CME Bitcoin derivative traders had ‘paper hands’ as BTC broke $55K — Report
Traders wound up their long Bitcoin derivatives contracts ahead of the October price rally, ignoring solid on-chain fundamentals.
Auto Added by WPeMatico
Traders wound up their long Bitcoin derivatives contracts ahead of the October price rally, ignoring solid on-chain fundamentals.
BTC price surged toward $55,000 on Wednesday even as traditional risk assets such as stocks tumbled and the dollar rose.
BTC price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.
Privacy activist and whistleblower Edward Snowden says that bitcoin is up about 10 times since he tweeted about buying it. Bitcoin is stronger “despite a coordinated global campaign by governments…
LINA, SCRT and PRE each rallied by 20% and Bitcoin’s attempt to flip $50,000 to support could extend the current rally seen across the altcoin market.
Analysts identify the key levels BTC needs to hold in order to see continuation above $50,000.
AXS, CVP and POLS lead altcoins higher while Bitcoin bulls search for a way to reclaim the $50,000 level.
Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya, says bitcoin has effectively replaced gold. Having predicted that the price of the cryptocurrency would hit $200,000, the executive said…
AXS, LUNA and a handful of altcoins rallied to new highs shortly after Bitcoin price rallied to $49,200.