• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, October 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

19 October 2020
in Market
Reading Time: 13 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Bitcoin traders hit the buy button Monday while a DeFi project gains $135 million in BTC locked since the start of September.

  • Bitcoin (BTC) trading around $11,689 as of 20:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,409-$11,839
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Oct. 17.
Source: TradingView

Bitcoin’s price is making major gains Monday, with a rally starting around 12:00 UTC (8 a.m. ET) and the price jumping from $11,477 to as high as $11,839 on spot exchanges such as Bitstamp within hours. Since then, the price has settled around $11,689 as of press time.   

Read More: ‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low

Katie Stockton, a technical analyst for Fairlead Strategies, said bitcoin began a bullish run on Oct. 18, when the price per one BTC began trending above a key moving average. “Bitcoin has been consolidating since breaking out above its 50-day moving average,” Stockton told CoinDesk. 

“Short-term momentum remains to the upside within the intermediate-term uptrend, suggesting the consolidation phase will give way to a test of August’s high,” she added. 

The record price level for 2020 so far occurred Aug. 17, with bitcoin hitting $12,476 on spot exchange Bitstamp. 

btcsinceaug2020

Spot trading on Bitstamp since August.
Source: TradingView

While bitcoin trading volumes and transactions have been quiet as of late, momentum, in the form of bitcoin spot volume, has been higher than usual Monday. Volumes on major USD/BTC are at $473,739,764 Monday, already higher than the past month daily average of $348,110,579. 

volumespastmonth

Bitcoin volumes on major exchanges the past month.
Source: CryptoCompare

John Willock, CEO of crypto asset manager Tritum, said he sees bitcoin’s price passing $12,000 again soon. “Definitely $12,000 is easily in sight,” he said. “The potential for U.S. fiscal stimulus that is broadly anticipated is likely to result in more price surges in haven/hedge assets like bitcoin and gold.”

2020btcvsgold

Bitcoin and gold returns in 2020.
Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, noted a low in bitcoin miner revenue from fees. “The share of miners’ revenues from transaction processing fees fell to a three-month low of 3.49% over the weekend,” he said. 

Read More: Bitstamp Adds Crypto Crime Insurance for Assets Held Online

Indeed, miners’ revenues from fees was the lowest point for that metric since July 12, when it dropped to 2.52%. Some of that can be attributed to low volatility and transactions being processed on the Bitcoin network, according to Kogan.

btxtxnssixmonths

Miner revenue from fees.
Source: Glassnode

On Oct. 18, 231,437 transactions were processed on the network, a 40% fall from July 1, when 382,408 transactions were recorded. “Revenues of BTC miners have fallen amid low market volatility,” Kogan noted.

Investors plow BTC into Harvest Finance on Ethereum

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $379 and climbing 1% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

The decentralized finance, or DeFi, space is still attracting bitcoiners looking to increase profits. The project Harvest Finance, which allows users to deploy crypto automatically to popular DeFi projects, has gone from almost zero BTC in early September to surpass 10,000 BTC Sunday. 

Total BTC locked in Harvest Finance Monday as of press time was 11,479 BTC, $135,394,805 at current prices and nearly $348 million in total assets locked.

btcharvestfinance


Bitcoin locked in the Harvest Finance protocol since the start of September.
Source: DeFi Pulse

When asked about the bitcoin being parked in protocols like Harvest Finance, Brian Mosoff, chief executive officer of investment firm Ether Capital, remarked on the lower volatility and the potentially lower trading returns for bitcoin versus ether. 

btcvsethvolatility

ETH versus BTC volatility since the start of September.
Source: CoinDesk Research

“Bitcoin has lower volatility than ETH so it also may be ‘safer’ to put it into DeFi, and this may be another contributing factor,” Mosoff said. 

Other markets

Digital assets on the CoinDesk 20 are mostly green Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

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

Read More: Filecoin Miners Go On Strike One Day After Mainnet Launch

  • Oil was down 0.29%. Price per barrel of West Texas Intermediate crude: $40.62.
  • Gold was in the green 0.18% and at $1,901 as of press time.
  • U.S. Treasury bond yields were mixed Monday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.762 and in the green 1.3%.
https://www.coindesk.com/coindesk20

The CoinDesk 20: The Assets That Matter Most to the Market



Source link

Related articles

Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF

Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF

2 October 2023
Sam Bankman-Fried Goes on Trial Tomorrow

Sam Bankman-Fried Goes on Trial Tomorrow

2 October 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: 10k118KBitcoinBouncesBTCfinanceHarvestLockedMarketWrap
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

New paradigm: Ethereum fees regularly surpass Bitcoin, and it’s good for ETH

Next Post

BTC, XRP, ETH, LINK, etc: Is too much crypto in your portfolio a problem?

Related Posts

Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF

Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF

2 October 2023
0

“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are...

Sam Bankman-Fried Goes on Trial Tomorrow

Sam Bankman-Fried Goes on Trial Tomorrow

2 October 2023
0

Caroline Ellison, Nishad Singh and Gary Wang were close friends and roommates of Bankman-Fried as much as they were colleagues....

FTX’s Sam Bankman-Fried Saw Missing Billions as ‘Rounding Error,’ Biographer Michael Lewis Says

FTX’s Sam Bankman-Fried Saw Missing Billions as ‘Rounding Error,’ Biographer Michael Lewis Says

2 October 2023
0

“Even his best friends, inside the company said, ‘Sam is just not built to manage people,’” Lewis said, adding that...

FTX Founder Sam Bankman-Fried Cannot Blame Lawyers in Opening Statement, but Can Raise Defense Later: Judge

FTX Founder Sam Bankman-Fried Cannot Blame Lawyers in Opening Statement, but Can Raise Defense Later: Judge

1 October 2023
0

In his ruling, the judge said the phrasing of the various filings raise questions about "what would constitute 'undue' focus...

FTX Customers, Investors Will Testify Against Sam Bankman-Fried, DOJ Says

FTX Customers, Investors Will Testify Against Sam Bankman-Fried, DOJ Says

30 September 2023
0

"To obtain likely less than 30 minutes of testimony from overseas FTX customer witnesses, however, requires, for at least some...

Load More
Next Post

BTC, XRP, ETH, LINK, etc: Is too much crypto in your portfolio a problem?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF
  • How Will XRP Price React If Ripple Share Hits $600 After IPO?
  • Protocol Village: Babylon Unveils Bitcoin Staking Protocol for Cosmos Ecosystem

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,440.004.69%
  • ethereumEthereum(ETH)$1,731.822.79%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$219.111.72%
  • rippleXRP(XRP)$0.520.75%
  • usd-coinUSDC(USDC)$1.000.05%
  • staked-etherLido Staked Ether(STETH)$1,733.662.93%
  • solanaSolana(SOL)$24.033.51%
  • cardanoCardano(ADA)$0.2682852.44%
  • dogecoinDogecoin(DOGE)$0.0636321.43%
  • tronTRON(TRX)$0.0894470.79%
  • ToncoinToncoin(TON)$2.06-0.92%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.241.03%
  • matic-networkPolygon(MATIC)$0.572.09%
  • litecoinLitecoin(LTC)$67.670.91%
  • bitcoin-cashBitcoin Cash(BCH)$246.484.50%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,410.004.47%
  • shiba-inuShiba Inu(SHIB)$0.0000081.26%
  • chainlinkChainlink(LINK)$7.91-1.80%
  • daiDai(DAI)$1.000.09%
  • uniswapUniswap(UNI)$4.621.28%
  • true-usdTrueUSD(TUSD)$1.000.17%
  • avalanche-2Avalanche(AVAX)$9.700.44%
  • leo-tokenLEO Token(LEO)$3.670.15%
  • stellarStellar(XLM)$0.1141750.70%
  • moneroMonero(XMR)$149.691.76%
  • okbOKB(OKB)$44.011.55%
  • ethereum-classicEthereum Classic(ETC)$16.621.13%
  • binance-usdBUSD(BUSD)$1.000.13%
  • cosmosCosmos Hub(ATOM)$7.472.49%
  • hedera-hashgraphHedera(HBAR)$0.0516832.81%
  • filecoinFilecoin(FIL)$3.420.95%
  • lido-daoLido DAO(LDO)$1.64-1.24%
  • internet-computerInternet Computer(ICP)$3.250.47%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • MantleMantle(MNT)$0.4219116.46%
  • crypto-com-chainCronos(CRO)$0.0517481.07%
  • makerMaker(MKR)$1,487.08-4.00%
  • AptosAptos(APT)$5.600.34%
  • quant-networkQuant(QNT)$90.50-0.52%
  • vechainVeChain(VET)$0.0176601.85%
  • ArbitrumArbitrum(ARB)$0.983.44%
  • optimismOptimism(OP)$1.465.68%
  • nearNEAR Protocol(NEAR)$1.15-0.22%
  • KaspaKaspa(KAS)$0.0501090.17%
  • aaveAave(AAVE)$69.820.94%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,876.422.83%
  • BSCEXBSCEX(BSCX)$237.190.34%