Bitcoin
One Metric ‘Great To See’ Amid Massive Crypto Market Correction, According to Closely Followed Analyst
Published
1 month agoon
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adminThe crypto market endured a massive correction on Sunday and Monday, but it’s not all bad news, according to one popular digital asset analyst.
The pseudonymous trader known as Credible Crypto tells his 407,400 followers on the social media platform X that Bitcoin (BTC) witnessed a “beautiful wipe” of its open interest (OI), which tracks the total number of outstanding derivatives contracts for a given asset.
“Nature is healing. Note that the lower dotted green line is the lowest recorded OI we have seen in this entire range and the closer we get to that level, the healthier it is.
That being said, OI can get wiped on moves down (long liquidations) AND on moves up (short liquidations) so we don’t necessarily need to see OI completely ‘reset’ before hitting our bottom in terms of price.
Let’s continue to watch how things develop, but this wipe in OI is great to see.”
An open interest wipeout is typically a bullish signal for assets in an uptrend as it indicates that excessive leverage has been flushed out of the market.
BTC is trading at $55,888 at time of writing and is up more than 3% in the last 24 hours.
Credible also argues that the market correction is “only a temporary drawdown” that doesn’t change his medium or long-term outlook.
“The coins that were the strongest prior to this drop over the last 24 hours will also likely recover the fastest. The coins that were weakest prior to this drop will likely struggle.
This is not the time to be selling but rather taking advantage of discounts on those strong coins that we identified earlier because when the reversal happens they should lead the way.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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BlackRock Says Bitcoin a ‘Unique Diversifier’ Amid Geopolitical, Fiscal and Political Risks
Published
2 hours agoon
September 20, 2024By
adminFinance giant BlackRock is saying that Bitcoin (BTC) is a unique investment opportunity offering investors something much different than traditional assets.
BlackRock, a firm with over $10 trillion in assets under management, says in a new report that Bitcoin could act as a hedge against the United States’ mounting debt and other macroeconomic concerns.
“While Bitcoin has shown instances of short-term co-movements with equities and other ‘risk assets,’ over the longer term its fundamental drivers are starkly different, and in many cases inverted versus most traditional investment assets. As the global investment community grapples with rising geopolitical tensions, concerns over the state of US debt and deficits and increased political instability around the world, Bitcoin may be seen as an increasingly unique diversifier against some of these fiscal, monetary and geopolitical risk factors investors may face elsewhere in their portfolio.”
The report says the appeal of alternative reserve assets is growing amid concerns over the potential impact of US federal deficits and debt on the dollar.
“This dynamic appears to be also taking hold in other countries where debt accumulation has been significant. In our experience with clients to date, this explains a substantial portion of the recent broadening institutional interest in Bitcoin.”
BlackRock’s iShares Bitcoin Trust (IBIT) launched earlier this year, among other Bitcoin exchange-traded funds (ETFs). Bitcoin ETFs grant traders exposure to the top crypto asset without them having to actually purchase it.
Bitcoin is trading for $62,098 at time of writing, up nearly 4% in the last 24 hours.
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Bitcoin
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Published
18 hours agoon
September 19, 2024By
adminA cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.
The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.
According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.
“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.
So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”
Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.
The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.
“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”
The Bitcoin halving occurred around 151 days ago on April 20th.
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Bitcoin
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Published
19 hours agoon
September 19, 2024By
adminBitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.
Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.
In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.
“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”
Asher Genoot, Hut8 chief executive officer
Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.
The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.
The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”
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