Tag: BTC Investment

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Short Traders Decimated as Bitcoin Barrels Cross $43,000

Bitcoin surprised the market with its recent surge. The digital asset that was struggling below $40,000 last week took a break with an incredible rally past $44,000. It took the market and certainly traders by surprise as sell-offs are on the horizon. order of the day. Short traders kept the short end of the bat as they saw hundreds of millions liquidated the day before.

Uncontrolled Bitcoin liquidations

Short-term traders have dominated the market for some time as the value of the cryptocurrency is trending lower. This was exacerbated by the crisis between Ukraine and Russia. Bitcoin managed to hold around the $36K to $38K level without falling too far. Monday, however, would prove to be a departure from the norm as the rally caught the market by surprise.

Related Reading | Bitcoin mining is the most harmful to the environment after China’s ban, according to a study

On Monday, bitcoin broke above $44,000 in what can be described as a strong rally. Happening within minutes, short traders were caught off guard by this move. As such, millions of dollars in short positions were liquidated and $40K price barriers were broken across all exchanges.

BTC in another recovery trend | Source: BTCUSD on TradingView.com

In total, more than $100 million worth of bitcoin positions were liquidated in the last 24 hours. The last 12 hours represent around 50% of that volume as the price continues to maintain upward momentum. In total, there was $147 million in BTC liquidations in the last 24 hours. Short sales account for most of this amount, although there have been long million-dollar liquidations, but to a lesser extent.

Altcoins are not left out

Bitcoin not only saw large sell-offs in the last day, but altcoins also saw large sell-off volumes during the same period. Naturally, bitcoin has seen the most sell-offs, but this is to be expected as it is the most valuable asset on the market. However, this does not mean that the altcoins avoided the attack, as they also recorded more than $100 million in liquidations.

Related Reading | TA: Bitcoin is up over 12%, why this could be a big trend reversal

Ethereum leads the altcoin selloffs as $58 million was recorded in the last day. Like Bitcoin, shorts were the main contributors to this number as ETH also rallied to $3,000.

Crypto deals top $300 million in 24 hours | Source: Coinglass

An unlikely candidate, Luna, came in third place in terms of sales. The native token of the Terra blockchain has had $14 million in liquidations in the last 24 hours, of which more than $6 million has been registered in the last 12 hours alone. The altcoin is up more than 20% in the past day, posting one of the biggest gains in the recent rally.

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Canada-Based Purpose Bitcoin ETF Registers New ATH in Holdings

Bitcoin ETFs continue to see high demand despite the drop in the price of Bitcoin. Canada-based Purpose Bitcoin ETF (BTCC) holdings are at an all-time high. The Purpose Bitcoin ETF, which was the world’s first liquidated Bitcoin ETF, currently holds around 32,329 Bitcoins.

Purpose Bitcoin ETF Holdings Up 31% Since November

According to data from Glassnode, Purpose Bitcoin ETF holdings are currently worth more than $1.3 billion. Market analyst “On-Chain College” notes that the ETF has added around 7,700 BTC since November. This represents an increase of 31% in the period.

The Canadian ETF target #Bitcoin Spot has increased its holdings by 31%, or ~$7,700 BTC, since the end of November.

The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj

— OnChainCollege (@OnChainCollege) February 28, 2022

The new milestone comes after the ETF recently experienced one of its biggest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, marking some highs among investors amid a market crash.

The ETF also recently surpassed a year since it was launched on the Toronto Stock Exchange. Celebrating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving cryptocurrency adoption in Canada.

In a press release, Som Seif, founder and CEO of Purpose Investments, noted that the ETF had plans to expand further. The company revealed plans to launch in Australia through a partnership with Cosmos Asset Management in 2022.

 Working on the frontier of finance and technology, we are committed to driving innovation in this space and leading the next generation of asset management, wealth management and banking for SMEs, said Seif.

The US market has yet to see its first Bitcoin spot ETF

Countries like Canada, Switzerland, Germany, and Brazil received cash-settled Bitcoin products. The performance of these instruments in these countries has shown that investors prefer Bitcoin ETFs that are cash-settled.

However, the US Securities and Exchange Commission (SEC) continued to adamantly reject Bitcoin ETFs settled on the US trading venue. The commission recently requested public comment on the mess.

Seizing the opportunity, Grayscale launched a campaign for the public to submit comments to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC), the world’s largest Bitcoin fund with over $25 billion in AUM, into an ETF. In the meantime, market participants remain vigilant as to when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first cryptocurrency custodian.

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Instant Exchange Marketplace Swapzone Introduces Exchange API for US Residents

PRESS RELEASE. Swapzone.io, a successful crypto-to-crypto exchange aggregator, has just announced a new feature called “flat rate exchange” that is now available to US citizens. The new feature allows North American users to not just “fix” the value they exchange, so nothing can affect the value the initially shown user receives. These exchanges are protected against rate fluctuations and any changes in the market.

important details

The cryptocurrency market is known for its high levels of volatility, and this aspect can be seen as an advantage in certain circumstances. However, due to the highly volatile nature of the digital currency market and the ever-changing network fees, users may also end up with less money than they expected when trading cryptocurrencies.

To get rid of that volatility aspect and the general risk that some users don’t want to take, Swapzone has decided to implement a fixed rate exchange feature for all US citizens. The new feature is useful as it ensures that users match the amount displayed at the beginning of their transaction. In other words, the fixed fee trading feature on Swapzone will allow US users to see the amount they can earn during a transaction, regardless of all the volatility risks of the cryptocurrency; however, this stability may imply higher rates.

Swapzone.io is constantly on the lookout for new technologies and features that benefit its users, since its inception. And the fixed exchange rate feature for US citizens is a very convenient feature, especially if you don’t want to take risks and worry about the fast changing cryptocurrency rate, then fixed rate exchanges are for you.

About the exchange area

Swapzone is a cryptocurrency exchange aggregator which is a useful, progressive and transparent exchange service that combines multiple sources and offers convenience, effectiveness and a common user flow for every trade. You can search services in a single interface, compare exchange rates, and analyze and trade cryptocurrencies. All swaps are escrow free and no registration is required.

Swapzone facilitates the exchange procedure by providing a one-stop shop to locate the best quick exchange offer. We also consider as many assets and services as possible and collect all the data necessary to make an informed decision. It’s as simple as that.

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Fake Safe Haven: Bitcoin Correlation with S&P 500 Hits ATH

The data shows that Bitcoin’s correlation with the S&P 500 and thus the stock market has set a new all-time high (ATH).

Bitcoin’s correlation with the S&P 500 hits a new high

As one analyst pointed out in a CryptoQuant post, BTC’s correlation with the stock market is currently on the rise, further undermining the “safe haven” narrative.

“Bitcoin Correlation with the S&P 500” is an indicator that measures how strongly the BTC price reacts to volatility in the S&P 500, as well as the direction of the response.

When the indicator shows values ​​greater than zero, it means that there is a positive correlation between the stock market and the cryptocurrency price at the moment. “Positive” here means that BTC is moving in the same direction as the S&P 500.

On the other hand, correlation values ​​less than zero imply that BTC reacts to S&P 500 price changes by moving in the opposite direction.

Related Reading | Bitcoin Drops Below $40 As Russia Gave Its Forces the Order to Attack Ukraine

Indicator values ​​exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

The indicator value throughout the history of cryptocurrencies | Source: CryptoQuant

As you can see in the chart above, the correlation between Bitcoin and the S&P 500 has fluctuated between positive and negative, although it has remained low for most of BTC’s history.

Related Reading | Why Bitcoin Won’t Fall Under New Bear Attack, Next Potential Target for BTC

However, since late 2019 and early 2020, the two assets have been strongly and positively correlated. During 2020, the metric has plummeted due to the COVID slowdown, but the indicator has risen sharply during the second half of 2021 and 2022 so far.

The correlation between Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such a high correlation between assets further undermined the “digital gold” narrative, as cryptocurrency is no longer the safe haven it once was.

BTC price

At the time of writing, Bitcoin price hovers around $39,000, down 12% over the past seven days. In the last month, the cryptocurrency has gained 10% in value.

The chart below shows the BTC price trend over the last five days.

BTC price seems to have recovered in recent days | Source: BTCUSD on TradingView

A few days ago, the price of Bitcoin dropped, reaching $36,400. Since then, the coin’s value has shown some recovery, breaking above the $39K level again today. It is currently unclear whether this new uptrend will last.