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Concerns regarding a possible US government shutdown catalyzed purchases of cryptocurrency investment products between Sept. 23 and 29.  According to CoinShares, the inflow to digital asset investment products reached $21 million last week. Experts indicated that the main activity occurred at the end of the week before the end of the financial year. At that time, there was still no certainty regarding the distribution of budget funds to continue the work of the departments. “The recent regional divergence persists, with the US seeing outflows totaling US$19m last week, while Europe and Canada saw inflows of US$23m and US$17m, respectively.” CoinShares report Bitcoin (BTC) funds recorded an inflow of $20.4 million after an outflow of $6 million in the previous reporting period. From structures that allow opening shorts on the first cryptocurrency, investors withdrew $1.5 million (a week earlier, $2.8 million). Source: CoinShares Altcoin-based products showed m...

Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control. After the sharp fall on Aug. 17, Bitcoin (BTC) remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move.  After the latest fall, about 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly price sensitive.” In comparison, the long-term holders have neither panicked nor gone on a shopping spree during the current fall. Daily cryptocurrency market performance. Source: Coin360 Traders are likely to keep a close watch on the United States Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25. If Powell does not spring a negative surprise, then the ...

Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell. Bitcoin (BTC) has been trading near the $29,000 level for the past few days. This suggests a lack of strong demand at higher levels but the only solace for the bulls is that they have managed to sustain the price above the immediate support. The uncertainty about the next directional move may have tempted short-term traders to book profits. CoinShares said in its latest weekly report that Bitcoin investment products witnessed $111 million in outflows, the largest weekly outflows since March. Daily cryptocurrency market performance. Source: Coin360 While the short-term price action remains uninspiring, crypto bulls remain confident that Bitcoin will rally before its next halving in 2024. Blockstream CEO Adam Back said in a conversation on X (previously known as Twitter) that Bitcoin will hit $100,000 by the end of March. Could Bitcoin extend its decline in the near term or will i...

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...