Trading ranges for bitcoin and ether have narrowed substantially, as investors plan next steps. GWilliamsJr_CMT writes
Bitcoin and ether’s trading range has begun to narrow as the two largest cryptocurrencies by market capitalization look to establish new areas of support. Following last week’s 8% and 5% gains, BTC and ETH’s price movement has yet to exceed a percentage point over the past four days.
Unsurprisingly, both assets have paused after their strong start to 2023. Bitcoin is now trading at levels last seen in August. Ether last traded near its current levels in November. Other recent high-volume nodes occurred near $17,000 and $19,000. As is common with high volume nodes, prices remained at those levels for extended periods. In short, supply and demand match relatively evenly at these levels. Low-volume nodes imply a lack of price agreement. Prices tend to move rapidly through these price ranges.
One area is concerning, however. A report by digital asset firm CoinShares revealed that crypto investment products had $37 million of inflows last week. Of that amount, 68% was sent to short investment products, betting against the price of bitcoin.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Markets Analysis: Bitcoin’s Surge Moves Both Short- and Long-Term Holders Into ProfitabilityAs the price of $BTC continues to surge, will short-term holders take profits now or hold on to become long-term holders? GWilliamsJr_CMT writes
Read more »
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K – Exchanges Bitcoin NewsClients of a bank facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000.
Read more »
US Authorities Charge Mango Markets Attacker — Defendant Arrested, Detained in Puerto Rico – Regulation Bitcoin NewsU.S. authorities have charged the alleged attacker who stole $116 million from crypto trading platform MangoMarkets. cryptocurrency $MNGO
Read more »
Philippine Authorities Rescue Alleged Victims of 'Crypto Trafficking Ring' – Featured Bitcoin NewsPhilippine authorities have rescued alleged victims of a crypto trafficking ring recruited to scam people out of their cryptocurrencies. pigbutchering
Read more »
Jump Crypto president unpacks the industry’s broken capital marketsIn this episode of The Scoop, Jump Crypto President Kanav Kariya explains why Solana's design is suitable for the needs of HFT trading firms, as well as how Jump Crypto's upcoming Firedancer release will help push the Solana network towards maturation.
Read more »
Charts suggest investors should ignore ‘crypto cheerleaders’ and stick with gold, Jim Cramer saysJim Cramer urged investors not to let bitcoin's recent gains tempt them into buying crypto.
Read more »