Bullish or bearish? PayPal hosts $242M in crypto trading over 24 hours

Global payments provider PayPal has doubled its previous crypto volume record, with $242 million worth of digital assets changing hands on the platform during Jan. 11. According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8. With the spike in PayPal’s volume coming amid Bitcoin’s rally into new all-time highs, the U.S.-based payments firm appears to be gathering popularity among retail traders. Nuggets News’ Alex Saunders asserted the…

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Macroeconomic Trends Boost Bitcoin and Gold, US Dollar Index Shows Bearish Double-Top

According to a number of reports and commentary from financial analysts, the world is “drowning in U.S. dollars” after the Federal Reserve decided to pump billions of dollars into the hands of 14 central banks via liquidity swaps. Moreover, recent technical analysis shows the dollar’s trade-weighted index chart indicates the USD might be in for a gigantic slide in value in the near future. As members of the U.S. Federal Reserve plan to convene this week, both gold and bitcoin (BTC) markets have started to climb in value ahead of…

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Ethereum Volatility Drops Below Bitcoin’s but ETH Options Are Bearish

Ether (ETH) options implied volatility, a measure of the expected price swings as per the options markets premium, has dropped below Bitcoin’s (BTC) for the first time ever.  This could signal that investors have given up expectations of a price decoupling, or they simply expect ETH price moves to mirror Bitcoin.  In the case of potential catalysts for significant price moves, implied volatility tends to move up whereas an absence of triggers causes volatility to recede, alongside a diminishing premium on options markets. Deribit options implied volatility. Source: Skew The…

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Bitcoin Risks Turning Bearish Due to Declining Market Health, Says Glassnode

Bitcoin (BTC) risks sliding back into bearish territory should onchain activity and overall market health continue to decline, warns analytics firm Glassnode. The latest market update from Glassnode shows that the GNI index, which measures the overall state of the Bitcoin network, dropped 18% or 13 points week-on-week, to a value of 60 points. Simultaneously, the price of BTC was falling below the psychological $9,000 level, to around $8,700. The index considers metrics such as network health, sentiment, and liquidity to determine the strength of bitcoin’s fundamentals. According to the…

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Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885.  Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term.  Crypto market weekly price chart. Source: Coin360 As the price searches for direction and its dominance rate drops from 67% to 65.5%, a handful of altcoins continued a multi-day streak of impressive double digit rallies.  Despite Bitcoin price finding difficulty in…

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