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The situation on the crypto market after Saturday’s storm is recovering, and the first cryptocurrency is strengthening its positions again. By the evening, the coin rose above $ 51,300, and today – if the current trend continues – there is a chance of reaching $ 54,000 or even $ 55,000…
However, one should not discount the factor of tomorrow’s meeting of American regulators with representatives of the cryptosphere. This event can make the most unexpected adjustments to the market dynamics.
According to CryptoQuant data, the recent crash has led to traders buying at the peak. Good news for them will be the announcement from the Chicago Mercantile Exchange (CME): this site is launching futures for 1/10 ETH. Institutional and retail investors will now be able to hedge risks through the purchase of low-cost contracts. In May, CME launched a similar product targeting Bitcoin.
Meanwhile, curious events are taking place in Latin America – one of the Colombian banks has entered into a partnership agreement with the Gemini crypto exchange, and from now on, citizens will be able to buy bitcoin and ether.
Short-term traders count losses, while whales buy bitcoin
The bitcoin rate by the evening of December 7, rose to $ 51,337, and the capitalization is $ 969.920 billion. According to CryptoQuant, at the time of the collapse, traders who bought at higher values began to panic sales. This category of short-term investors turned out to be the main victim in the end.
The fall of the SOPR indicator to the July low proves that the sales were mostly unprofitable.
Dealing with the SOPR indicators is not difficult: if it is below one, bitcoin holders sell the asset at a loss. An excess of this mark indicates that traders are selling cryptocurrency at a profit.
On the eve of this index fell to 0.95 points – to the lowest level since July – and only today rose from 0.98990 to 1.01153, glassnode analysts write. Against the background of the growth of bitcoin, investors again began to sell at a profit. One of the factors changing the trend for the better was another surge in whale activity (holders from 100 to 10,000 BTC).
According to Santiment, these largest addresses acquired 67,000 bitcoins in two days.
Meanwhile, Deribit Insights writes that options market players are betting on BTC reaching $ 64,000- $ 70,000 before the end of December. These strike prices are specified in Call Contracts (for the purchase of an asset) listed on Deribit, the largest options exchange.
10% Ether Futures
In May, a futures contract for 1/10 bitcoin appeared on the market. It was presented by the Chicago Stock Exchange. Now this platform is launching futures for a tenth of the ether (ETH) – that is, it makes it possible to purchase a contract for 10% of one altcoin. Now, not only large, but also small investors, who were afraid to invest substantial sums in an innovative instrument, will be able to participate in the auction.
Today, ether is trading at $ 4,384 (+ 8.90%), and its capitalization has increased to $ 520.829 billion. CME representative Tim McCourt emphasized that thanks to the exchange, investors have the opportunity to hedge price risks in the spot market and flexibly respond to changes in the value of ETH.
Recall that the Chicago Exchange launched standard futures for ether at the beginning of the year. Trading started in February. The platform provided traders with access to similar products on Bitcoin back in December 2017 – during the first BTC rally.
Colombia accepts bitcoin?
One of the largest banks in the country – Bancolombia – has entered into a partnership agreement with the Gemini cryptocurrency exchange. Now clients of the credit institution will be able to buy bitcoin and ether.
No complications: just link your bank account to the exchange wallet and start buying cryptocurrency using the most simplified scheme. Such transactions will become available to Colombian citizens from December 14.
This Latin American country is friendly towards the cryptosphere, and small local banks are actively exploring the digital asset market and looking for partners from the number of crypto services and exchanges.
Now their ranks have been joined by the largest bank – Bancolombia. In addition to Bitcoin and Ether, the giant’s clients will be able to buy Bitcoin Cash and Litecoin through Gemini.
All transactions will be carried out in pilot mode – it will last until the end of next year. The Financial Authority of Colombia, the country’s supervisory authority, is authorized to control transactions for the purchase and sale of virtual currencies. The Gemini exchange will provide access to the infrastructure for converting cryptocurrencies to fiat and vice versa. And the user will be able to withdraw cash directly to a bank account.
“The partnership will be an important step towards expanding Gemini’s presence in Latin America,” said Cynthia Del Pozo, senior executive at the crypto company.
She also added that Colombians have a unique opportunity to independently distribute savings and try their hand at crypto trading.
Sources: Santiment, CoinMarketCap, Glassnode, deCrypt, CoinTelegraph, Twitter, Deribit Insights
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