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Bitcoin price is plummeting! Even though volume remains relatively low, that level is now approaching a key support level near $66,000. This suggests that buyers are skeptical about future price trends, forcing traders to consider whether to buy or sell Bitcoin. As a result, prices began to fall due to reduced purchasing activity. This may cause alarm as key factors have contributed to the recent BTC price decline. High funding and open interest The funding rate is nothing but a fee set by the exchange to maintain a balance between the contract price and the spot BTC price. Fluctuations in…
Deribit, the world's leading crypto options exchange, announced on Tuesday that its Dubai-based division Deribit FZE has been awarded a conditional virtual asset provider (VASP) license from local regulators.The license, which allows FZE to operate as a virtual asset exchange for spot and derivatives trading, says that it cannot operate until Deribit satisfies all remaining conditions and local requirements of Dubai's Virtual Assets Regulatory Authority (VARA). Deribit said in a press release.Once operational, the license will allow Deribit to continue serving institutional and accredited investors, as well as retail investors through its Panama-based broker affiliate. become.The exchange also said it…
The sudden and significant drop in Bitcoin prices prompted prominent economist Peter Schiff to issue a dire warning. Schiff suggested that the recent plunge in Bitcoin's value, which plummeted by more than $3,000 in just 10 minutes, could be a sign that an even bigger drop is on the horizon. Schiff cited a comparison to the stability of gold, highlighting the stark contrast of gold's modest gains amid Bitcoin's volatility. He expressed concern about the potential for further weakness in the crypto market and warned ETF investors who could be trapped until the New York Stock Exchange resumes trading tomorrow.Schiff's…
The final Eurozone manufacturing PMI for March was 46.1, down from 46.5 in February. Disparities between member countries continued, with Greece's score at 56.9, the highest level in 25 months, Italy's score at 50.4, the highest level in 12 months, and Spain's score falling slightly at 5.1.4. Meanwhile, Germany hit a five-month low of 41.9, and France's index fell to 46.2. Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank, gave a grim outlook based on the latest PMI data, suggesting that the recession in euro zone manufacturing is likely to continue. Dell'Albia said the manufacturing industry in…
Despite the headlines dropping to a three-month low, there is some good news from this report. Notably, the decline in production and new orders has slowed considerably compared to levels at the beginning of 2023. Meanwhile, business confidence rose to the highest level in almost a year. However, growth expectations remain weak and the employment situation is somewhat stagnant. HCOB points out:“It's a little disappointing. Over the past eight months, manufacturing has gradually climbed the output PMI ladder, but still finds itself on the basement stairs. But progress to the next floor is mainly due to That hasn't happened yet.Given…
A decade of waiting, denials, and delays ended when the U.S. Securities and Exchange Commission finally waved the green flag for 12 spot Bitcoin ETFs starting in 2024. The impact of these approvals has been positive for the price of Bitcoin, as demand from traditional investors for these products has increased. Many companies in the cryptocurrency industry are hoping to follow Bitcoin's example, and the two largest companies currently filing ETFs with the SEC are Blackrock and Fidelity. Recently, Spot Ethereum ETF applications began to wind down despite previous predictions that the European Commission would approve all applications in May…
After a decade of expectations, denials, and delays, the U.S. Securities and Exchange Commission (SEC) has finally approved more than a dozen spot Bitcoin ETFs, marking a key milestone for the crypto market in 2024. This long-awaited approval sent Bitcoin prices soaring due to increased interest from traditional investors eyeing these products. As Bitcoin ETFs pave the way, major crypto companies such as BlackRock and Fidelity are actively seeking approval for their ETF applications with the SEC. However, expectations for Spot Ethereum ETF approval have faded, contrary to previous predictions that expected SEC approval by May 2024. Questions about the…
The process of choosing the right cryptocurrency exchange can be complicated. But first and foremost, investors should look for a safe exchange. As cryptocurrencies grow in popularity, they are becoming increasingly targeted by hackers. Many major exchanges have suffered hacking losses in the tens of millions. Exchanges often compensate those whose coins are stolen through insurance, but investors probably want to avoid finding themselves in such a position in the first place. That's why it's important to minimize that risk and invest only on trusted exchanges. Investors may want to distribute their crypto purchases across multiple exchanges or transfer their…
A well-followed analyst who correctly judged the current Bitcoin (BTC) correction says the crypto king is witnessing a breakout to an all-time high. Pseudonymous analyst Recto Capital told his 440,100 followers on social media platform X that Bitcoin has begun the breakout process. According to the analyst, Bitcoin ended the last week of March above its resistance level at $69,000, completing the first step of its breakout process. Rekt Capital says the final step for BTC to achieve its all-time breakout is to convert the resistance level into a support level. “The first step is for the weekly closing price…
Bitcoin and Monero are some of the most traded cryptocurrencies, and it's no surprise. Boasting unique features, these are undoubtedly trendsetters in the cryptocurrency world. Most cryptocurrency exchange platforms are BTC to XMR trading pairs. In this article, we will analyze the BTC to XMR trade to give you a deeper understanding of this trade. Bitcoin and Monero: Overview Bitcoin is the number one cryptocurrency and operates on blockchain, a distributed ledger technology. Its primary function as a store of value stems from its limited supply of 21 million coins. This scarcity is programmed into the protocol, making it immune…