Bitcoin rally came under the threat this Friday as the number of Americans filing for unemployment claims remains elevated.
That, combined with a rising number of COVID cases amid reopening efforts, led the US stock market lower a day before.
A positively correlated Bitcoin fell in tandem, signaling it may remain under the pressure of a corrective risk-on outlook.
Bitcoin pulled back alongside a broader cryptocurrency index on Friday as traders continued to take cues for direction from the US stock market.
The benchmark cryptocurrency fell by a modest 0.23 percent to $9,215.43 in the early trading session. But the loss appeared larger after including its 2.10 percent plunge on Thursday, signaling that it may head lower further into the ongoing intraday, as well as the coming weekend session.
Bitcoin price eyes further downside correction, followed by a choppy weekend session amid global uncertainty. Source: TradingView.com
The analogy looked the same for the S&P 500. The US benchmark index, like Bitcoin, kickstarted the week with a rally. But, it remained choppy throughout as investors weighed prospects of an economic recovery against the rising number of COVID cases in the US.
Jobless Data Remains High
On Thursday, the S&P 500 fell 0.56 percent to 3,152.05 after the US jobless claims update. New data showed that the number of Americans applying for the unemployment benefits remained elevated at 2.3 million. There was, however, a drop of 90,000 from the previous week.
More than 32 million Americans have applied for jobless benefits. Source: Department of Labor
Employment data lately played a crucial catalyst in sending the US stocks up or down.
The recovery in non-farm payroll jobs late last week propelled the S&P 500 higher, a sentiment that the Bitcoin traders laggingly captured into the weekend. But now, it appears analysts see joblessness falling below the Great Depression levels as a clear sign for a full-fledged economic rebound.
“It’s not surprising, depending on some of the headlines that scroll through at this time, you’re going to have what we call basically a choppy market,” Jack Janasiewicz, a portfolio manager at Natixis Investment Managers Solutions, told WSJ. “It’s going to be uneven. You’re going to have fits and starts.”
Bitcoin Outlook
As the correlation between the US stock market and Bitcoin grows, the S&P 500 remains the only loyal predictive indicator for the cryptocurrency.
Futures tied to the US index are down 0.33 percent in the early Friday trading session. They signal a shaky start after the New York opening bell. The same sentiment could ripple through the Bitcoin market. The cryptocurrency is already heading down below $9,200, a technical support level, to seek a solid price floor in the $9,000-9,100 region.
Meanwhile, as Wall Street closes for the weekend, Bitcoin could consolidate near the lower $9,000-levels.
Photo by Obi Onyeador on Unsplash origin »
According to recent reports, the number of BTC held in exchanges has been vastly reducing over the past few days. Contrarily, the number of bitcoin wallets holding more than 1BTC just hit a million.
After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions.
According to Glassnode Studio, the number of wallet users with at least 1 Bitcoin has hit 788,755. The number has seen an exponential rise in the past few hours. The number of addresses with a minimum of 1 BTC has been increasing since 2009 with very little downside.
The number of bitcoin addresses in the network is growing. Currently, their number exceeded 28.39 million. The growth of bitcoin wallets depends on the cryptocurrency rate, and during the recession, their number increases.
Bitcoin’s remarkable run over the past few weeks saw it reach yearly highs in terms of price, while also bolstering its market cap to cross the $200 billion mark. Aside from the price hike, other parameters like the number of addresses and difficulty were also given positive boosts, forcing many in the space to speculate […]
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As BTC capitulated on Thursday evening, falling under a handful of purported key support levels, a number of bearish commentators, including Nouriel “Dr. Doom” Roubini and Bloomberg’s Mike McGlone, doubled down on their sentiment that cryptocurrencies would continue to disintegrate.
Cryptocompare, the cryptocurrency market data aggregator, has published its monthly exchange review for November 2018, offering insights about the latest changes in the global market using transaction data from over 70 trading venues.
With more people rushing into the cryptocurrency market since late 2017 and the subsequent year-long bear market in 2018, one accounting envisages a barrage of loss claims in cryptocurrency and Bitcoin tax filings next year.
Recent statistics by Coinatmradar reveal that Bitcoin ATMs globally have crossed the much touted 4,000 threshold. Bitcoin ATMs Surpass the 4,000 Mark According to Coinatmradar, the current number of Bitcoin ATMs globally is 4,060, a figure surpassing the 4,000 milestone.
Bitcoin (BTC), Cryptocurrency–While most investors run for cover amidst the falling crypto prices, as the bear market of 2018 extends into the final month of the year, the Reddit based community for the number one cryptocurrency by market capitalization has hit a new milestone.
BitGo wallet announced today that it is adding support for Stellar network’s native coin XLM. BitGo has now become the first multi-signature wallet and custodial solution supporting this cryptocurrency.
Node40, a developer of bitcoin tax-reporting software, expects the U. S. Internal Revenue Service (IRS) to receive a record number of cryptocurrency-related tax return claims this year, as it predicts that many investors will decide to declare their losses.
Bitcoin’s trading volume increased significantly compared to the previous year. The total number of Bitcoin traded in 2018 is estimated at 2. 2 trillion US dollars. Last year, on the other hand, this figure was “only” 870 billion dollars.
A group of researchers and university professors have teamed up to resolve one of the most painstaking issues preventing Bitcoin’s underlying technology to emerge a handy, real-world ledger: scalability.
Considering the significant benefits that can come with using cryptocurrencies, it shouldn’t be surprising that governments around the world want a piece of the pie. While there have been some reservations from policymakers regarding digital currency, an increasing number of countries are exploring the development of national cryptocurrencies to supplement their current legal tender.
Institutions Remain Bullish About Bitcoin’s Future Although Bitcoin is in a bear market, there are some institutions that remain bullish about the future of the most popular virtual currency in the market.
A television host in New Zealand has denounced Bitcoin scammers for impersonating him to fraudulently market a dodgy cryptocurrency business. In a sharp message, breakfast host Daniel Faitaua made it perfectly clear: he has never owned any Bitcoin, and any websites stating otherwise are absolutely false, local media reports.
Coin2Shop analysts have published data about the number of buyers who use BTC and ETH to pay for goods in online shops has increased. And if in August the number of users of the company’s plug-in did not exceed 400 accounts, and the number of purchases for cryptocurrency was almost half less – 231 transactions […]
The post Bitcoin going down, purchases for Bitcoin – grows appeared first on ZyCrypto.
Bitfinex, together with its sister exchange Ethfinex, has announced the introduction of four new stablecoins. The additions take the platforms’ total number of dollar-pegged tokens to six and provide a reassuring range of tether alternatives for traders.
Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations. According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep.
Where 2017’s dizzying price highs embedded “hodl” into the public consciousness, 2018 was the year that “buidl" became a trend in the crypto-industry — and Bitcoin was no exception.
The number one digital currency, bitcoin might have had the lowest slide trading below $4000 at the time of writing, but something interesting is still coming up. Finally, the National Association of Securities Dealers Automated Quotations, NASDAQ, has considered its futures worth listing on the exchange platform.
Tron, one of the most actively followed blockchain protocols published its 46th weekly report of 2018 on Dec. 3rd, where the blockchain protocol brought to light what it had achieved during the previous week.
The creation of Bitcoin was a revolutionary shock to the financial system. The limited number of tokens makes them elusive, and their reign as the top cryptocurrency by market cap has even earned them a position as the household name for the industry.
Bitcoin (BTC), Cryptocurrency–With Bitcoin again slipping below $4000, the market of cryptocurrency is continuing the bear trend into the final month of the year. After several months of low price volatility, where the fluctuation in value for the number one cryptocurrency by market cap dropped below that of tech stocks, it appeared that the crypto […]
The post Bitcoin (BTC) Losses in November Worst in 7 Years appeared first on Ethereum World News.
The Bitcoin and Blockchain jobs industry is booming despite price deflation, a new survey from Glassdoor has revealed. 1775 Bitcoin, Blockchain Jobs In August The findings, which originally appeared in mid-October, covered an 18-month period from April 2017 through August 2018.
A new Russian online marketplace that allows users to buy and sell goods and services priced in cryptocurrency has rapidly expanded in recent months. The Mentalmarket website has been publishing a growing number of ads in a dozen categories, from “cryptoindustry” to “real estate.
In spite of a number of positive industry developments, namely the announcement of a Nasdaq and VanEck-backed “crypto 2. 0” futures plan, Bitcoin (BTC) continued to toss and turn on Monday morning.
According to an article published by The New York Times on November 30, 2018, blockchain technology could prove to be a game changer for the jewelry industry. The innovation’s inherently transparent and immutable nature could mitigate the risk of counterfeiting within the fragmented supply chain specific to the industry.
Paul Donovan recent bearish remarks for Bitcoin is an attempt to bury the top-ranking cryptocurrency for good. UBS Executive Sounds the Death Knell for Bitcoin According to CNBC, Paul Donovan, Chief Economist of UBS Global Wealth Management, stated that he didn’t have any praises for Bitcoin, instead, was ready to bury the number one virtual […]
The post Bitcoin is on the Verge of Falling Apart, Says Paul Donovan appeared first on Ethereum World News.
Crypto ETF Hopefuls Rendezvous With SEC As reported by Ethereum World News in late-October, a number of representatives from VanEck, SolidX Partners, and CBOE, the three firms behind the leading Bitcoin ETF application, met with the U.
Having met the U. S. Securities and Exchange Commission (SEC) in August 2018, officials of VanEck, SolidX and Cboe BZX Exchange have met with the Commission again, in the latest attempt to convince the regulator to approve the nation's first bitcoin exchange-traded fund (ETF), according to an official presentation submitted to the SEC.
On November 27, 2018, a California judge turned back the SEC’s request for an injunction against token company BlockVest, a company the U. S. Securities and Exchange Commission (SEC) is pursuing for allegedly conducting an unregistered securities offering.
Stellar blockchain just reached a big milestone – 2 million open accounts on their network. As you would expect, this achievement is celebrated in the community as an evidence of XLM adoption.
After an important recovery from a sharp fall in prices, public interest in Bitcoin rose dramatically to a 4-month high. According to Google Trends, the highest level of interest for this period was recorded a week ago, and since then, the trend has remained above normal levels.
Over the last few weeks, the Bitcoin Cash (BCH) community has been discussing how miners and nodes will handle bigger blocks in the future to encourage mass adoption. A company called Bloxroute has been coming up a lot lately, as it aims to resolve the block propagation bottleneck.
CoinSpeaker
Google Searches for ‘Bitcoin’ Hit Levels Not Seen Since April
Google's trend explorer research shows that the weekly number of worldwide searches for the keyword "bitcoin" has hit the highest point since April.
Public interest in Bitcoin (BTC) has unexpectedly returned this month, with the number of Google searches reaching levels not seen since the tail-end of the great crypto bull run. Google Trends, which compiles search volume data over time, found the number of searches worldwide for ‘Bitcoin’ have more than doubled since the beginning of November.
It’s a long-standing speculation that there’s a strong positive correlation between the number of Google searches for “bitcoin,” and…
The post Google Searches for “Bitcoin” Increasing, According to Trends appeared first on Invest In Blockchain.
If you are a crypto enthusiast, then a lot of questions must plague your mind such as why the number of Bitcoin is limited. Bitcoin can be compared to gold in a lot of ways. Just like how gold is mined from the ground, in a similar manner, Bitcoin also needs to be mined digitally. […]
It’s been two weeks since the Bitcoin Cash (BCH) hard fork that upgraded the BCH chain and resulted in a blockchain split. But although many people have been focusing on the birth of Bitcoin SV, a number of BCH proponents are already moving forward and discussing the network’s latest upgrades, as well as the next hard […]
The post BCH Upgrades: What’s New and What’s Next appeared first on Bitcoin News.
Major U. S. digital asset platform Coinbase has launched an over-the-counter (OTC) trading desk dedicated to institutional investors, live-streaming site Cheddar reports.
Crypto Exchanges Are Turning To Stablecoins To Reduce Price Volatility: But Do They Really Work? 2017 was the year of the ICO. 2018 might be the year of the stablecoin. As crypto price volatility rages, exchanges are increasingly turning to stablecoins to protect their assets.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
