Market Updates

BTC’s Market Share Drops Consecutively for 14 Days – Dominance Ratio Slides to 60%

15/02/2020 by Idelto Editor

Cryptocurrency markets have been climbing higher in value as coins like BTC have gained over 19% during the last 90 days. However, many other digital assets have seen much larger gains and BTC dominance has been sliding downwards consecutively for the last 14 days.

Also Read: Craig Wright’s $100B Theft Claim – BTC and BCH Used His Database Without Permission

BTC’s Ratio of Market Dominance Sinks to 60%

During the last few weeks, BTC dominance has dropped from a high of 70% to a low of 60%. The term and metric BTC dominance is the ratio of BTC’s market capitalization versus all the other coin market caps. So the current market valuation of the entire cryptoconomy is around $305 billion and BTC captures 61% of that today with a market valuation of around $186 billion. BTC has always been the world’s largest cryptocurrency by market capitalization and prior to February 2017, the asset captured more than 80% of the entire cryptoconomy for eight years straight. However, the video tweet below shared in 2018 shows how crypto dominance metrics can change drastically over time.

The evolution of the altcoin market share and BTC dominance #cryptocurrency #cryptosec #Crypto #cryptotwitter #altcoins #cryptotrader #cryptotrading #blockchain #btc #eth #bch #eos #ltc #xrp #bitfinex #cryptoexchange #binance #bitmex #crypto #cryptocurrencynews#cryptotrading pic.twitter.com/1IcerX7BHC

— Cryptosec (@vivasatori) September 15, 2018

After February 26, 2017, BTC dominance slid from 85% to a low of 40% one month later. At the same time, Ethereum (ETH) spiked to an all-time high of 31% of the cryptoconomy’s overall valuation and XRP was at 17%. A number of people believe that BTC’s rising network fees and clogged backlog (mempool) of transactions in 2017 and 2018 attributed to the decline. Alongside this, many crypto proponents and traders referred to the time as “alt season,” in which a variety of alternative digital assets reduce BTC’s share of the entire coin market cap.

After BTC dropped to a low of 40%, the dominance metric slid even lower in January 2018 as BTC dominance was around 33%. Since then, the digital currency has regained a lot of market cap dominance and BTC had risen to close to 70% on September 8, 2019. However, after the jump to 70%, BTC’s share of the cryptoconomy has been sliding once again. From September’s high of 70%, BTC dominance has dropped down to 60% on February 15, 2020, losing roughly 10%. The sliding metric has been due to other digital assets that have done far better percentage-wise as far as gains are concerned. For instance, during the last 90 days, BTC has gained 19%, but ETH jumped 52%, XRP 26%, BCH 82%, and BSV rose by 185% in that time period. BTC dominance has slid consecutively for the last 14 days straight to its current low and only today has it started to rise again slightly. It’s been one of the longest downward slides for BTC dominance since September 2018.

Are Market Valuations and Dominance Important Metrics?

Even though BTC dominance is a metric used by crypto market price aggregation websites, many proponents do not believe the data reflects any real value. Market caps only reflect the current worth of every coin circulating in real-time and some people think the data can be skewed. Despite the fact that a number of crypto proponents believe market caps and dominance are inadequate value metrics and do not necessarily reflect the project’s real worth, these metrics are used by the majority of crypto enthusiasts. In the early days, after assets like namecoin, ripple, litecoin, and mastercoin appeared, the website coinmarketcap.com was developed and the public were able to compare coins based on market valuations. There’s now a great variety of coin market cap aggregation websites that show similar data and provide other statistics too like trade volumes.

Despite some believing that market cap lists are not a good reflection of real value, individuals find the data very important. As mentioned above, investors believe there are significant reasons for BTC dominance declines, whether it was the network stress or alt season that prompted the decline from 85% to 33%. Market caps and dominance metrics show investors the level of risk involved as small-caps, mid-caps, and large-caps see different types of movements.

Traditionally, mid to small market caps are far more volatile than larger-cap cryptocurrencies and they can spike in price and drop in value very quickly. People view market valuation and dominance as a reliability metric because large caps usually present less risk to investors. Smaller crypto market caps provide investors with high-risk trading situations which can be good or bad depending on how the individual is trading.

The fact that BTC lost 61% of the dominance it commanded over the entire cryptoconomy between February 2017 and January 2018 is a metric of great importance to a lot of crypto enthusiasts. When BTC’s dominance climbed from 33% back to 70%, some maximalists and hardcore BTC supporters said that “altcoins were dying.” Although ever since this, altcoin values have been outperforming BTC by a long shot. Lesser known coins are also outpacing many coins in the top 20. BCH and ETH’s rise during the last 90 days did outperform BTC, but coins like presearch (PRE 2,641%), cryptaur (CPT 1,351%), htmlcoin (HTML 333%), vetri (VLD 322%), and Digixdao (DGD 308%) did even better.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on February 15, 2020, at 9:30 a.m. ET.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, coinmarketcap.com, Fair Use, Pixabay, and Wiki Commons.

Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post BTC’s Market Share Drops Consecutively for 14 Days – Dominance Ratio Slides to 60% appeared first on Bitcoin News.

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

13/02/2020 by Idelto Editor

XRP Price Brought Down 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

A number of XRP traders are complaining about massive liquidations on Bitmex as the price of XRP spiked and was brought down by 56% in a single candle. After the incident, well known traders with leveraged positions took to Twitter to complain about the upset as some investors were completely liquidated.

Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

Traders Complain About XRP’s 56% Drop in One Candle

XRP traders got extremely upset on Thursday when the price of XRP went from a high of $0.32 to a low of $0.14 in one trading candle on Bitmex exchange. This means the price swing or “flash crash” took place in the blink of an eye and movements like that catch lots of traders off-guard. One trader Marc de Koning took to Twitter and said “WTF — This is really not okay — My stop didn’t trigger and my entire Bitmex account is […] gone.” The blockchain analytics organization Fiatleak even complained about the XRP action and people noticed glitches on the website.

“The site is wobbling and staggering under the combined weight of many, many thousands of XRP fanatics watching a technical breakout,” the website’s official Twitter account noted. “We’re working on it, but keep trying … you can’t break the site any more than you already are.”

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash — A screenshot of the 56% drop in one candle shared by Marc de Koning who tweeted he was unhappy with the experience and his “entire Bitmex account is gone.”

Popular analyst Jacob Canfield discussed the odd price movements with his 48,000 Twitter followers. “XRP traded from $.34 to $.14 in one candle on Bitmex,” Canfield tweeted. “My mama told me that’s the devils coin and I’m starting to believe her.” The Twitter account Cryptogainz talked about the subject as well as the XRP liquidations started trending on the social media platform. “If you longed XRP/USD on Bitmex, you’re an idiot,” Cryptogainz said. “You just paid exorbitant funding and got hit with a wick that either stopped you out or liquidated you — You could have paid less in funding and not been liq’d on bybit. This […] is why all my [Bitmex] refs have low longevity.” Cryptocurrency trader and “bubble chaser” Benjamin Blunts called the candle drop “disgraceful.” “That XRP scamwick on Bitmex is disgraceful, I don’t think I’ll ever trade XRP perps on Bitmex after seeing that,” Blunts stressed. The trader added:

Hope [Arthur Hayes] digs into the insurance fund to compensate the people who’s stops didn’t go off otherwise, that’s a dog act.

‘Cripple the Shorts’

Many people blamed the XRP coin itself for lack of real liquidity and also noted that Bitmex is known for liquidations. “XRP is well known for been a crypto that always [screws] its holders and Bitmex well known for making those moves to liquidate accounts, so…,” tweeted Silvia Gutierrez. This is not the first time XRP traders have seen a flash crash and massive liquidations in a short period of time.

Crypto traders complained two years ago about an alleged flash crash on Bitfinex, a year ago another one purportedly took place on Bitstamp. At the moment, there isn’t any official word from Bitmex, but Arthur Hayes’ tweet the day prior also got people fired up over the flash crash drama. “CRipple the shorts,” said Hayes with a picture of the XRP price against USD. “Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd,” Hayes added.

“The statements you make reflect negatively on Bitmex,” an individual wrote in response to Haye’s tweet. “Very unprofessional/childlike.”

What do you think about the XRP trading candle that took place on Bitmex on Thursday? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Image credits: Shutterstock, Marc de Koning’s tweet/chart, Wiki Commons, Fair Use, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash appeared first on Bitcoin News.

Market Update: Bitcoin Cash Shines as Crypto Markets Show Bullish Signals

05/02/2020 by Idelto Editor

Market Update: Bitcoin Cash Price Shines As Crypto Markets Show Bullish Signals

Digital currency markets are in the green again today after seeing some moderate losses the day prior. The leading cryptocurrency in the top 10 is the fourth-largest blockchain by market cap, bitcoin cash, which is up 14% today. A variety of other digital asset markets are doing well as the overall market valuation of all the coins in existence has gained $20 billion in the last day.

Also Read: Craig Wright’s ‘Bonded Courier’ Allegedly an Attorney Who Can’t Communicate

Crypto Prices See a Sharp Rise

Cryptocurrency proponents are pleased to see that prices are doing better than they were 24 hours ago. At press time, the entire cryptoconomy is worth around $266 billion and there’s billions worth of digital assets being swapped today. BTC is currently trading for $9,439 per coin and the market is up 3.4% on Wednesday. The currency has around $1.8 billion in global trade volume and the price is still 52% down from it’s all-time high (ATH) in December 2017.

The second-largest blockchain by market cap is ethereum (ETH) which is up 6% today and 11% for the week. Each ETH is swapping for $197 per coin and the asset is still down 86% from its ATH. Ethereum markets have around $962 million in reported trade volume during the last 24 hours. Ripple (XRP) still commands the third-largest market valuation and XRP is up 7% today at $0.27 per coin. The last seven days have seen XRP jump by 16% and the digital currency has around $1.3 billion in trade volume worldwide.

Bitcoin Cash Up 153% Since Jan. 1, 2019

Bitcoin cash (BCH) markets are up 14% over the last day and 11% for the last seven days. Each BCH is trading for $429 per coin and the currency’s global trade volume this Wednesday is around $1.1 billion. BCH is up 264% over the last 12 months and 153% since Jan. 1, 2019 when prices were at $168 per coin. At the time of publication, the BCH market cap is hovering around $7.85 billion. Cryptocurrency and Fxstreet analyst Ken Chigbo’s latest analysis says that “BCH/USD has an opportunity to shoot higher.” Chigbo notes that BCH/USD price action has continued to move “within a potential bullish pennant.” “The daily price action has been tight for going on seven sessions now, as the price consolidates,” the analyst remarked. “A range block formation is observed via the 60-minute chart view, awaiting the next committed move potentially from the bulls.”

Perma Bull Tom Lee Predicts BTC Market Prices Could Tap New Highs

Fundstrat Global Advisors cofounder Tom Lee is well known for his price predictions and many people consider his opinions to be extremely bullish. On Feb. 4, Lee told the press that he is “really optimistic” about BTC prices in the short term and has made another prediction. “January is usually a week month, it was a great month for bitcoin, [which is] up 26% — but also recovered its 200-day moving average,” Lee told Yahoo Finance. “That’s a big deal as you know, as anyone [who follows trends] knows when you’re back above your 200-day, you’re back in a bull market. Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%,” the Fundstrat executive said.

Wealth Manager Expects BTC Prices to Jump to $400k by 2030

On a Citizen Bitcoin podcast hosted by Brady Swenson, a California-based investment advisor from the firm Wescap said that he believes hyperbitcoinization will happen. “I think the total valuation on 10 years that I use is about $8 trillion and that comes from various buckets,” said Andy Edstrom. “Whether it’s taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we haven’t thought of, or are still under construction, such as micropayments,” explained Wescap’s Edstrom. The wealth manager noted that severe geopolitical tensions and the mass printing of fiat reserves could push more people toward BTC. Edstrom has written a book called “Why Buy Bitcoin,” and the investment advisor discusses the examination with Swenson throughout the podcast episode.

‘BTC Prices Could Dump Hard,’ Says Popular Crypto Trader

The popular crypto trader on Twitter @MacnBTC, who has over 28,000 followers, warned on Feb. 2, 2020 that “BTC is gonna dump hard this week and over $100M in longs will get wiped.” The trader pinned the tweet to his profile and said “don’t say I didn’t warn you” as well.

$BTC is gonna dump hard this week and over $100M in longs will get wiped.

Don’t say I didn’t warn you

— Mac ❄️🐺 (@MacnBTC) February 2, 2020

Despite all the people telling Mac that the price won’t dump, he continues to tweet that it’s still happening. “I hope it will happen,” the Twitter account Gemhunter replied. “Made great profits, after passing 9.6k I’m tethering and making some serious sat game,” he added. Another person disagreed with Mac’s tweet on Wednesday and said: “Dream on — No pullbacks in a bull market.”

In addition to the top 10 currencies seeing some price action on Wednesday, a slew of lesser-known coins has seen some considerable gains and losses. Cryptaur is up 467% today, fusion gained 396%, lisk jumped 72%, and mossland gained around 28% in the last 24 hours. As far as 24 hour losses are concerned, loom network coins are down 34%, karatgold coin has lost 24%, gifto is down 14%, and the icon project has seen a loss of 6% during the last day.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter,

The post Market Update: Bitcoin Cash Shines as Crypto Markets Show Bullish Signals appeared first on Bitcoin News.

Market Update: Crypto Traders Search for Bullish and Bearish Trends

29/12/2019 by Idelto Editor

During the last few days, digital currency markets have been meandering sideways and prices have been less volatile. On Sunday, during the last 24 hours, the entire cryptoconomy is hovering just below the $200 billion zone and there’s roughly $71 billion in global trades. Crypto proponents are still uncertain about the future trajectory and whether or not digital currency price trends will continue sliding or rise again.

Also read: Mystery Surrounds DDoS Attacks That Have Downed the Darknet

The Cryptoconomy Continues to Meander Sideways

Digital currency markets on Dec. 29, have seen a bunch of cryptos gather a few gains during the 24 hours of trading. Currently, the top 10 crypto market capitalizations have seen percentage increases between 0.50% to 5%. At the moment, BTC prices are around $7,392 which is up 1.05% for the day. BTC has an overall market valuation of around $134 billion and roughly $21 billion in 24-hour trade volume. Out of all the coin caps, BTC’s $134 billion market cap is dominating by 68%, but 74% of all BTC trades this Sunday is in tether (USDT).

Market Update: Crypto Traders Search for Bullish and Bearish Trends — Top 10 market caps on Sunday, Dec. 29, 2019.

Ethereum (ETH) is swapping for $130 per coin and ETH markets are up 2.3% during today’s trading sessions. This is followed by ripple (XRP) markets which have seen a 1.2% gain today and each XRP is trading for $0.19. The fourth-largest market valuation belongs to the stablecoin tether (USDT) and USDT is capturing around two-thirds of every crypto trade on Sunday. On Dec. 29, USDT trade volume is the highest out of all the coins with $25 billion worth of global swaps.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) markets are up 2.6% today and 13.4% during the last seven days of trading. Each BCH is swapping for $212 per coin and BCH has a market valuation of around $3.87 billion. At the time of publication, there is $1.7 billion worth of bitcoin cash being traded on exchanges and USDT captures 53% of all BCH trades. This is followed by BTC (23.29%), USD (13.06%), USDK (4.14%), ETH (3.52%), and KRW (1.32%). Looking at the weekly and daily BCH charts, Fxstreet analyst Ken Chigbo explained on Dec. 27 that BCH/USD is set to test the big $200 barrier.

“Weekly price action smashed through the $200 mark, a retest is being observed in the current week, however, so far only resulting in rejection,” Chigbo said. “Price action is resting a breached daily pennant structure, a break and closure above would be critical for the bulls,” the analyst added.

Gold Bug Peter Schiff Doesn’t See Bitcoin Gains

On Dec. 27, the notorious gold bug Peter Schiff said that BTC is the only asset in the world right now that’s not rallying toward the end of the year. “Bitcoin is not disappointing those who claim its true value is that it’s a non-correlated asset,” Schiff tweeted. “Every asset class in the world is rallying into the end of the year except Bitcoin. Not sure what value this actually adds, but at least Bitcoin is meeting expectations on something,” the economist further remarked. Despite Schiff’s opinion, the digital asset climbed more than 8.9 million percent over the last 10 years compared to gold’s 38% climb. Moreover, the cryptocurrency was still the best performing asset in 2019 as well, even though prices have dropped.

Do Bearish Prices Equal an Upcoming Rip Your Face Off Rally?

Even though prices have been lagging, bitcoiners and crypto proponents believe markets will spike in the near future. Bitcoin trader Michaël van de Poppe thinks a deeper bottom is coming and a much larger rally will follow after. “Very simple, 2020 is going to be a great year for cryptocurrencies and Bitcoin,” the trader tweeted. “If market capitalization remains above $145-150 billion, I won’t be surprised we’ll see a rally towards $500-600 billion.”

In addition to this prediction, the prominent BTC commentator Hodlonaut can envision a face-melting rally. “The kind of sentiment doldrums we are in now [and] people seemingly accepting that 7k is fair value,” Hodlonaut wrote. “Dozens of bull narratives proven wrong — Fatigue high, hype low. [It] is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally,” he added.

Overall, most traders and crypto enthusiasts are still uncertain as to where the future will take cryptocurrencies in the short term. Long term optimism is still high, but a decent number of analysts and traders think the bearish sentiment is not over. BTC/USD long positions (people betting the price will rise) have dipped a touch but are still extremely high compared to normal. Meanwhile, BTC/USD short positions (people betting against the price) are very low and there doesn’t seem to be many traders willing to short right now.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Coinlib.io, Wiki Commons, and Pixabay.

The post Market Update: Crypto Traders Search for Bullish and Bearish Trends appeared first on Bitcoin News.

Market Update: Bears Claw Crypto Prices Below Long-Term Support

18/12/2019 by Idelto Editor

Digital currency prices plummeted on Tuesday, as cryptocurrency markets lost billions during the morning trading sessions, New York time. BTC dropped well below the $7k range and other digital assets followed BTC’s path with sharp losses. Crypto prices haven’t been this low since May as the market valuation of the entire cryptoconomy is struggling to hold above the $175 billion range.

Also read: Mystery Surrounds DDoS Attacks That Have Downed the Darknet

Top 20 Crypto Markets Shed Billions

Crypto markets are in red on December 18, as the top 20 market caps have lost 4-15% in fiat value. On December 17, bitcoin core (BTC) dropped under the $7k range and is now hovering between the $6,400-6,600 zone. BTC lost 5.7% on Wednesday and the cryptocurrency is down over 10% for the week. Currently, BTC has a market valuation of around $117 billion which represents 67% of the entire cryptoconomy. At 8:55 a.m. EST, BTC defended the long-term $6,400 foundational support and quickly bounced back to the $6,700 range.

Market Update: Bears Claw Crypto Prices Below Long-Term Support — Top 10 market cap at 8:35 a.m. EST on December 18, 2019.

The second-largest market capitalization is held by ethereum (ETH), which is down 10.3% today and over 18% for the last seven days. One ETH is swapping for $118 per coin and the currency has a $12.8 billion market cap. Ripple, otherwise known as XRP, is trading for $0.17 per coin and XRP markets have lost 10% in the last 24 hours. The fourth position is held by the stablecoin tether (USDT) which is a dominant pair throughout the entire ecosystem. Tether represents well over two thirds of Tuesday’s trading pairs and the stablecoin has a whopping $22 billion in trade volume.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is down 9.9% for the last 24 hours and over 14% for the week. BCH is currently trading for $177 per coin and has an overall market valuation of around $3.2 billion at press time. Today’s top BCH pairs include tether (USDT) with 56% of all trades and BTC with over 20% of BCH trades. This is followed by USD (16.7%), KRW (2.3%), ETH (1.6%), and EUR (0.82%). Out of the 3,000+ cryptocurrencies in existence, BCH captures the seventh-highest trade volume as there’s currently $1.8 billion in global BCH trades.

Plustoken Scammers Might Be Bringing the Blues

Traders and analysts discussed the losses on Tuesday and people brought up the recent Plustoken speculation. On December 16, Chainalysis published a report that said the Plustoken scammers might be suppressing the price of BTC and other cryptocurrencies. “That’s certainly something to consider when you are thinking about where the price is going, at least in the short term,” Kim Grauer, senior economist at Chainalysis told the press. “It could be, according to our research, continued downward pressure.” News.Bitcoin.com reported on the Chainalysis research which disclosed there’s still around 20,000 BTC that could be dumped on the market.

Despite the Dumps, Morgan Creek Executive Still Envisions $100k BTC

Even though markets have been diving, many speculators and investors wholeheartedly believe a bull run is due in the next year or so. Morgan Creek Capital Management executive Mark Yusko believes $100k BTC could be on the cards by 2021. “Between now and 2021, we’re likely to see $100,000 bitcoin,” Yusko explained on December 11. “By 2025, we’re likely to see $250,000 bitcoin, and then some time out, 2030, we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence.” Yusko detailed that he was once a cryptocurrency skeptic but he’s now a strong believer. “It really is about the growth mindset and focusing on the venture capital upside or the asymmetric upside of the asset at this point,” Yusko added.

Santa Claus Rally or Bumpy Roads?

Over the last few years, BTC has experienced what traders call a ‘Santa Claus Rally.’ However, even though there’s definitely been some consistent price spikes during the months of December, BTC has also been extremely volatile during the holiday season. In 2013, BTC rallied hard on the trading platform Mt. Gox throughout the months of November and December.

One of the most volatile months of December was in 2017. At the time, the public witnessed the introduction of BTC-based derivatives products stemming from Cboe and CME. The price of BTC jumped to its all-time high on December 17, 2017, rising extremely close to $20k per coin. However, the last few months of volatility have crushed the hopes of many crypto traders and a few analysts believe a bull run is still a lot further than most think. “There is no question that its series of lower highs/lows over the past six months has not been good,” Equity strategist at Miller Tabak & Co, Matt Maley, said in an interview on December 16.

Overall, traders don’t know what to expect after crypto prices keep draining. Observers can see that there is a lot of interest in digital currencies coming from institutional entities. News.Bitcoin.com recently reported on Fidelity Investments launching crypto services in Europe because of “significant interest.” On December 3, Bakkt’s open interest touched an all-time high with $6.54 million in open interest and 2,328 ($17.02 million) traded contracts.

Moreover, during our last market update, BTC/USD long positions were skyrocketing with 38,802 longs registered. Long positions have continued to rise on Bitfinex exchange as there are 47,017 registered on December 18. If BTC falls significantly lower than the $6,400 drop on Tuesday then those long traders are sure to get squeezed.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Bloomberg Finance, Coinlib.io, Wiki Commons, and Pixabay.

The post Market Update: Bears Claw Crypto Prices Below Long-Term Support appeared first on Bitcoin News.