Bitcoin futures are getting burned

Bitcoin futures are getting burned

LONDON — Bitcoin is starting the new year on the back foot, with
investors betting that the digital currency has further to fall.

Bitcoin is close to a one-month low on Tuesday morning, down 0.4%
to $13,445.91 at 7.25 a.m. GMT (2.25 a.m. ET). It’s a long way
off the record high of $19,511 reached on December 18 and around
$500 lower than where it was on Sunday.bitcoinMarkets
Insider

The cryptocurrency has seen a sustained pull back since hitting
its all-time high and investors are betting that the slump has
further to run. Bitcoin futures,
which launched in early December
, are down over 7%, according
to Investing.com. Institutional buying activity is pricing
bitcoin at $13,355 by January 18, as the chart below illustrates:


futures
Investing.com

Bitcoin’s price rocketed over 1,500% against the dollar across
2017, while the wider cryptocurrency market rose along with it.
The total value of all cryptocurrencies in circulation is over
$600 billion, according to
data provider CoinMarketCap.com.

Mati Greenspan, an analyst with trading platform eToro who
follows the crypto space closely, said in an email on Monday
evening: “This new asset class has probably seen the quickest
rise in value and market capitalization of any asset class in any
year in history. The total value of all cryptocurrencies in
circulation has risen by 3,137% from January 1st to December
31st.

“The amazing thing is that the rate of acceleration has continued
to increase as the year progressed. Even the massive pullback
that we saw in the week leading up to Christmas seems like a tiny
blip when we look at the big picture.”

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