Wall Street isn't just a casino where traders can bet on GameStop and other stocks – it's essential to keeping capitalism from crashing
FxWirePro: Trade Conflict Unlikely To Harm Euro, EUR/USD Sideways To Little Upwards With A Pinch Of Salt – Bid 3M OTC & Stay Hedged
Digital Currency Revolution Series: Bitcoin Snapping Rallies But Unwise Build Fresh Shorts, Uphold Long Hedging
People become less likely to contribute to a virtual public good like Wikipedia or Waze if they know many others are already doing it
FxWirePro: Can RBA’s Dovish Rhetoric Stimulates Aussie Dollar? OTC Updates & Options Strategy Ahead of MPS
Digital Currency Revolution Series: Spotlight On FxWirePro’s BTC Long Hedges As Bitcoin Explodes With Fresh 1-Year Highs
We can't trust big tech or the government to weed out fake news, but a public-led approach just might work
Digital Currency Revolution Series: Bitcoin Price Action On Regulatory Breach & Hedging Setup
It has been a quiet week of price action among crypto-avenues as the major crypto pairs, such as, Bitcoin and Ethereum price plunging by 2% and 1% respectively.
But for now, crypto markets appear to be healthier after a minor price dip in the recent past following news that US authorities (CFTC) had filed charges against Bitcoin derivatives exchange, ‘BITMEX’ and its founders of allowing unregistered trading and ongoing violations of US anti-money laundering laws.
As a result, the underlying price of Bitcoin plummeted to as lows of USD10,431 on October 2nd but subsequently ended the week near the USD10,600 levels.
Five entities and three individuals that manage the exchange were charged with violating multiple CFTC regulations including failing to implement anti-money laundering procedures. Nonetheless, the platform is reportedly operating their business (withdrawal and deposit requests) usually. The open interest (which is an indicator of capital flowing in an out of a market) in Bitmex dropped by 16% following the announcement of the charges, and hit a fresh low at 45,112BTCs YoY. Additionally, 48,400 BTCs - or about 25% of the total Bitcoin held by the exchange - was withdrawn by Bitmex traders.
Technically, the consolidation phase continues on hammer patterns, bulls attempt to take-off rallies above 7 & 21-DMAs testing support at 100-DMAs, $10,585 acts as the strong support. For now, more rallies are the on cards amid the minor price dips.
Since mid-March, bitcoin’s consolidation phase has been considerably striking a chord among the investors’ communities. BTC has spiked from $3,858 to the recent highs of $12,486 (Aug 17) which is 226% rallies.
Accordingly, the long hedges have been advocated using CME BTC Futures (when spot reference was at $4,927 levels). It is unwise to bet on speculating the next upside target and accumulate fresh bitcoins. Instead, one can certainly uphold the above advocated long hedges using December’20 deliveries. Courtesy: CFTC, Tradingview & BNC