• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America

Buy Bitcoin and Ethereum, Asserts Industry Exec After BitMEX-Led Crash

Yashu Gola by Yashu Gola
3 years ago
in Uncategorized
Reading Time: 2 mins read

Crypto derivative platform BitMEX’s struggle with the American authorities took a toll on Bitcoin and Ethereum markets.

The US Commodity Futures Trading Commission on Thursday filed criminal charges against the owners of BitMEX, accusing them of facilitating money laundering and other illegal financial transactions. The news prompted derivative traders to withdraw more than $25 million worth of Bitcoin from their accounts on BitMEX.

At the same time, the open interest in the Seychelles-based exchange also dropped significantly, with Bitcoin and Ethereum contracts reporting $100 million and $424 million liquidations, respectively, as of this Friday morning session.

Ethereum OI, ETHUSD, BitMEX
Ethereum Futures and Swap OI on BitMEX. Source: CoinMarketCap

The liquidations followed a dramatic drop in the prices of both Bitcoin and Ethereum. BTC/USD on Friday fell to a multi-week low near $10,363 in a 4.46 percent sell-off. On the other hand, ETH/USD posted more losses by dropping 9.5 percent from its Thursday’s peak.

Buy the Bitcoin Dip

Simon Dedic, the co-founder of crypto-focused research firm Blockfyre, said that both Bitcoin and Ethereum fell because of negative media coverage concerning BitMEX. He noted that the assets have a strong likelihood of retaining their bullish bias as long as “smart people” buy the dip.

“Once you understand media is nothing but a powerful market manipulator, you can start counter trading it,” said Mr. Dedic. “Non-reflecting people panic dump with fear radiating news, smart people make bank on it. Buying every dip of BTC & ETH, FA hasn’t changed.”

With FA, Mr. Dedic was referring to the cryptocurrencies’ long-term fundamental aspects. Both Bitcoin and Ethereum surged higher this year after taking cues from global central banks’ expansionary monetary policies. The Federal Reserve, in particular, fueled the crypto rally by announcing ultralow interest rates and infinite bond-buying programs.

ethereum, ethusd, cryptocurrency, BTCUSD, btcudt
Ethereum-Bitcoin price moves against the global monetary expansionary outlook. Source: TradingView.com

Ethereum, meanwhile, outpaced the Bitcoin price rally because of its association with the emerging decentralized finance industry. As a blockchain project, Ethereum supports a majority of DeFi and stablecoin projects on its public ledger.

Upside Intact

A common perception across the crypto market rubbished the recent sell for its ability to mature into a long-term bearish trend. Like Mr. Dedic, other observers noted that Bitcoin and Ethereum could surge higher despite the latest setback.

“Any upside on bitcoin will get sold into until sub 10k,” said a pseudonymous trader. “The only invalidation is a clean break back above the Monthly open ~ 10.8k Higher timeframe I’m stupid bullish and dips into 8-9k I’ll be a big buyer.”

Ethereum’s positive correlation with Bitcoin also ensured a similar upside outcome for ETH/USD.

Tweet123Share196ShareSend
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

21 mins ago
Polkadot

Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

1 hour ago
Bitcoin casino – Top Bitcoin casino bonuses

Bitcoin casino – Top Bitcoin casino bonuses

2 hours ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

3 hours ago
Dogecoin

Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle

4 hours ago
Floki Inu

Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot?

6 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    1 hour ago
  • Coinbase launches campaign to educate public on blockchain...

    2 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    2 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    2 hours ago
  • OpenAI crypto project Worldcoin raises $115M Tradecurve to...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.