Category: Trading

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.
In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.
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Bitcoin Futures ETF Becomes Second-Biggest Launch of All Time With Nearly $1,000,000,000 Worth of Volume on First Day

Bitcoin Futures ETF Becomes Second-Biggest Launch of All Time With Nearly $1,000,000,000 Worth of Volume on First Day

ProShares’ Bitcoin futures exchange-traded fund (ETF) is exploding onto the market with the second-biggest ETF launch of all time.
Eric Balchunas, a senior ETF analyst at Bloomberg, says on Twitter that the ProShares Bitcoin Strategy ETF (BITO) had more than $993 million in total trading volume on its first day of availability.
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Analyst Unveils Massive XRP Price Prediction, Says Ethereum Set To Shatter Historic Line of Resistance

Analyst Unveils Massive XRP Price Prediction, Says Ethereum Set To Shatter Historic Line of Resistance

A closely followed crypto analyst and trader says XRP is getting ready to ignite a strong move to its all-time high, while adding that demand for Ethereum (ETH) looks healthy.
The pseudonymous analyst Credible tells his 249,600 Twitter followers that XRP appears to be mirroring price action from earlier this year when it surged from around $0.30 in March to its 2021 high of $1.96 in April.
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Here’s a Realistic Price Prediction for Bitcoin This Cycle, According to Crypto Analyst Nicholas Merten

Here’s a Realistic Price Prediction for Bitcoin This Cycle, According to Crypto Analyst Nicholas Merten

With Bitcoin nearing its all-time high, popular crypto trader Nicholas Merten is taking a look at where the leading digital asset could go next.
BTC is trading at $64,077 at time of writing, up more than 11% over the past week and nearly 33% in the past month, according to CoinGecko. The largest crypto asset by market cap hit its all-time high of $64,804 back in mid-April.
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Bitcoin and Crypto on the Verge of Hitting the Best Part of Bull Cycle, Says Macro Guru Raoul Pal – Here’s Why

Bitcoin and Crypto on the Verge of Hitting the Best Part of Bull Cycle, Says Macro Guru Raoul Pal – Here’s Why

Macro investor and former Goldman Sachs executive Raoul Pal says Bitcoin and crypto are on the cusp of entering the part of the bull cycle where the markets trend higher.
In a new Crypto Banter episode, the macro guru says the digital asset markets are ready to move higher after a brutal corrective period in the last few months.
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Altcoins Could Suffer As Bitcoin Makes a Move for New Highs – Crypto Analyst

Altcoins Could Suffer As Bitcoin Makes a Move for New Highs – Crypto Analyst

A closely followed crypto analyst says that the altcoin market may be in for some pain as Bitcoin (BTC) threatens to steal the show.
Writing in the latest TechnicalRoundup newsletter, the pseudonymous analyst known as DonAlt says that the new launch of the Bitcoin futures exchange-traded fund (ETF) was not a “sell the news” kind of event. Instead, he sees Bitcoin as likely being in the middle of a strong upward move.
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Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media. The monetary authority is also preparing to move forward with a plan to reform the legislation that governs its own activities.
Iran Preps Pilot for Sovereign Digital Currency
The “national cryptocurrency” of Iran will enter its pilot stage soon, the recently appointed Governor of the Central Bank of Iran (CBI) Ali Salehabadi has unveiled. Speaking to reporters after his first meeting with lawmakers, the high-ranking official said the regulator is now studying potential risks and benefits associated with the initiative. Quoted by IRIB News and the Financial Tribune, he explained:
The pilot trial will start, once the Money and Credit Council approves it.
Salehabadi, who has been heading the CBI since Oct. 6, did not provide any further details regarding the Iranian central bank digital currency (CBDC). According to the English-language business daily, the new phase of the project is likely to be in line with earlier plans for the development of a national crypto.
The report notes that three years ago the Informatics Services Corporation, CBI’s subsidiary operating the country’s banking automation and payment services network, was tasked to develop a sovereign digital currency. A CBDC prototype was designed using the Hyperledger Fabric platform, later statements by its representatives revealed.
It became clear that the digital version of the Islamic Republic’s national fiat, the rial, was being developed on a private blockchain. Unlike cryptocurrencies based on public blockchains such as Bitcoin, the Iranian state-issued coin is not going to be mined.
The public was never updated on the progress of this initial project until more recent announcements came out that a “crypto rial” plan is underway. Officials have emphasized that the Iranian crypto is going to be a digital currency circulated by the CBI and not a decentralized cryptocurrency that could be used for small, cashless transactions, the publication details.

New Commission to Prepare Amendments to Iran’s Central Bank Law
Besides the digital currency announcement, Iranian media has also learned that the central bank’s new management and members of the Majlis agreed to establish a joint commission tasked to reform the legislation concerning the CBI. Its members will be expected to quickly finalize a long-awaited plan to update the law that governs the central bank’s activities.
Governor Salehabadi also said that a special working group will be formed to clarify the positions of the bank and the government regarding cryptocurrencies. While, executive authorities in Tehran have been going after crypto investing and trading, only allowing banks and licensed moneychangers to use coins minted in Iran to pay for imports, lawmakers have opposed the restrictive policies. They believe that friendlier regulations would help Iran to circumvent U.S.-led sanctions and boost its economy.
Mining has been the one crypto-related sector that has received more clarity in terms of regulation. Iran recognized the extraction of digital currencies as a legal industrial activity in 2019 and introduced a licensing regime for entities involved in the business. And although mining farms have been blamed for electricity shortages during the extremely hot summer this year, restrictions have since been lifted for authorized crypto miners which number over 50, according to the state-run power utility Tavanir.
Do you think Iran will eventually issue its own digital currency? Share your expectations in the comments section below.

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CBDC, cbi, Central Bank, commission, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital rial, Exchange, Governor, Iran, Iranian, Islamic republic, Law, lawmakers, Legislation, Majlis, Miners, mining, parliament, Regulation, tehran, trading

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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This Shiba Inu On-Chain Metric Could Signal Future Price Rallies: Crypto Analytics Firm Santiment

This Shiba Inu On-Chain Metric Could Signal Future Price Rallies: Crypto Analytics Firm Santiment

Digital asset analytics firm Santiment says that traders should keep a close eye on one on-chain metric that can potentially signal major rallies for meme crypto asset Shib Inu (SHIB)
Santiment tells its 109,100 Twitter followers to watch the number of SHIB whale transactions exceeding $100,000.
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BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

Prior to the launch of the Proshares Bitcoin Strategy ETF (BITO), open interest in bitcoin futures products has been surging since the start of the month, according to data from the Coinbase Institutional arm Skew Analytics. Binance and FTX command the lion’s share of bitcoin futures’ open interest with 40.67% of the market. Moreover, data from bybt.com’s bitcoin futures’ open interest metrics, shows the Chicago Mercantile Exchange (CME) commands 15.54% of all the open interest in bitcoin tallied this week.
Bitcoin Futures Open Interest Has Risen Significantly
On Tuesday, October 19, 2021, the first exchange-traded fund based on bitcoin futures was launched in the United States. So far, Proshares Bitcoin Strategy ETF (BITO) is trading above the ETF’s initial value when the opening bell kick-started trading.
Proshares Bitcoin Strategy ETF (BITO) on its first day of trading at 12:00 p.m. (EST) on October 19, 2021.
Since the first bitcoin ETF is based on BTC derivatives markets, prior to the launch a large influx of bitcoin futures open interest was recorded by a number of analytical web portals.
On October 12, Coinbase Institutional’s Skew Analytics tweeted about the massive open interest stemming from bitcoin futures markets. “Bitcoin futures open interest have been surging since the start of the month,” the official Coinbase Institutional Skew Twitter account said.
Chart shared by the official Coinbase Institutional Skew Twitter account.
Additionally, the account noted that BTC options markets were quite different. “Bitcoin options market seems cautiously positioned ahead of ETF catalysts with skew rallying back to positive territory,” Skew remarked the following day.

Binance, FTX Command 40.67% of Bitcoin Open Interest – CME Group Captures Close to 16%
Data from bybt.com indicates that Binance rules the roost as far as bitcoin futures open interest dominance is concerned. Statistics indicate that Binance commands 23.5% of all the bitcoin open interest among all the BTC derivatives markets trading today.
Total open interest (OI) on October 19, 2021, is 374.98 BTC or $23.57 billion. Data via bybt.com.
Binance has around $5.54 billion recorded, while FTX Exchange captures around $4.05 billion or 17.17%. Open interest (OI) metrics from CME Group have increased as CME now holds the third-largest position in terms of OI. CME has seen a 1.35% increase in OI and metrics show CME commands 15.54% of all the bitcoin futures’ open interest.
CME is followed by bitcoin futures markets such as Bybit, Okex, Deribit, Huobi, and Bitmex. Collectively all five of the mentioned crypto derivatives exchanges command 35.56% of all the bitcoin OI tallied.
What do you think about bitcoin futures’ open interest surging before the bitcoin ETF listed today? Let us know what you think about this subject in the comments section below.

Tags in this story

Binance, Bitcoin, Bitcoin (BTC), Bitcoin derivatives, bitcoin etf, bitcoin futures, BitMex, BTC derivatives, BTC derivatives markets, Bybit, bybt.com, CME, CME Group, deribit, ETF catalysts, ftx, Futures, Huobi, Okex, Open Interest, options, Proshares Bitcoin ETF, Skew Data, trading

Image Credits: Shutterstock, Pixabay, Wiki Commons, Skew Analytics, bybt.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Jumps as ETF Rings the Bell

Bitcoin Jumps as ETF Rings the Bell

Bitcoin has made a new recent high and is close to overtaking all time high as the bitcoin ETF opens for trading at the world’s biggest financial market.

The currency jumped to $63,300 with it currently seeing some volatility as some joke the crypto invasion of the stock market has began.

BITO is already showing on IBKR and is available for trading, with our presumption being it is available on any and all stock brokers that have access to the US market.

Shortly after the ETF began trading, NYSE’s website shows it quickly jumped, up by more than 5% at some point.

Bitcoin ETF trading open, Oct 2021

Already some $320 million worth of more than 8 million shares have exchanged hands in what is clearly an indication of high demand for the ETF.

Not least because the ETF rose by more than 5%, while bitcoin rose by 3%, suggesting the ETF opened at a premium.

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