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Published: Nov. Share on Facebook. The market turbulence made The Fear and Greed Index dip down to 10 - its most fearful level in six months. Bitcoin trading activity has been unusually muted since Christmas with low spot volumes and volatility. You can download the report at the bottom of this page.

Several central banks globally made hawkish statements in the last week, while bitcoin remained fairly stable, suggesting that hawkish statements were already priced in.

Activity in the perpetual swaps market has also been muted lately, with funding rates remaining idle in neutral terrain. After almost two full months of greed in the crypto market, the sentiment suddenly turned fearful following a two-week-long sell-off after bitcoin reached an all-time high. Bitcoin continued its downwards trend last week among increased macro uncertainty as the dollar is strengthening relative to other fiat currencies.

A stronger dollar is bearish for bitcoin since the dollar is its biggest quote currency. After a strong start of November, market sentiment suddenly turned sour during the Asian hours on November 16th after the Twitter CFO ruled out a crypto investment for the social media giant. Optimism is growing in the market, with bitcoin reaching a new all-time high Tuesday morning after some weeks of consolidation.

After reaching an all-time high two weeks ago, bitcoin could not keep up its momentum. The CME basis has seen a substantial fall in the last couple of weeks after being elevated prior to the launch of Proshares futures-based bitcoin ETF last week.

The basis on the unregulated market remains high. And what a launch it was! The bitcoin price was rallying days before the launch, and many traders speculated that the launch would be a sell-the-news event.

After breaking through two resistance levels in the first days of October, the price has now revisited new resistance levels from the spring. If bitcoin manages to break through these resistance levels in the upcoming days, we might see the price battling with the all-time very soon.

This is a strong support level, and it will be interesting to see if the price consolidates for some time in this area. September has given us three sudden drawdowns in the bitcoin price. First on September 7th when El Salvador made bitcoin legal tender, then on September 20th when news broke out that Evergrande was on the brink of collapse, and lastly this week when the Chinese government again decided to ban crypto.

Fear is looming in the financial markets, with big losses in equity markets worldwide as macroeconomic risks are piling up. Even though bitcoin is often compared to safe-haven assets like gold, we see time and time again that when the macroeconomic risks are increasing, bitcoin and the rest of the crypto market are dropping. The last week has been a turbulent one for bitcoin and the broad crypto markets. In the premium edition of our weekly market update last week, we emphasized how bitcoin traders should expect volatility shortly, and shortly thereafter the volatility accelerated.

Today, bitcoin officially became legal tender in El Salvador. However, as we reached the long-awaited legal tender Tuesday, the markets turned sour. The bitcoin derivatives market has been suspiciously quiet throughout August, with no major developments. Bitcoin has for sure seen some bullish weeks and saw its 5th consecutive weekly green candle close last week.

CME has only offered ETH futures for half a year, but the market shows signs of maturing, and the price action suggests that bullish sentiment is brewing among institutional investors. The market has recovered strongly, with bitcoin finally breaking out of its near 3-month long consolidation range, supported by increased trading volumes. This week bitcoin flirted with the highs of its now week long consolidation range but failed to make a substantial breakout. Could this be a recipe for long squeezes in the near future?

A burst of upwards volatility blessed the market yesterday after a short squeeze for the history books. The futures are once again trading in backwardation, and the open interest denoted in bitcoin suggests that traders are more exposed at the moment than visible by a simple glance at the charts.

Positive signals from the market this week, as most cryptocurrencies are climbing higher. The overall sentiment is now bearish again, and the market looks weak. Tailor made cryptocurrency research, reports and consulting for your organizations specific needs. A product by Arcane Research Data-driven and expert-curated cryptocurrency market research reports.

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