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Robust BTC derivatives data indicates strong demand for leverage longs. Bitcoin (BTC) has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark.  Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Investors worry about the bearish global economic outlook Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds their interest rate above 5.25% in order to curb inflation. For instance, on Nov. 6, China exports shrank 6.4% from a year earlier in October. Furthermore, Germany reported October industrial production down 1.4% versus prior month on Nov. 7. The weaker global economic activity has led to WTI oil prices dipping below $78 for the first time since late July, despite the potential ...

On the latest episode of “Macro Markets,” Marcel Pechman explains the potential implications for crypto of the Federal Reserve losing $100 billion. On this week's episode of “Macro Markets,” Cointelegraph analyst Marcel Pechman delves into a thought-provoking discussion on the United States Federal Reserve’s financial woes. Pechman opens by highlighting how the Fed is grappling with staggering losses and emphasizes a fundamental macroeconomic principle: that overall wealth cannot be universally enhanced as demand for goods and services grows. This discrepancy underscores the challenges posed by inflation, real estate prices and the consequences of the Fed’s policies. Pechman concludes that the Fed is now paying the price for its loose monetary approach during the pandemic, prompting a grim outlook for the U.S. Treasury Department’s finances. Shifting gears, Pechman moves on to discuss European markets, with a spotlight on Novo Nordisk’s remarkable ascent. The Danish pharmaceutical...

Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency. The connection between Bitcoin and gold goes back to Bitcoin’s origin. While it is not mentioned in the Bitcoin white paper, Satoshi Nakamoto actually referred to gold’s rarity in a Bitcointalk forum post when introducing the first version of Bitcoin (BTC) in 2009. This was to emphasize the importance of a limited supply of 21 million coins. Bitcoin’s market value is frequently matched up against gold, which boasts a total worth of $12.8 trillion, and many crypto pundits often point to the approval of a gold exchange-traded fund (ETF) in 2004 as the catalyst for the asset’s price appreciation. Currently, Bitcoin encounters resistance at the $30,000 mark, and its inability to surpass this level could lie in how institutional investors perceive the comparison of BTC and gold as stores of value. Bitcoin’s present market cap of $570 billion outshines traditi...

Bitcoin's market dominance index has failed to sustain above 50% since April 2021 — so will this time be any different? Bitcoin's (BTC) percentage share in the crypto market has risen to nearly 50% in the aftermath of the last week's altcoin market rout. On June 13, the Bitcoin Dominance Index (BTC.D), which tracks BTC's weight against other cryptocurrencies, reached 49.29%, slightly down from its two-year highs of 49.66% seen earlier this week.  BTC.D daily price chart. Source: TradingView BTC not an "unregistered security"  The surge in Bitcoin dominance comes after the United States' Securities and Exchange Commission's (SEC) lawsuit against the crypto exchanges Binance and Coinbase. In its court filings, the commission accused many leading altcoin s, including Cardano (ADA) and Solana (SOL), of being "unregistered securities." Related: SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video Bitcoin's market share ty...

Ethereum Foundation's previous big sale of ETH preceded a bear market, but there's little evidence that such sales affect the general market trend. On May 6, Ethereum Foundation transferred nearly $30 million in Ether (ETH) to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event. ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend. ETH price holding key support Ether's price recovered modestly to $1,920 on May 7 after testing its 50-day exponential moving average (50-day EMA; the red wave) near $1,850 as support a day ago. Moreover, the price volatility dropped on Kraken in the said period, per the contracting Bollinger Bands Width in the chart below. That further shows traders' calm amid the Ethereum Foundation transfer. Notably, the 50-day EMA has capped Ether's downside attempts so far in 2023, barring the early March selloff that saw the price briefly fal...