• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

Nick Chong by Nick Chong
9 months ago
in Cryptocurrency news
Reading Time: 3min read
crypto tidbits
Advertisement

Another week, another round of Crypto Tidbits.

The past seven days have been volatile days for Bitcoin and other cryptocurrencies. The cryptocurrency on June 1st rallied past $10,000 for the first time in many weeks, reaching as high as $10,400.

It was an explosive move that had many expecting more upside. One Wall Street analyst went as far as to say that the breakout past $10,000 was the biggest in BTC’s storied history.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

But just as fast as Bitcoin rallied, the asset tanked. Just 24 hours after the asset moved into the five digits, it plunged by $1,600 in three minutes on BitMEX, falling as low as $8,600 as longs were squeezed out of their positions.

Bitcoin price chart
Bitcoin price chart from TradingView.com

Due to the two explosive moves — one to the upside and one to the downside — over $200 million worth of derivatives on BitMEX alone were liquidated.

Analysts are currently divided as to what to make of this crypto market price action.

One prominent technical analyst, John Bollinger, creator of the “Bollinger Bands” indicator, is bearish. He recently wrote that investors in BTC should be cautious at current prices:

“The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.”

Others have been more optimistic. Mike McGlone of Bloomberg’s commodities analysis desk released a report this week on the crypto market.

In it, the strategist said that something will need to go “really wrong” for Bitcoin not to rally. McGlone cited a confluence of fundamental factors, like the money printing by central banks, the adoption of futures, the growth of Grayscale Investments, and the block reward halving.

Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps

Bitcoin & Crypto Tidbits

  • Crypto Use Case Swells as Trump Goes After Twitter: There’s been a controversy brewing between President Trump and social media platforms like Facebook and Twitter over the past week. Twitter flagged an election-related tweet from the American leader as something that needed to be “fact-checked.” According to Su Zhu of Three Arrows Capital, the ongoing battle between the Administration and these social media companies will help crypto’s “web 3.0” use case:

“With the recent politicization of facebook, google, and other bigtech social media giants, the web3 thesis for crypto has never been as underrated as it is now.”

  • Grayscale’s Clients Are Accumulating Bitcoin at a Rapid Pace: According to technology data analyst Kevin Rooke, Grayscale Investments has seen an influx of Bitcoin investment activity over the past few weeks. Rooke found that the crypto investment firm, which services mostly institutional clients, has bought 9,503 Bitcoin in the past week alone. During that same time frame, miners produced 6,863 coins.
Bitcoin accumulation
Image of Bitcoin accumulation by Grayscale Investments from cryptocurrency and technology data analyst Kevin Rooke (@kerooke on Twitter).
  • Grayscale Sees Mass Ethereum Investment As Well: Grayscale’s other flagship product, the Ethereum Trust (ETHE), has seen a similar frenzy of investment. A top analyst noted that the price of a share of the Trust recently traded as high as $240, which is notable because each share is only backed by 0.094 ETH. That’s to say, the investors purchasing the Grayscale Ethereum Trust on secondary markets were valuing ETH at $230 billion, higher than Bitcoin’s market capitalization of around $175 billion.
  • Ethereum DeFi Could See Slowing Adoption: According to Multicoin Capital’s Kyle Samani, the adoption of DeFi is likely to slow due to clear “latency” issues with Ethereum:

“You just can’t build global scale trading systems for lots of users on POW chains. It just doesn’t work. High latency –> all kinds of negative second order effects. So I think for now we are near a plateau for DeFi – measured in ETH terms (not USD) – until the core latency problems are solved.”

  • Fidelity Investments Expects Growing Institutional Adoption: According to a recent study conducted by Fidelity Investments, a $2 trillion asset manager based in the U.S., digital assets will “continue to gain adoption and interest by a variety of institutional investors.” This confirms a report published by the firm last year, which found that 47% of institutional investors “view digital assets as having a place in their investment portfolios.”
Related Reading: This Crypto Use Case Has Never Been as “Underrated” Due to Twitter and Trump
Featured Image from Shutterstock 
Price Tags: xbtusd, btcusd, btcusd
Crypto Tidbits: Bitcoin Sees Immense Volatility,
Tags: bitcoin priceblockchainbtcusdCrypto Tidbitstechnologyxbtusd
TweetShare10
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

How to Maximize Your Yield Farm Gains

How to Maximize Your Yield Farm Gains

12 hours ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

18 hours ago
Fastswap

FastSwap Set for Liquidity Aggregator and Binance Smart Chain Migration

19 hours ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

20 hours ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

1 day ago
Algorand, OKEx

OKEx Announces Support for USDT and USDC Stablecoins on the Algorand Blockchain

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


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.

COMPANY

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

Technical Analysis

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

LINKS

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.