Category: Cryptocurrency News

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Bitcoin is losing steam on low timeframes as the price is rejected from the $20,000 and seems poised to re-test previous support levels. The cryptocurrency enjoys a short-lived bullish price action, but buyers have been unable to push further.  Related Reading: ImmutableX Breaks Out Of Downtrend, Can Price Rally To $1? At the time of writing, Bitcoin (BTC) trades at $20,000 moving sideways in the last 24 hours and with a 5% profit in the last 7 days. Other cryptocurrencies in the top 10 by market cap record negative performance and steeper losses than BTC’s price except for Dogecoin and XRP. Open Interest Follows Bitcoin Price, What Are The Implication? As NewsBTC reported based on data from Arcane Research, the Bitcoin price bullish momentum has been followed by participants in the derivatives sector. In Late September and early October, as BTC’s price breached resistance at $20,500, the Open Interest (OI) for future contracts trended to the upside. Quickly, this OI plummeted as the bulls were unable to follow through on their assault. Something similar happened over the past week with OI spiking, led by the price action. The metric is generally perceived as bearish if the price is moving up, as it indicates traders taking leverage long positions to chase the momentum. Larger players often used the liquidity served by these leverage positions, pushing the price in the opposite direction, as Bitcoin has seen in the last 24 hours. However, a longer-term increase in Open Interest might lead to large rallies. According to a pseudonym analyst, the Bitcoin price saw a 55% increase in Open Interest before the 2021 bull-run to $69,000. So far, the metric has seen a 45% increase leaving many to wonder if the crypto market will see a similar price explosion to the upside, as seen in the chart below. The analyst added the following on the chart below and Open Interest: I’m not saying we’ll get a similar move as per the highlighted area on the chart from 2020. I’m simply showing how an increase in Open Interest does not have to mean a full retrace every time. It’s true that this did happen while we were in this current range. What Could Tip Off A Large Bitcoin Upside Move The analyst believes that a spike or decrease in Open Interest accompanied by bids/sell orders in the spot sector might provide more clues into potential persistent trends. In 2022, the price of Bitcoin crashed from its previous all-time high, and this downside pressure has been supported by spot selling. Related Reading: Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum This prevents an aggressive price reversal to materialize. Additional data provided by Arcane Research indicates a spike in Open Interest from late 2021, this increase has been supported by spot selling. Once the latter stops, Bitcoin could be set for a massive upside trend. On this possibility, the analyst wrote: (…) as long as spot bid (spot selling) stays steady (Very important), then I don’t see an immediate danger for these positions. If price starts trading lower then that’s where you pay attention.

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This week on NFT and Chill™️ we’re talking Real World Utility & innovation in Web3🎙 How important is physical utility? Featuring Benediktas Gylys & Kristina Hagopian from Portal Unity Network🔥 submitted by /u/TheJet1515 [link] [comments]

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Hype may have been a factor in the rise of NFTs, but the actual utility will be the catalyst for the mainstream adoption of the technology.

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A general sentiment in the CC community is to spread the word as much as possible to educate and encourage adoption. And that is a very important and noble goal. Thing is, most people are absolutely not receptive to this, whether it is from their own beliefs and ideology, or because they don't understand the…
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Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22. MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week Buyers are back and so is the buying pressure, propelling the asset to go higher Polygon now has two versions of SynFutures mainnet At press time, data from CoinGecko shows the crypto is trading at $0.837 and has been up by 13.1% for the last seven days. Among the top 20 cryptocurrencies based on market capitalization that includes Bitcoin, Ethereum, XRP and Cardano, MATIC is the only one to register double-digit price increase for the past week. Related Reading: Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days Analysts believe that this bullish rally now indicates that buyers are back, exerting tremendous buying pressure causing the asset to climb higher for the past days. Polygon Uptick Has Other Reasons, Too The month of October this year is starting to shape up as a friendly one for cryptocurrencies, paving the way for bounce-backs of different levels. Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354. Both assets are performing better compared to how they did last month. While the recovery of the pack leaders may contribute for Polygon’s rally, there seems to be other reasons that fuel this run. A quick glance at MATIC’s market value to realized value (MVRV), which currently stands at 1.924%.  This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October. An asset’s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability. MATIC Joins Elite Company As Polygon Gets Busy A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses. It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether. This could mean investors are finally paying more attention to the carbon-neutral project, potentially triggering the recent uptick, which at one point reached 6.5% in a span of 24-hours. Polygon is also not lacking in network activity as it becomes busy amid its token’s resurgence. The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so. This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol. Related Reading: Uniswap Rally Could Be In Jeopardy, Despite UNI’s Solid Social Engagement MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, Chart: TradingView.com

Investor cost basis is an important focus for ARK Invest, part of an ongoing “tug-of-war” in the 2022 Bitcoin bear market.