Monster Expiry: $100k Bitcoin Options Expiring This Friday

Monster Expiry: $100k Bitcoin Options Expiring This Friday

With a notional value of more than $3 billion, this will be the biggest expiry Deribit has seen to date, which in the light of the growing options market, will impact the spot market as well.

A record amount of Bitcoin options contracts are expiring on Jan. 29.

This monster expiry of 100k Bitcoin options contracts at a notional value of more than $3 billion will be the biggest expiry crypto derivatives platform Deribit has seen to date. However, the “uber bullish 29 Jan 52k strike needs the spot rate to advance for it to have any meaningful impact on the rest of the market; otherwise, it will decay to zero and have no delta impact,” noted Denis Vinokourov of Bequant.

The price of Bitcoin is currently seeing greens on the first day of the week, trading around $35,000. It’s to be seen if BTC will continue higher or range further after lack of momentum for two weeks following about a 30% pullback to just under $29k.

“As options become more influential in crypto, I expect increased volatility around expiry dates,” says trader AltcoinPsycho who anticipates deeper wicks in the days leading up to Jan. 29th expiry.

Interestingly, the pullback didn’t shake the market as only 61 contracts changed hands earlier last week.

“At current price levels, hedging large option notionals has a major impact on price,” noted trader and economist Alex Kruger.

Increased Institutional Interest

On Monday morning, open options contracts were worth around 250,440 Bitcoin with Deribit, which began offering the products in 2018, accounting for the majority 87.74% of it, as per Bybt. Options basically give the investors the right, not the obligation, to buy or sell the underlying asset at a specified price within a time period.

Interest in Bitcoin options has risen sharply over the past few months as the Bitcoin price broke past its previous ATH of $20,000 to climb to a new all-time high of $42,000 earlier this month.

In late June 2020, OI on bitcoin options contracts was a mere 147k BTC that surged to 265.81k BTC on Dec. 23, which was hit again just last week. The highest open interest of just over 21k BTC is for Bitcoin call options with a strike price of $52,000.

Given that Bitcoin options volume has exploded, from $4.1 billion in July 2020 to $15.36 billion in Dec. and already doing $23 bln in January, so far, the expiry can affect the spot market as well.

“It reflects just how volatile [Bitcoin] has become, even by its own standards, over the last couple of months,” said Craig Erlam, market analyst at Oanda. “The moves we’re seeing on a daily basis now are incredible, so it’s natural that options are being more utilized.”

Due to the complexity involved in options trading, it also indicates how much-sophisticated investors are involved in trading BItcoin. Also, the more institutional adoption, the more futures, and options volumes’ will grow.

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Author: AnTy

Mempool & Bitcoin Fees Holding Steady as BTC Payments Hit New Highs

Bitcoin price has become range-bound around the $36,000 level, and with this lull in the action, the average cost to send BTC is also calming down.

From the 2nd highest average fees level in history at $17.5 on Jan. 12, the fees have decreased to the current $9, as per Blockchair. The highest this fee was during the Dec. 2017 peak of $20,000 at around $60.

Interestingly, despite Bitcoin being on a wild run that saw payments hit an all-time high these past weeks, breaking all the previous bull run records, average fees only went this high. Mempool transaction count, the total number of unconfirmed transactions, was also nowhere near the ATH.

transaction fees

Source: TransactionFee.info

“It’s astonishing how well the mempool is holding up and how comparatively low the transaction fees are,” noted Sergej Kotliar, CEO Bitrefill. According to him, when Bitcoin price moons, it is unlikely that fees will reach 2017 levels of bad.

These low fees are the result of segwit, fee estimation, Lightning Network, stablecoins moving to other chains, and of course, most cryptocurrency exchanges implementing payment batching now. And while Coinbase pays top-dollar fees for the next block confirmation, you only pay 1/100th of that because they batch 100 at a time.

This, Kotliar says, points to “an intrinsic aspect of centralization vs. decentralization – centralized solutions at scale are more efficient, decentralization comes at a cost.”

Strong Network

While the network is still cheap with low congestion levels, other metrics have been going for new highs — both hash rate and difficulty of Bitcoin mining are at peak.

In the world of mining, a lot of development has been happening with Mike Novogratz’s Galaxy Digital now officially mining Bitcoin. The company announced the launch of its miner financial services, including lending, investment, and risk management offerings.

The mining branch of the firm, which has been under development since before October, will be led by Amanda Fabiano, former director of mining at Fidelity, who says this will help Galaxy “deeply understand and solve for the financial needs of miners.”

Even the largest exchange in the US, Coinbase’s venture arm, is investing in mining software and services company Titan, which is currently in the beta testing phase. Mining giant Core Scientific is among the clients testing the pool.

Meanwhile, Barry Silbert is working on bringing BTC mining to North America through Foundry, which recently launched an advisory service to help power companies, government entities, and others get involved with Bitcoin mining.

This month, Foundry placed 14,000 Whatsminer MBT units and launched “what will soon become the largest U.S.-based bitcoin mining pool. It is time for bitcoin hashrate to come to the U.S.,” said Silbert, founder, and CEO of Digital Currency Group, the parent company of Grayscale, Genesis, and TradeBlock.

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Author: AnTy

Bitcoin Is Weathering A Lot of FUD This Week; What’s the Market Saying?

This week, Bitcoin is fighting several ‘fear, uncertainty, and doubt’ all at the same time.

The week started on a red note, as the price of the digital asset declined by 28.5%, and the market got a buy the dip opportunity. On the downside, $30k is of importance, whose breach could trigger “could trigger a much sharper correction.”

However, it didn’t take long for BTC to recover, and we were back at $40,000 in the middle of the week.

Now, into the weekend, Bitcoin is holding around $37,000 BTC -0.43% Bitcoin / USD BTCUSD $ 36,130.40
-$155.36-0.43%
Volume 57.14 b Change -$155.36 Open $36,130.40 Circulating 18.6 m Market Cap 672.11 b
7 h Kraken Halts XRP Trading; DOT Replaces the Digital Asset as 4th Largest Crypto Asset 8 h Bitcoin Is Weathering A Lot of FUD This Week; What’s the Market Saying? 1 d Bitcoin Donations Made to Those Involved in Capitol Riot a Month Prior: Chainalysis Report
, taking a breather and giving altcoins the chance to rally.

Nothing Stopping it from Going to zero

While the broad crypto market is enjoying an uptrend, Bitcoin is weathering a lot of skepticism and the same old FUD.

First, the UK financial watchdog issued its stapled investment warning that customers investing in cryptocurrencies should be ready to lose everything.

”Cryptocurrencies are not sustainable,” chimed in Peter Branner, the CIO at APG Asset Management. “Bitcoin is not backed by a central bank. It only has a value if people gives it value.”

Even UBS Global Wealth Management is taking inspiration from the Financial Conduct Authority (FCA) issuing a warning of losing all your money.

“There is little in our view to stop a cryptocurrency’s price from going to zero when a better designed version is launched or if regulatory changes stifle sentiment,” authors including Michael Bolliger, the chief investment officer for global emerging markets, said in a report Thursday in response to rising client interest.

While in the short-term, institutional adoption, limited supply, and market momentum can prop up the prices, regulatory intervention is a risk in the long term, the strategists wrote, citing the UK banning crypto derivatives. UBS Wealth said,

“Investors in cryptocurrencies must therefore limit the size of their investments to an amount they can afford to lose.”

Renewed Interest

When this wasn’t enough, the market itself found some FUD to keep things interesting. Mt. Gox saga renewed with CoinLab making a deal so that creditors can claim 90% of BTC owed to the exchange.

But while there is only 0.23 BTC available to every Bitcoin the creditors lay claim to, the users have been waiting for 7 years with nothing so far. Though it “should be bearish news short term,” the rehabilitation plan deadline has been postponed several times.

Amidst this, whether Tether is 100% backed remains a constant presence in the market, which only got heavy with Deltec Bank announcing that they hold a large position in Bitcoin for their clients, which Tether says has nothing to do with them.

“The amount of USDT printed by Tether is dwarfed by the amount of USD printed by the state,” argues Balaji S. Srinivasan, and that even if USDT fails, bitcoin has seen several 80% to 90% drawdowns, and there are other stablecoins available with long term people here to “advance freedom, privacy, and decentralization (and) that doesn’t change.”

But while the FUD created some uncertainty, there has been just as any good news. Grayscale is back to buying Bitcoin with an increasing premium for starters — presenting $23k as “a strong floor.”

Goldman Sachs is now also looking to invest in digital assets. The report came after Anchorage became the first crypto firm to win a charter from the Office of the Comptroller of the Currency, whose big official called for regulators to be ready for DeFi — self-driving banks.

Not to mention the big stimulus coming, USD weakness, Fed Chairman informing that they have no plans to increase rates or stop asset-buying anytime soon, the macro environment is also in favor of BTC.

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Author: AnTy

OKEx Expands Its Real-Time Settlement Platform to New Coin-Margined Perpetual Swaps

OKEx Expands Its Real-Time Settlement Platform to New Coin-Margined Perpetual Swaps

In an announcement this Thursday, the world-leading crypto exchange OKEx confirmed they would expand their real-time settlement platform and add new coin-margined perpetual swaps to their platform. The exchange launched a real-time settlement for all perpetual swaps, futures, and options contracts to improve its customers’ overall liquidity and trading experience.

Real-time settlements for traders started at 8:00 am UTC on Dec. 29 on the ADA/USD perpetual swap to “improve the capital efficiency and improve cross-exchange arbitrage opportunities,” a post from the exchange read at the time. OKEX has since expanded the real-time settlement feature to “ALGOUSD, ATOMUSD, and an additional 20+ coin-margined perpetual swaps, including XLM, YFI THETA”. Here is a complete list of the crypto’s, all paired with USD:

  • ALGO
  • ATOM
  • CRV
  • DASH
  • FIL
  • IOST
  • IOTA
  • KNC
  • NEO
  • ONT
  • QTUM
  • SUN
  • SUSHI
  • THETA
  • UNI
  • XLM
  • XMR
  • XTZ
  • YFI
  • YFII
  • ZEC

The real-time settlement allows users to withdraw their profits from perpetual swap contracts at any time within the day – switching from the 4.00 PM UTC deadline.

“It is a huge benefit to our traders because it opens up greater trading opportunities for them, including cross-exchange arbitrage, as they can now settle their profit in real-time across exchanges,” commented Lennix Lai, the head of financial markets at OKEx.

OKEX has recently faced challenges and huge withdrawals from its platform following a five-week-long withdrawal suspension.

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Author: Lujan Odera

Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021

This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX 2.17% Synthetix / USD SNXUSD $ 14.84
$0.322.17%
Volume 409.21 m Change $0.32 Open $14.84 Circulating 110.52 m Market Cap 1.64 b
4 h Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021 1 d A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round 1 w Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
.

Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a

“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”

The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.

A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.

The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.

In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.

⁩”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”

2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.

“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.

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Author: AnTy

With So Much Liquidity on the Sidelines, Bitcoin could Hit $100k This Year: Mike Novogratz

With So Much Liquidity on the Sidelines, Bitcoin could Hit $100k This Year: Mike Novogratz

Both Bitcoin and gold will go higher, said billionaire Mike Novogratz, the chief executive officer at Galaxy Investment.

Amidst the ongoing inflation expectations and other uncertainties in this market, “both gold and Bitcoin are going a lot higher, but gold could easily go up 30% this year,” said Novogratz in his interview with Bloomberg.

With things moving too fast in the market, Bitcoin has seen an uptrend of 113% since Dec. 11 to hit a new ATH at $37,700, it is difficult to pick a top. But these manias also means that Bitcoin could easily be “20% of gold,” Novogratz said adding,

“There is so much liquidity on the sidelines that a lot of people were hoping for a pullback on this. And you saw it lasted for about two hours and put right up. It’s why Bitcoin continues to go up every day.”

This is because “the Fed has made a commitment to keep rates at zero and to continue to buy quantitative easing for three years. And so it’s creating a bubble,” he said.

According to him, everything that keeps Chairman Powell keeping the money supply running as fast as it is is good for the markets which involve Democrats taking more seats in the Senate that comes with one of the big expectations of inflation.

As for Bitcoin hitting $100,000, Novogratz feels we can get there this year, “if we continue to see this kind of momentum.”

The Supply Crunch

With Bitcoin, the unique thing about it is that in most assets and commodities if the price goes up there’s a supply response. In the case of oil, if its price goes up we start drilling for oil all over the world, even in gold which has a limited supply if the price goes up, we spend more money on mining, explained Novogratz.

However, in the case of Bitcoin, there never will be more than 21 million BTC, no matter how high the price goes. He said,

“So we have this giant supply-demand imbalance where now institutions say dammit I can’t believe I don’t own Bitcoin yet. Insurance companies are buying it. Asset managers are buying it. High net worth people are buying it. And there’s not a lot of supply.”

But Novogratz believes “gold is going higher.”

The yellow metal is currently trading around $1,920 after reversing the downtrend on Nov. 30 that started once the bullion hit ATH at $2,050 in August last year.

And this is because “we are certainly in an acceleration of the worry about the basing of fiat currencies,” — it’s central banks printing money with 75% of all the dollars in circulation printed in the last 10 years, he said adding,

“That’s an incredible statistic. It broadly means that you know four times as many dollars as we did 10 years ago. That’s driving asset prices. And so this has hit this acceleration point.”

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Author: AnTy

$146,000 per Bitcoin Is An ‘Unsustainable’ Price Target for This Year: JPMorgan Chase Strategists

$146,000 per Bitcoin Is An ‘Unsustainable’ Price Target for This Year: JPMorgan Chase Strategists

However, these targets of $50,000-$100,000 are achievable in the long term, it said.

According to JPMorgan Chase, as a competition to gold as an asset class, Bitcoin has the potential to reach as high as $146,000.

Bitcoin’s current market cap is around $597 billion and in order to reach yellow metal’s market cap levels, the digital asset’s price would have to surge about 370% in value from its current price of $32,000 BTC 8.43% Bitcoin / USD BTCUSD $ 33,992.43
$2,865.56 8.43%
Volume 67.55 b Change $2,865.56 Open $33,992.43 Circulating 18.59 m Market Cap 631.98 b
3 h FTX Now Allows to Short or Long Grayscale’s GBTC & ETHE and Bitwise 10 Crypto Index (BITW) 4 h BTC’s Break Above 2017’s ATH of $20,000 Converts One into a Bitcoiner 6 h Grayscale Officially Removes XRP from the Fund; Addresses with Large Amounts of XRP Drops Sharply
.

The largest digital asset rallied more than 315% in 2020 and is expected to see even a bigger uptrend this year as institutions join in full force, but not according to the investment banking giant.

Interestingly, at its current market cap, Bitcoin is 9th largest asset, higher than Warren Buffett’s Berkshire Hathaway at 11th spot while JPMorgan is in the 15th place.

BTC needs to rise by 4.6 times in order to match the total private sector investment in the precious metal via exchange-traded funds (ETF), bars, and coins; but it all depends on institutional investment that will take some time, strategists led by Nikolaos Panigirtzoglou wrote in a note on Monday.

“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term.”

However…

“… a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”

As we reported, just yesterday, Anthony Scaramucci, the founder of SkyBridge Capital launched the Bitcoin Fund. The company in its thesis noted that Bitcoin, which is better at being gold than gold itself, can climb to $535,000 to achieve the same market cap as bullion.

The company also predicted a “tidal wave of institutional capital,” including hedge funds (One River Asset Management), public company treasurers (MicroStrategy), insurance companies (MassMutual), pension funds, RIAs, banks and brokerage firms, and a Bitcoin ETF.

For now, speculative long positions and an increase in wallets holding small amounts of BTC showing potential are seen as the headwinds by JPMorgan.

“While we cannot exclude the possibility that the current speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000, we believe that such price levels would prove unsustainable.”

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Author: AnTy

Leveraged Funds are Record Short on CME Bitcoin Futures

However, this might be bullish instead of bearish for BTC.

Bitcoin continues to break new records every day lately.

Yesterday, BTC/USD broke the $29,000 level as well and the market is expecting to enter into 2021 above $30k and end 2020 with more than 300% returns.

Amidst this extreme bullishness, leveraged funds on the Chicago Mercantile Exchange (CME) are record short.

However, this might be rather bullish for Bitcoin’s price than bearish as the same picture was seen on Dec. 1st.

As data provider Skew noted, they are likely to be record long on Grayscale Bitcoin Trust, trying to collect the premium. GBTC is currently holding 607.07K BTC, 3.2% of Bitcoin’s circulating supply, which is trading at a 23.5% premium to BTC price.

Grayscale, however, hasn’t bought any BTC since Dec. 25th, as per Bybt.

These leveraged funds might also be taking advantage of the CME futures basis, the average is currently over 10%. The difference between the spot price of Bitcoin, $28,268 as of writing, and CME Bitcoin futures price, which is $29,135, is an arbitrage opportunity for these funds.

On Monday, the regulated exchange had to temporarily pause the trading of bitcoin futures after one of the biggest gaps was formed, of more than $3k, between the derivatives and the underlying asset.

CME has actually become the largest Bitcoin futures venue by the number of open contracts amidst the growing institutional interest. Open interest on CME stands at $1.60 billion, the highest among the major derivatives exchanges, as per Skew.

Now, CME accounts for more than 18% of the total OI which stands at over $9 billion.

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Author: AnTy

Is The SEC Lawsuit a Blessing in Disguise for Ripple & XRP Investors?

The Trump administration’s parting shot pushes XRP down 46% this week but small XRP addresses continue being created at a fast pace while trading is suspended on three exchanges.

A day after Ripple CEO Brad Garlingouse intimated the crypto community about the upcoming lawsuit against XRP over the sale of unregistered securities, the US Securities and Exchange Commission (SEC) did just that.

SEC has charged Ripple and its two executives, co-founder Chris Larsen and CEO Garlinghouse for raising more than $1.3 billion through “an unregistered, ongoing digital asset securities offering.”

Not just this, Ripple has allegedly distributed billions of XRP in exchange for non-cash consideration. Additionally, both Larsen and Garlinghouse “effected personal unregistered sales of XRP” totaling at $600 million.

“We allege that Ripple and its executives failed over a period of years to satisfy these core investor protection provisions, and as a result, investors lacked information to which they were entitled,” said Marc P. Berger, Deputy Director of the SEC’s Enforcement Division.

The SEC’s complaint is filed in the federal district court in Manhattan and charges the defendants with violating the Securities Act.

Immediate Effect

The legal case in itself will take years to come to a conclusion but in the immediate future, the price of the digital asset took a beating. This week, XRP has lost 46% of its value, currently trading at $0.354. XRP actually hit a new low against BTC which continues to surge higher and higher.

“Bag holders want to see .304 hold on a weekly close to establish topside HTF support,” said trader Mr. Anderson. Another trader, CryptoYoda noted,

“Tightening stops. worried about potential of XRP imploding if support doesn’t hold and the resulting repercussions in the overall markets. might be a non-event, just making sure I don’t stand on the beach when the tsunami hits.”

Since the news broke, while the number of large tier addresses is shrinking, small XRP addresses being created haven’t skipped a beat in its uptrend, as per crypto data provider Santiment.

And with this, the digital asset dropped one step and Tether retook the place of the third-largest digital asset by market cap.

In the meantime, 133,152,655 XRP (48,850,963 USD) has been transferred from the Ripple founder Jed McCaleb’s Settlement account to his wallet, noted Whale Alert.

Additionally, crypto exchange OSL has suspended all XRP trading services on its platform, effective immediately. The exchange is well known in Asia for its OTC services but isn’t much for retail exchange trading.

Two smaller crypto trading platforms, Beaxy and CrossTower have also halted trading for XRP already.

Is it Security?

After avoiding this level of intervention for years, SEC Commissioner Jay Clayton seems to be ticking off one last thing from his to-do list before his departure from the office.

“For XRP hodlers, this could be a blessing in disguise,” because the question of whether XRP is a security has been dangling over the early investors, wrote Mati Greenspan in his daily newsletter Quantum Economics.

But that is if it is not deemed security because if it is XRP will be basically “useless,” making it difficult for anyone to use it for settling transactions. Jake Chervinksy, General Counsel at Compound Finance said,

“Alleging violations through present-day is a kill shot. Charging individual executives is remarkable. This is the SEC playing hardball.”

However, Messari founder Ryan Selkis, a known XRP antagonist believes the argument of XRP being security is “silly.” However much “unethically marketed and distributed” XRP was, “that still doesn’t mean it’s a security,” he wrote.

According to Selkis, USG is going to lose because they are outclassed on legal as Ripple has a lot of money to put into action, and USD should lose because the Howey test is broken, SEC’s restrictions on non-accredited investors is outdated and un-American, and because “it’s incumbent upon industry to self-police.”

Not to mention, regulators get to fine and tax Ripple, so no gain in killing a “domestic golden goose,” he said.

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Author: AnTy

Bitcoin Skeptics Busy Talking About Bananas, 2018 Bear Market & Missing Price Discovery

Despite the price of Bitcoin jumping more than 220% this year, billionaire Mark Cuban still isn’t interested in the leading cryptocurrency.

“My thoughts haven’t changed,” Cuban told Forbes a week before Bitcoin surged past an all-time high of $20,000 to hit a record $23,800 on Wednesday, in a story that was published Thursday.

Bitcoin is “a store of value…that is more religion than solution to any problem,” said Cuban adding that the cryptocurrency won’t be replacing government-backed currency.

“No matter how much (bitcoin) fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” Cuban said.

“Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”

However, Cuban does agree that bitcoin is like gold in the way that it is a store of value. Although with its supply being limited, as the demand for the digital currency fluctuates, so will the price, which will be volatile, “as long as people accept (bitcoin) as a digital version of gold, it’s investable,” he said.

Despite this optimistic view, Cuban went back to his banana having “more utility” because it has potassium, a “valuable nutrient to every person on the planet,” while Bitcoin is what it is because “enough people have agreed upon” it as an investable asset.

Absolutely crazy right now

Another person that remains skeptical of Bitcoin is the Rosenberg Research chief economist, who calls it a “massive bubble.”

However, given his Bitcoin issues, it looks like it’s him who is in a bubble because he didn’t even take time to understand it before ranting about it.

“You speak to most people that are asking me to put money in bitcoin, they can’t even tell you who the person was that developed it or even how it’s actually mined,” said David Rosenberg. Alright, uninformed boomer!

“It’s just a classic, follow-the-herd, extremely crowded trade. It’s in a massive bubble.”

He had a particular nugget to share with that “there’s really nothing in the protocol to suggest that the supply of bitcoin can’t go up once we hit that limit.”

From the March low of $3,800, during the coronavirus pandemic-induced sell-off recorded in gold, stock, especially oil prices, and every other asset class, BTC has seen a whopping 525% uptrend.

Since October, Bitcoin has rallied 114%, and the chart of the digital asset is looking “absolutely crazy right now” to Rosenberg, who took it as his civic duty to remind everyone of the 2018 bear market after the last time bitcoin behaved with such a “speculative fervor.”

Meanwhile, BTC/USD is holding firm around $23,000, embarking on its price discovery journey.

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Author: AnTy