Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.
Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.
Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.
Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.
Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover
Relative Strength Index indicator showed that the buying and selling pressures had evened each other out
Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.
Bollinger Bands pointed towards increment in volatility.
Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.
Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.
Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.
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Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
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