Bitcoin vulnerable, says analyst at First Mover Asia.
The following is an HTML code about cryptocurrency news and prices. The article reports that while BTC was trading at $26.8K, Oanda Senior Market Analyst Craig Erlam is skeptical that bitcoin’s price will rise significantly in the months ahead amid uncertain industry and economic news. The article also looks at whether market makers on crypto exchanges create conflicts of interest, citing an FT story about Crypto.com’s market maker. The rest of the HTML code contains a table showing the blockchain Market Index (CMI), Bitcoin (BTC), Ethereum (ETH), S&P 500, Gold, and Nikkei 225 prices per blockchain Indices, as of 7 a.m. ET (11 a.m. UTC).
| Blockchain Market Index (CMI) | |
| 1,120 | +12.6 ▲ 1.1% |
| Bitcoin (BTC) | |
| $26,816 | +440.3 ▲ 1.7% |
| Ethereum (ETH) | |
| $1,736 | +11.5 ▲ 0.7% |
| S&P 500 | |
| 4,409.59 | −16.3 ▼ 0.4% |
| Gold | |
| $1,963 | +4.8 ▲ 0.2% |
| Nikkei 225 | |
| 33,370.42 | −335.7 ▼ 1.0% |
| BTC/ETH prices per blockchain Indices , as of 7 a.m. ET (11 a.m. UTC) |
BlackRock has Buoyed the Market, but Bitcoin ‘Looks Vulnerable’
Both bitcoin and ether are beginning the Asia trading day in the green, with the world’s largest digital asset up 1.7% to $26,816 while ether is up 0.7% to $1,736.
While the market remains optimistic that BlackRock will be successful with its application for a bitcoin spot exchange-traded fund, Craig Erlam, a Senior Market Analyst with OANDA, said in a note that bitcoin still looks “vulnerable”.
- Bitcoin whale withdraws almost $400 million BTC from Binance.
- Binance.US’s market share drops after SEC lawsuit.
- Crypto investment products see 9th week of outflows.
“Bitcoin ended last week quite positively after dropping to three-month lows on Wednesday, but it continues to look vulnerable to further declines,” Erlam said. “The two-month trend is not in its favour, and the news flow isn’t exactly helping the situation either. It’s had a remarkable year and remains more than 50% higher, so it’s hardly a dire situation.”
Erlam still thinks there’s a bull case for bitcoin, it just hasn’t been realized yet.
The recent downturns, he argues, are simply a correction phase within an overall optimistic bull market.
“However, there’s little evidence indicating any imminent improvement, especially considering the Securities and Exchange Commission’s intensifying scrutiny of major exchanges,” he concluded.
Biggest Gainers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Solana | SOL | +4.3% | Smart Contract Platform |
| Polygon | MATIC | +3.1% | Smart Contract Platform |
| Bitcoin | BTC | +1.8% | Currency |
Biggest Losers
The following is an HTML table containing asset information, including the name, ticker, returns, and DACS sector. The table includes two rows, one for Chainlink and one for Polkadot.
The article discusses the use of market makers on crypto exchanges. Market makers are entities that use their own capital to facilitate the trade of tokens on exchanges. Crypto.com has joined other exchanges in operating an internal market maker. Without market makers, exchanges would have thinner liquidity on all but the largest tokens. Most crypto exchanges operate internal market makers, and some also allow external market makers to operate on their platform. Operating internal market makers raises possibilities for allegations of conflict of interest.
The article also includes a list of important events, such as interest rate decisions and housing starts. Finally, the article provides a summary of the most recent episode of “The Hash” on blockchain TV, which covers topics such as Binance’s investigation by French authorities and Abra’s alleged insolvency.
Headlines
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Edited by James Rubin.
