Bitcoin stumbles to a two-week low
Story by: AARON HANKIN
Bitcoin prices traded lower midday Monday, falling as much as 2.5% and trading to their lowest level in two weeks.
In Monday trade, a single bitcoin BTCUSD, -2.18% was fetching $3,714.60, down 1.9% since Sunday’s level at 5 p.m. on the Kraken exchange. The cryptocurrency traded at an intraday low of $3,673.50, its lowest level since Feb. 18.
Read: Dow falls 250 points as stock-market losses gain steam in late-morning action
What are analysts saying
Crypto analyst Willy Woo noted subdued bitcoin positioning data, as measured by long plus short positions on the Bitfinex exchange, have reached levels not seen early 2018, and historically they have been followed by continuation moves. Given that we are in a bear market, further declines could be on the horizon, he said.
Low levels of positioning, which Woo describes as “indecisiveness,” suggests there is waning interest in trading the cryptocurrency and as historical data show when this occurs the broader trend hasn’t just continued, but accelerated.
“The last time the market was more indecisive was at the start of 2018. Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets (opposite is true for bull markets). When undecided, “the trend is your friend” prevails,” he tweeted.
Willy Woo@woonomicThe last time the market was more indecisive was at the start of 2018. Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets (opposite is true for bull markets). When undecided, “the trend is your friend” prevails.
Read: This pattern suggests bitcoin could be en route to $20,000, in one chart
In the news
Electronic brokerage firm Tagomi Holdings said on Monday it had completed a new round of capital razing, which includes investment from Pantera Capital and Paradigm, the Yale-backed fund. The fresh round of funding brings total investment to $28 million.
“We view the development of an electronic agency offering as a critical step in empowering funds like Pantera to have complete control and anonymity when transacting in digital assets,” said Dan Morehead, CEO and Co-CIO at Pantera Capital in a press release.
Tagomi was the first electronic brokerage firm offering services in digital assets.
Altcoins and futures
Smaller digital currencies other than bitcoin, colloquially known as altcoins are underperforming on Monday. Ether ETHUSD, -4.41% has lost 4.1% to $125.43, Litecoin LTCUSD, -3.85% fell 3.6% to $45.79, Bitcoin Cash BCHUSD, -4.88% was down 4.9% at $122.80 and XRP XRPUSD, -1.86% was trading lower by 1.8% at 30 cents.
Bitcoin futures opened the week sharply lower. The Cboe Global Markets March contract XBTJ9, -3.27% lost 3.3% at $3,700 and the CME Group March contractBTCH9, -3.27% fell 3% at $3,705.
Original story: https://www.marketwatch.com/story/bitcoin-stumbles-to-a-two-week-low-2019-03-04
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