Bitcoin has stormed to as high as $6,827 as the two-year low in price volatility breaks, sending the top crypto crashing through resistance at $6,600. BTC is currently priced at $6,6450, according to coinmarketcap.
However, no sooner than saying that, the price has come off a little, with BTC dropping $100 in a few minutes off session highs. Expect upward momentum to resume though, if the charts are anything to go by.
The altcoin landscape is a carpet of green with EOS a high-flyer, 7% higher at $5.84. Litecoin is printing a much improved price too at $67, 8% the better over 24 hours.
Some surprise monster moves are seen in Electroneum, advancing 40% to $0.023 on lowish volumes Electroneum has a reputation as a miners coin with little utility other than as a source of mining rewards
NEO, and it’s Gas dividend token are recovering nicely in fact Gas leapt more tha 50% at one stage. NEO is trading at $19.71 as it begins the long climb back to his ghee values.
Ethereum is picking up again too, but has not yet returned to levels above $240 seen last weekend. Super bear Tom Lee, the founder of Wall Street analyst firm FundStrat, sees a price $1,900 for ethereum.
“Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative”, Lee told Bloomberg yesterday
Bitcoin futures expiration
It may not be a coincidence that the September bitcoin futures contract expire today on the CME (17 October for Cboe), the largest derivatives trading venue in the world. CME traders in bitcoin futures can either allow their contracts to expire. Daily volumes on the instrument is running at around 4,000 contracts. The minimum size of a contract is 5 BTC.
For most of this year short positions have have tended to outweigh longs, leading some to conclude that the futures market has acted as a dampener on the price of bitcoin. However, it is unlikely to be of such significance given the relatively small size of the futures market compared to crypto overall.
Indian exchange Zebpay has lost its banking licence and has had to shut up shop. The exchange, which once upon a time used to be India’s largest, is not taking new orders although it says that its wallet is still working. That news seeping through the market may explain some of the skittishness in price movements of bitcoin this morning (UTC+1).
Compound, a startup building financial products on the Ethereum blockchain, has created a money market for crypto. This means hodlers will be able to get interest on their holdings in addition to borrow assets to short sell or of course to use on the network for the purpose they have been designed for.
The full list of tradeable assets is: Ethereum (via WETH-9), 0x Protocol (ZRX), Basic Attention Token (BAT) and Augur (REP). The company has also signed up 26 hedge funds who will trade on its venue.
The company keeps “a small residual of interest”, so the more activity on its platform the more it earns, according to chief executive Robert Leshner.
Trust Token’s TrueUSD will be used a stablecoin by Compound.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane