The price of Bitcoin is apparently not related to the Bitcoin futures trading, according to a new study that was published by Cindicator. The actual report makes today’s headlines on our DC Forecasts Bitcoin news site – and focuses on the price of Bitcoin and all of the factors affecting it.
With a title Bitcoin Futures: Market Evolution, the report also studied the volume of Bitcoin on futures and spotted cryptocurrency exchanges to get an idea about the liquidity and development of the holistic trading market.
Some of the findings included the presence of institutional investors in the future markets as well as their past positions on the futures, comparing them to the Bitcoin price movements before the future expired.
Basically, the report centers around the theory that future markets, and their comparatively lower volume than the spot market, are right now insufficient catalysts when it comes to predicting Bitcoin spot prices. The researchers at Cindicator also noted:
“This is partly because of arbitrageurs trying to gain from differences between futures and spot prices that can be produced by lower liquidity and/or differing demand-supply dynamics of futures and spot investors in the short term,”
The report also pointed out to the Bitcoin price pattern before the first future contract expiry, noting:
“Probably because it was the first expiry, the CBOE futures experienced a spike in intraday hourly return volatilities on expiry,”
As the report found, the popular correlation of Bitcoin’s price and Bitcoin futures could not sustain the mainstream fundamental factors that belittled futures market relevance in defining the Bitcoin price movements.
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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Millennials Choose Bitcoin As Part Of Their Retirement Plans
“Propensity [to own crypto] peaked among younger respondents at 42 percent.” The Harris Poll last month found that among those aged 18 to 34, “nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate, and more than 1 in 5 prefers Bitcoin to gold.”With Charles Schwab’s findings regarding retirement savings, Grayscale Investments had an award-winning Drop Gold campaign and BTC was seen as the digital gold among the younger investors. As per other reports, millennials are likely to choose a crypto asset such as BTC if a recession strikes harder. The fear of recession has increased around the world. The traditional indicators for recession have started to show up clearly since the US treasury curve for the two-year and 10-year bonds has officially inverted starting from 2007. Also, the gold has started to rally as the stocks topped out. The global PMI readings also started to drop below 50 showing signs of recession among many other indicators. What is also concerning is that this is coming to many regions of the world and they are slowly developing chaos starting from the US-China trade war, the Hong Kong protests and the massive hyperinflation in Venezuela.
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