Tag: Bitcoin Trading

DBS Bank Says Its Bitcoin Trading Surged Amid Global Market Crash

by Blockchain News

DBS Group Holdings announced on Tuesday that Bitcoin trades on its digital exchange more than doubled in June from the two previous months.

The multinational bank said its Bitcoin purchases accounted for 90% of the crypto trading activities in contrast to a massive digital asset market downturn globally.

Southeast Asia’s largest lender said the quantity of Bitcoin purchased on the members-only exchange was four times higher than the amount witnessed in April. DBS, however, did not provide numbers for other months.

Lionel Lim, the CEO of DBS Digital Exchange, talked about the development: “Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility.”

Since May, crypto prices have dropped drastically when the collapse of Terra Luna stablecoin triggered a wave of liquidations, bankruptcies, and layoffs in the industry.

DBS, the largest bank in Singapore, has witnessed strong traction in its digital exchange, which serves institutional investors and family offices.

Singapore Risking Its Crypto Hub Future

In February, DBS Bank announced plans to expand its cryptocurrency exchange beyond its current investor base of institutional clients.

While the bank affirmed that it would focus on expanding the scale of its crypto exchange operations in 2022, it hinted that it would not be able to roll out digital asset trading to retail investors.

The bank postponed its plans to offer crypto trading for retail investors, citing technological challenges and resistance from regulators.

DBS launched the digital exchange in December 2020.

While Singapore describes itself as a crypto’s natural home in Asia, it has continued to send mixed messages about its stance toward the digital currency businesses it has nurtured.

In July, the chairman of the Monetary Authority of Singapore Tharman Shanmugaratnam announced plans by Singapore’s Central Bank to carefully consider establishing rules to limit retail investing and the “use of leverage” in cryptocurrency investing in the city-state.

In June, Sopnendu Mohanty, the MAS’s chief fintech officer, also pledged a “brutal and unrelenting” crackdown against misbehaving crypto companies.

Singapore is walking a fine line between developing a crypto hub in which innovations can flourish and protecting retail investors from volatility associated with crypto markets.

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Is the Low In? Veteran Crypto Trader Tone Vays Plots Bitcoin Recovery Following Deep Market Correction

by Dailyhodl

Veteran crypto trader Tone Vays is looking at the state of Bitcoin following the deep correction that took BTC down below $42,000 in a matter of minutes last weekend.

In a new strategy session, Vays says that if the stock markets can pull off a rally in the early stages of this week, Bitcoin may be able to muster up the strength to return above the crucial $53,500 level.

Vays predicts Bitcoin having a V-shaped reversal back into a bullish trend. He notes how quickly BTC moved from $47,000 to $41,500, indicating strong buying demand in the low $40,000 range.

“I do think this is going to be like a V-shaped reversal. You’re not going to get another chance to buy this dip. If you happened to go to the bathroom during this crash from $43,000 to $41,000, you kind of missed it… On an hourly scale, you only got less than an hour between $47,000 and $41,500. You did get another chance to buy at $47,000, but you didn’t get a chance to buy sub-$45,000.”

The closely followed trader says that after the recent market meltdown, Bitcoin actually has a higher chance of hitting new all-time highs this year than it did before the crash. According to him, Bitcoin’s daily candle on December 4th may have created a spring-like catalyst for BTC to begin a new uptrend in the coming days.

“Because of the way this candle manifested itself, there is now a higher probability that of a new all-time high this year, than there was yesterday when the candle was higher because on yesterday’s candle, it still had the high chances of being a slow drag down decline followed by consolidation. But the V-Shaped move actually creates additional upwards pressure of FOMO [fear of missing out].

At time of writing, Bitcoin is trading at $49,260, about 28% down from its all-time high above $69,000.

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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 loses 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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Is Bitcoin Entering a Bear Market? Top Analyst Updates Outlook After Sharp Crypto Pullback

by Dailyhodl

Popular crypto strategist and trader Michaël van de Poppe is looking at where Bitcoin (BTC) might be headed as markets worldwide nosedive amid the discovery of a new coronavirus variant.

In a new strategy session, Van de Poppe tells his 148,000 YouTube subscribers that it’s a combination of concern about more lockdowns as well as a cyclical correction that has investors seeing red.

“Not only the crypto markets are showing weakness at this point, as also the European stock markets opened significantly red today… and also the US stock markets are going to open in the red. But there are certain fears about the coronavirus lockdowns coming again. But there are also discussions about tapering happening at this point, and actually, the markets were due for a correction too. We have been grinding up heavily while the actual impact of a potential lockdown was not visible yet.

Right now we do see one, and we still have a very natural and healthy corrective move which we haven’t been seeing in the past few months. In September we’ve had one, but since then no real correction has been taking place.

So finally we’re getting it, and when the dollar is showing strength it would make sense that the equities are going to have some pain too. Bitcoin has been seeing this correction already. Equities are following suit in the past week now too.”

The analyst goes on to assess Bitcoin’s latest price dip, going so far as to conclude that while he doesn’t think BTC is entering a bull market, he’s doubtful about relying on traditional four-year models for predicting future price action.

“I really believe the reason why Bitcoin is dropping right now is because of the macroeconomics taking place. But regardless of that, I’m still very sure that the markets are not going to have a bear market at this stage. I think we are still eager for continuation in a bullish manner, but I do realize that the lengthening cycle’s most likely going to take place. A healthy correction is also happening at this point, in which the question becomes, where is Bitcoin going to bottom out? And how are altcoins going to perform out of that?

We can throw away the four-year cycles, we can throw away PlanB’s stock-to-flow model with these predictions because it’s not valid anymore. We are in a different environment when it comes to the markets right now. Clearly, we are currently having a harsh corrective move… but it shows that the markets are not predictable and expecting Bitcoin to run in four-year cycles is just not the case.”

Moving on to specific BTC price analysis, Van de Poppe is eyeing $55,000 as an important support level, but also thinks the leading crypto asset could fall as low as $48,000 – without signifying an end to the bull run.

Source: Michaël van de Poppe/YouTube

“When we’re looking at Bitcoin against [the US dollar], at this point we still have a very important support level [approximately $55,000] that we are acting on right now. The crucial thing when it comes to the daily time frame is that we are flipping this level with $66,000 as resistance and started to crack south.

Meaning that currently, we are into higher time-frame support, but definitely depending on how this daily’s going to close, this is going to be weak going into the weekend, and especially going into next week, it will probably cause some more pain across markets.

In that case, when we’re looking at levels that we should be watching, [$55,000 to $55,600] is the first real level that you should be looking out for. However, the crucial level to me is still this level around $48,000. Even if we get in that region, I still believe that we’re bullish in markets and we’re just having a very natural corrective move before we’re going to accelerate again in 2022.”

At time of writing, Bitcoin is down nearly 8% on the day and trading at $55,186.



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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 loses 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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Why Trapped Longs At Bitcoin ATH Could Lead To More Downside

by NEWSBTC

Bitcoin’s new all-time high this month has led to a number of interesting developments in the crypto space. The success of the first Bitcoin ETF contributed greatly to the price of BTC finally bursting through the $67K price point and with it has come to a spike in funding rates in the market. The ProShares ETF saw over $1 billion in trading volume in its first day, signaling increased inflows into the market.

The spike in funding rates moved along with the price movements of BTC in the month of October. This spike maintained momentum along with BTC movements. However, as the price of bitcoin has begun a downward trend, funding rates have also evened out to mid-October levels.

Bitcoin Open Interest Spikes

Open interest in bitcoin had recorded a significant spike when the price of the digital asset had moved past $67K. BTC-denominated open interest in perpetuals had since a sharp increase to the tune of 15,000 when the asset reached its new all-time high in October. The spike in BTC-dominated perpetuals had risen past levels recorded during the April all-time high.

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Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

The increased interest from big money is credited for the spike in the funding rates recorded last week. More specifically short-term traders expected the value of the digital asset to continue to grow and break past $70K. Funding rates have shown similar movements to the futures market in recent times.

chart showing funding rates in market

chart showing funding rates in market


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Funding rates for BTC spikes in October | Source: Arcane Research

Arcane Research put forward that this increase in open interest and increased funding rates could point to leveraged long-trades currently in the all-time high range. If this is so, then this is something to keep an eye on if the price of the digital asset continues to decline in the coming days.

Big Money Moving Into The Market

Institutional inflows also saw record volumes following the all-time high breakout last week. A CoinShares report showed that bitcoin saw inflows of up to $1.45 billion in the past week alone. Most of this volume came from trading in the ProShares ETF that debuted on Tuesday last week. An additional $138 million flowed into BTC products in other regions.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC price falls below $59,000 | Source: BTCUSD on TradingView.com

Sentiment on Wall Street is beginning to turn in favor of the top cryptocurrency in the market. Data showed that the number of Wall Street brokers interested in the BTC and the market had spiked from 5% at the beginning of the year to 15% presently who say that they are starting to make investments in BTC more seriously.

Related Reading | Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

Market sentiment overall remains positive with the all-time high run of the previous week. However, declining prices have led investors down a more cautious path when trading in the cryptocurrency. Bitcoin’s price touched $58K in the early hours of Wednesday ahead of market opening for midweek trading.

Featured image from iStock, charts from Arcane Research and TradingView.com

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Bitcoin Bull Tone Vays Says Pullback Coming – Here’s His New Crypto Outlook

by Dailyhodl

Veteran crypto trader Tone Vays says despite Bitcoin rising very quickly with its daily and weekly charts, a pullback is imminent.

In a recent live stream during the rumored approval announcement of a Bitcoin (BTC) exchange-traded fund (ETF), Vays expects BTC to reach a high of around $62,000 by the 19th of October.

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“We are right on track for what I anticipated in the daily outlook where we top out at approximately $62,000 a the end of this week or early next week. October 19th is where I was looking for that top. So we got about three or four days to go. Especially if we keep going up and up and up.”

In terms of taking profit before any potential pullback – Vays says it depends on whether Bitcoin hits certain targets, noting how it has gone up almost 50% in a matter of weeks.

“It probably is a decent time to take your profit for a pullback because it would have gone up way too far way too quickly. Three weeks ago the price was half of what it is today… we are rising fairly quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room.”

Vays says with such a fast rise, there is a higher probability for a fall – predicting a pullback to around $53,000 or $54,000, remaining hopeful with his end-of-year target.

“Bitcoin is looking great I’m still thinking mid-60s for a double top with April, a pullback to maybe mid-50s, and then I still got a shot at being right about that $100,000 at the end of the year. I’m still optimistic.”

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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 loses 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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George Soros’s Family Office Confirms Trading Bitcoin

by Blockchain News

Billionaire investor George Soros’s family office, Soros Fund Management, has announced that it is trading Bitcoin.

Soros, who is prominently known for making big money in traditional currency investments, is reported to have been trading Bitcoin for the past few months. 

Dawn Fitzpatrick, the CEO and the Chief Investment Officer of Soros Fund Management stated during a Bloomberg summit on Tuesday, October 5 that “from our perspective again, we own some coins, not a lot, and the coins themselves are less interesting than the use cases of DeFi and things like that.”

Fitzpatrick’s remarks confirm past reports that Soros Fund has begun trading Bitcoin-based on anonymous sources earlier this year. Soros Fund is also an investor in cryptocurrency companies such as Lukka and NYDIG, but the announcement is the company’s first public confirmation of having investments in crypto assets directly.

Fitzpatrick further stated that Bitcoin is more than an inflation hedge. “I’m not sure bitcoin is only viewed as an inflation hedge. Here I think it’s crossed the chasm to the mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There are 200 million users around the world, so I think this has gone mainstream,” she added.

The price of Bitcoin surged almost 10% on Wednesday morning to around $55,000 after the news went around that the investment firm founded by billionaire George Soros owns Bitcoin.

The broader financial sector has started recognizing crypto assets and the underlying technology for their potential. The public announcement came from Soros family office, which manages money for the billionaire philanthropist, that it is trading cryptocurrency, strengthening the industry’s legitimacy.

However, still many famous investors and business leaders (such as billionaire investor Warren Buffet, JPMorgan Chase CEO Jamie Dimon, among others) have expressed unwillingness to embrace cryptocurrencies.

Increasing Allocation to Crypto

Last month, UK Billionaire Simon Nixon’s family office also announced plans to start investing in cryptocurrencies.

Interest among family offices in crypto assets has significantly increased over the last 12 months despite wild volatility.

About 60% of family offices are reported to have already invested or are interested in cryptocurrencies.

Several investment firms of the super-rich increasingly see crypto assets as a hedge against inflation.

In July, a survey conducted by Goldman Sachs showed that 15% of family offices are already trading cryptocurrencies, while 45% stated that they could invest in the future.

According to the survey, many family offices consider cryptocurrencies as a way to hedge against prolonged low rates, higher inflation, and other macroeconomic developments following a year of unprecedented global monetary and financial stimulus.

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Coinbase Investing $500,000,000 in ‘Diverse Portfolio’ of Bitcoin and Crypto Assets

by Dailyhodl

Coinbase CEO Brian Armstrong says that the cryptocurrency exchange will purchase digital assets worth more than half a billion dollars to add to its existing holdings.

Armstrong says that Coinbase will be allocating 10% of its quarterly profits toward the purchase of crypto assets in the future.

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“We recently received board approval to purchase over $500 [million] of crypto on our balance sheet to add to our existing holdings. And we’ll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures.”

In a new blog post, Coinbase says that the list of cryptocurrencies it will add to its balance sheet includes Bitcoin and Ethereum along with other digital assets that are supported by the exchange.

“This means we will become the first publicly-traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet.”

The popular crypto exchange also says it will be a long-term holder and will only sell its crypto assets under special circumstances.

“We are long-term investors and will only divest under select circumstances, such as an asset delisting from our platform.”

Coinbase says it will purchase the crypto assets away from the exchange to prevent conflict-of-interest issues with users.

“All trades will be executed via our over the counter desk or away from our exchange to avoid any conflict of interest with our customers.”

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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 loses 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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NYDIG to Enable Bitcoin Trading for 24M Americans via their Bank Accounts

by Btcmanager

New York Digital Investment Group (NYDIG) partnered with a fifth firm to make it easier for banks in America to offer Bitcoin trading services. Despite longstanding anti-crypto sentiments, financial institutions in the United States and across the globe are beginning to deal in cryptocurrencies.

Bitcoin Trading Coming to 650 Banks and Credit Unions

According to a report by Forbes on Wednesday, NYDIG has partnered with NCR, an enterprise payment staple based in Atlanta, to enable banks and credit unions in America to offer Bitcoin (BTC) trading to their customers. The deal will see these 650 financial institutions able to offer buying, selling, and trading of BTC to their over 24 million account holders.

Commenting on the deal, Douglas Brown, president of the NCR remarked:

“We’re firm believers in the benefits of crypto and the strategic application. And that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.”

Per the details of the collaboration, NYDIG will provide custody for the Bitcoin offered for trading by NCR’s banking and credit union clients. While the U.S. Office of the Comptroller of the Currency (OCC) has given the green light for American lenders to custody Bitcoin and crypto, the technological requirements of such an enterprise could be an impediment especially for smaller community banks in the country.

However, the 138-year-old NCR plans to create its own custody solution for Bitcoin in the future. Apart from BTC trading, NCR is also working towards enabling its near 200,000 restaurant and retail clients to accept Bitcoin payments.

The NCR’s digital ambitions also extend beyond cryptocurrencies as the enterprise payment giant is reportedly looking to develop non-crypto blockchain use cases.

Five Partners Thus Far

Back in May, NYDIG executive Patrick Sells stated that U.S. banks were itching to offer Bitcoin trading to their customers. At the time, NYDIG’s head of bank solutions said financial institutions were loath to see millions of dollars flowing from their accounts into cryptocurrency exchanges like Coinbase on a daily basis.

Since May, NYDIG has announced numerous partnerships geared towards enabling banks to offer Bitcoin trading services. As previously reported by BTCManager, the firm recently collaborated with three major internet banking and global payment services firms, opening BTC trading products to more than 18 million accounts.

In May, the company reported details of a survey showing that 46 million Americans were Bitcoin holders. According to NYDIG, establishing Bitcoin trading services for banks is a viable means of expanding the BTC payment network.

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NYDIG set to bring Bitcoin adoption to 650 US banks and credit unions

by Cointelegraph

New York Digital Investment Group (NYDIG) has partnered with the Atlanta-based enterprise payment behemoth NCR to enable Bitcoin (BTC) services for banks and credit unions in the United States.

According to Forbes on Wednesday the deal will see 650 banks and credit unions in the U.S. able to provide Bitcoin trading services to their over 24 million customers.

Apart from Bitcoin trading for its banking and credit union clients, the NCR is also reportedly eyeing BTC payment services for its almost 200,000 retail clients.

NYDIG will reportedly offer its in-house Bitcoin custody solution, removing a major regulatory impediment for community banks and other financial institutions looking to deal in cryptocurrencies.

The news follows swiftly on the heels of NYDIG’s partnership with digital banking services provider Q2 as well as global payment channel Fiserv and cloud-based electronic banking outfit Alkami to enable banks to offer Bitcoin trading to an estimated 18 million customers.

Indeed, as previously reported by Cointelegraph, NYDIG bank solutions head Patrick Sells stated back in May 2021 that U.S. banks were keen to offer Bitcoin trading in 2021. At the time, Sells opined that the significant outflow of funds to exchanges like Coinbase was forcing lenders in the country to re-examine their previous anti-BTC stance.

Related: NYDIG and Q2 partner to enable Bitcoin trading for 18M US bank customers

According to NCR digital banking chief Douglas Brown, the company’s banking clients were routinely reporting massive outflows of customer’s savings to crypto exchanges. For Brown, offering BTC trading avenues will help NCR and its clients capture some of the $1.4 trillion market.

The move also expands the NCR’s improvement of the digital finance infrastructure available to its banking and credit union clients. Earlier in the year, the 137-year-old enterprise payment firm acquired software firm Terafina to improve customer onboarding across physical, call center and digital account opening channels.

NCR reportedly has plans to custody Bitcoin for its clients while also exploring use cases for non-crypto blockchain applications.