Bitcoin edges lower as extreme buying behaviour dips

13 Oct 2021

SGT 0815
📉 BTC | $56,229 (-$806, -1.4%)
📈 ETH | $3,509 (+$2, +0.1%)
📈 XRP | $1.10 (+$0.00, +0.2%)
📉 LTC | $173 (-$4, -2.4%)

🎢 Bitcoin momentum is appearing to wane after entering “highly overbought” territory on several momentum indicators such as the Fear & Greed Index, last week.

💀 JP Morgan CEO Jamie Dimon also contributed to bearish sentiment by again stating yesterday that Bitcoin is “worthless”, an opinion he has been expressing since 2013 – when Bitcoin started the year trading at $13.40.

🔎 Coinbase (-2.8%) will join Binance and FTX in launching a NFT minting, purchasing, and showcasing function. Such a platform would be a direct competitor to the largest NFT marketplace currently – OpenSea.

🧐 Citigroup’s (-1.5%) “Disruptive Innovations” report has specifically named Disney, Electronic Arts, and Robinhood among other companies specialising in intellectual property, licensing, and merchandise, as specific beneficiaries of NFTs. NFTs would theoretically allow content owners to bypass middlemen in terms of distribution and monetisation, a potential draw for such companies to adopt them.


Cryptocurrency CFD is available for trading on Phillip MetaTrader 5 (MT5).

Features of trading CFD

  • Trade in both the bull and the bear markets
    The ability to enter a long and/or short position allows traders to take advantage of both rising and falling markets.
  • Smaller barrier to entry
    CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
  • No expiration date or risk of delivery
    Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.

Trade Bitcoin, Ethereum, Litecoin, and Ripple CFDs at zero commission on Phillip MetaTrader 5, a dynamic platform that offers low spreads. Integrated with Autochartist and Trading Central Indicators, and available on mobile, web and desktop app, you will never miss a trading opportunity with Phillip MT5.

Download Trading Central’s Market Buzz for updates on more topics.

What’s more? Phillip MT5 is now supported on Mac OS! To install, simply download the file below and complete a simple installation process.