RUNE rose by over 10% to start the week, surging as global crypto markets pushed to enter the green on July 4. After a slow start to the day, the crypto market cap is up 3.15% as of writing, with SAND another notable mover, as it extended recent gains, rising by nearly 13% in the […]
The RSK sidechain is the first Bitcoin-based sidechain to be incorporated into Multichain.
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On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Read more about this: submitted by /u/predictany007 [link] [comments]
Bitcoin seems to be forming a new range around its current levels as the cryptocurrency moves between the $18,600 and $21,000 area. BTC’s price has seen some recovery during today’s trading session and might experience some volatility due to the U.S. Independence Day, July 4th. Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact At the time of writing, Bitcoin trades at $19,500 with a 4% profit in the last 24 hours. Data from analyst Ali Martinez indicates an increase in Bitcoin holdings from addresses with 100 to 10,000 BTC. These whales have been adding over 30,000 BTC to their holdings. In addition, Martinez records over 40,000 BTC leaving crypto exchange platforms. The less Bitcoin supply there is available on these venues, the less it can be sold on the market. These market dynamics translated into this weekend’s price action. In addition, Material Indicators records an increase in buying pressure from investors with a large bid (purple in the chart below) which coincides with short-term whale accumulation. These whales have been the “most influential” over the BTC’s price action and could be hinting at more gains. Material Indicators also recorded bullish momentum on the weekend’s price action. In fact, every investor class except retail and massive whales with over $1 million in bid orders seems to be buying into BTC’s price action, as seen in the chart below. Additional data provided by Santiment records a huge uptick in the number of long positions across exchange platforms. This coincides with the U.S. holiday, but it’s not necessarily good news for these operators: In the early hours of 4th of July 2022 in the US, there has been a massive uptick in #longs on exchanges in the previous hour. Trader optimism often correlates with holidays, which means there needs to be a greater degree of cautiousness of whales punishing the overly eager. What Is Causing Pain Across The Bitcoin Market There are some indicators of possible bullish price action in the short term, but the uptick in long positions merits cautions. The macro-economic outlook seems less optimistic and could spell more pain for Bitcoin and other cryptocurrencies. Trading desk QCP Capital claims its bullish outlook is “waning” on the back of the U.S. Federal Reserve’s (Fed) intentions of slowing down inflation in the country. The financial institution has been increasing interest rates for that purpose wreaking havoc across global markets. Initially, some experts believed the Fed was going to attempt to conduct a “soft landing”, and bring down inflation without harming the economy. This possibility might have been ruled out as the Fed finds itself between a rock and a hard place. QCP wrote: Fed Governor Williams stated the “need to get real rates above zero”. This means that the Fed is likely to ignore recession risks and will keep raising rates aggressively to reach their target of 3.5%-4% by year-end. Related Reading | TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside On top of the above, the financial institutions have been reducing liquidity off global markets while shrinking their balance sheet. This only signals more downside for the crypto market. 8/ Remember that the crypto bull cycle was fueled by balance sheet expansion. A contraction of this scale will surely have a dampening effect on prices. — QCP Capital (@QCPCapital) July 4, 2022
On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last 30 days, a […]
While not absolutely necessary, omitting it would be misguided. “The Metaverse without blockchains would likely just advance the ball for Big Tech.”
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Bitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000. Bitcoin Bitcoin started the week in the red, as the world’s largest crypto token continues […]
