Cryptomustar
Friday, May 20, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Market

Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session

by admin
September 21, 2020
in Market
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter


Bitcoin and ether both dropped Monday as global markets conducted a selling session.

  • Bitcoin (BTC) trading around $10,492 as of 20:00 UTC (4 p.m. EDT). Slipping 3.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,179-$10,994.
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

btcsep21
Bitcoin trading on Coinbase since September 19.
Source: TradingView

Bitcoin price fell sharply Monday, with a lengthy sell-off session starting around 07:00 UTC (12:00 a.m. EDT) and dropping to as low as $10,179 on spot exchanges such as Coinbase before gaining to $10,492 as of press time. 

“The market is still positioned short with persistent negative funding over the past month and under-allocation to BTC,” said Cindy Leow, portfolio manager for 256 Capital Partners, a market-neutral trading firm. ”At this stage, sellers are still in control of the market.”

As bitcoin tumbled Monday, sell liquidations on derivatives exchange BitMEX picked up, putting pressure on price. In fact, over the past 24 hours, BitMEX liquidated over $34 million in long positions, the crypto equivalent of a margin call.

skew_bitmex_xbtusd_liquidations-39
Liquidations on derivatives exchange BitMEX the past 24 hours.
Source: Skew

Darius Sit of crypto quant trading firm QCP Capital said the global equities markets are not faring well to start the week. “Stocks are getting hit,” Sit said. indeed, major indexes are all in the red Monday:

Michael Rabkin, of crypto liquidity and market making firm DV Chain, said markets across the board are in “risk-off” mode, when asset holders unload for safer investments in the face of broader economic tumult. “Governments continue to print money and questions are left unanswered due to covid,” said Rabkin. “We’re seeing risk-off across all the markets right now which is having a direct effect on crypto.”

Read More: Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink

QCP Capital noted in its Monday investor letter that both bitcoin and ether were riding high just last week – ether hit $394 September 17, bitcoin topped $11,178 September 19.

btconeweek
Spot bitcoin trading on Coinbase the past week.
Source: TradingView

Monday’s sell-off may prove to be an assessment of crypto’s resiliency, according to QCP. “We’ve had a retest of $11,000 in bitcoin and almost $400 in ether,” QCP’s note stated. “We think this week and next is where the rubber meets the road.”

Ether options shift on price drop

The second largest cryptocurrency by market capitalization, ether (ETH), was down Monday trading around $345 and slipping 7.2% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). 

Read More: Did Ethereum Learn Anything From the $55M DAO Attack?

Implied volatility, the market’s expectation of ether’s future price movement, has dipped below realized volatility, ether’s current movement based on historical data. It’s a shift in the ether options market not seen since July.

skew_ethusd__iv_vs_rv-4
3-months daily implied versus realized ETH/USD volatility.
Source: Skew

William Purdy, an options trader and founder of analysis firm PurdyAlerts, said ether’s price descent, hitting as low as $330, Monday, is helping fuel the switch. “This recent discrepancy in implied volatility and realized volatility is due to the options market following the underlying asset price momentum in the short-term,” he said. 

Purdy said this means options premiums are likely undervalued and buyers can take advantage – at least for the time being. “Implied volatility will likely increase again when options buyers seek to close their positions,” Purdy added.

Other markets

RELATED POSTS

First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining

Bitcoin Returns Above $30K; Resistance at $35K

Digital assets on the CoinDesk 20 are mostly in the red Monday. Two notable winners as of 20:00 UTC (4:00 p.m. EDT):

Notable losers as of 20:00 UTC (4:00 p.m. EDT):

Read More: Former HSBC, Citigroup, Merrill Lynch Execs Start $50M Crypto Fund

  • Oil is down 3.1%. Price per barrel of West Texas Intermediate crude: $39.60.
  • Gold was in the red 2% and at $1,910 as of press time.
  • U.S. Treasury bond yields slipped Monday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 3.5%.
https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market



Source link

ShareTweetShare

Related Posts

First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining

First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining

by admin
May 20, 2022
0

Most residents near the Blockfusion site told CoinDesk they had heard the explosion but weren't too alarmed at the...

Bitcoin Returns Above $30K; Resistance at $35K

Bitcoin Returns Above $30K; Resistance at $35K

by admin
May 20, 2022
0

Lower support is seen at the 200-week moving average, which is currently at $21,954. A break below that level...

There Was No Terra ‘Attack’

There Was No Terra ‘Attack’

by admin
May 20, 2022
0

There’s a natural impulse to want to protect people who might not understand those risks. At the same time,...

Dai Creator Rune Christensen on Terra's Collapse

Dai Creator Rune Christensen on Terra's Collapse

by admin
May 20, 2022
0

The MakerDAO founder wasn’t in the mood to say “I told you so,” following Terra’s stablecoin collapse, on CoinDesk...

Terra’s LUNA Has Dropped 99.7% in Under a Week. That’s Good for UST

It’s Not Just LUNA. Terra’s DeFi Apps Have Hemorrhaged $28B

by admin
May 20, 2022
0

As widely reported, much of the lost value was on the lending protocol Anchor, which took the biggest hit,...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

NFT Music Platform Royal Closes $55M Funding Round Led by A16z

NFT Music Platform Royal Closes $55M Funding Round Led by A16z

November 23, 2021
S. Korean Regulator Says NFTs Are Not Virtual Assets: Report

S. Korean Regulators Call For Criminal Punishments For Crypto Market Manipulation

November 25, 2021
What Is XRP, and How Is It Related to Ripple?

What Is XRP, and How Is It Related to Ripple?

December 11, 2020
Privacy-Focused Blockchain Secret Network Announces $400M in Funding

Privacy-Focused Blockchain Secret Network Announces $400M in Funding

January 20, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Las criptomonedas deberían cumplir con las mismas normas que las finanzas regulares, dice el G7
  • Nanjing Lishui: It's The Right Time to Enjoy Lanterns and Pick Berries
  • A Noble Launch Gets Underway
  • First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%