Here is what you need to know on Wednesday 23, September
BTC/USD is trading at $10,500 after a small bounce from yesterday’s crash, however, it seems that the daily chart could be forming a bear flag.
ETH/USD is doing something similar at $343 waiting for a bigger bounce as the market sentiment turns to fear.
XRP/USD is staying above $0.23 which is a significant support level. A breakout of this level would most likely take XRP down to $0.20
Chart of the day: BTC/USD daily chart
Market
The market will be volatile this week as a massive number of Bitcoin and ETH options are set to expire on Friday. Deribit, which has 77% of this volume, as it is the biggest derivatives exchange, also has around 414,000 ETH options, which is 90% of the total 459,000 ETH options across all platforms including CME, Okex or Ledgerx.
Usually, an expiry of a large number of options means a spike in volatility. It’s unclear if the price of Bitcoin and Ethereum will go up or down as sometimes even the volatility doesn’t really change.
Some capitulation in #bitcoin options market as trading remains rangebound, one-month implied vol < 50% on a one year low pic.twitter.com/R5IClC4nkl
— skew (@skewdotcom) September 19, 2020
Industry
Bread (BRD) intends to provide anti-money laundering services, fraud detection and other compliance tools for cryptocurrency businesses but also financial institutions and government agencies.
Adam Traidman, CEO of Bread told CoinDesk in an interview that BRD will use its Blockset services primarily for banks and other financial institutions adding:
Layering these crucial applications on top of Blockset allows us to offer a comprehensive, broad-use offering to financial institutions from a single platform. This also enables our enterprise customers to address many use cases across all their crypto projects from a single vendor
Quote of the day
Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.
– Marc Kenigsberg
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.