Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap

Bitcoin was gaining amid positive institutional and retail adoption signs as the amount of crypto locked in Uniswap signals DeFi continues to be more just than a fad.

  • Bitcoin (BTC) trading around $16,154 as of 21:00 UTC (4 p.m. ET). Gaining 2.9% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,454-$16,186
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap
Bitcoin trading on Bitstamp since Nov. 10.
Source: TradingView

Bitcoin was trending upward Thursday, continuing a direction that started Wednesday. The price per 1 BTC was able to hit as high as $16,186, according to CoinDesk 20 data. However, Guy Hirsch, managing director for U.S. at multi-asset brokerage eToro, cautions choppy waters might be ahead. 

“Bitcoin’s struggle to consolidate above the $16,000 price level can likely be attributed to a number of factors including profit taking and capital rotation into some of the small-cap digital assets that have been recently surging,†Hirsch said. “If bitcoin can establish a base in the low-$16,000 range, there isn’t much resistance on the path to $17,000 and beyond.â€

Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap
Daily spot bitcoin trading on Bitstamp since 2017.
Source: TradingView

Jason Lau, chief operating officer of San Francisco-based cryptocurrency exchange OKCoin, echoed the sentiment.

“Bitcoin cleared $16,000 for the first time in three years, confirming the existing bullish uptrend,†Lau said. “With minimal resistance until $20,000, it’s hard to tell how the next few weeks will trade into year end, but signs are positive.â€

Read More: PayPal Removes Waitlist, Boosts Weekly Crypto Purchase Limit to $20K

Powerfully positive fundamentals in both institutional and retail adoption has Lau bullish.

“Strong institutional interest – BTC futures open interest is at all-time highs – and incoming retail flow – PayPal opened up crypto buys to all U.S. users today – is providing continued fuel for this rally,†Lau told CoinDesk.

Bitcoin futures open interest crossed $8 billion on major venues Wednesday, the highest data aggregator Skew has on record.

Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap
Bitcoin futures open interest the past year.
Source: Skew

“Aggregate bitcoin futures open interest continues to rise and, more importantly, it is not just the unregulated venues that are seeing this growth but also [open interest] on the CME is within touching distance of the $1 billion mark,†noted Denis Vinokourov, head of research at crypto brokerage Bequant. Total CME open interest for Wednesday was $912 million, according to Skew. 

Read More: 98% of Bitcoin’s ‘Unspent Outputs’ Are Worth More Than When Made

Spot bitcoin volume has also been strong Thursday. It was close to $1 billion as of press time, much higher than the past month’s $378 million average daily volume.

Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap
Spot BTC/USD volumes by major exchanges the past month.
Source: Shuai Hao/CoinDesk Research

Another trend to watch: How decentralized exchanges (DEXs) and decentralized finance (DeFi) impact the bitcoin market during this price surge. “The bulls are in charge of this trend and, as the old saying goes, do not fight the trend,†said Bequant’s Vinokourov. “With top DEX/DeFi venues such as Uniswap and Sushi trading cheap on price/sales ratio, it would not be surprising for them to lead to another wave of capital inflow into small- and mid-cap assets.†A price/sales ratio is common in valuing stocks, and a low ratio generally indicates a good buy.

“Large-cap assets (such as bitcoin) may be leading the charge now, but that will not stop the hunt for yield trade,†Vinokourov added.

Uniswap crosses $3 billion locked

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Thursday, trading around $458 and slipping 1.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

Read More: Ethereum’s Hard Fork Was Trying to Prevent the Very Disruption It Caused

The amount of cryptocurrency “locked†in the DEX Uniswap crossed $3 billion Wednesday. Crypto investors place assets in smart contracts such as Uniswap’s to provide liquidity and, in turn, gain profits, or yield, for doing so in the form of the fees traders pay to use the DEX’s liquidity. 

Commodities, Bitcoin, Ether, Algorand, Bitcoin Cash, Orchid, Kyber Network, Uniswap, Equities, Market Wrap
Total value locked in Uniswap the past three months.
Source: DeFi Pulse

The total locked slipped a bit Thursday but was still hovering around $3 billion as of press time. Brian Mosoff, chief executive officer of investment firm Ether Capital, said this metric shows that despite some calling DeFi a fad, it’s here to stay. 

“Many skeptics from traditional finance and the crypto community were quick to attribute the summer high trade volume on Uniswap to nothing more than yield farming and pump and dumps,†Mosoff told CoinDesk. “Now that much of that activity has simmered, Uniswap crossing this new milestone is further proof that DeFi and [automated market makers] are here to stay.â€

Other markets

Digital assets on the CoinDesk 20 are red Thursday. Notable losers as of 21:00 UTC (4:00 p.m. ET):

  • kyber network (KNC) – 6.4%
  • algorand (ALGO) – 6%
  • orchid (OXT) – 4.7%

Read More: Chainalysis Wants to Help the Feds Sell Millions in Forfeited Bitcoin

  • The Nikkei 225 ended the day in the green 0.68%, boosted by news that foreign inflows into Japan’s stock market hit $10 billion in the past week.
  • Europe’s FTSE 100 closed in the red 0.68% as positive sentiment regarding a coronavirus vaccine lost steam.
  • The S&P 500 fell 1.4% as increasing numbers of coronavirus cases in the United States led investors to hit the sell button amid continuing economic uncertainty.
  • Oil was down 1.1%. Price per barrel of West Texas Intermediate crude: $40.92.
  • Gold was in the green 0.54% and at $1,875 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield fell Thursday dipping to 0.883 and in the red 10.2%.
Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of the shutdown, Coinseed’s CEO said he created an ERC20 token called “FLJ†[…]

Xem chi tiết: NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin†or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to […]

Xem chi tiết: Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

On June 7, the United States Justice Department and the Federal Bureau of Investigation (FBI) announced the “recovery†of 63.70 bitcoin from the funds Colonial Pipeline sent to the hackers. The official story has a number of inconsistencies and federal investigators did not disclose how the FBI was able to confiscate the Darkside gang’s private […]

Xem chi tiết: Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

On Monday, the San Francisco-based retirement plan provider for small to medium-sized businesses, Forusall, announced the launch of an alternative 401(k) plan that offers in-plan cryptocurrency access. According to the alt 401(k) investment option, Forusall is working with Coinbase Institutional as its retirement plan partner. Forusall and Coinbase’s Institutional Arm Offer Crypto-Infused Alt 401(k) Plan […]

Xem chi tiết: Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

FBI Agent Recovers Private Key to $2.3M in Bitcoin Paid to Colonial Pipeline Hackers

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs