTC (4 p.m. ET), slipping less than 1% over the previous 24 hours.  A sudden rally to $10,000 late Monday boosted bullish sentiment as short sellers were squeezed on derivatives exchange BitMEX, the largest such event in eight months. Bitcoin traded as high as $10,430 on Coinbase. However, the market lost steam and bitcoin was then confined to a tight $10,000-$10,100 range for around 12 hours. Then, at 14:00 UTC (10:00 a.m. EDT) Tuesday, it suffered a drop of 8%, or $800, in less than five minutes.  "Today's action is very fickle," said Katie Stockton of Fairfield Strategies. Stockton still sees bullish momentum and expects bitcoin to approach highs not seen since last year. "Specifically, $10,055 is a retracement level that is the last major hurdle to the high from 2019 near $13,850," she added.  Bitcoin trading on Coinbase since May 31 Source: TradingView Bitcoin's sudden rise, then fall, was at least in part driven by liquidations on Seychelles-based derivatives exchange BitMEX. Over the past 24 hours, buy liquidations on BitMEX jumped during bitcoin's price rise, then sell liquidations surged as the world's oldest cryptocurrency dipped. Total buy liquidations over the past 24 hours were $131 million while sell liquidations were at $111 million.  Liquidations on BitMEX are the equivalent of margin calls on conventional exchanges. A "buy liquidation" on a bitcoin contract is when a losing short position is forced to close, requiring purchases of bitcoin. When a "sell liquidation" occurs, those long bitcoin are forced to sell.  BitMEX liquidations the past 24 hours Source: Skew One analyst has a term for the recent large movements.  "It looks like a classic 'whack the beehive' trade," said George Clayton, managing partner of alternative asset fund Cryptanalysis Capital.  Clayton suspects large spot traders are looking to liquidate BitMEX perpetual swaps that enable highly leveraged bets, up to 100x, on bitcoin's price going up or down. "Big traders are looking for stops or perpetual liquidations," he told CoinDesk.  In all, $242 million in liquidations occurred over the last 24 hours, over 70% of the $339 million in total BitMEX liquidations for the past week.  BitMEX liquidations the past week Source: Skew Vishal Shah, an options trader and founder of Polychain Capital-backed derivatives exchange Alpha5, is concerned about massive amounts of leverage looming in crypto. However, he told CoinDesk, the recent bitcoin price moves still have futures in "contango'" a market condition considered bullish as futures are traded higher than spot prices. "Even after the roundtrip, we retain a contango in the curve," he said.  Read More: Bitcoin Can't Be a Safe Haven and 100x Leverage Is the Reason Why Bitcoin futures on top derivatives exchanges are still priced above spot Source: Skew Cryptanalysis Capital's Clayton also concurs with Shah that the market remains optimistic on higher bitcoin prices, despite this speed bump. "The macro environment is still incredibly bullish for bitcoin and the wider crypto market," Clayton told CoinDesk.  Other markets Digital assets on CoinDesk's big board are mixed on Tuesday. Ether (ETH), the second largest cryptocurrency by market capitalization, slipped 1% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).  Read More: Open Interest in Ether Options Hits Record High on Deribit Ether trading on Coinbase since May 31 Source: TradingView Cryptocurrency winners on the day include stellar (XLM) climbing 6.9%, decred (DCR) up 6.2% and bitcoin cash (BCH) in the green 3%. Losers in daily trading Tuesday are qtum (QTUM) down 5%, neo (NEO) in the red 2.8% and litecoin (LTC) losing 2.8%. All price changes were as of 20:00 UTC (4:00 p.m. EDT). Read More: BSV Doubles in 2020 as Bitcoin Offshoot Wins Devotees In commodities, gold is trading flat, with the yellow metal losing less than a percent and closing at $1,726 at the end of New York trading. Oil making gains, climbing 3.6% as a barrel of crude is priced at $36.26 as of press time.  Contracts-for-difference on oil since May 29 Source: TradingView In the United States, the S&P 500 index climbed 1%, now up 40% from March's low. U.S. Treasury bonds all climbed Tuesday. Yields, which move in the opposite direction as price, were up most on the 2-year, in the green 11%. The FTSE Eurotop 100 index of the largest stocks by market capitalization in Europe closed up 1.5%. In Japan, the Nikkei 225 index climbed 1.2%, rising to its highest level since February 26 on expectations of economic recovery from the coronavirus pandemic. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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