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TA: Bitcoin Extends Decline, Here’s Why BTC Remains At Risk Below $56K

Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000. The price is now trading well below the $56,000 level and […]

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Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000.

  • Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000.
  • The price is now trading well below the $56,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but it is likely to struggle near $56,000 and $56,500.

Bitcoin Price is Facing Hurdles

Bitcoin failed to recover above the $57,000 barrier and it extended its decline. BTC traded below the $54,000 support zone and it even declined below $53,200.

There was a spike below $53,000 and the price traded as low as $52,943. It is now correcting higher and trading above the $54,000 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low.

It is now trading well below the $56,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the trend line resistance, it could correct higher towards the $55,500 resistance zone. The 50% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low is also near the $55,600 level.

The next key resistance is near the $56,000 level. A close above the $56,000 level might increase the chances of a steady increase above the 100 hourly simple moving average.

More Losses in BTC?

If bitcoin fails to clear the $55,500 resistance or $56,000, it could start a fresh decline. An initial support on the downside is near the $54,200 level.

The first key support is near the $53,400 level, below which the price might revisit the $52,943 low. Any more losses could open the doors for a drop towards the $52,000 support zone.

Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is recovering towards the 50 level.

Major Support Levels – $54,200, followed by $53,000.

Major Resistance Levels – $55,500, $56,000 and $58,500.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-risk-below-56k/

Blockchain

3iQ Expects to Launch Bitcoin ETF After “favorable” Ruling From Canada’s Top Securities Regulator

The Ontario Securities Commission (OSC) has ruled to allow crypto fund manager 3iQ to issue a prospectus for its prospective exchange-traded Bitcoin fund, signalling that Canada’s top securities regulator may be about to approve the launch of the nation’s first Bitcoin ETF. Toronto-based 3iQ said in a press release Wednesday that its planned closed-end BTC fund, “The … Continued

The post 3iQ Expects to Launch Bitcoin ETF After “favorable” Ruling From Canada’s Top Securities Regulator appeared first on CryptoCanucks.

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The Ontario Securities Commission (OSC) has ruled to allow crypto fund manager 3iQ to issue a prospectus for its prospective exchange-traded Bitcoin fund, signalling that Canada’s top securities regulator may be about to approve the launch of the nation’s first Bitcoin ETF.

Toronto-based 3iQ said in a press release Wednesday that its planned closed-end BTC fund, “The Bitcoin Fund,” had moved on to the final stage of judgment with the OSC and that it expected it would receive clearance to launch on a major Canadian stock exchange as early as this quarter.

3iQ painted the ruling as a conclusion to three years of work with the OSC’s Investment Funds and Structured Products division, convincing the regulator that the fund will be able to resolve “pricing, custody, audit, and public interest issues.”

Beating the U.S. to the Punch on the Coveted ETF

The news will come to many as a watershed moment in Bitcoin’s history after years upon years of failed efforts to launch a BTC ETF in the United States. Traditionally, the expectation has been that a Bitcoin ETF could inject tens, if not hundreds of billions of dollars into Bitcoin’s market capitalization by seeing the original cryptocurrency incorporated into mainstream financial products like retirement accounts and mutual funds (alone a multi-trillion-dollar market).

The OSC’s U.S. counterpart, the Securities and Exchange Commission (SEC), seemed to create a tone of despair amongst Bitcoin proponents and its own members over the last two years, having dismissed more than nine applications citing concerns chiefly around custody and market surveillance.

Incredibly, both of 3iQ’s custody and surveillance providers are U.S. institutions, suggesting Canadian regulators have a softer, if not more progressive, view of how a Bitcoin fund could be operated safely in the securities market. 3iQ plans to custody the fund’s BTC with Gemini Trust Company while using VanEck for its index and market data. Both firms are based in New York and ironically are counted amongst the SEC’s rejected ETF applicants.

Should the OSC give the final green light to 3iQ’s plan—a likely outcome it seems—the SEC may be forced to reconsider its evidently stern stance on Bitcoin ETFs.

Read more about 3iQ’s journey here.


Cryptoslate

Source: Cryptoslate: 3iQ expects to launch Bitcoin ETF this quarter after “favorable” ruling from Canada’s top securities regulator

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocanucks.com/3iq-expects-to-launch-bitcoin-etf-after-favorable-ruling-from-canadas-top-securities-regulator/

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Blockchain

3iQ Expects to Launch Bitcoin ETF After “favorable” Ruling From Canada’s Top Securities Regulator

The Ontario Securities Commission (OSC) has ruled to allow crypto fund manager 3iQ to issue a prospectus for its prospective exchange-traded Bitcoin fund, signalling that Canada’s top securities regulator may be about to approve the launch of the nation’s first Bitcoin ETF. Toronto-based 3iQ said in a press release Wednesday that its planned closed-end BTC fund, “The … Continued

The post 3iQ Expects to Launch Bitcoin ETF After “favorable” Ruling From Canada’s Top Securities Regulator appeared first on CryptoCanucks.

Avatar

Published

on

The Ontario Securities Commission (OSC) has ruled to allow crypto fund manager 3iQ to issue a prospectus for its prospective exchange-traded Bitcoin fund, signalling that Canada’s top securities regulator may be about to approve the launch of the nation’s first Bitcoin ETF.

Toronto-based 3iQ said in a press release Wednesday that its planned closed-end BTC fund, “The Bitcoin Fund,” had moved on to the final stage of judgment with the OSC and that it expected it would receive clearance to launch on a major Canadian stock exchange as early as this quarter.

3iQ painted the ruling as a conclusion to three years of work with the OSC’s Investment Funds and Structured Products division, convincing the regulator that the fund will be able to resolve “pricing, custody, audit, and public interest issues.”

Beating the U.S. to the Punch on the Coveted ETF

The news will come to many as a watershed moment in Bitcoin’s history after years upon years of failed efforts to launch a BTC ETF in the United States. Traditionally, the expectation has been that a Bitcoin ETF could inject tens, if not hundreds of billions of dollars into Bitcoin’s market capitalization by seeing the original cryptocurrency incorporated into mainstream financial products like retirement accounts and mutual funds (alone a multi-trillion-dollar market).

The OSC’s U.S. counterpart, the Securities and Exchange Commission (SEC), seemed to create a tone of despair amongst Bitcoin proponents and its own members over the last two years, having dismissed more than nine applications citing concerns chiefly around custody and market surveillance.

Incredibly, both of 3iQ’s custody and surveillance providers are U.S. institutions, suggesting Canadian regulators have a softer, if not more progressive, view of how a Bitcoin fund could be operated safely in the securities market. 3iQ plans to custody the fund’s BTC with Gemini Trust Company while using VanEck for its index and market data. Both firms are based in New York and ironically are counted amongst the SEC’s rejected ETF applicants.

Should the OSC give the final green light to 3iQ’s plan—a likely outcome it seems—the SEC may be forced to reconsider its evidently stern stance on Bitcoin ETFs.

Read more about 3iQ’s journey here.


Cryptoslate

Source: Cryptoslate: 3iQ expects to launch Bitcoin ETF this quarter after “favorable” ruling from Canada’s top securities regulator

Sharing is Caring

Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocanucks.com/3iq-expects-to-launch-bitcoin-etf-after-favorable-ruling-from-canadas-top-securities-regulator/

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Blockchain

Polkadot-centric derivatives exchange raises $6.4M in seed funding

DTrade is planning to build the first derivatives exchange on Polkadot following a highly successful private investment round.

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Decentralized exchange dTrade is bringing derivatives trading to the Polkadot ecosystem after concluding a $6.4-million seed investment round, setting the stage for wider decentralized finance use cases on the developer network. 

The private investment round was led by some of the biggest names in the blockchain venture capital world, including Three Arrows Capital and DeFiance. Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Bixin Ventures, IOSG Ventures, Hypersphere Ventures and Fenbushi Capital also participated.

Several companies have also stepped up to support liquidity on dTrade, including Alameda Research, CMS Holdings, MGNR, Kronos and Wintermute.

Alameda Research has invested heavily in Defi this year, allocating $20 million toward Reef Finance and $4 million toward Coin98 Finance.

As a decentralized exchange, dTrade allows for the trading of perpetual swaps and options with on-chain settlement. In theory, the platform can accommodate unlimited derivatives markets without custodial and counterparty risks. The trading platform is not available to United States-based traders.

“Derivatives are on track to become the largest market in decentralized finance, similar to how they are the largest asset class in traditional finance,” said Nikodem Grzesiak, co-founder of dTrade. “Derivatives are an exciting use case of blockchain. Entirely new perpetual swaps for blockchain-based assets within Polkadot’s multi-chain architecture can be added through a simple governance proposal.”

The popularity of crypto derivatives has exploded over the past year as participants seek additional exposure to the rapidly growing market. CoinMarketCap’s 2020 annual report found that crypto derivatives accounted for 55% of the total cryptocurrency market last year.

Polkadot’s developer network has also grown rapidly, with 435 projects having launched on the platform at the time of publication.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/polkadot-centric-derivatives-exchange-raises-6-4m-in-seed-funding

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Blockchain

Polkadot-centric derivatives exchange raises $6.4M in seed funding

DTrade is planning to build the first derivatives exchange on Polkadot following a highly successful private investment round.

Avatar

Published

on

Decentralized exchange dTrade is bringing derivatives trading to the Polkadot ecosystem after concluding a $6.4-million seed investment round, setting the stage for wider decentralized finance use cases on the developer network. 

The private investment round was led by some of the biggest names in the blockchain venture capital world, including Three Arrows Capital and DeFiance. Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Bixin Ventures, IOSG Ventures, Hypersphere Ventures and Fenbushi Capital also participated.

Several companies have also stepped up to support liquidity on dTrade, including Alameda Research, CMS Holdings, MGNR, Kronos and Wintermute.

Alameda Research has invested heavily in Defi this year, allocating $20 million toward Reef Finance and $4 million toward Coin98 Finance.

As a decentralized exchange, dTrade allows for the trading of perpetual swaps and options with on-chain settlement. In theory, the platform can accommodate unlimited derivatives markets without custodial and counterparty risks. The trading platform is not available to United States-based traders.

“Derivatives are on track to become the largest market in decentralized finance, similar to how they are the largest asset class in traditional finance,” said Nikodem Grzesiak, co-founder of dTrade. “Derivatives are an exciting use case of blockchain. Entirely new perpetual swaps for blockchain-based assets within Polkadot’s multi-chain architecture can be added through a simple governance proposal.”

The popularity of crypto derivatives has exploded over the past year as participants seek additional exposure to the rapidly growing market. CoinMarketCap’s 2020 annual report found that crypto derivatives accounted for 55% of the total cryptocurrency market last year.

Polkadot’s developer network has also grown rapidly, with 435 projects having launched on the platform at the time of publication.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/polkadot-centric-derivatives-exchange-raises-6-4m-in-seed-funding

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