After bottoming out around $3,500, the price of bitcoin enjoyed a near 25% rally where it is currently testing the resistance of its macro 78% retracement.
The service will be available via Huobi’s Derivative Market (Huobi DM) to customers of select countries and will allow them to open both short and long positions for a handful of cryptocurrencies.
Because of the parabolic rise last year, ether never managed to establish firm supports. Unfortunately, this means there is nothing to cushion the market as it moves lower and lower.
Coinsquare CEO Cole Diamond told Bitcoin Magazine that this is a major move for the young exchange and it makes good business sense to enter a market that has a GDP 12 times the size of Canada’s.
An unconfirmed report claims that NASDAQ has plans to launch BTC-based futures contracts, and that these plans are continuing to go forward despite the recent crypto crash.
Bitcoin has, yet again, seen another decline by over 15% in value. But while the move downward is unrelenting, the 78% retracement at $4400 may bring in a fresh round of buyers.
After months and months of consolidation, the yearly support finally broke and now the price of bitcoin has found itself in the lower $5000s for the first time since 2017.
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