Bullish Rumblings in the Crypto Space


Quietly amid this week’s elections, cryptocurrencies have been on the rise.

CME’s bitcoin futures (@BTC) touched their highest level since mid-October yesterday and are now trying to push above their 50-day moving average. Other tokens including Ethereum (ETHUSD) and Litecoin (LTC) have traded similarly.

One near-term catalyst is the “hard-fork” for Bitcoin cash (BCHUSD), which is similar to a stock spin-off. In this case, buyers have reportedly hoarded BCHUSD in order to receive the new digital asset known as Bitcoin SV.

Other favorable stories recently include Fidelity’s decision to enter the crypto space and research finding that volatility in CFE’s futures (@XBT) had declined to a record low.

In conclusion, the cryptocurrency market has been quiet for much of this year following a surge of enthusiasm in 2017. Some recent price action and news coverage may suggest interest is returning to the space.

Bitcoin Futures (@BTC) with 50-day moving average and daily volume.
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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.