Crypto News Flash #48 : Bitcoin Is Following A Downtrend After CME Futures Trading Initiation | Investors Are Still Buying The Dips With Proud !!
If you're closely monitoring the Crypto market, then you must be aware of the fact that Bitcoin rose to new ATH's before the Bitcoin Futures Trading Started by CBOE and recently by CME group. In latter case, Bitcoin rose to almost $20300 making a new Sky high but just after few minutes, Bitcoin fell by 3%.
That was pretty clear that CME investors might have shorted the Bitcoin Futures contract and that's why Bitcoin went in downtrend. Leaving aside that time, a few hours back Bitcoin fell by almost $2500 and currently trading at $16700. That's is pretty huge drop in a matter of few hours and a ton of money got shifted during this time.
Market capitalisation is still above $611 Billion while Bitcoin dominance over the market has fell down to 46% with market capitalisation of $286 Billion.
But Why did Bitcoin fall?
Well, CME's investors are mostly Institutional and not retail investors. CME each futures contract represent 5 Bitcoins while CBOE's each future contract represent only 1 Bitcoin.
As per Garett lee, the executive of Trader DV chain:
“There was some fear ahead of the Cboe futures launch that Wall Street was going to come in and short Bitcoin, but we haven’t seen that.”
But having Institutional investors with their institutional money, CME's Futures trading dropped the price of BTC by almost 20%.
Investors Buying The Dips ?
Yes, Investors are still buying the dips heavily as they're pretty sure that Bitcoin will be huge sooner or later and buying at the current price will turned out to be extremely profitable in near future.
Even Alt coins can also see a major uptrend shortly as People are investing their money in 'hot' Alt coins, preferably top 50 Alt coins in Coinmarketcap.
Let's see what Futures hold for Bitcoin investors and What would be the Bitcoin price in near future?
By the way, I am expecting Bitcoin to rise significantly after this setback.
Thanks for reading ....!
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Is Bitcoin the only crypto that can currently be shorted, or are there others ??
Thanks for useful information about the future of bitcoin which matters the life of persons already involved. The steemians expect and hope steem to follow the bitcoin heights as well.
Bitcoin has not been spared by the general dip and we are going down again. This night's dip has brought us back into our long-term bullish channel. The trend is therefore logically on the rise in the short term. On the other hand, we have major reversal signals. We have just passed the MA50 for the first time in a month, a major correction may be initiated. On the other hand, for the moment, in the short term the signals are on the rise. Our Buy Limits have passed and we are now headed back to our point of sale.
The plan :
We will continue to accumulate pending the recovery while cashing in the first profits:
Buy limit : 15830 usdt (10%)
Buy limit : 14500 usdt (15%)
Sell limit : 17500 (50%)
Thank you for this news.
If you like,you can check my post on bitcoin biggest myths:-https://steemit.com/bitcoin/@sanketshelatkar/what-i-think-about-bitcoin-and-its-biggest-myths
nice post dude your right. I sold all my btc when is value at 18k$. good luck
Nassim Taleb doesn't think shorting is really possible, and he knows a lot about Black Swan events. He may be right.
Awesome man ....really nice