Marcus Misiak August 28, 2019
Many analysts have said that the introduction of the CME Bitcoin Futures was an important factor to prevent the Bitcoin crash from reaching its peaks in 2017, the introduction of these futures products corresponding closely to the beginning of the decline of the bear market.
On the basis of current data, some analysts still argue that CME futures continue to be an important force behind Bitcoin's volatility. Therefore, the coming week could be very interesting, with around 50% of CME Bitcoin futures expiring next week. Skew Markets recently said this in a tweet:
~ 50% of total outstanding interest expiring this week at WEC
Some of these positions will be deployed in August! pic.twitter.com/GnngLZkhhF
– Skew (@skew_markets) August 27, 2019
After Bitcoin traded in a relatively tight trading range last week and surpassed its significant support level of US $ 10,000, the expiry of CME Bitcoin futures could result in greater market volatility. cryptography. Until then, it is likely that $ 10,000 will remain a significant level of support. It will be particularly interesting to see how the price of Bitcoin will react if the support level of $ 10,000 is exceeded.
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, also tackled the subject in a recent tweet, pointing to a chart correlating the close correlation between CME futures expiry dates and large price movements – upward or downward – for Bitcoin show:
** check schedule **
** check table **
until the bitter end of it is then
(aka fri) pic.twitter.com/6fjdHG0jCJ
– Josh Olszewicz (@CarpeNoctom) August 27, 2019
Assuming this correlation remains strong, the end of this week will probably highlight the short-term trend of Bitcoin and could mark the end of the recent phase of lateral trade that cryptocurrency has seen in recent weeks. Whether it is down or up, but remains to be seen.
Ethereum Classic Hard Fork provides ETC pump
Ethereum Classic (ETC) is a cryptocurrency that has performed very well over the last seven days compared to the overall market. The ETC price has risen more than 29% to 6.24 euros this week. The reason is probably the Hard Fork scheduled for September. Nevertheless, the recent recovery is relatively weak compared to the long-term decline in the price of the ETC. Thus, the classic Ethereum price is very far from its peak of $ 44.34 in the summer of 2017 – about 84%.
The Atlantis Hard Fork in September will add many features to the network. The biggest change, however, will likely be the completion of interoperability between Ethereum (ETH) and Ethereum Classic (ETC). The Ethereum Classic Mining is another very important change that will give the Miner a greater number of mining rewards. Ethereum Classic seeks to draw miners out of the Ethereum network to compete with Ethereum.
The Ethereum Classic network currently processes around 30,000 transactions per day, a typical activity of medium-sized Altcoins, comparable to Litecoin (LTC) and Bitcoin Cash (BTC). Meanwhile, the Ethereum network performs more than 700,000 transactions a day. The Ethereum Classic Hashrat has seen an increase after the start of the Ethmine pool with the provisional adoption of the Atlantis Hard Fork rules. In a few days, the hash rate went from 8.6 to over 11 TH / s, the highest level in the last three months. The start rate of the Ethereum, despite the announcement of the proof of stake at more than 173 TH / s, is therefore much higher.
Selected Image: Haris McHorror | Shutterstock
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