- The big news on Monday was the Bitcoin halving event.
- BTC/USD sold off before the event and failed to recover after the fact.
There has not been a massive instant reaction to the halving event as some people and analysts had been expecting. Sometimes these events fail to live up to their expectations or have a delayed effect. At the moment the bulls and bears are fighting around the 8500.00 level but there has been a notable pick up in volume over the last couple of hours. Earlier on the day, there was a large sell-off that saw the price break down to 8106.70 and there has been a firm low in place on the intraday charts.
Bitcoin’s anonymous inventor Satoshi Nakamoto decided there would only be 21 million BTC. The creators wanted new coins to be released gradually into the market and at the same time, it was very important for a generous supply of Bitcoin to start circulating sooner rather than later.
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- Ethereum-based futures with physical delivery are launched at the cryptocurrency exchange ErisX.
The trading platform for cryptocurrency derivatives, ErisX, launched the first Ether (ETH) futures contracts with physical delivery in the U.S. According to the official announcement, the contracts based on ETH-USD with monthly and quarterly expirations are made available for traders today.
The price action in ETH/USD was pretty weak leading into the session in the EU. As soon as the EU session kicked in the pair found a floor. 180.00 seems to be the support zone of note now. On the top side, all eyes will be on the psychological level if the bulls can get there.
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Author: Rajan Dhall, MSTA
