Bitcoin breaks above $12.3K after PayPal confirms Venmo to become BTC wallet

Bitcoin (BTC) gained almost 5% on Oct. 21 as bullish price action combined with fresh corporate adoption news to boost gains. Cryptocurrency market daily performance overview from Coin360 PayPal takes BTC price to $12,400 Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC/USD topping out at $12,400. At press time, $12,300 formed the focal point, around an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies via its wallet and Venmo app from 2021. BTC/USD 1-day…

Read More

Bitcoin trading dominance hits 2017-levels not seen since $20,000 BTC

The cryptocurrency market has suddenly shifted back to Bitcoin (BTC) after several months of a decentralized finance (DeFi) frenzy. While market cap dominance remains below 60%, earlier this month, the trading dominance of BTC has spiked to levels not seen since 2017 when the price hit an all-time high at $20,000. The trading dominance of Bitcoin against other major cryptocurrencies. Source: TheTie Due to the growing dominance of Bitcoin in terms of market volume, the alternative cryptocurrency (altcoin) market is stagnating. The trading dominance of the bellwether for altcoins, Ether…

Read More

Sharp Bitcoin price move brewing as BTC volatility falls to a 16-month low

Bitcoin (BTC) options aggregate open interest has increased to $2 billion, which is 13% below the all-time high. Although the open interest is still heavily concentrated on Deribit exchange, the Chicago Mercantile Exchange (CME) has also reached $300 million. In simple terms, options derivatives contracts allow investors to buy protection, either from the upside (call options) or downside (put options). Even though there are some more complex strategies, the mere existence of liquid options markets is a positive indicator. For example, derivative contracts allow miners to stabilize their income which…

Read More

187,000 BTC Drained: Over $2 Billion in Bitcoin Leave the Top Exchanges Since June

Cryptocurrency reserves held on digital asset exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain 187,000 bitcoins ($2.1B) from exchange-owned cold wallets. In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance…

Read More

BTC and OKB plunge after OKEx suspends withdrawals

Major crypto asset exchange OKEx has suspended cryptocurrency withdrawals, announcing that one of the holders of its private keys is “currently cooperating with a public security bureau” with regard to ongoing “investigations.” The exchange noted that it has been “out of touch” with said key-holder, preventing the exchange from being able to complete the “associated authorization” request. OKEx plans to resume digital asset withdrawals “immediately” once the key-holder “is able to authorize the transaction.” OKEx added that the security of its customers’ assets “will not be affected” by the events.…

Read More