Many traders blamed futures trading for the drastic drop in the price of Bitcoin. Futures trading platforms account for a huge portion of the exchange’s volume. These exchanges include Bitmex, Binance Futures and FTX.
During volatile financial times, traders who use borrowed capital to trade in Bitcoin futures may be forced to place large sell orders to cover.
I’m not sure that any technical analysis could have predicted what has happened during the past week, but if you ever wanted to buy low, this could be your chance!
We’ve always heard the crypto battle cry “I’m in it for the technology” during the volatile times of crypto. Today is one of those days that you need to be in it for the technology. We may be seeing the best buying opportunity we will ever see.
Lolli Co-Founder & CEO, Alex Adelman, explains the benefits of the new Lolli Bitcoin cashback program. You may easily add the Lolli Chrome extension to your browser and earn Bitcoin with any purchases made through Lolli.
The founder of Lolli tells the story of going to the bank as a boy with his father and enjoying the free lollipops the bank gave away to bank customers, hence the name Lolli for the cash back program.
Get Bitcoin Back on All Purchases
The amount of the discount varies from store to store but most stores offer at least 3% back in Bitcoin. Some of the stores offer as much as 27% back in Bitcoin. Groupon is one of the stores mentioned which is all the more interesting because most Groupon offers are already offering savings and this enables you to get Bitcoin back as well.
We are seeing more programs like this and I think that is a good thing. Anything that gets Bitcoin and altcoins into the hands of new users is a positive for the crypto community as a whole.
Justin Sun paid millions of dollars for lunch with Warren Buffet. The lunch date allows him to bring seven guests. Sun talks about promoting blockchain technology to the outspoken crypto skeptic, Warren Buffet.
The possibility of converting Buffet to a Bitcoin enthusiast seems unlikely, but Sun’s appearance on CNBC is likely to reach potential investors who might otherwise never even consider investing in Bitcoin or other cryptocurrencies. I like to see this kind of interaction with the traditional investment world. I think it will take some time, but as more companies discover and invest in blockchain, I think the interest in cryptocurrency will increase.
Twitter and YouTube are suddenly full of Bitcoin investors excitedly talking about “The Golden Cross”. If you are wondering what all of the excitement is about, we will try to explain. In simple terms, the term “Golden Cross” when describing Bitcoin is when the Bitcoin/ US dollar 50 day moving average rises and crosses over the 200 day moving average of Bitcoin.
Investors are watching this closely because the last “Golden Cross” saw a jump of almost 200% in Bitcoin price over a period of just 2 months. The “Golden Cross”, however does not always result in price gains. You will also see reference to the “Death Cross” which is the opposite of the “Golden Cross”.
Virgin Galactic is one of the leaders in Space Exploration and Travel. The brainchild of Richard Branson, Virgin Galactic has enjoyed increased media attention as the stock skyrockets.
Branson has announced that future space travel may be paid for with Bitcoin. The well known entrepreneur admits to investing in Bitcoin years ago. The Virgin Galactic Stock has increased in value almost 300% during the past 90 days. Perhaps space travel is the last frontier or maybe that better describes Bitcoin.
Steem price jumped over 13% during the past 24 hours. The price of Steem rose to over 22 cents. The market overall enjoyed a bullish streak. EOS was up over 8%. Bitcoin broke the $10,000 barrier with a rise of over 4%. Cardano is also up over 4%. BAT which is used in the Brave Browser enjoyed an increase of over 14% reaching a price of over 29 cents.
Many in the crypto community looked forward to the creation of BAKKT for years. We all heard how the mere existence of BAKKT would flood the Bitcoin market with institutional investors. In simple terms, BAKKT is a platform that offers a regulated trading environment for Bitcoin and Bitcoin futures. The platform may be used through already well known exchanges, so some of the fear of the unknown of Bitcoin is alleviated.
While the effect of BAKKT came much slower than many would have liked. I do think we are seeing a mainstreaming of Bitcoin investment from traditional institutions that we would have not seen otherwise. Remember, only a few years ago many traditional financial institutions spoke of Bitcoin as some sort of dark money from the dark web bound to be used for illicit purposes. Think about how much that has changed in just a few years.
I like to take that thought a few steeps further and imagine altcoins enjoying the same attention that Bitcoin attracts. While that may seem unlikely now, I take heart in remembering that not so long ago Bitcoin was considered some sort of scam.
As Bitcoin prices broke the $9000 mark, Twitter was ripe with the usual speculation concerning the cause and effect of the recent increase in Bitcoin price.
Some Twitter users even suggested that the outbreak of the Coronavirus in China may have caused the increase in Bitcoin price. While the price of cryptocurrency often rises during a period of crisis and uncertainty, I think the probable slowing of the Chinese economy due to the outbreak may actually have the opposite effect on the price of Bitcoin.