Category Archives: GDAX

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Coinbase Insider Trading Lawsuit Dismissed

A lawsuit accusing US-based major cryptocurrency exchange Coinbase of insider trading has been dismissed in court.

Arizona resident and plaintiff in the case, Jeffrey Berk, filed a class action lawsuit in March accusing Coinbase of ”tipping off its own employees” of an upcoming Bitcoin Cash (BCH) support on the platform a month before it was launched to customers. He claims that this meant that all those who had been informed ”immediately swamped Coinbase and the GDAX with buy and sell orders, thinning the liquidity but obtaining BCH at fair price” as soon as it went live on 19 December 2017.

Court documents released this week show, however, the judge overseeing the case did not think Berk had sufficient evidence to back up his claims. US District Judge Vince Chhabria from the Northern District Court of California said that he ”fails to describe the scope or content of Coinbase’s duty in anything more than broad generalities. A reader of the Complaint is thus left wondering what Coinbase should have done differently, or why the rollout of Bitcoin Cash would have gone more smoothly had Coinbase done whatever Berk thinks is appropriate.”

Berk and his legal representation have 21 days to appeal the ruling by filing an amended complaint if they wish to further pursue his claim that Coinbase ”unfairly dr[o]ve up the price of BCH for non-insider traders once BCH came online on the Coinbase exchange.”

In another closed crypto case this week, a New York judge dismissed anguished investor Alex Brola’s case against the developers of Nano (XRB), in which Brola claimed the core development team both breached US securities laws and failed to accurately represent the reliability of Italy-based crypto exchange BitGrail. Brola claimed that its negligence contributed to the theft of USD 187 million in XRB in February.

 

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Bitcoin Price Analysis, 28th May 2018: BTC/USD Dips Below $7,200

Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels within this trading session. All this selling pressure is expressed under a period of decreased trading volumes. Signals are indicating that the bear market might still be holding strong.

The day’s signals

  1. BTC/USD experiences losses around 4% in the last 24 hours with the more recent dip around USD 7,100 levels.
  2. Sizable downward spikes appear to be the moving force behind the price decline amid a stagnant trading session with low volumes.
  3. Bitcoin traders only appeared to be taking consideration for a few hours before each new price fall.

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GDAX BTC/USD charts are showcasing the market’s lack of support as prices keep falling. Bitcoin markets experienced a dip from price levels slightly below USD 7,400 down to sub USD 7,200 levels. Traders don’t seem to flinch with such downward pressure under such a bearish market sentiment. The reaction traders appear to have to downward spikes of that size goes to show that the market’s sentiment is bearish as ever in the last few weeks.

Bitcoin okcoin-btcusd-weekly-futures-May-29-2018-5-21-45

OKEX BTC/USD weekly futures charts showcase a similar mood. Futures traders are mirroring movements of live markets closely. The spread between futures rates and spot prices remain minimal with futures staying especially close to live markets during each dip. Provided that downward spikes keep being the driving force behind all notable moves in the market, Bitcoin futures traders are cautiously following what happens in live markets.

The overall outlook of Bitcoin markets looks grimmer day after day. On the plus side, the state of Bitcoin markets might not be just as bad as certain altcoins. Bitcoin’s fall is prompting a market-wide downtrend though. And with new lows being reached day after day, the market would need something more than just volumes to form support and break through the pressure.

 

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Bitcoin Price Analysis, 25th May 2018: BTC/USD Met With Resistance Below $7500

Bitcoin appears to be coming under a bear market with signals indicating dramatic shifts in the sentiment of traders. Prices keep being in a downward spiral now with volumes also coming down.

The Day’s Signals

  1. Bitcoin prices fell from the day’s peak at USD 7,700 price levels with a drop down to USD 7,300 levels earlier today.
  2. While a recovery was realized above USD 7,500 prices, a selloff had traders taking consideration at USD 7,400 levels.
  3. Selling pressure now seems to be forming a resistance level below USD 7,500.

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GDAX BTC/USD charts are indicating the shattering of support levels with today’s downward spike. While markets did recover, the downtrend keeps prices from rising. Through more recent hours, a fall further down to USD 7,300 levels keeps seeming more plausible. It’s obvious that consideration after the recovery didn’t manage to last too long. Traders succumbed to a bearish breakout with the downward spiral even continuing after it. It’d be safe to assume that resistance levels might be starting to form below USD 7,500 levels with the markets even being vulnerable to further price falls as volumes remain low.

Bitcoin okcoin-btcusd-weekly-futures-May-25-2018-23-59-7

OKEX BTC/USD charts showcase that futures traders are continuing to support closely mirroring spot prices. There hasn’t been much space for a difference between the two markets with so much uncertainty around. Traders in markets for bitcoin futures have surely gotten wind of the worsening market sentiment that’s driven by uncertainty. With trading volumes continuing to go down from being already low in previous trading sessions, not much confidence can be placed in markets.

All in all, traders seem to be preparing for even worse outcomes in spite of the already worsening conditions experienced in bitcoin markets. Volumes kept going down in spite of already being low in previous trading sessions. It is such signals that lead traders to exercise more caution and ultimately markets end up with even thinner support. With new lows reached through yet another day, indicating that there’s no positive sign showing that the downtrend might be close to an end.

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Bitcoin Price Analysis, 23rd May 2018: BTC/USD Dips Below $7,500 in Wake of Bearish Breakout

Bitcoin markets are under a bearish market sentiment with prices undergoing strong selling pressure.  Today’s trading session had traders experience major breaches in Bitcoin’s price, with prices continuing to be following a downward spiral.

The day’s signals

  1. Bitcoin markets continue experiencing breach after breach with no sign of support being present.
  2. BTC/USD levels now reach USD 7,300 price levels only a day after USD 8,000 price levels were breached.
  3. Markets aren’t appearing to take much consideration for positive price movements. Resistance appears to be bringing selling pressure even after price falls.

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GDAX BTC/USD charts are showcasing the disdain traders have towards any and all positive movements. The market’s sentiment has worsened considerably, and traders don’t seem to think twice when giving in to selling pressure. Large sell offs have dominated the day’s course, making up a significant portion of the day’s trading volumes in spite of the largest spikes happening momentarily. It’s no wonder that periods through which the most selling pressure was expressed accounted for the bigger chunk of the day’s trading volumes.

bitcoin okcoin-btcusd-weekly-futures-May-24-2018-13-50-25

OKEX BTC/USD weekly futures charts are showcasing how futures markets are pricing in for Bitcoin at lower prices than spot trades. This is a trend that was kept up throughout the day. Larger downward spikes continue being reflected with accuracy on futures markets. All that while futures markets appear to show hesitation when it comes to following. It is clear that the shift in the market’s sentiment has also lead to an overturn of the mood in futures markets.

Overall, a very sharp shift in the market’s sentiment is now being embraced by traders. Bitcoin markets are struggling to maintain any level of support that could prove viable with each bearish breakout followed by another. Markets are not looking good with traders drifting away from the potential of a recovery.

For an improvement in the market’s outlook, a lot of liquidity would have to come in the form of support. The need for such moves becomes apparent in trading sessions like the more recent one. Lower trading volumes are known to  leave markets susceptible to further breaches.

 

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Bitcoin Price Analysis, 18th May 2018: BTC/USD Recovers From Sub $8,000 Slump

The day’s trading session was followed by notable volatility with bitcoin price falling to a low of 7,950 levels. However, the breach below USD 8,000 did not last long as prices recovered briefly. In the more recent hours, markets keep trading around USD 8,200 levels following a recovery.

The Day’s Signals

  1. A major selloff caused prices to go from USD 8,200 levels to hovering above USD 8,000.
  2. The followup to the downward spike included yet another selloff that this time caused a breach below 8,000.
  3. Interestingly enough, the breach appears to have kickstarted a wave of buying pressure. Such trend is not yet showing any signs of longevity though.

bitcoin gdax-btcusd-May-19-2018-6-21-20

GDAX BTC/USD charts are indicating that support for USD 8,000 might be underlying. The fact that a breach was observed today wouldn’t normally bring confidence, but the market’s reaction begs otherwise. Traders shouldn’t be too quick to judge of course, as the day’s trading volumes have gone down in comparison to the last few days. Big orders causing price spikes appear to be a driving force in today’s trading session. The market’s response to the spike that pushed prices to a breach certainly does showcase some support though. The market taking consideration on the recovered USD 8,200 brings on a more positive outlook in the following of a breach.

bitcoin okcoin-btcusd-biweekly-futures-May-19-2018-6-27-23

OKEX BTC/USD weekly futures showcase a tendency of futures traders to exaggerate selling pressure to an extent, which becomes more apparent at the time of the day when greater selling pressure was observed. Futures markets did, however, break out of this sentiment with prices moving up again. The difference in futures prices and markets rates grew to a bigger difference with futures maintaining higher prices.

In summary, today’s response to the sizable downward spike that was experienced was notably positive. It’s worth pointing out that markets appear to be on an overall downtrend over the span of this week. With that in mind, support for a recovery after a breach might showcase that underlying support could be holding up for USD 8,000 levels. Of course, a day with decreased volumes would not set a sentiment of support in stone. For that reason, the sustainability of the recovery remains to be seen.

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Bitcoin Price Analysis, 16th May 2018: Bitcoin Markets Stagnant Above $8,000

Bitcoin markets appear to have a hard time finding sustainable support above USD 8,500 levels. Even after the bullish breakout experienced only a couple of days ago, markets are again experiencing a dip, this time reaching low levels of USD 8,100.

The day’s signals

  1. Large sell0ffs crashed Bitcoin prices down from USD 8,500 levels where BTC/USD was at in the earlier hours of the trading session.
  2. The crash appears to be a continuation of the downward trend. This trend appeared following Bitcoin markets reaching a top above USD 8,800.
  3. Volatility still appears to be in play but this time around, leaning towards overall bearish sentiment.

bitcoin gdax-btcusd-May-17-2018-6-37-45

GDAX BTC/USD charts are showcasing the market’s mood through a couple of interesting patterns. The first is an apparent market disdain when it comes to following up on positive price movements. The major crash for the day caused prices to drop from USD 8,500 levels down to USD 8,100 levels. With markets taking consideration for a few hours, traders achieved a recovery reaching slightly below USD 8,400 levels. Some brief consideration ensued and then yet another dip, this time with prices reaching a low at USD 8,200 price levels. From there on, prices have been pressured against reaching USD 8,400 levels again.

bitcoin okcoin-btcusd-quarterly-futures-May-17-2018-6-37-48

OKEX BTC/USD weekly futures still appear to be maintaining some positivity. Futures traders are keeping up the positive difference between futures rates and live market prices. That’s in continuation to the recently reached peak. A breach in the now sideways trailing prices could potentially limit that positive difference substantially. The recent hours where volumes have gone down leave markets especially vulnerable to another breakout that could end up being negative.

All in all, traders are certainly more cautious after the day’s volatility proved support hasn’t come on to back prices above USD 8,500.  Interestingly enough though, while volumes have gone down, prices are now managing to rise under this setting. However, support for even the current levels proved to be unreliable throughout the day. The way Bitcoin markets are playing out, there’s no wonder traders appear skeptical in this moment.

 

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Bitcoin Price Analysis, 15th May 2018: BTC/USD Markets Volatile Above $8,000

Bitcoin prices remain above USD 8,000 but volatility comes to be a major force in today’s trading session. Prices dipped to USD 8,300 levels at one point with the markets taking consideration for several hours. Ultimately, there was a sizeable upward spike that moved prices to a recovery but the sustainability of such levels comes into question.

The day’s signals

  1. Prices were moving slightly below USD 8,800 earlier through the trading session.
  2. A large selloff made markets touch the bottom at around USD 8,300 levels, with traders taking consideration for several hours.
  3. An upward spike pushed prices to USD 8,700 levels again with markets seemingly exiting the bearish breakout.

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BTC/USD charts showcase the extent of the day’s volatility. Bitcoin prices went through some wild swings in the course of today’s trading session. Ultimately, prices might have returned to levels similar to the ones prior to the day’s selloff, but selling pressure certainly showed its capabilities. Traders might be building up more cautiousness now that the market’s sentiment showed itself to be capable of allowing a breach down to USD 8,300 price levels. Resistance for upward movements following the recovery is apparent as markets currently appear uneasy with further price rises.

bitcoin okcoin-btcusd-weekly-futures-May-15-2018-9-20-14

OKEX BTC/USD weekly future charts display a lack of exaggeration in price movements. Futures traders didn’t mirror the selloff to its fullest extent but also didn’t seem to be firm believers in a potential recovery. It’s likely the potential of such price levels being sustained came into question. With uncertainty reaping the markets along with volatility, futures traders are likely trying to play it safe. It’s worth mentioning that with live markets taking consideration amid lower volumes, prices might be prone to another crash.

All in all, traders might be pleased with the fact that BTC/USD markets didn’t breach below USD 8,300 levels. Afterall, the resistance observed in live markets could also be another contributor to the current mood of the market. If a further crash can be avoided, trades could eventually start working on breaking resistance levels.

 

image source: https://www.flickr.com/photos/jenny-pics/2539753594 – jenny downing

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Bitcoin Price Analysis, 12th May 2018: $9,500 Breached as BTC/USD Enters Downward Spiral

Trading volumes might be up for bitcoin markets, but support wasn’t there in today’s trading session. Prices kept falling, with USD 9,500 levels also being breached in the process.

The Day’s Signals

  1. Selling pressure has been the day’s biggest feat in bitcoin markets with large selloffs making the decisive moves through the day.
  2. Bitcoin markets are now under a great layer of uncertainty with the revelation that no level of support above USD 8,500 proved reliable.
  3. BTC/USD experienced losses greater than 5% through the day, a development that comes to follow trading sessions through which the price was already falling.

bitcoin gdax-btcusd-May-12-2018-5-36-5

GDAX BTC/USD charts are showcasing how the current state of the market came to be. With large sell orders being the driving force behind today’s downward spiral. Support didn’t seem to come up as the price was falling, even dipping below USD 9,400. The lack of support along with the strong selling pressure is something indicating a more dramatic shift in the market’s sentiment. While the outlook for markets wasn’t very positive to begin with, today’s trading session manages to make matters worse.

bitcoin okcoin-btcusd-weekly-futures-May-12-2018-5-36-12

OKEX BTC/USD weekly futures charts are showcasing how dramatically the take futures traders had on markets was able to change. Futures rates went from maintaining a positive difference between live market prices to going below live rates at times. Today’s trading session managed to cement the sentiment doubting positive movements as no downward pressure appeared to be receiving a notable positive response.

All in all, traders might be looking for prices substantially lower than even the current bottom reached under such a market sentiment. A day of prices falling without any chances of consideration signals a remarkably negative outlook. This is undoubtedly something that changed for the worst through the last few days. At the moment, the best traders could wish for is a halt to the downtrend and ideally some support being established.

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Bitcoin Price Analysis, 9th May 2018: Support for $9,000 Levels Comes into Question

Bitcoin markets remained under pressure through the day. While trading volumes continue being on the upside, this time traders aren’t keeping up any positivity. Prices kept going down from USD 9,400 levels and even briefly dipped to USD 9,000 levels through the course of the trading session.

The day’s signals

  1. Bitcoin traders embraced the bearish market sentiment that took on BTC/USD markets lately.
  2. Selling pressure is responsible for the greater part of the day’s volumes. Prices kept falling and ultimately reached a dip below USD 9,000 levels.
  3. An ongoing recovery now has BTC/USD trading at around USD 9,250 levels.

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GDAX BTC/USD charts show how prices were led to USD 9,000 levels through the course of the day. The lack of apparent support might be something that puts the market’s mood in a worse position than it already was in. Traders most likely are now starting to sense that there’s further pressure for Bitcoin prices even after the market’s failure to reach the price point of USD 10,000.

BITCOIN okcoin-btcusd-weekly-futures-May-09-2018-17-27-32

OKEX BTC/USD weekly futures charts are displaying the way futures traders are taking to today’s bearish market sentiment. The positive difference that was observed between futures markets and live Bitcoin prices has now shrunk considerably. Futures traders responded to the fall of Bitcoin prices with a slight exaggeration in the extent of the dip. It appears as though traders in futures markets are now also more cautious amid the current market sentiment.

All in all, the day’s course in Bitcoin markets proved to hold a worsening outlook for markets. A breach of USD 9,000 levels has not been observed to a larger extent. However, under current market conditions, it wouldn’t seem unlikely. Traders are currently taking consideration of the day’s dip. A decisive move could be observed in the following hours if support is not maintained.

 

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Bitcoin Price Analysis, 7th May 2018: Bitcoin Prices Fall Below $9,500

Today’s trading session didn’t prove to hold a positive outlook for traders in Bitcoin markets. While markets are continuing to experience above-average trading volumes, a bearish breakout was the deciding factor in the day’s price movements. It appears as though the sentiment that had Bitcoin traders hopeful of USD 10,000 levels is now being squashed down.

The day’s signals

  1. Bitcoin prices fell from USD 9,600 levels to USD 9,200 lows with a sudden selloff.
  2. Prices did not break below USD 9,200 following the crash, although upward movements weren’t received with particular positivity.
  3. Recent hours saw prices of Bitcoin climbing back up to USD 9,400 levels.

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GDAX BTC/USD charts showcase the extent of today’s crash. Bitcoin entered a period of bearishness with taking consideration for the greater part of the trading session. The selling pressure remained persistent throughout the day’s span with all upward movements met with disdain. However, more recent hours have prices rising back to USD 9,400. Resistance levels didn’t go very low, but selling pressure is still present. Not to forget that volatility is still very much present in markets, as we saw prices fall down to USD 9,300 levels even after reaching USD 9,400.

OKEX BTC/USD weekly futures charts are putting up a different picture. Futures traders seem to still maintain some positivity for Bitcoin’s prices. Today’s bearish breakout did bring the difference between futures rates and live market prices to noticeably smaller levels. And still, futures continued to trade at a price level around USD 9,500. The day’s lowest rates for futures markets didn’t reach below USD 9,400 levels in spite of the volatility experienced through the day. The attitude of futures traders could be hinting a more hopeful outlook in spite of losses experienced.

 

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