Bitcoin’s the Way to Go As Inflation Records Its Highest Jump in 13 Years

The USD is getting a boost from high inflation concerns, with traders now looking forward to the Fed Chair’s testimony this week. Blackrock CEO is also concerned about inflation which he says “is going to be more systematically,” noting asset owners are the biggest beneficiaries of monetary policy.”

The US dollar continues to be perched above 90 since early last month, now aiming for 93 after data showed that US inflation for June is coming in hotter than expected. Just like the greenback, US Treasury yields also responded to the inflation data with a sharp rise.

US consumer prices rose by the most in 13 years last month as the economic recovery continues its momentum.

The rate of inflation in the 12 months ended in June jumped to 5.4% from 5%.

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However, this is to be expected as up until recently, there was a tight lockdown in the country, and still, not everything is open or operating at a standard rate. The rapid recovery of the economy is having an unwanted side-effect, higher inflation.

Transitory or Not?

In June, the cost of living jumped by the most significant amount, 0.9%, more than expected, since 2008 as inflation spread more broadly through the US economy, raising questions whether this spike in prices will subside as quickly as the central bank is predicting.

While the cost of used cars accounted for over one-third of this increase, prices for food, energy, clothing, hotels, and plane tickets also rose sharply, which also fell sharply in the early stages of the coronavirus pandemic last year.

Another measure of inflation that omits volatile food and energy also surged 0.9% in June, with the 12-month rate increasing to 4.5% to stand at a 29-year high.

While the component not associated with the used car market being twice as large, used car prices should also “probably be seen as some sort of bellwether in this case, instead of something to be ignored,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics.

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Blackrock CEO Larry Fink is also concerned about inflation. “It is my view that inflation is going to be more systematical. I believe it is a fundamental, foundational change in how we navigate economic policy,” he said in an interview with CNBC.

He further noted that with interest rates low, savers are getting slammed while “asset owners are the biggest beneficiaries of monetary policy.”

Market Reaction

Traders are now looking forward to Federal Reserve Chairman Jerome Powell’s testimony before Congress on Wednesday and Thursday for any signals on potential tapering. Fed officials first made a surprise shift in tone last month about the possibility of US stimulus withdrawal that boosted the dollar in recent weeks.

Powell, however, has repeatedly been stating that high inflation will be transitory as supply chains normalize and adapt.

The stock market waved off these latest figures, with the S&P 500 seeing a slight drop after roaring to new all-time highs on Monday. Greenspan said,

“The stocks really are in a euphoric mode right now, and investors will accept any reason to continue buying the rally.”

Cryptocurrencies meanwhile remain on the back foot since late May when they first started selling-off with the total crypto market cap now at $1.34 trillion.

This week, the crypto market is experiencing losses across the board, with Bitcoin doing its thing and trading above $32,500, recovering some from its fall to $31,565 in the last 24 hours and Ether at just above $1,900 after falling to $1,860.

While down in the past two months, in the past year, when commodity prices rose between 20% to 107%, Bitcoin rallied 250%.

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Author: AnTy

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.

Volatility Deterring Widespread Adoption Of Crypto

In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.

The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.

But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.

Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.

50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.

Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.

Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.

Crypto Is Overvalued

Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC -5.90% Bitcoin / USD BTCUSD $ 35,777.75
-$2,110.89-5.90%
Volume 36.12 b Change -$2,110.89 Open $35,777.75 Circulating 18.74 m Market Cap 670.41 b
2 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 5 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service
ETH -5.72% Ethereum / USD ETHUSD $ 2,234.15
-$127.79-5.72%
Volume 22.7 b Change -$127.79 Open $2,234.15 Circulating 116.35 m Market Cap 259.94 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 7 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
DOGE -4.53% Dogecoin / USD DOGEUSD $ 0.29
-$0.01-4.53%
Volume 1.84 b Change -$0.01 Open $0.29 Circulating 130.08 b Market Cap 38.05 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d CoinFlip to ‘Demystify’ Crypto With Actor Neil Patrick Harris who Reveals Himself a Bitcoiner
BCH -5.91% Bitcoin Cash / USD BCHUSD $ 563.24
-$33.29-5.91%
Volume 1.64 b Change -$33.29 Open $563.24 Circulating 18.77 m Market Cap 10.57 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.

The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China’s ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.

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Author: Jimmy Aki

In the Last Month, People Are More Interested In Trading Ethereum Than Bitcoin

The same trend holds for OI as investors and traders are more interested in Ether ahead of its London upgrade. Also, there is confidence about the shift to PoS being on track with just “non-trivial issues” to be figured out.

Ether price is now aiming for $3k as it trades around $2,850, marking a spectacular recovery, up 25% from Sunday low of $1,725.

This strong recovery is the result of people being more interested in trading Ether than Bitcoin. ETH is actually the 2nd most traded crypto-asset right now at $55.9 billion in the past 24 hours, after Tether’s nearly $132 billion, as per CoinGecko.

Bitcoin comes behind Ether at $47.4 billion, which started happening last month.

Polygon, Ethereum Classic, XRP, BUSD, and Cardano are also recording huge volumes between $6 to $10 bln.

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The same trend can be seen in the open interest in the futures market as since the Sunday low, while Ethereum’s OI increased by $1.25 billion, Bitcoin added $1.03 billion to its OI, as per Bybt.

This suggests what started before the correction, with investors and traders getting more interested in Ether sending its prices to an ATH of $4,385 in a very short period of time while Bitcoin consolidated.

Despite the ongoing volatility, Eth holders continue to increase at a steady pace. In fact, long-term holders took this as an opportunity to scoop up cheap coins.

Ether is gaining traction ahead of its London hard fork, which involves EIP 1559, considered a big catalyst for Ether prices as by burning the gas fees paid in ETH, it will effectively make the crypto asset “deflationary.”

Not to mention, 9.6 million ETH are locked up in DeFi, though they are on a downtrend since mid-April, nearly 5 million ETH are in ETH 2.0 deposit contract, which is on an uptrend, and another 3.16 million ETH are locked in Grayscale.

Steady Progress

When it comes to the network development side of things, developer Danny Ryan who works with Ethereum Foundation, shared on Tuesday that Altair, the first planned upgrade of the Beacon Chain, is making steady progress.

Meanwhile, the Rayonism hackathon, which allowed teams to rapidly prototype core Merge designs and better understand how this merged system will work in practice, has been wrapped up. Client teams are now focused on London and Altair hard fork and researchers on Merge spec refinements and testing, he said. The update reads,

“After the summer upgrades, teams will shift their focus to the Merge and begin tackling the production engineering with an eye toward public testnets.”

In the current environment where proof-of-work (PoW) is getting bashed for its energy usage, Ethereum’s shift to proof-of-stake (PoS) works in its favor.

“It’s amazing,” said Ethereum co-founder Vitalk Buterin in an interview. “I’m definitely very happy that one of the biggest problems of blockchain will go away when proof of stake is complete.”

While many continues to be skeptical about the shift, for which Buterin has been advocating from the beginning, to be done by the end of this year or next year as expected by community members, Tim Beiko, who coordinates the developer work on the new network for the Ethereum Foundation, is “confident.” He said,

“There’s a bunch of non-trivial issues to figure out, but the fundamental architecture is set and pretty promising.”

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Author: AnTy

Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’

BTC price goes down to about $55,600 and Ether as low as $1,930 as 366,073 traders get liquidated for $2.02 billion. But the crypto market is already recovering the losses.

Historically, April is one of the best months for Bitcoin’s price, however, the beginning of the month is anything but so.

Today, the price of Bitcoin took a fall to $55,600 and is still not looking done with the correction. In tandem with BTC, the majority of the cryptocurrency market has gone down with it too, which has been enjoying an onslaught of bulls while the leading cryptocurrency consolidated.

Down 5% to 20%, Ether is back at $1,945, XRP near $0.880 with FIL, UNI, DOT, XLM, TRX, BTT, IOTA, BSV, AAVE, XTZ, ATOM, KSM, ENJ, STX, DENT, and UMA recording double-digit losses.

As a result, the total market cap, which surged past $2 trillion for the first time this week, is now near $1.90 trillion.

However, the market hasn’t topped as Ki-Young Ju, CEO of data provider CryptoQuant, points out people are holding and not selling their BTC.

“Are we in the market cycle high? No. When the market reaches its peak, everyone deposits BTC to exchanges to sell. The number of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.”

And bitcoin shorts continue to be punished.

Overeager and overleveraged longs, however, aren’t unaffected. As a matter of fact, the degen traders are the reason Bitcoin sees pullbacks time and again.

In the past 24 hours, over $613 million Bitcoin positions have been liquidated, as per Bybt. In total, 366,073 traders have been liquidated for $2.02 billion.

Following this, funding rates on Bitcoin perpetual contracts have gone down some, with the highest on Huobi at 0.1051%.

Long Bitcoin, Short U.S. 5 Year Treasury

In other news, Bitcoin bull Mike Novogratz is shorting the five-year Treasury as a hedge against policymakers pulling back their monetary support, saying, “Everyone long bitcoin should be short the five year.”

“I’m short a lot of interest rates,” Novogratz, chief executive officer of Galaxy Digital, said in a Bloomberg Television interview.

“To me, being short the five-year part of the yield curve is a great hedge for any portfolio, crypto or non-crypto.”

U.S. 5 Year Treasury yield is currently at 0.866%, down from 0.97% last week. The yields on these bonds have been rising since last August when it was at 0.193% but still nowhere near the 9.52% in late 1988.

The billionaire investor, who is a former partner at Goldman Sachs, further said in the interview that the price of the assets is rising for the very same reason, central banks relentlessly printing money.

This week, the total cryptocurrency market capitalization hit a new all-time high above $2 trillion, and according to Novogratz, we can easily rise twice as much this year.

“We’re up to 0.5% of global wealth in crypto, and it will be 1% by the end of the year.”

While bullish on crypto and short on bonds, Novogratz is also betting on Facebook in anticipation of the social media giant introducing the Novi digital wallet this quarter. “All of a sudden, you’ll have 2.4 billion people connected to this crypto space,” he said.

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Author: AnTy

Hedging on Fears: New Crypto Volatility Index Let Traders Bet on Market Turbulence

Hedging on Fears: New Crypto Volatility Index Let Traders Bet on Market Turbulence

Over the years, since Crypto investing became more mainstream, we have seen the creation of futures contracts, funds, and now Volatility indices.

The Blockchain-powered Fintech startup company, COTI, has announced the launch of a brand new cryptocurrency index, which allows traders to bet on the likelihood of shorter/longer-term market volatility. At this stage, traders are able to open positions by depositing and using the Tether stablecoin (USDT).

With the popularity of indices like futures, which allow investors to bet against a digital asset’s long-term performance, the introduction of a volatility index shouldn’t be so surprising. The Gibraltar-based company explained that “Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their position once the index has risen.” However, if traders correctly anticipate low volatility, they can profit by collecting fees from other traders that opened positions.

In a sense, COTI helps to bring more liquidity to the crypto market.

To avoid overly febrile activity on the platform, CVI liquidity providers will need to deposit and hold USDT for at least 72 hours. Once any position is opened, a CVI trader must keep it open for 6 hours before it can be closed or sold.

For the moment, aspiring traders can link to COTI’s CVI through major wallets such as MetaMask and TrustWallet. COTI intends to add digital assets like Ethereum (ETH) and its native COTI Token in the future.

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Author: James Fox

Huobi Global Partners With BCB Group; Traders Gain Access to European Fiat On-Ramp

Huobi Global Partners With BCB Group; Traders Gain Access to European Fiat On-Ramp

Crypto exchange giant Huobi Global has announced a new partnership with BCB Group in efforts to link its trading desks to the European banking system, including the United Kingdom.

Seychelles registered crypto exchange will now offer instant euro and GBP settlements to its clientele.

The deal, which was announced on Tuesday, reveals that Huobi’s over-the-counter (OTC) customers can now complete transactions instantly using either the pound (GBP) or euros through BCB’s BLINC network.

In the recent past, crypto exchanges have faced different hurdles in their efforts to establish banking relationships that can provide an interface to the fiat money world. Before the current deal, Huobi had no established European fiat gateway, BCB CEO Oliver von Landsberg-Sadie stated.

Speaking to media outlets, Landsberg-Sadie stated that the partnership would provide a robust infrastructure that will enable seamless trading for Huobi’s customers.

“We’re here to provide that robust infrastructure so that these guys can just get on with trading and know that trades are happening in a way that’s properly monitored, that’s regulatory-friendly.”

Huobi’s head of global business, Ciara Sun, stated that the process has been rigorous and although it took some time it is for the benefit of the firm’s European customers. Sun said,

“Partnering with BCB allows us to offer a European fiat on- and off-ramping service that we know is in line with the laws of that area, but it also allows our customers in Europe to experience a smooth and hassle-free user experience.”

Huobi becomes the latest major crypto exchange using BCB’s BLINC platform, following Bitstamp, which had joined earlier. BCB stated that other partnerships with various crypto exchanges would be announced soon.

Huobi Korea Secures Certification From Korea Internet and Security Agency

Huobi Korea, an offshoot of Huobi Global operating in Seoul, has been certified as an information security management system, or ISMS. The certification complies with Korea’s Special Payment Act.

The certification means that Huobi Korea will be granted a broad management system that guarantees security as well as compliance with Korean laws. The new law requires crypto-based enterprises to report transactions as per the updated KYC and AML policies issued recently.

Huobi Korea CEO, Park Si-deok, said that the issuance of the certificate is a testament that the exchange is well prepared to offer quality services to both institutional and individual clients.

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Author: Joseph Kibe

UK’s FCA New Law Prohibiting Sale of Crypto Derivatives to Retail Traders Takes Effect

UK’s FCA New Law Prohibiting Sale of Crypto Derivatives to Retail Traders Takes Effect

  • The U.K Financial Conduct Authority (FCA) law prohibiting the sale of crypto derivatives products to retail investors comes into effect today. The law has raised divided opinions across the crypto players claiming the law will send retail investors to unregulated exchanges.

In October 2020, the FCA introduced a new set of crypto laws to govern the sale of derivatives on these assets, – which have become effective as of January 6th, 2021. According to the law, cryptocurrency service providers are prohibited from selling, marketing, and distributing crypto-related investment products to retail customers given the risk these assets hold.

“The FCA considers these products to be ill-suited for retail consumers due to the harm they pose,” FCA’s statement in October 2020 reads.

The financial regulator questioned the valuation metrics of the underlying crypto assets, market interference, proceeds from financial crime, and extreme volatility of crypto prices as reasons to stop the sale to retail customers. Notwithstanding, retail customers do not clearly understand these assets, the report read the “customers lack a legitimate investment need in these products.”

The FCA statement claims that investment in crypto ETNs and CFDs could cause customers to, “suffer harm from sudden and unexpected losses.”

With the ban kicking off today, the crypto community is in a divided territory as critics come out strongly claiming the flawed nature of the law, while others praise the steps taken by the financial authority. Critics argue that the rule limits retail investors (even the seasoned ones) from investing in crypto derivatives. They further argue that retail clients should be given equal opportunities as institutions.

Additionally, Komodo’s director of business development, Jason Brown stated the laws were made in a rush and didn’t involve other authorities and jurisdictions. The lack of involvement of any other country or region in creating these policies, according to Brown, distorts blockchain regulation across jurisdictions.

“What the blockchain industry needs the most is consistent regulations across jurisdictions,” Brown stated.

Other critics argued the prohibitive law will set individual customers to look for unregulated avenues and offshore cryptocurrency exchanges to invest in crypto derivatives which will make it even harder for the FCA to regulate them. This could cause even bigger harm to retail consumers than trading on regulated crypto exchanges, Dermot O’Riordan, partner of Eden Block explained.

Despite the criticism, some players in the crypto field are welcoming the law positively as a risk management tool for “reckless retail investors.” Speaking on the positive effects of the law, Gunnar Jaerv, COO of First Digital Trust said,

“More people would have to buy the ‘actual’ assets meaning that there would be real money going into the assets and will be priced into the market.”

This will stabilize the extreme volatility in the market as well as having stable prices, volumes, and market capitalization across the crypto market, he added.

The FCA in December extended the temporary registration regime period to July this year allowing crypto services providers in the process of obtaining a license to continue with their operations.

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Author: Lujan Odera

Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k

Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k

Bitcoin and Ether rally is just getting started, with Deribit options’ strikes continue to be higher and higher.

Cryptocurrency derivatives platform Deribit continues to make waves with its new strike rates.

If you think Bitcoin at $100,000 was the real deal, not for Deribit users. $100k was so last month’s thing, now that Bitcoin has surged at bove $28,000 this past holiday weekend, Deribit users are now betting at much higher prices.

Today, Deribit introduced call and put options at the $160,000 Bitcoin strike price expiring on Dec. 21, 2021.

“Remember that we list based on policy, not analysis, etc. Strikes up to delta 10,” noted the exchange which is “for algorithmic traders, institutions, and savvy retail traders.”

These new contracts came just on the back of the weekend’s $140,000 BTC, which was added a few hours after $120,000.

Purchasing these call contracts is a bet that the price of Bitcoin will rise above these levels either on or before their expiry date.

At the time of writing, BTC/USD has been trading at $26,728, seeing a small pullback, after the monster rally of last week, that broke multiple levels of new highs.

But it is not just Bitcoin the crypto market is bullish on. Now that BTC has taken a small step back, Ethereum has taken the reins from the flagship cryptocurrency and after a long time surged above $700 on Monday. After going to nearly $750 yesterday, we fell back under the $700k mark but today the market is on the move again.

And according to Deribit users, ETH is just getting started as the platform added the ETH contracts with a $5,000 strike which expires on Sept. 21 and Dec. 21.

Given that ETH is still about 50% away from its ATH, the digital asset has more room to grow. Not to mention, the Ethereum futures to be launched on CME in February next year will bring a herd of institutions.

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Author: AnTy

China Blacklists Crypto OTC Trading Desks With A Five-Year Banking Ban As Punishment

  • PBoC blacklists crypto OTC traders in its latest efforts to crack down on money laundering.
  • This has caused several OTC trading desks to shut down as the future turns bleak.
  • The central bank set a three to five-year banking ban in the country as punishment.

Bitcoin over-the-counter (OTC) traders could be facing up to a five-year ban on their banking accounts in China, local reports state. The central bank, People’s Bank of China (PBoC), is heavily cracking down on money laundering activities and is blacklisting several OTC trading desks dealing in cryptocurrencies.

Recently, the Chinese central bank had enhanced its efforts in cracking down money laundering activities hence the latest move. In a bid to stop the illicit and illegal trades, the PBoC is taking a step affront to combat cryptocurrencies being used to launder funds by setting some of the OTC traders under its “disciplinary list.”

The first step in PBoC’s crackdown in the crypto ecosystem will target large OTC traders who trade in millions. According to the report, exchanges that allow transactions away from the public and transact high volumes will be blacklisted. Some have already faced the brunt, having their bank accounts and bank-issued cards blacklisted for the next three years and their online accounts banned for the next five years.

Local banks and financial institutions are now in charge of monitoring money laundering, bidding to keep the vice away at the lowest levels and higher levels of government. The institutions quickly flag and restrict the transactions involved in money laundering, and subsequently, the information is transferred to the local branch of the PBoC.

Once registered, the “blacklist” is transferred to other banks and local financial institutions across the country. This prevents the OTC dealers on the disciplinary list from opening and transferring funds to new accounts.

Despite the crackdown, regulations on cryptocurrency transactions within China remain slim – leaving a grey area on the crypto transactions by investors. Because there are no corresponding rules and regulations, “various financial institutions have different judgment standards for cryptocurrency transactions” hence some crypto OTC desks could be flagged by some local financial institutions.

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Author: Lujan Odera

Will Bitcoin’s Price Over the Next Two Weeks Set the Pace for September’s Bulls or Bears?

As we enter the last week of August, several traders opine that the Bitcoin price’s performance over the next two weeks will determine if the value will drop below $10,000 or a positive surge will go on.

The week’s candle comes at a time when CME’s Bitcoin futures, as well as Deribit’s options contracts, are set to expire. This has the potential of setting the tone of prices for September. More so on whether Bitcoin will end the month above or below various key levels.

Mohit Sorout, Bitazu Capital founding partner, states that $11,800 is a crucial level for Bitcoin. He argues that an upsurge to $11,800 is likely to “put sellers to sleep.”

There are only a few days before the end of August and the Bitcoin futures sector has remained cautious. The number of long contracts in the market is more than the short-sellers with Bybt showing that longs are 53.36% of the total futures market. This indicates that traders are highly cautious and that a couple of scenarios might happen in September.

Bullish Short-term Scenario

In order for Bitcoin to continue with its upward trend in the short-term, traders state that Bitcoin’s price needs to trade above the $11,800 level. If this was to occur, traders forecast that Bitcoin is likely to trade above $12,500. Consequently, others believe that if Bitcoin trades between $10,900 and $11,500, then a bullish scenario is likely in the short-term.

Nunya Bizniz, a crypto analyst, explains that if monthly candle structure at the moment was to follow the previous ones, then a newfound bull run is likely in the short-term.

Bitcoin’s Stagnation Scenario

An alternative scenario, as advanced by some investors, is that the leading cryptocurrency may experience several months of low volatility or price remaining stable before a significant price surge. 10T Holdings co-founder, Dan Tapiero, explained that each price cycle has taken about 800 to 1,100 days for it to be complete. At the moment, the current cycle is not even 400 days old which means that Bitcoin’s price is likely to stagnate in the next one year. He said:

“Each upcycle takes longer to play out and is less extreme as absolute dollar value gets much larger. May or may not be another 6-12 months before price breaks up. It should not matter as the end price point obscenely higher. Holders rejoice.”

Historically, September has been a slow month for the crypto market, and as expected traders have mixed opinions on the next move for Bitcoin.

What’s your opinion on the next price move for Bitcoin? Let us know in the comments section.

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Author: Joseph Kibe