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Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

25Oct

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Technology

Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

[ad_1] October may bring ghosts and ghouls alive, but Bitcoin bulls’ hoping for “Uptober” are finding that even the typically positive month can’t resurrect the token’s price. October may bring ghosts and ghouls alive, but Bitcoin bulls' hoping for “Uptober” are finding that even the typically positive month can't resurrect the token's price. The largest digital asset is down roughly 1% this month, which, were it to close at that level, would mark its first down October since 2018, coinciding with the last time it was mired in a crypto winter. At this time last year, Bitcoin had gained 40%, 30% the year before that and 12% the one prior. This year's tepid moves prompted analysts at Genesis, among others, to wonder: “Wen Uptober?” That's the name crypto fans have bequeathed the mo...

Bitcoin Volume Matters More Than Volatility, Cumberland Says

[ad_1] Crypto volatility might be way down, prompting warnings from analysts about investor interest in the digital-asset sector. Crypto volatility might be way down, prompting warnings from analysts about investor interest in the digital-asset sector. But it's not volatility that matters -- it's volumes. That's according to crypto trading firm Cumberland, which says that volumes, while off the highs of the year, “remain absolutely massive.” Roughly $50 billion worth of Bitcoin derivatives -- excluding spot and on-chain, as well as non-Bitcoin related activity -- are cleared on exchanges each day, prompting the firm to posit that daily activity in crypto may be more than $100 billion, about one-fifth the figure for US stocks. “Recent volatility-driven concerns about the health o...

A Rare Bitcoin Intraday Swing Is a Fillip for Jaded Crypto Bulls

[ad_1] Weary cryptocurrency investors pining for a recovery in beaten-down Bitcoin can take some solace from an unusual intraday price recovery. Weary cryptocurrency investors pining for a recovery in beaten-down Bitcoin can take some solace from an unusual intraday price recovery that's tended to presage rallies in the largest digital token. The pattern emerged on Oct. 13, when Bitcoin stormed back from a 5% swoon during the trading session to end up more than 1%. The about-face was overshadowed by a five-percentage-point turnaround in the S&P 500 equity index on the same day, a revival that left strategists open-jawed. There have been 15 sessions since December 2018 when Bitcoin wiped out a minimum 5% intraday slide to finish with a gain of at least 1%. It averaged a 19% ad...