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Hamilton hits out at Ferrari over racial politics

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Toto Wolff insists “everyone’s perspective” must be respected amid a spate of racial politics in Formula 1.

As he pushes the Black Lives Matter agenda, Mercedes’ six-time world champion Lewis Hamilton on Sunday scolded Ferrari for staying silent.

“You look at Ferrari, who have thousands of people working for them, and I’ve not heard a word from them saying they hold themselves accountable,” he said.

For the second consecutive Sunday, some F1 drivers chose to join Hamilton in kneeling on the grid, whilst others remained standing.

But Sunday’s showing was particularly shambolic, with Kevin Magnussen not even there at all and others counting up to four missing drivers in photographs.

Alfa Romeo even felt moved to issue a statement to explain why neither Antonio Giovinazzi or Kimi Raikkonen joined Hamilton in kneeling.

“Kimi and Antonio … will be free to further express their support of this cause in whatever way they feel comfortable, according to their culture and beliefs,” the team said.

Hamilton revealed that some drivers had even asked in the drivers’ briefing in Austria if the kneeling needed to continue at all.

“Some people were asking ‘How long do we have to continue to do this?’” he said.

“A lot of work needs to go on with Formula 1, the FIA need to be a part of it and I think the drivers need to be a part of it also as we have great voices and platforms,” added Hamilton.

Hamilton’s team boss Toto Wolff said: “I think we must not judge anyone in this situation.

“None of the drivers are racist – not even those who choose to stand. We need to respect everyone’s perspective.”

Source: grandpx.news

Source: http://futureneteam.biz/hamilton-hits-out-at-ferrari-over-racial-politics/

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Pro traders added to shorts as Bitcoin price broke $12K — Data shows

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As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum.

What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders increased their longs, but during the recent move to $12,000 these professional traders are opening up short positions.

Despite this flip in sentiment, traders should not automatically conclude that today’s pump will turn into a flop exclusively based on the longs-to-shorts indicator. For starters, there is no way to know for sure how the top traders are positioned off-exchange.

For this reason, derivatives pricing is a better way to assess how bullish or bearish professional traders might be. This indicator focuses on the actual market conditions, whereas both the fear and greed and options put-to-call ratio are backward-looking.

Futures markets tend to trade at a slight premium to regular spot exchanges. This event is not exclusive to crypto markets but rather a derivatives effect.

The futures contracts premium (or basis) should range between a 5% to 10% annualized rate for healthy markets. Figures above this range denote excessive optimism, as traders bet on much higher prices. In the opposite situation, a negative futures contract premium indicates bearish sentiment.

BTC 3-month futures contracts annualized premium. Source: Skew

The above chart shows how the basis indicator has been flirting with over-optimistic levels, similar to what happened on October 12.

Traders should not mistake optimism with leverage as a positive funding rate on perpetual contracts is also needed to confirm this thesis.

The perpetual futures funding rate settles every 8 hours on most exchanges, and a fee is paid from longs (buyers) to shorts whenever the funding rate is positive. This situation would be the defining characteristic of overleveraged buyers, but that hasn’t been the case so far.

BTC perpetual contracts funding rate. Source: Digital Assets Data

The data above shows how volatile the funding rate has been, although there has not been any sustained funding periods. The standard measure for this indicator is 8 hours. Therefore a 0.05% rate is equivalent to 1% per week. The opposite holds for a negative funding rate when shorts are the ones paying it.

As for the BTC options market, there has been a similar movement as the 25% delta skew indicator entered the overconfident bullish territory. A negative skew indicates calls (buy) options cost more than similar puts (sell) options, thus indicating bullish sentiment. On the other hand, a positive skew suggests bearishness.

BTC 3-month 25% delta options skew. Source: Skew

Take notice how close the skew indicator is to its lowest levels in 6 months, indicating traders’ optimism. This situation is the same as October 12, when BTC gained 10% in 4 days. Although nothing is barring the skew indicator from remaining at the current level for extended periods, it is unlikely in BTC history.

After reading derivatives market indicators, one might conclude that professional traders are leaning bullish by adding long positions above $12K. Except, exchange-provided data on top traders long-to-short net ratios shows this hasn’t been the case.

Clients Long/Short Ratio. Source: Binance & OKEx

There are often discrepancies between exchanges’ methodologies, so readers should monitor changes instead of absolute figures. According to the above data, it is safe to say that top clients were either neutral or adding long positions ahead of Oct. 12.

On the other hand, there has been a sizable move in both exchanges over the past two days as top traders were more active on the sell-side when BTC approached $12K.

Therefore, regardless of derivatives indicators’ bullishness, these traders are signaling a lack of short-term optimism.

These seemingly opposing signals could reflect the recent 15% hike in two weeks, causing some traders to realize gains. Even though derivatives markets continue to favor a bullish trend, top traders appear to see no reason to add to long positions at the current levels.

Although the top traders call seems to have failed for now, they appear to be in no rush to FOMO at the current levels. Until these begin building some substantial long positions above $12K, this support level cannot be deemed strong enough.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/pro-traders-added-to-shorts-as-bitcoin-price-broke-12k-data-shows

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PayPal to Enable Bitcoin and Crypto Purchasing and Selling

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  • One of the world’s largest online payment processing companies, PayPal, has joined the cryptocurrency market and it will allow its customers to hold, buy, and sell Bitcoin and other cryptos using fiat currency. 
  • In addition, PayPal customers will be able to spend Bitcoin to shop at over 26 million vendors already included in its network starting early 2021, Reuters reports
  • The company has stated that they are “working with central banks and thinking of all forms of digital currencies and PayPal can play a role.” 
  • The CEO also hopes that this service will encourage further usage of virtual currencies, as well as prepare its network for central bank digital currencies (CBDCs). 
  • US customers will be able to buy, sell, and hold crypto through their PayPal wallets in the coming weeks. Moreover, it also plans to expand this offering to Venmo and other countries in the first half of the following year.

Featured image courtesy of How Stuff Works

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Source: https://cryptopotato.com/paypal-to-enable-bitcoin-and-crypto-purchasing-and-selling/

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Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)

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Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.

Apart from building optimism within the community that a new 2020 high of above $12,500 is coming, BTC’s impressive performance raised questions about the nature of the funds going into Bitcoin.

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New Capital Enters

Popular cryptocurrency commentator Alex Saunders published a graphic on the matter called “Crypto Market Cycle Capital Flows.”

Crypto Market Cycle Capital Flows. Source: Twitter
Crypto Market Cycle Capital Flows. Source: Twitter

Saunders specified that the blue represented the entire cryptocurrency market cap, the black – BTC’s market cap, and the orange was the cumulative market cap of all alternative coins.

He outlined several periods when Bitcoin’s performance contrasted altcoins. This implies that when BTC was heading up, investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.

However, the latest price increase for the primary cryptocurrency doesn’t fall under the same category. Saunders concluded that the data he collected “suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.”

Alternative Coins Stay Still

By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.

On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.

The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.

Altcoin Market Cap. Source: CoinMarketCap
Altcoin Market Cap. Source: CoinMarketCap
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Source: https://cryptopotato.com/analysis-current-bitcoin-rise-due-to-new-money-entering-crypto-and-not-altcoins-sell-off/

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