India’s commercial banks can indeed provide banking services to traders and firms dealing in cryptocurrencies, the nation’s central bank clarified last week. “As on date, no such prohibition exists,” the Reserve Bank of India (RBI) said on May 22. The statement came in response to a query filed by BV Harish, co-founder of the cryptocurrency exchange Unocoin, under the Right to Information (RTI) Act. As reported […]
Omkar Godbole
18 posts
Bitcoin moved back over $9,000 earlier on Tuesday alongside signs of an improved risk appetite in the traditional markets. Prices rose to a high of $9,010 at 08:05 UTC, but quickly fell back below $8,900, pouring cold water over excitement generated by Monday’s 2.3% bounce from the two-week low of $8,630. At press time, the number one cryptocurrency by market value is changing hands near $8,860, […]
Mining reward halvings are a hot topic in the crypto markets, as they alter a cryptocurrency’s supply and often have a significant impact on prices. Bitcoin, the biggest cryptocurrency by market value, underwent its third halving on May 11, which reduced the reward per block mined to 6.25 bitcoin from 12.5. Bitcoin offshoots bitcoin cash and bitcoin SV also witnessed halvings in April. Next in line […]
With bitcoin’s price losing altitude again, small investors appear to be seeking exposure to the top cryptocurrency by market value. Prices fell by 9.8% last week to register bitcoin’s biggest weekly decline since the second week of March, according to CoinDesk’s Bitcoin Price Index. A two-week low of $8,630 was registered early on Monday, with prices last seen at $8,730 – down over 11% from the post-halving […]
Bitcoin prices look to be struggling with buyer exhaustion, having put in a negative performance in the last 24 hours despite positive developments on both the macro and technical fronts. The top cryptocurrency by market value fell from $9,760 to $9,100 during Wednesday’s U.S. trading hours, even though major investment banks like JP Morgan and Goldman Sachs called for an increase in the size of the […]
Bitcoin has witnessed triple-digit percentage gains over the past two months. Yet, one metric has turned quite bullish after the recent halving event, showing signs the cryptocurrency remains undervalued and still has room to run. The largest cryptocurrency by market capitalization is trading near $9,700 at press time, up 150% from its March 12 low of $3,867. And while that may cause some investors to think […]
A widely tracked bitcoin price indicator is about to turn bullish – potentially accelerating the recent uptrend of the top cryptocurrency by market value. The 50-day moving average (MA) of bitcoin’s price looks set to cross above the 200-day MA within two to three days. The resulting “golden crossover,” a long-term bull market indicator, would be the first since Feb. 18 and only the seventh in […]
Bitcoin’s attempt to scale the psychological resistance of $10,000 looks to have stalled again, even as gold soars to new highs. The top cryptocurrency by market value is currently trading around $9,630 at time of writing, representing an over 145% gain on the low of $3,867 registered March 12, according to CoinDesk’s Bitcoin Price Index. However, the cryptocurrency faced rejection near $10,000 early Monday – its […]
Investor interest in bitcoin options listed on the Chicago Mercantile Exchange (CME) peaked to record highs in the days after the recent halving event. Bitcoin underwent its much-anticipated reward halving on Monday, at which point the reward per block mined was reduced from 12.5 to 6.25 bitcoin (BTC). On the same day, daily options trading volume on the CME jumped to $17 million, surpassing the lifetime […]
While bitcoin is fast reversing its pre-halving price drop, some miners still look to be leaving the network. At time of writing, the top cryptocurrency by market value is changing hands at $9,730, representing a 20% gain on the low of $8,100 observed Sunday – the day before Bitcoin underwent its third mining reward halving. The bounce has erased more than 75% of the drop from […]
While ether’s (ETH) price has risen by nearly 50% this year, the number of addresses holding large amounts of the currency, popularly known as whales, has declined significantly. The seven-day average of the number of unique addresses holding 10,000 ethers or more fell to 1,050 on Tuesday. That’s the lowest level since January 2019, according to data provided by the blockchain intelligence firm Glassnode. The whale […]
Bitcoin has ended a four-day losing trend and is trading steady around $9,000 amid rising speculation the U.S. could eventually adopt negative interest rates. The top cryptocurrency by market value rose nearly 3% on Tuesday, having suffered losses in the preceding four day – the longest daily losing run in over two months, according to CoinDesk’s Bitcoin Price Index. Tuesday’s price rise coincided with U.S. President […]
With bitcoin more than doubling in price since “Black Thursday” nearly two months ago, nearly 85% — or 25.79 million — of addresses holding the cryptocurrency are now “in the money,” according to blockchain intelligence firm IntoTheBlock. However, the current state of the bitcoin market is warning of a post-halving price pullback. The number one cryptocurrency by market value is trading near $10,000 at press time – […]
Open contracts on bitcoin options rose to record highs on Thursday as the cryptocurrency’s price rose into five figures. Data from major exchanges – Deribit, LedgerX, Bakkt, OKEx, and CME – shows that open interest on options rose above $1 billion, surpassing the previous all-time high of $70 million registered on Feb. 14, according to crypto derivatives research firm Skew. The metric has increased sharply from […]
Bitcoin looks to have decoupled from traditional markets as investors refocus on the network’s imminent mining reward halving. While the top cryptocurrency by market value has gained nearly 5.9% so far this month, gold, a haven asset, has declined by 1%. Meanwhile, as of Wednesday, the S&P 500, Wall Street’s equity index, was down 2.2% on a month-to-date basis, according to data source Skew. Bitcoin is […]
With a key metric declining to record lows, bitcoin’s options market may be underpricing cryptocurrency’s future volatility. Analysts say the data is being distorted by “Black Thursday’s” 40% drop. The spread between bitcoin’s three-month implied volatility (IV) and historical or realized volatility (RV) fell to -47% on Wednesday, the lowest since the crypto derivatives research firm Skew began tracking the data 18 months ago. Three-month implied […]
Bitcoin is quickly gathering upward momentum alongside a surge in open positions on futures listed on the Chicago Mercantile Exchange (CME). The top cryptocurrency by market value jumped to a high of $9,220 at 10:20 UTC on Wednesday, having settled (UTC) above $9,000 on Tuesday to register its first above-$9,000 daily close in two months. Meanwhile, open interest – or the number of futures contracts outstanding […]
Bitcoin has again rallied sharply in the weeks leading up to its impending halving event. But if historic patterns are anything to go by, the cryptocurrency could suffer a temporary price pullback following the supply-altering event. The top cryptocurrency by market value has risen by over 130% since bottoming out at $3,867 on March 13 according to CoinDesk’s Bitcoin Price Index. The cryptocurrency jumped from $6,700 […]