Bitcoin logged a modest recovery on Wednesday as traders grappled with the outcome of Jerome Powell’s keynote address at the virtual Jackson Hole Symposium tomorrow. The Federal Reserve chairman expects to give markets a clue on his office’s approach to US inflation. In retrospect, Mr. Powell’s administration started reviewing its monetary policy frameworks in 2019, a…
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Bitcoin has embarked on a strong correction over the past 24 hours. After peaking at $11,850 earlier this week, the asset slipped as low as $11,150 on Tuesday as selling mounted on spot exchanges, evidenced by a negative predicted funding rate with OKEx’ BTC perpetual futures market. While the asset has bounced back to $11,300…
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Bitcoin broke above $10,000 and is trading well above the key level. Ethereum is up over 200% year to date, and the rest of the crypto market is right behind it. However, small-cap altcoins have been beating out all major crypto assets three-to-one over the last month. But what is causing the significant outperformance? Total…
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Bitcoin investors have been accumulating the cryptocurrency at a rapid pace throughout the past few months, with much of this buying pressure coming from retail investors. One metric from analytics platform Glassnode highlights just how intense this accumulation trend has been as of late, with the number of “accumulation addresses” seeing rapid growth throughout the…
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Bitcoin price failed to hold gains above the $11,550 support zone against the US Dollar. BTC is currently declining and it seems like the bears are aiming a downside break below $11,000. Bitcoin is now trading well below the $11,650 and $11,550 support levels. The price revisited the $11,100 level and settled well below the…
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Ripple is declining and it broke the $0.2800 support zone against the US Dollar. XRP price is currently correcting higher, but upsides are likely to remain capped near $0.2810. Ripple is slowly moving into a bearish zone below the $0.2800 support zone against the US dollar. The price traded as low as $0.2704 and it…
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Ethereum has been trading in close tandem with Bitcoin in recent weeks, but this correlation showed some signs of degrading just a couple of days ago when the cryptocurrency rallied to highs of $410 while BTC remained stuck below $12,000. This rally proved to be fleeting, however, as it was quickly followed by a massive…
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Chainlink, like most other altcoins, is facing some heightened selling pressure today due to the market-wide downturn. This has compounded the weakness that LINK was already facing prior to the declines seen by Bitcoin, Ethereum, and most other major altcoins today. Despite seeing some weakness today that has erased the gains it posted over the…
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Google Trends can be a helpful tool to watch to spot sudden changes in crypto market sentiment. For example, searches for Bitcoin peaked back in 2017 when the asset ballooned to $20,000 before the bubble popped. Nearly three full years later, search queries for the term “buy crypto” has reached the highest level since the…
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One of 2020’s most profitable DeFi tokens, LEND, proved that the rising buying pressure behind is not only speculative. Recently, it was revealed that Aave Limited, Aave’s UK business entity, earned itself an Electronic Money Institution license in July. Aave Granted Financial License in the UK The authorization enabled the grantee to offer services that include…
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