Crypto

This “bombshell” I am referring to is the announcement by PayPal earlier today that in just a few weeks they will allow users the ability to hold and exchange cryptocurrencies in their digital wallets. This news is a gigantic leap for the adoption of Bitcoin as well as Bitcoin Cash, Ethereum, and Litecoin which will also be supported.

Today all traders that took our latest call to action we put out last Monday, October 12^th, in which we told all traders to enter from Bitcoin futures from the long side (either BTC or BTM) at the market. Traders taking our call bought in at approximately $11,580 and today should sell their positions if they haven’t already done so.

According to Cointelegraph “Despite the growing Bitcoin short positions from hedge funds, institutional investors are continuing to accumulate BTC. On Oct. 17, Barry Silbert, the CEO of Grayscale, said the firm reached all-time high assets under management (AUM) at $6.4 billion.

Bitcoin futures are trading up today although today's candle shows increased volatility with its range and looks like a possible dead cat bounce at the moment.  BTC futures on the CME’s October contract are trading up $205 posting a 1.8% gain on the day.

Over the weekend Bitcoin continued its ascent to higher pricing. After opening just above $11,000 in the spot market on the BITSTAMP exchange positive gains were achieved on Saturday and Sunday leading to a gap on today’s open in the CME. The CME’s most active October contract opened today at $11,360 almost identical to most spot markets as this month is halfway over.