Daily crypto fundamentals
When an asset class jumps 275% within a span of six months, corrections are bound to happen. Bitcoin (BTC) witnessed one such violent correction. DAGX.LIVE financial analyst Peter Smith said that the hyper volatility of bitcoin is an advantage to the dedicated traders who can take advantage of the volatility and trade accordingly. However, for others, he advised a long-term approach.
DAGX.LIVE senior trader John Todorov expects bitcoin to stabilize and consolidate between $10,000 and $14,000. He believes that the arrival of Facebook’s Libra will give confidence to the institutional traders to enter the space. Now, with Goldman Sachs CEO David Solomon confirming that the investment bank is looking at tokenization, the institutions will have to take the plunge or risk being left behind.
A rising volume in an uptrend indicates increasing demand. The volume of bitcoin traded on BitMEX jumped to $13 billion on June 26. Its CEO, Arthur Hayes said that the volume and open interest build shows that the bear market is officially over.