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Bitcoin's retreat from $66K may signal a whipsaw end to an 'emotional' year – Yahoo Finance

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1 year ago

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Bitcoin (BTC-USD) may finish 2021 defined by the same vertigo-inducing price action that took it from under $30,000 to a fresh record near $66,000 within the space of a few months, analysts say.
On Thursday, investors booking profits in the wake of the successful launch of two Bitcoin futures-based exchange traded funds (ETFs) last week dragged the digital coin down by about 5% on the day. More new funds are expected to hit the market from issuers like VanEck, Galaxy Digital and Bitwise, leading many investors to believe the price has more room to run up in 2021.
Meanwhile, leveraged investors also liquidated positions on future Bitcoin bets. Leverage is money borrowed from an exchange or market maker that allows a trader to increase both the gains and losses they might receive from buying a specific asset.
With more than $185 million of BTC liquidations in the last 24 hours, according to ByBit, analysts expect more short-term volatility as the year ends.  
“I am expecting weekly moves over $20,000 each way as we close out the year,” wrote Nik Bhatia, author of the macro-economics focused newsletter, Layered Money, on Tuesday.
To be sure, this most recent BTC price swing is paltry relative to the $4.87 billion liquidated on April 15, the year’s worst day for BTC derivatives traders. 
Yet both movements, as well as the $1.2 billion liquidation in levered positions that occurred in early September, come with an obvious lesson: highly levered Bitcoin positions can lead to a cascade of selling that can ultimately sink the spot price.
One major cause of liquidations in the options and futures market is the cost for holding a levered position, which is high. If these margins grow too pricey for traders taking long positions, they can decide to liquidate their position instead of paying the margin.
"It could be unexpected events that really changes the mood of the market. Also, if leverage keeps building and expectations get higher and higher than those expectations alone not being filled and having so much money behind them can cause a significant correction,” Sui Chung, CEO of CFBenchmarks, told Yahoo Finance.
Chung’s company is one of the major firms that provides indices – aggregated price measurements – on various crypto assets for large institutions like the CME and Goldman Sachs. Up until last week, premiums for going long on BTC options haven’t worried him. That means this relatively small drop could signal a healthy market by BTC standards.
However, with the first U.S. futures-based Bitcoin ETFs now tradable, the combined leverage from BTC futures and options contracts can be expected to play a growing role in Bitcoin’s price swings according to Velte Lunde, an analyst with Arcane Research, a crypto firm. 
And Like Bhatia, Lundt anticipates volatility in the crypto asset to continue through the end of the year, in addition to the asset seeing higher prices in that time.
“Weekly moves between $10K to $20k is a likely scenario, due to active traders and high leverage. It's fair to assume that a bunch of these traders are not comfortable now that bitcoin is once again trading below $60k,” he told Yahoo Finance.
The CME futures lead the price discovery of bitcoin both within the futures market and spot market according to research from Lundt and asset manager, Bitwise. That should only increase until the SEC approves a Bitcoin spot ETF which could catch more investor interest given the additional costs associated with futures-based ETFs.
While futures-based ETFs like BITO and BTF don’t hold BTC directly, they do influence Bitcoin’s price according to Sui Chung of CFBenchmarks.
For instance, like the major U.S. oil futures-based ETF, USO, $BITO is already one of the major holders of Bitcoin futures contracts. "If you liquidated all the assets in USO tomorrow morning, the price of oil is going to fall" Chung told Yahoo Finance.
Any significant liquidation by an ETF is small, but one leveraged ETF provider, Direxion, has recently filed for an ETF that shorts Bitcoin futures.
“Bull markets can be very emotional. In bitcoin, they happen fiercely, rapidly, and end before you’re able to catch your breath,” Bhatia added.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.
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The fuel cells sector of the stock market is looking all shook up this morning, with shares of manufacturer Plug Power (NASDAQ: PLUG) down 2.1% and truck maker Nikola (NASDAQ: NKLA) crashing 13.7% as of 10:40 a.m. EDT. Last night after close of trading, Bloom reported a modest 3.5% gain in sales year over year for its fiscal third quarter — $207.2 million in total. Adding to the misery, Bloom's loss when calculated according to generally accepted accounting principles (GAAP) was an even higher $0.30 per share.
Peloton's stock gets pounded after a lackluster quarter and outlook. Here's why one analyst thinks it's time to buy.
A competitor's luxury sedan is getting phenomenal reviews, and Nio investors are getting nervous.
Interestingly, some of the best deals available at the moment happen to be ultra-high-yield dividend stocks (i.e., companies with yields at or above 7%). Best of all, you don't need a boatload of cash to begin generating income or building wealth with dividend stocks. Upstream oil companies, like drillers, feel a direct pinch when crude oil or natural gas prices decline.
Shares of Emergent Biosolutions (NYSE: EBS) have crashed 41.1% as of 11:44 a.m. EDT on Friday. The huge decline came after the company revealed on Thursday that a multimillion-dollar agreement with the U.S. Department of Health and Human Services (HHS) had been canceled. Emergent Biosolutions CEO Robert Kramer seemed to attempt to play down the termination of the HHS contract.
In this article, we discuss the 10 dividend stocks with over 10% yield. If you want to skip our detailed analysis of these stocks, go directly to the 5 Dividend Stocks With Over 10% Yield. The Federal Reserve Bank of Dallas recently forecast that home prices and rent are likely to rise in the coming […]
Shares of the vaccine specialist Dynavax (NASDAQ: DVAX) were sliding this morning after the company reported third-quarter earnings. After the market closed on Thursday, Dynavax stock actually rose after hours on the strength of a terrific third-quarter earnings report. Yesterday, Moderna's (NASDAQ: MRNA) stock tanked after the company had to lower its revenue outlook in the face of softer vaccine demand.
Shares of Merck & Co. tumbled 9.5% in midday trading Friday, putting them on track to suffer the biggest one-day drop since January 2005, after Pfizer Inc. released data on a pill to treat COVID-19 that showed greater efficacy than Merck's. The stock's price decline of $8.61 was shaving about 57 points off the Dow Jones Industrial Average's price, while the Dow rallied 246 points, or 0.7%. The stock's big selloff, the stock has retraced about 56% of the gain, from the Sept. 29 close of $75.11 to
Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2021 financial results, reaffirmed its 2021 financial outlook, and provided a quarterly business update.
Shares of cloud analytics company Teradata (NYSE: TDC) fell on Friday. Teradata stock's decline follows the company's third-quarter earnings release. While revenue and earnings per share were both ahead of analysts' consensus forecasts for the two metrics, the company missed analysts' average view for cloud annual recurring revenue.
Top digital payments stock PayPal is one of the leading growth stocks in the current stock market. But is it a buy right now?
The market took a dim view of the company's earnings report, but there were some positives in it.
ARK Invest went shopping on Thursday, buying into three stocks that have fallen after posting disappointing quarterly results this earnings season.
Shares of Moderna (NASDAQ: MRNA) fell on Friday, following a major development in the war against COVID-19. Rival drugmaker Pfizer (NYSE: PFE) announced that its clinical study results indicate that its investigational antiviral treatment could slash the risk of hospitalization or death by 89% in non-hospitalized adults with COVID-19. "Today's news is a real game-changer in the global efforts to halt the devastation of this pandemic," Pfizer CEO Albert Bourla said in a press release.
If you look beyond the hottest tickers, you can find companies giving out jumbo dividends.
What happened Shares of Nektar Therapeutics (NASDAQ: NKTR) were plunging 19% as of 3:53 p.m. EDT on Friday. The big drop came after the company announced its third-quarter results following the market close on Thursday.
Is Novavax stock a sell after Moderna cut its Covid vaccine outlook and Pfizer unveiled promising Covid pill data? Is NVAX stock a sell?
Shares of Canada Goose Holdings (NYSE: GOOS) are taking flight Friday morning, rising over 16% after the outerwear company reported fiscal second-quarter earnings that beat analyst expectations. Canada Goose also announced it was raising its full-year guidance and said, unlike the rest of the world that's beset by supply chain problems, it has plenty of raw materials on hand to more than meet demand for not only this year but next year, too. Canada Goose reported that revenue for the quarter was up 20% from last year to $186.6 million, with adjusted earnings per share of 0.12 Canadian dollars ($0.10) rising by a like percentage while also handily beating consensus estimates of CA$0.10 per share.
Shares of Roku, Inc. (NASDAQ:ROKU) came under pressure on Thursday after announcing third quarter results. The results were mixed, but the company also said revenue growth would slow sharply in the fourth quarter due to supply chain constraints. Roku is priced for long term growth, and a temporary headwind shouldn’t change the long term outlook. However the stock’s high P/E ratio means investors should expect volatility for some time to come.
Confluent's dollar-based net retention rate also exceeded 130% in the period, meaning that existing customers spent 30% more than they had in Q3 of 2020. For the full-year period, Confluent is targeting an adjusted loss between $0.90 and $0.92 on revenue between $376 million and $378 million.

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Polygon Reveals Details About Its Future Collaboration With LBank During AMA – Press release Bitcoin News – Bitcoin News

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1 year ago

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November 7, 2021

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PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.
Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.
Polygon Outperforms Ethereum In-terms Of Active Users
As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.
MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.
Expanding the Polygon ecosystem
With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.
The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.
Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.
Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.
Big Plans Ahead
The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.
On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.
 
About Polygon
Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.
Visit to Know more:
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
Discord: https://discord.com/invite/polygon
 
About LBank
LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.
Visit to Know More:
Website: https://www.lbank.info/
Twitter: https://twitter.com/LBank_Exchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Facebook: https://www.facebook.com/LBank.info/
 
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
Check all the news here
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar – Forbes

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1 year ago

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November 7, 2021

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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin to replace gold and become the primary asset index for the Western world.
Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance’s BNB, cardano, solana, and XRP.
“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company MicroStrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivoted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via MicroStrategy. Such funds are already live in other countries, including Canada.
The launch of two U.S. bitcoin futures ETFs in October generated huge media attention, with the ProShares Bitcoin Strategy ETF accumulating more than $1 billion in assets in mere days. However, some, including general partner at Castle Island Ventures Nic Carter, have called futures-based ETFs “inferior” as they don’t give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said a spot bitcoin ETF would be “the hottest commodity ETF launch of all time.”
“The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages,” said Saylor.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
Meanwhile, bullish bitcoin and crypto market watchers continue to predict prices will surge into the end of 2021. While bitcoin has lost ground this week, ethereum has added almost 5%, with its too biggest rivals, Binance’s BNB and solana, both surging by around 20%.
“Intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now,” Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, said in emailed comments. “The crypto market is more integrated into the world economy every day which only shows how important it is for bigger institutions but on the other hand, is also under pressure from macro events.”
“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”

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XRP Set for Massive Breakout With Altcoins Poised to Steal the Show From Bitcoin, Predicts Top Crypto Analyst – The Daily Hodl

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1 year ago

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November 7, 2021

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One closely followed crypto analyst is bullish on XRP and thinks that altcoins are in a prime position to outpace Bitcoin (BTC).
The pseudonymous analyst known as Credible Crypto tells his 257,400 Twitter followers that XRP’s price structure looks very similar to data-sharing protocol OriginTrail, whose native token TRAC just rallied more than 300% following its recent listing on Coinbase Pro.
He expects XRP to follow a similar path to TRAC, taking the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video on XRP made in August. The chart next to it is another coin that I came across today that has the same structure but is one step ahead with the 5th wave already in progress. Do you see it now?”
After Ethereum’s new breakout against Bitcoin (ETH/BTC), the trader anticipates ETH’s next leg up to kick off a new alt season.
He also notes that Bitcoin dominance has likely already topped out, further paving the way for an altcoin rally.
“ETH/BTC broke out today, closing above the key resistance zone I was watching. This is a great sign and indicates BTC dominance may have already found its top and alts may be about to steal the show, led by ETH.”
The analyst says that Bitcoin dominance dropping doesn’t necessarily mean that BTC’s price will drop.
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021

Taking a closer look at the top crypto asset, Credible says that Bitcoin is close to deciding whether it wants to break to the upside or continue ranging.
According to his analysis, a rejection of $63,000-$64,000 could take BTC back to major support around $58.000.
“63-64k tagged BTC. Now to see if we break out to new ATH [all-time high] or reject soon and continue to range.”
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