Connect with us

Cryptocurrency

How FTX Collapse Could Leave Blockfolio Users Exposed – Bitcoin Magazine

Avatar

Published

on

This is an op-ed by Morgan Rockwell, founder of Bitcoin Kinetics.

I’m not interested in Sam Bankman-Fried allegedly Getting a loan From Alameda, which was actually FTX customer funds transferred through Alameda to be credited to FTX. I don’t care about the moral compass of big success Investors who gave billions to a child they didn’t really know or understand, but supported with wealth and credibility. I am not very interested in finances and market effects Many companies, exchanges and traders who for some reason depended on FTX in any way.


Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Cryptocurrency

Bitcoin takes liquidity near $17K as the US dollar shows weakness ahead of the CPI

Avatar

Published

on

bitcoin (BTC) below $17,000 at the Wall Street open on December 8 as the US dollar threatened further weakness.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Dollar falls as stocks see a modest rally

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD practically stable over the 24-hour period as of the time of writing.

With the lack of macro signals, analysts are eyeing a possible collapse in US dollar strength as a catalyst for the next volatility of crypto and risk assets.

The US Dollar Index (DXY) looked ready to challenge multi-day support, falling below 105 several times on the day.

“$DXY is the first time below the 100-day moving average since June of 21,” Joe Cariasare, co-host of the Inside Bitcoin podcast, said. pointed out.

US Dollar Index (DXY) candlestick chart. Source: TradingView

Trader and analyst Pierre added that both the DXY and the S&P 500 may trade sideways until the November Consumer Price Index (CPI) comes out on December 13th.

The event, as Cointelegraph mentionedis a classic catalyst for temporary volatility.

Advertisement

“Meanwhile, SPX and DXY are still hovering around their own D1 200 EMA,” Chart Comments read.

“DXY is flipping its resistance so far, while SPX is sitting at the uptrend of D1, which is an important level to defend. They both look as if all they want is more and more pieces until next week’s CPI.”

In BTC/USD, popular trader Daan Crypto Trades predicted that the trading range would expand with liquidity absorbing both above and below the site.

“$BTC is in a very tight range here with tons of untapped highs and lows,” he said Tell Twitter followers.

“I think all of these levels will be cleared out and the initial move will likely become fake just to pull back and take the other side. It will definitely be a classic Bitcoin move.”
Annotated BTC/USD chart. Source: Daan Crypto Trades / Twitter

The “End Phase” of the Bitcoin Bear Market?

Another modest tailwind came from US stocks during first hour trading on Wall Street.

Related: GBTC Elevator to Hell Sees Bitcoin Spot Price Close to 100% Premium

The S&P 500 is up 1% at the time of writing, while the Nasdaq Composite is up 1.2%. The move went some way to copying a restful day in Asia, as trading ended up in Hong Kong’s Hang Seng Index up 3.4%.

However, looking at the longer time frames, the picture remained bearish for bitcoin for many.

Advertisement

The famous commentator Byzantine General went on record to announce the potential start of the darkest bear market phase in 2022.

“Birps volume is in a strong downtrend now. Market shrinkage, speculators are capitulating,” he said Wrotereferring to the perpetual futures markets.

“It is possible that we are entering the final stage of the bear. But that last stage can continue for a long time.”

information from Coinglass In addition, open interest in futures contracts continues to decline.

Bitcoin futures open interest chart. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.