Bitcoin Crawls Past $3,800, But You Shouldn’t Trust This False Recovery

The bitcoin price started Monday with a small recovery to compensate for Sunday’s massive losses, but crypto investors shouldn’t get their hopes up. Bitcoin (BTC/USD) established its intraday high at $3,861, up around 1 percent for the 24-hour period. On Sunday, the pair dropped approximately 10 percent in just 9 hours – a dump, precisely. It started consolidating upwards after finding a new low at $3,721. At the same time, the bitcoin market reported lower intraday volume and volatility, indicating that the bearish action was still far from over. Bitcoin…

Bitcoin Shorts Dropped to 11-Month Lows During Sunday’s Sell-Off

The number of short bets placed against the price of bitcoin on at least one notable exchange declined to their lowest total in 11 months on Sunday. Data from Bitfinex shows that bitcoin’s 8 percent drop in price on Sunday was accompanied by a 12 percent drop in the notional value of open short positions, with the total amount of such trades dropping from a daily high of 19,604 to 17,085 BTC, the lowest amount allocated on the platform since March 12 of last year. The development comes just a…

Coinbase Pro Adds Support for XRP

Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, is adding support for Ripple’s XRP token. Coinbase announced the development in an official blog post on Feb. 25. Per the announcement Coinbase Pro will now accept deposits of XRP for a minimum of 12 hours before enabling full trading. Coinbase notes that it will first establish sufficient liquidity on the platform, opening trading pairs in U.S. dollars, euro and Bitcoin (BTC) in phases. Full trading of XRP will be available to customers in the…

Coinbase Exchange Users Can Buy and Sell XRP Starting Tomorrow

Crypto exchange Coinbase is launching support for XRP, the third-largest cryptocurrency by market capitalization. The exchange announced Monday it would be listing XRP on its professional trading platform, Coinbase Pro, in “transfer-only” mode, meaning customers can only deposit tokens to begin with. After a minimum of 12 hours, the company plans to activate other trading services, though this timeline is variable. Initially, Coinbase Pro customers in the U.S. (excluding New York state), the UK, some EU nations, Canada, Singapore and Australia will be able to access XRP, with support for…

Bitcoin Price Must Hit This Key Level to Exit Bear Market

In the wake of Sunday’s crypto massacre, shell-shocked investors have been left with dashed dreams and a lingering question: Will bitcoin’s bear market ever end? Crypto brokerage BitOoda says that the answer lies in two price levels: $4,200 and $6,000 – levels with which retail buyers need to become more acquainted. Bitcoin Price Facing Strong Resistance at $4,200 Writing in a note to clients on Monday, BitOoda Executive VP of Institutional Sales Brian Donovan said that the sell-off demonstrated that the ~$4,200 level had become a significant level of resistance…

Security Token Startup Templum Shifts to Private Blockchains

Security token specialist Templum is shifting from public to private blockchains. Announced Monday, enterprise software vendor Symbiont is building a private blockchain and smart contracts system that Templum will use for future security token offerings (STOs) by its clients. Previously, the regulated broker-dealer left the choice of blockchain protocol up to the issuers, but this posed problems, Templum CEO Christopher Pallotta told CoinDesk. Many were choosing ERC-20 tokens that run on top of ethereum, said Pallotta, but that network’s well-known scaling challenges meant trading could be hampered during periods of high transaction…

US Government Returns Bitcoins Retrieved Following 2016 Bitfinex Hack

Bitfinex has announced that some of the bitcoin stolen in a major 2016 hack has been returned by the U.S. government. In a blog post published Monday, the exchange said that 27.66270285 BTC – worth just over $104,000 at time of writing – have been received from the U.S. government, and come as the result of U.S. law enforcement efforts. Bitfinex said that, since the hack, it has been collaborating with international law enforcement agencies “to provide intelligence and assist with investigations,” adding: “Bitfinex was alerted in November 2018 that the…

Bitcoin’s Bull Trend At Risk After High-Volume Price Dump

View Bitcoin dropped 9.3 percent yesterday on the back of high volumes, invalidating the triangle breakout witnessed last Monday. A UTC close below $3,714 today would validate Sunday’s bearish outside reversal candle and open the doors to levels below $3,400. The longer duration charts are signaling bearish exhaustion, however, and any drop to $3,400 or below could be short-lived. A move above $4,190 (previous day’s low) is needed to revive the bullish outlook. Bitcoin (BTC) nosedived overnight, clouding the interim bullish outlook, and a deeper drop could unfold if key support…

Factors Behind Sunday’s Crypto Market Dump

On February 24, the Bitcoin price plunged from $4,190 to $3,714 within minutes by 11.3 percent against the U.S. dollar. While many traders were not taken aback by the sudden drop in the price of the dominant cryptocurrency, some were surprised by the magnitude of it in a short time frame. Bitcoin 1-Day Price Chart, Source: TradingView In an exclusive interview with CCN, cryptocurrency technical analyst and trader Josh Olszewicz suggested that the Chicago Mercantile Exchange (CME) Bitcoin futures market may have had a large impact on the downside movement…

What Caused The $17 Billion Crypto Flash Crash?

What goes up must come down. Many had predicted a market correction but few of them expected it to be so fast and so violent. In just over an hour $14 billion was unceremoniously dumped out of crypto markets as Bitcoin and its brethren plunged back below previous levels of resistance. 2019’s Largest Single Day Dump Crypto markets are still showing no signs of settling down and remain as turbulent and volatile as ever. The rout which began at 14.00 UTC yesterday resulted in total market capitalization plummeting from 2019…