Welcome to another edition of Qume Market Mondays

Bitcoin:

Image for post
Image for post
Source-skew.com

A report released by BitMEX this week crashed bitcoin by 11%. The price moved from $36,000 to the $30,000 mark. The report claimed that it registered a critical flaw in Bitcoin as BitMEX’s fork monitor registered the bitcoin being double-spent on the bitcoin blockchain.
Double spending means that someone can spend the same bitcoin twice. Blockchain was thought to have solved the problem of double-spending when Satoshi Nakamoto published the Bitcoin whitepaper way back in 2009.

Though the CTO of Bitfinex later in an e-mail explained what happened. According to him, two blocks were mined simultaneously which caused a chain reorganization and hence wasn’t a double spend. A chain reorganization is a common event for Bitcoin blockchain and happens once in two weeks on an average.
Andreas Antonopoulos clarified that same on social media that indeed it was a chain reorganization. …


Welcome to Qume Market Updates

Bitcoin:

Image for post
Image for post
Source-skew.com

This week bitcoin struggled to recover from the hit it took the week before which took its price to $30,000 price levels. Currently, the asset is trading at $37,200+ price levels.


Welcome to another edition of Qume Market Mondays

Bitcoin

Rising institutional interest in bitcoin has played a major role in bitcoin hitting a new all-time high every other week. Companies such as MicroStrategy and SkyBridge capital have heavily invested in bitcoin in the last 2–3 months.

CME has announced that its highly anticipated bitcoin options are now open for trading. This has driven up the price of bitcoin further.

However, past trends suggest that bitcoin is prone to wild swings and the asset value depreciates by at least 25% almost every year from its year high. …


Welcome to another edition of Qume Market Mondays

Bitcoin

Bitcoin crossed the $34,000 mark as the bullish rally extends into New Year. With more and more global portfolios embracing bitcoin it is crossing its traditional boundaries of being the “New thing” for tech geeks and heavy speculators.

VanEck Associates Corporation is trying to launch ETFs tracking bitcoin. The move comes after the increasing bitcoin adoption rates.

Futures Markets

Image for post
Image for post
Source-skew.com

Futures markets are showing good trading volumes. Price in Futures markets went up to $34,896, around $100 above the price in spot markets, triggering leveraged shorts liquidations which dumped the price to $27k price levels. …


Welcome to Qume Market Updates

Bitcoin

Image for post
Image for post
Source-skew

Bitcoin has continued being bullish since our last Market Mondays. It crossed the $28k mark the late week reaching an all-time high of $28,395 on Sunday. The asset is currently changing hands at $27,192. This bitcoin rally has been mainly backed by the rising institutional interest in crypto assets. Various hedge funds such as MicroStrategy have recently increased their bitcoin holdings. The firm currently holds over 70k bitcoins. SkyBridge capital also launched its Bitcoin fund which will open to investors on January 4, 2021.

Futures Markets


Welcome to another edition of Qume Market Mondays

Bitcoin

Image for post
Image for post
source-skew.com

Following the prediction in our last edition Bitcoin crossed the $20k mark early last week and has been increasing for most of the week. Its highest registered price in the futures market was $24,350 on the weekend, a 25% increase since our last edition. The price dropped a thousand dollars on early Monday and the assets is currently valued $23,356 per Bitcoin.


Welcome to another edition of Qume Market Mondays

Bitcoin:

Image for post
Image for post
Source-skew.com

Bitcoin’s price fell around $1300 last Tuesday followed by some sideways movement for a couple of days. The assets price picked up momentum on weekend and is currently being traded at $19,000+ price levels. This bullish trend is likely to be fueled by MicroStrategy, a business intelligence firm which purchased $650M worth of bitcoin last Friday through a convertible senior note sale.

Chainalysis reports that currently there are more wallets with over 1,000 bitcoin in each of them than there have ever been in all its history. This indicates that more institutional participation in the crypto ecosystem. With more dispersion in accumulation of bitcoin and this rising interest in bitcoin as an investment due to its lucrative return in almost every Quarter this year we expect the bullish trend to hold and its price to cross the $20k mark before 2021. …


Welcome to another edition of Qume Market Mondays.

Bitcoin

Image for post
Image for post
Source-skew.com

Bitcoin crossed it record price set in December, 2017 and reached $19,914 earlier this week. After the record spike the asset is currently down -3.7%, trading at $19,158.

There is high resistance at $20k mark as traders may have been betting on a price dump similar to the once seen after the Dec 2017 rally.

The price difference in futures and spot markets was about $35 may imply relatively low overleveraged positions in the futures markets.


Welcome to another edition of Qume Market Mondays

Bitcoin

Image for post
Image for post
Source-skew.com

Bitcoin and other cryptocurrencies steadied after registering one of the biggest price dumps since the pandemic. Before the dump, bitcoin went up as high as $19.1K in spot markets and 19.53K in Perpetual markets. The difference in the spot and futures markets price suggests overleveraged long positions liquidated in a matter of minutes resulting in bitcoin falling by around $3,000.
By the weekend bitcoin had stabilized and is now trading at $18,700+ price levels. The asset remains bullish and we expect a steady increment in its value for this week.


Welcome to another edition of Qume Market Mondays

Image for post
Image for post
Photo by Alec Favale on Unsplash

Bitcoin

Bitcoin crossed the $18K price mark late last week. Currently, it is changing hands at $18,640.

About

QUME TEAM

The World’s Fastest Crypto Derivatives Exchange

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store