Monat: Juni 2023

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Bitcoin’s correlation with Nasdaq 100 falls to 3-year low

  • Bitcoin’s correlation with the Nasdaq 100 has fallen to just 3% in June, down from the overall 60% in 2022.
  • BTC price has outperformed the stock index year-to-date and over the past year.
  • Bitcoin price jumped to a year high last week after news of a spot Bitcoin ETF application by global asset manager BlackRock.

Bitcoin’s correlation with tech stocks has declined sharply over the past few months, more so after the benchmark cryptocurrency’s rally to a new year-to-date price this month.

According to an analysis published by market data research platform Kaiko released today, June 26, BTC has continued to break its correlation with the Nasdaq. 

Kaiko researchers note that in June, Bitcoin’s and the Nasdaq 100 trading trajectory diverged to currently sit at just 3% correlation.

Bitcoin outperformed Nasdaq 100 in June

The falling correlation, according to Kaiko, has been enhanced by the cryptocurrency’s double digit gains in June.

In this, BTC outperformed the tech equities’ 3%. While the Nasdaq 100 has gained about 35% year-to-date, its managed only 22% in the past year. BTC on the other hand is up more than 108% YTD and over 72% over the past year, even with the sell-offs occasioned by the collapse of TerraUSD and FTX in 2022.

It’s a performance that has seen the lockstep trading witnessed in the second half of last year shrink from 60%, the Kaiko analysts pointed out. 

CoinJournal analyst Dan Ashmore also recently looked at the fading correlation between the top crypto asset and stocks, examining the whys. 

BlackRock ETF news major bullish catalyst

On current outlook, Bitcoin has outperformed traditional risk assets even after a negative sentiment permeated the market following the US Securities and Exchange Commission (SEC) regulatory actions against Binance and Coinbase. Earlier, BTC had performed much better as stocks floundered amid the banking sector turmoil.

And just this past week, as equities broke their winning streak on new macroeconomic fears, Bitcoin led the crypto market higher – fueled by news of BlackRock’s ETF filing. BTC currently sits around $30,260, down 1% in the past 24 hours, but still up by over 15% in the past seven days.

CoinShares’ Chief Strategy Officer Meltem Demirors notes that together with BlackRock, companies with a combined $27 trillion in client assets are working to offer customers access to the crypto asset class.

But while the Blackrock-inspired ETF frenzy remains a key bullish catalyst, other metrics such as open interest suggest growing inflows and speculation. Bitcoin bulls holding above the psychological $30k level or bouncing from fresh retest below that could form the next leg for BTC price upside action.

As highlighted here, the $34k level is increasingly looking as the next major hurdle for BTC in the short term.

The post Bitcoin’s correlation with Nasdaq 100 falls to 3-year low appeared first on CoinJournal.

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Binance drops its license application in Austria

  • Binance Austria GmbH has revoked its license application as a virtual asset service provider from the Austrian Financial Market Authority (FMA).
  • So far, Binance has withdrawn registration in the Netherlands and the United Kingdom.
  • The only European countries where Binance is legally operating are France, Italy, Spain, Poland, Sweden, and Lithuania.

Binance Austria GmbH, a wholly owned subsidiary of Binance, has cancelled its license registration from the Austrian Financial Market Authority (FMA) amid the increasing hitches stemming from the problems that Binance has had with financial authorities worldwide.

After facing increased regulatory obstacles from the US Securities and Exchange Commission (SEC) and in Europe, cryptocurrency exchange Binance has withdrawn its license applications in different European countries including the United Kingdom and the Netherlands as earlier reported here.

However, Binance is still legally registered to operate in Sweden, Italy, Spain, France, Poland, and Lithuania. Belgium’s financial regulator, last week, also ordered Binance to cease all services in the country.

While responding to a prominent media outlet, a Binance spokesperson said:

“We are unable to share details of our conversations with regulators, however, we remain committed to acting in compliance with our obligations wherever Binance operates. Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA (Markets in Crypto Assets) when it is implemented at the end of next year.”

Binance Austria GmbH

Binance reportedly launched Binance Austria GmbH in 2022 with the aim of obtaining a license for the subsidiary.

However, the subsidiary is said to have had a hard time with the Austrian regulator leading to the decision to cut short its license application process in the wake of the global condemnation of the exchange.

The post Binance drops its license application in Austria appeared first on CoinJournal.

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Chancer presale 35% sold out as top prediction markets tokens turn green

  • The Chancer presale has raised $357,330.51 since launch.
  • The presale seeks to raise $15 million in twelve stages.
  • The price of the CHANCER token is expected to gradually rise through the twelve stages to $0.021.

Top prediction markets tokens including TotemFi (TOTM), Gnosis (GNO), Augur (REP), Polkamarkets (POLK), PlotX (PLOT), and OptionRoom (ROOM) have been trending in the last week. Polkamarkets (POLK) has gained the most at 9.56% in the last seven days, followed by Gnosis (GNO) and PlotX (PLOT) that has gained 9.25% and 6.77% respectively.

Well, while the prediction markets tokens are responding to the current bullish crypto market sentiment, a new predictions market token entrant, CHANCER, is making waves since its presale launch. CHANCER’s parent platform is the world’s first decentralized predictive market-making platform that is leveraging blockchain to decentralize betting.

The decentralized prediction marker maker trailblazer

The new betting platform, Chancer, aims to firmly place bettors in control of the betting markets. By allowing users to design their own betting markets, choose their own odds, and set their own rules, it has completely changed the betting industry.

The designers of Chancer, Adam and Paul Kelbie, are confident that the betting platform will fundamentally change the way people wager and unquestionably bring gambling back to life.

Chancer positions itself as a betting facilitator rather than a betting establishment by allowing betters to create peer-to-peer (P2P) bets. The types of bets that can be made by gamblers range from small, informal wagers among close friends to massive, viral bets involving thousands of gamblers, like picking the winner of the Best Director Oscar or forecasting the Champions League final score.

Additionally, Chancer accepts wagers on any prediction or event, not just sports, in contrast to the majority of bookmakers. Users of Chancer have total control over their wagers due to its decentralized nature.

The native token of Chancer, “CHANCER,” which is a Binance Smart Chain (BSC) token currently in the presale phase, is used for all bet payouts.

As a great incentive for different types of investors, Chancer’s well-planned roadmap outlines a variety of product use cases for the CHANCER token after the presale.

Chancer’s main goal is to achieve and maintain true decentralization. No one party can take over the network thanks to true decentralization. Users will be able to control decision-making in the platform’s development and operation under quadratic governance thanks to the platform’s proof of stake consensus mechanism.

Investors confident in Chancer

Investors are optimistic about the CHANCER token’s value in addition to the betting platform’s potential for greatness due to its novel approach to betting that uses blockchain to democratize market setting and management.

CHNACER is being sold for $0.01 in the first stage of the current presale. However, interested parties can only buy their CHANCER tokens with BNB or BUSD tokens.

The Chancer presale timelines state that the price of CHNACER is anticipated to keep increasing with each stage of the presale, reaching $0.021 in the final stage, stage 12 which according to the roadmap is expected to be concluded in Q2, 2023.

The post Chancer presale 35% sold out as top prediction markets tokens turn green appeared first on CoinJournal.

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Here’s why the Bitcoin Cash (BCH) price has just gone parabolic

  • Bitcoin Cash price has been in a strong bullish trend in the past few days.

  • The coin has surged by over 150% from the lowest level in May.

  • This rally is being supported by the Bitcoin ETF applications.

Bitcoin Cash price continued surging on Monday even as BTC and other cryptocurrencies moved sideways. The BCH coin jumped to a high of $228.72, the highest level since May 14th of last year. In all, the coin has jumped by more than 150% from the lowest level in May, making it one of the top-performing cryptocurrencies in the world.

BCH rally continues

Bitcoin and other cryptocurrencies have been in a strong bullish trend in the past few days. This rally is mostly because of the recent crypto news. Companies like Blackrock, WisdomTree, and Invesco announced plans to launch their Bitcoin ETF. If this is accepted, it will likely help many institutional investors allocate funds to Bitcoin.

These ETF proposals do not impact Bitcoin Cash directly. However, analysts believe that these companies will file their Bitcoin Cash spot ETF proposals if the Bitcoin one is accepted. Bitcoin Cash, as with BTC, is seen as a commodity since it is a hard fork of Bitcoin itself.

Other cryptocurrencies that could benefit in all this are Litecoin, Bitcoin SV, and Ethererum Classsic. There are concerns that Ethereum will be avoided because of its staking feature, which SEC believes contravenes securities law.

Bitcoin Cash price also jumped after it became one of the four cryptocurrencies offered by EDX Markets, the new Fidelity, Schwab, and Citadel-backed crypto exchange. The other cryptocurrencies offered by the exchange are Ethereum, Bitcoin, and Litecoin.

Further, Bitcoin Cash is doing well since it has a lower price than Bitcoin itself. The BTC and BCH ratio currently stands at 131, meaning that 1 Bitcoin is worth about 131 BCHs. 

Bitcoin Cash price prediction

The 4H chart shows that the Bitcoin Cash price has been in a strong bullish trend in the past few days. It has jumped above the important resistance point at $124, the highest point on May 9th. The coin has moved sharply above the 25-day and 50-day moving averages (MA).

It has also invalidated the upper part of the double-top pattern at $221.10. This was an important level since it was the highest level last week. The Relative Strength Index (RSI) has moved above the overbought level.

Therefore, there is a likelihood that the BCH price will continue rising as buyers target the next key resistance point at $250. A move below the double-top neckline at $184 will signal that there are more sellers left in the market.

How to buy Bitcoin Cash

The post Here’s why the Bitcoin Cash (BCH) price has just gone parabolic appeared first on CoinJournal.

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HSBC to offer Bitcoin and Ethereum ETFs in Hong Kong

  • HSBC will offer access to three ETFs listed on the Hong Kong Stock Exchange, including CSOP Bitcoin Futures ETF and CSOP Ethereum Futures ETF.
  • The banking behemoth also launched a new service dubbed Virtual Asset Investor Education Center that offers educational and risk disclosure materials for customers.
  • Customers will have to confirm the guidelines before they are allowed to trade the listed ETFs.

HSBC, the largest bank in Hong Kong, is offering cryptocurrency exchange traded funds (ETFs) to its clients, reports say.

Specifically, HSBC is allowing its customers to trade Bitcoin and Ethereum ETFs listed on the Hong Kong Stock Exchange. The banking behemoth is now the first bank to offer clients access to crypto ETFs in Hong Kong, crypto journalist Colin Wu tweeted early Monday.

HSBC will use the new offering to extend its users’ exposure to the crypto sector, a move that could see Bitcoin and Ethereum ETFs be available to over millions of people using the bank’s mobile app.

Currently, Hong Kong lists three cryptocurrency ETFs: the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF.

HSBC also reportedly launched a Virtual Asset Investor Education Centre, which provides access to educational materials and risk disclosures. Investors looking to buy and sell the listed ETFs will need to confirm they have read and understood the details before HSBC allows them to invest in any crypto-related products.

These products will be available via HSBC Hong Kong’s Easy Invest app, Mobile banking app and online.

Crypto ETFs news buoy BTC, altcoins

Today’s HSBC news follows recent reports that noted the Hong Kong Monetary Authority has asked major banks to offer financial services to crypto exchanges. This came after the Hong Kong securities watchdog allowed exchanges to begin offering crypto trading services to retail investors.

At the same time, the crypto ETFs space received a major boost when $9 trillion asset manager BlackRock filed for its first spot Bitcoin ETF from the US Securities and Exchange Commission (SEC).

Many other companies, including WisdomTree and Invesco have since followed suit. In the process, Bitcoin price rallied to a new year-to-date high above $31k as sentiment flipped bullish. Ethereum also traded higher, coming close to $1,930 last week.

The post HSBC to offer Bitcoin and Ethereum ETFs in Hong Kong appeared first on CoinJournal.