• 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
Sunday, January 29, 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 Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year

21 August 2020
in Market
Reading Time: 11 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Bitcoin traders are hitting the sell button Friday while the ether options market loads up on lower prices.

  • Bitcoin (BTC) trading around $11,674 as of 20:00 UTC (4 p.m. ET). Slipping 1.4% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,605-$11,892.
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Bitcoin trading on Coinbase since August 19.
Source: TradingView

Read More: Bitcoin Options Open Interest Nears All Time High

After holding around $11,800 Thursday into Friday, bitcoin started to slide downward around 08:00 UTC (4 a.m. ET), dropping to a 24-hour low of $11,605. Spot volumes were lower to cap off the workweek. It was $138 million on major spot USD/BTC exchange Coinbase, lower than its $179 million average over the past month.

btcspotmonthly
Spot bitcoin volume on major exchanges.
Source: Skew

Over-the-counter crypto trader Henrik Kugelberg expects a bullish, if not record, fourth quarter ahead for bitcoin, even if the number of sluggish market days pile up. “I expect a slower curve but would not be surprised if we reach a $15,000 BTC in October and somewhere around $18,000-$20,000 at year end.”

Kugelberg points to the uncertain economy as giving people reason to swap fiat for crypto investments. “There’s the falling value of the dollar to be priced in; we have not seen the end of the dollar’s fall that is for sure,” he added. Indeed, while the U.S. Dollar Index, a measure of the greenback’s strength versus a basket of other fiat currencies, is up 0.52% Friday, it’s still at lows not seen since June 2018. 

dxy2018
U.S. Dollar Index since 1/1/18.
Source: TradingView

In the bitcoin options market, Neil Van Huis, director of sales and institutional trading at liquidity provider Blockfills, noted volatility decreased  this week. Bitcoin’s at-the-money implied volatility, which is a metric to forecast movement in prices, has dropped from 71% Monday to 59% Friday. “Looks like some normalization of volatile trading as of late,” Van Huis said.

atmvolbtc
Implied volatility for bitcoin the past month.
Source: Skew

Opportunities in Ethereum-powered DeFi are taking some traders’ focus away from the bitcoin market, Kugelbrg told CoinDesk. “The crypto community is in a total FOMO to DeFi-related altcoins,” said Kugelberg. “I believe the run-up for bitcoin may be slower than expected and fueled by retail sales to newcomers wanting a somewhat steadier haven.” 

Read More: Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency

Ether options market bearish

Ether (ETH) was down Friday, trading around $399 and slipping 3.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum

The ether options market is predicting prices by the end of 2020 won’t be much higher than they are now for the world’s second-largest cryptocurrency. December 20 maturities only give ether a 25% chance of being over $520, a 38% probability of being over $420 and a 41% chance of being over $400, according to data aggregator Skew.

skew_probability_of_eth_being_above_x_per_maturity-3
December 20 maturity probabilities for ether options.
Source: Skew

Despite the probabilities, Jean-Marc Bonnefous, managing partner for Tellurian Capital, which has been investing in crypto projects since 2014, is still bullish on ether. He doesn’t see Ethereum’s fundamental issues, such as fees constraining the network, as anything but a speed bump on the fast-moving DeFi highway. “Structurally, no,” said Bonnefous. “But short term, ether needs a new trigger to go higher.”

Read More: INX Crypto Exchange to Launch $117M IPO Next Week

Other markets

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

  • 0x (ZRX) + 26.2%
  • lisk (LSK) + 13.5%
  • qtum (QTUM) + 6.2%

Read More: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Spur Trading

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

Read More: ETC Labs Rolls Out Fixes to Thwart Further 51% Attacks

Read More: These Illicit SIM Cards Are Making Hacks Like Twitter’s Easier

  • Oil is down 1.1%. Price per barrel of West Texas Intermediate crude: $42.24.
  • Gold was in the red 0.40% and at $1,938 as of press time.

Read More: US Congressman Tom Emmer Will Accept Crypto Donations for Reelection 

  • U.S. Treasury bonds were mixed Friday. Yields, which move in the opposite direction as price, were up most on the two-year, in the green 2.8%.

Read More: Firms Say First Automated, AML-Compliant Bitcoin Transfer Completed

https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market
Source: https://www.coindesk.com/coindesk20
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Related articles

South Korea Launches Metaverse Replica of Seoul

17 January 2023

Three Arrows’ Founders Take Slingshot From Crypto Community

17 January 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: 116KBitcoinDipsETHMarketOptionsPredictPriceWrapYear
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Price Analysis 8/21: BTC, ETH, XRP, BCH, LINK, LTC, BSV, ADA, BNB, CRO – Cointelegraph

Next Post

Bitcoin-critic China moved $50 billion in Tether fearing capital flight rules

Related Posts

South Korea Launches Metaverse Replica of Seoul

17 January 2023
0

As part of a three-year effort to expand its public services, Metaverse Seoul will allow users to take their avatars...

Three Arrows’ Founders Take Slingshot From Crypto Community

17 January 2023
0

BNB Chain, launched by crypto exchange Binance, has completed the burn of over $500 million worth of its native BNB...

UK Court Sentences 4 Men to 15 Years Prison for $26M Crypto Fraud

17 January 2023
0

The offenders used the internet from the comfort of their own homes to obtain millions, Jonathan Kelleher of the Crown...

Crypto Is Down, but Not Out

17 January 2023
0

Eight months, numerous bankruptcies and a major collapse later, the industry is still present in Davos, Switzerland, but with a...

First Mover Asia: Bitcoin Tops $21.3K as Cryptos' 2023 Feel-Good Story Continues

17 January 2023
0

ALSO: Sam Reynolds writes that the surge of FTX’s FTT Token is part of a trend in which investors send...

Load More
Next Post

Bitcoin-critic China moved $50 billion in Tether fearing capital flight rules

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!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

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)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%