Connect with us

Blockchain

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Republished by Plato

Published

on

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Advertisement &  & 

The steadfast drags by crypto fans seem to be getting to eternal gold bull Peter Schiff.

Schiff who because of his bearish Bitcoin stance is seen as one of the biggest crypto influencers out there (simply because his comments get blasted by so many crypto commentators), has now tweeted more about Bitcoin in the past week than he did about his favorite safe-haven, gold.

Schiff, who’s eagerly awaiting Bitcoin’s correction apparently, stated this afternoon that the “Fed’s Jim Bullard said Bitcoin poses no threat to the U.S. dollar or to its status as the primary reserve currency. He’s correct. The biggest threat to the dollar’s reserve currency status comes from the Fed itself. The dollar’s primary rival and heir to its throne is gold.

Seeing the biggest cryptocurrency plunge to $50k, he soon followed up with: “Instead of putting laser beams on their eyes, Bitcoin cult members should have been selling some of their Bitcoin. While everyone was laser-focused on $100,000 Bitcoin is now closer to zero than the target. Perhaps those laser eyes will remain much longer than originally planned.”

In the past week, Schiff has been lambasting the Federal Reserve over its continued money printing in order to support the Joe Biden administration as it prepares for another round of stimulus cheques in the US.

Advertisement &  & 

As to Bitcoin, he stated yesterday that it’s unsure if HODLers would be willing to sell in the current market conditions.

If I were to actually buy some #Bitcoin, how would I know when to sell? If your answer is to never sell, then what is the point of buying in the first place?

“I can’t exchange it, as merchants don’t take it. I need to sell it first, either myself or using an intermediary like Bitpay. But I’m not talking about small amounts. When do I sell to take profits or cut my losses?”

Many commentators have since started wondering whether Schiff is actually a HODLer himself. Famed technical analyst Scott Melker, who tweets under the moniker ‘Wolf of All Streets’, said that if Schiff actually buys Bitcoin, he would get out in response, as it could be interpreted as a market top.

A funny sidenote came from podcaster Peter McCormack. He calculated that Schiff now talks more about Bitcoin than he does about gold.

In the last 7 days, Peter Schiff has Tweeted about bitcoin 56 times, an average of 8 times a day, while only mentioning gold 34 times, less than 5 times a day.

Of course, with gold down for the year whilst Bitcoin is seeing a parabolic rise, that is perhaps not too surprising.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/peter-schiff-now-discusses-bitcoin-more-often-than-his-beloved-gold/

Blockchain

Déjà vu: Ethereum’s First Month of CME Futures Overwhelmingly Bearish

Republished by Plato

Published

on

Futures contracts allow institutional investors to hedge against future price movements of an asset with the possibility of shorting them. Just like with Bitcoin, the Chicago Mercantile Exchange launched its products when Ethereum was trading on its way to an all-time high.

It is unsurprising then that the first month of trading futures has been bearish as the asset’s price has retraced heavily and those shorting it on CME would have been correct to do so.

Déjà vu For Crypto Futures

CME launched its Ether futures on Feb. 8, and at the time the asset was trading at around $1,600. As reported by CryptoPotato at the time, a bearish reaction was expected.

Ethereum prices hit an all-time high of $2,050 on Feb. 21, but have corrected by 30% since then to today’s prices of around $1,450 – 10% lower than when the futures were launched.

ETH has underperformed BTC since the CME futures launch but a similar situation occurred with BTC, which underperformed ETH after its CME futures launch.

When Bitcoin futures were first launched in December 2017, the asset hit an all-time high a week or so later then pulled back heavily resulting in a similar effect on futures markets. Exactly the same has happened with Ethereum a little over three years later.

Of course, BTC has recovered and entered a new bull market and the same will happen with Ethereum regardless of how deep this correction goes.

In terms of volumes, the CME is reporting its highest ever day as Feb. 23 with 2,092 contracts traded. That volume has slumped to around 749 contracts on Feb. 26.

Longer-term contracts are likely to be bullish as the rollout of ETH 2.0 and the growth of staking opportunities is likely to push ETH prices to new highs whilst alleviating those epic transaction cost issues.

Ethereum Price Outlook

Currently, Ethereum has gained 4% on the day but has declined almost 30% since its peak last weekend. The asset fell to a monthly low of $1,300 on Feb. 28 but has since recovered a little to trade back over $1,400 again at the time of press.

There is strong support at current levels so ETH needs to remain above it to maintain the current momentum. A fall below could see ETH settle at just over $1,200 but a sustained move higher would need to see resistance at $1,600 broken again.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/deja-vu-ethereums-first-month-of-cme-futures-overwhelmingly-bearish/

Continue Reading

Blockchain

Kraken Daily Market Report for February 28 2021

Republished by Plato

Published

on


Overview


  • Total spot trading volume at $1.82 billion, down from the 30-day average of $2.06 billion.
  • Total futures notional at $594.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Cardano, Tether, and Polkadot.
  • Most coins had losses, but Storj ended +1.9% over USD.

February 28, 2021 
 $1.82B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$44187. 
↓4.0% 
$675.3M
ETH 
$1337.0 
↓8.0% 
$357.2M
ADA 
$1.2216 
↓7.1% 
$266.9M
USDT 
$1.0003 
↓0.06% 
$159.7M
DOT 
$30.816 
↓7.7% 
$76.2M
USDC 
$1.0000 
↑0.0% 
$26.0M
LTC 
$158.32 
↓7.7% 
$24.1M
XRP 
$0.4102 
↓5.8% 
$20.9M
LINK 
$23.667 
↓9.6% 
$19.5M
KSM 
$197.06 
↓14% 
$12.2M
XLM 
$0.3923 
↓10% 
$11.9M
XDG 
$0.0467 
↓6.5% 
$11.1M
BCH 
$445.77 
↓7.7% 
$9.05M
FLOW 
$20.565 
↓0.04% 
$8.9M
ALGO 
$0.9922 
↓9.4% 
$8.41M
GRT 
$1.4982 
↓11% 
$6.79M
UNI 
$21.239 
↓9.5% 
$6.4M
XMR 
$209.91 
↑0.2% 
$6.22M
XTZ 
$3.2894 
↓9.4% 
$5.84M
DAI 
$1.0014 
↓0.0% 
$5.46M
ATOM 
$17.059 
↓10% 
$5.25M
AAVE 
$309.75 
↓6.8% 
$5.13M
DASH 
$190.75 
↓9.4% 
$3.95M
FIL 
$35.897 
↓5.2% 
$3.37M
YFI 
$28850. 
↓8.1% 
$3.26M
EOS 
$3.3847 
↓7.7% 
$2.85M
TRX 
$0.0438 
↓5.6% 
$2.79M
ZEC 
$112.46 
↓6.1% 
$2.5M
SNX 
$16.848 
↓10% 
$2.34M
QTUM 
$4.7348 
↓10% 
$2.19M
ICX 
$1.3552 
↓11% 
$1.9M
BAT 
$0.4747 
↓7.6% 
$1.87M
SC 
$0.0090 
↓9.8% 
$1.74M
NANO 
$4.8697 
↓5.1% 
$1.6M
COMP 
$365.42 
↓8.5% 
$1.42M
CRV 
$1.6987 
↓13% 
$1.4M
WAVES 
$8.6036 
↓10% 
$1.37M
STORJ 
$0.6465 
↑1.9% 
$1.34M
OMG 
$4.0980 
↓8.4% 
$1.16M
OXT 
$0.4319 
↓7.4% 
$1.0M
ETC 
$10.078 
↓9.0% 
$866K
MANA 
$0.2276 
↓9.7% 
$845K
KAVA 
$3.1622 
↓14% 
$787K
LSK 
$2.6988 
↓12% 
$765K
KNC 
$1.5027 
↓11% 
$602K
ANT 
$3.6684 
↓13% 
$590K
GNO 
$117.07 
↓8.3% 
$533K
PAXG 
$1741.7 
↓0.3% 
$498K
KEEP 
$0.2902 
↓7.5% 
$457K
REP 
$29.205 
↓7.2% 
$413K
BAL 
$32.795 
↓11% 
$281K
MLN 
$35.873 
↓1.3% 
$217K
REPV2 
$24.055 
↓11% 
$115K
TBTC 
$47281. 
↓1.8% 
$51.9K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 28 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 28 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 28 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (February 28 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 28 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 28 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 28 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8078/kraken-daily-market-report-for-february-28-2021/

Continue Reading

Blockchain

Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It

Republished by Plato

Published

on

What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.

Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.

Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.

To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.

It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.

Bitcoin Whale Responsible For Glitch?

Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.

Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.

Users Outraged By Inability To Access Accounts

PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.

They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.

PDAX Clears The Air

PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.

Speaking in a press conference, PDAX CEO Nichel Gaba said:

“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/crypto-exchange-mistakenly-sold-bitcoin-for-6000-now-requests-users-to-return-it/

Continue Reading
Blockchain3 days ago

Gemini collaborates with The Giving Block and others, adds donations option

Blockchain3 days ago

NextGen Blockchain Platforms Self-Organize to Win Government Contracts

Blockchain5 days ago

Crypto Lending Explained 2021

Blockchain4 days ago

BitMEX adding six new perpetual contacts: ADA, DOT, EOS, YFI, UNI, and XLM

Blockchain3 days ago

What Coinbase Going Public Could Do For Crypto

Blockchain4 days ago

Traditional Banks get serious about enabling crypto-related services

Blockchain3 days ago

Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot

Blockchain5 days ago

Trailing Take Profit Explained

Blockchain5 days ago

World’s First Bitcoin ETF Records Stellar Growth, AUM Crosses Half A Billion Dollars

Blockchain4 days ago

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Blockchain5 days ago

MicroStrategy Completes Another $1 Billion Bitcoin Buy

Blockchain5 days ago

All of the Federal Reserve’s wire and ACH systems are down

Blockchain2 days ago

This was avoidable – The lost Bitcoin fortunes

Blockchain5 days ago

Sam Bankman-Fried: The crypto whale who wants to give billions away

Blockchain5 days ago

Craig Wright Sues Bitcoin Developers Over Stolen BTC Worth $5 Billion

Blockchain2 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain4 days ago

Tatum helps donation-based betting app Fandona complete its blockchain MVP

Blockchain4 days ago

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

Blockchain4 days ago

Tezos, IOTA, Dash Price Analysis: 25 February

Blockchain4 days ago

Coinbase public listing filing details 2020 revenue, major a16z stake

Trending