• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Bitcoin

Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes

by admin
October 16, 2020
in Bitcoin
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter


Related Posts

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days


Bitcoin slipped on Friday as it looked sure to close the week at a loss in the remaining three days of trading.

The benchmark cryptocurrency was down $230, or 2 percent, to $11,279 per token by 0456 UTC. It lost 0.7 percent so far in the week. Its downside mood resurfaced as the US dollar surged and hopes of finalizing the second coronavirus deal before the presidential election faded.

The US dollar index was looking to post its first weekly gain in three.

The US Dollar Index is looking more assertive this week on renewed flight t safest haven assets. Source: DXY on TradingView.com

A resumption of stimulus talks earlier this week had prompted the Bitcoin price to grow by up to $1,000. Another fundamental tailwind was institutions that increased their exposure in the cryptocurrency against their long-term inflationary outlook.

But after US Treasury Secretary Stephen Mnuchin proposed to limit the stimulus size to $1.8 trillion, the deal went into another deadlock. The Democrats demanded a $2.3 trillion relief for American households and businesses that suffered losses amid the coronavirus-induced recession.

Exchange FUD

The prospect of lesser dollar liquidity raised its demand among investors. As a result, they got rid of a part of their risky allocations, impacting Bitcoin, stocks, and even gold.

However, Bitcoin fell harder than its traditional peers on Friday. Part of the reason was OKEx, an Asian cryptocurrency exchange, that suspended withdrawals after landing itself into a police investigation.

bitcoin, btcusd, btcusdt, xbtusd

Bitcoin plunged by $300 after the OKEx news broke out. Source: TradingView.com

The exchange explained that one of its private key holders – those who are responsible for validating capital outflows with an extra set of digital keys – is “currently cooperating with a public security bureau.” That has limited OKEx’s authorization over the clients’ funds. The exchange assured that the capital remains safe and secure nonetheless.

Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Your funds and assets are safe and not affected. Details: https://t.co/vMehdsZs1b

We sincerely apologize for any inconvenience. Further announcements will be made. pic.twitter.com/t14l7z0EUL

— OKEx (@OKEx) October 16, 2020

Colin Wu, a China-based reporter, tweeted that an over-the-counter trader mistakenly received $74.5K worth of Chinese Yuan from a group that the police were hunting for a money laundering case.

“The Chinese government is cracking down on money laundering using cryptocurrency for telecom fraud, and centralized exchanges are in a very dangerous state,” Mr. Wu claimed.

Surprise Bitcoin Plunge

The presence of OKEx around a supposed money laundering investigation panicked traders with low-risk appetites. Bitcoin fell by more than $300 within hours the news went to the wire.

“It is literally lesson #1 in #Crypto school,” asserted Kevin Svenson, an independent market analyst. “Not your keys, not your crypto. Bitcoin begins selling off as a result of the news.”

Nevertheless, some analysts ignored the short-term price shocks over a more optimistic long-term outlook. Crypto Youtuber Lark Davis stated that Bitcoin could still recover to new highs, citing institutions that poured $800 million into its market via spot and shares market (Grayscale).





Source link

Tags: BitcoinFadinghopesLossStimulusWeekly

Popular

Press Release

A Multi-Currency Wallet For All Your Crypto Needs

by admin
June 29, 2022
0

CCTIP: A Multi-Currency Wallet For All Your Crypto Needs KOWLOON CITY, HONG KONG Tue Jun 28 2022 03:45:00 GMT-0400 (EDT)...

Read more

Fat Cat Killer ($KILLER) is now listed on Bitmart!

June 28, 2022

DeFi Skeptic Aspires to Make the Decentralized World Better Through Increased Transparency and Information.

June 28, 2022

Anchorage Digital to Introduce Ether Staking for Institutions as Move to PoS Approaches

June 29, 2022

Will emergence of this unique young Crypto star bring new hope for the Crypto world.

June 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%