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Bitcoin News Roundup for Feb. 21, 2020
With the price of bitcoin bouncing in a range below $10,000, Markets Daily is back with another time saving crypto news roundup.
By John Biggs
Updated Dec 6, 2022, 6:28 p.m. Published Feb 21, 2020, 5:00 p.m.
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Today's news:
Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
Insolvent Exchange FCoin Had Bitcoin Outflow Problems Just Two Months After Launch: Report
Riot Blockchain Plans Sale of Crypto Exchange as It Invests More Millions in Bitcoin Mining
Morgan Stanley Buys E*Trade in $13B Deal
Fidelity International Invests $14M in Hong Kong Crypto Exchange Operator
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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