PRESS RELEASE. “Play & Earn” is no longer a strange term for most GameFi believers. Recently, Remitano Network, Remitano’s blockchain network, has launched a novel airdrop in the format of “Play to Earn”, allowing users to own the network’s RENEC token in the form of “group mining”. Starting from the free daily RENEC solo mining […]
The Bitcoin crash of last week was a brutal one for the market. It saw the digital asset lose its footing from where it had been trending just below $30,000 to crash to the mid $17,000s before a recovery had begun. With the new week, the market had started to emerge into the green. But as bitcoin struggles to hold above $20,000, the question remains what had triggered such a crash. A Short Squeeze The bitcoin open interest in perps had been up over the last couple of weeks. This has continued to be the case through the market crash and the subsequent recovery. However, the open interest levels, mainly the rise and falls, leading up to and during the bitcoin crash have all of the makings of a short squeeze. Related Reading | By The Numbers: The Worst Bitcoin Bear Markets Ever On Wednesday, the open interest in bitcoin perps had eventually peaked at a new all-time high of 335,000 BTC after a week of unpredictable movements. This was when bitcoin had declined below $21,000. As the price of the digital asset had begun its recovery, the open interest in perps had quickly declined. Movements like these are associated with a short squeeze, which was the same in the case. One that preceded another crash during the weekend. Open interest remains elevated | Source: Arcane Research The same was the case over the weekend. The open interest in perps had once again surged, to 325,000 BTC this time, after erratic movement when the price declined to the mid $17,000s. Another decline in the open interest has since been recorded as the price of BTC has recovered, albeit slower this time around. Bitcoin Perps Trading At A Discount Bitcoin perps are still trading at a discount compared to the spot prices. This is no surprise given that the bitcoin funding rates have stayed neutral to below neutral even through the crash and the massive sell-offs. Additionally, there has been nothing significant that has happened in regards to the bitcoin perps through the crash and eventual recovery, Funding rates below neutral | Source: Arcane Research Interestingly, the funding rates have now remained below neutral with the price of BTC struggling above $20,000. One place where funding rates have had the most impact has been on Deribit. Since it is rumored to be closely intertwined with Three Arrows Capital (3AC), the decline in funding rates triggered insolvency fears and rumors tied to the crash of 3AC. Related Reading | Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery However, it is important to note that Deribit has assured the public that it remains financially healthy even if the 3AC debts were forfeited. As the market has begun to move on from last week’s crash, the funding rates have begun to stabilize, although they remain slightly below neutral. BTC declines to mid-$20,000s | Source: BTCUSD on TradingView.com Featured image from CNN International, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Bitcoin remains rangebound as most of the crypto market continues to trade in the red. The number one crypto has seen some profits on lower timeframes, but the general sentiment in the market still points to uncertainty. Related Reading | Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light At the time of writing, BTC’s price trades at $20,800 with a 4% profit in the last 24 hours and an 8% loss in the past week. On lower timeframes, data from Material Indicators records an increase in bid orders for BTC’s price of around $18,000. There are over $49 million in bid orders. This stands as the most critical area of support for the cryptocurrency, at least in the short term, along with $20,000 due to its psychological importance in the market. Between $18,000 and current levels, Bitcoin has some bids orders which could prevent a fresh attack from the bears. Material Indicators, as seen below, show over $15 million in bids orders around those levels. If the price trends to the upside, there is some liquidity around $22,000 with around $8 million in asks orders for this level alone. There are more asked orders below which could suggest BTC’s price will remain rangebound and in a consolidation phase for the time being. A break above $22,000 or $24,000 could signal bullish continuation as those levels have important asks orders on lower timeframes. Despite BTC’s price consolidation of around $20,000 and its reaction to the downside pressure experienced during the past week, most inventors are bearish. Analyst Michaël van de Poppe believes BTC could target $23,000 in the coming weeks if the cryptocurrency is able to hold around its current levels. #Bitcoin ready for $23K. pic.twitter.com/gWUoMoFKAX — Michaël van de Poppe (@CryptoMichNL) June 23, 2022 In that sense, the analyst added: The overall consensus is that we’ll be going way lower and people continue spreading that idea, as they’ve heard from strangers on the interwebs. Just like they have been heard from strangers on the interwebs that they should buy crypto, when it was peak 2021. Standard. New Bitcoin Whales Are Born From another perspective, CryptoQuant CEO Ki-Young Ju claims “most cycle indicators are saying the bottom” could be in for BTC’s price. After months of trending to the downside, the cryptocurrency has entered oversold territory and might see some relief from the macro-economic factors contributing to the selling pressure. Young Ju said: Not sure how long it would take for consolidation in this range though. Opening a big short position here sounds not a good idea unless you think that $BTC is going to zero. Related Reading | Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak Additional data provided by CryptoQuant’s CEO records an increase in the number of BTC outflows from centralized exchanges. While inflows remain high, this suggests new BTC whales could be buying the dip and accumulating around these levels.
An agriculture subcommittee heard a CFTC official, a law professor, a Chainalysis cofounder and Charles Hoskinson air their views on regulation and adjacent topics.
Vaultoro, the cryptocurrency-based gold & precious metals exchange, today announced new updates and platform enhancements for users. See below for more details: Limits – Daily limits on Vaultoro have been increased, and users can now withdraw higher amounts of most cryptocurrencies. Fees – The company has introduced lower fees on Vaultoro Direct. Now, when buying…
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“The SEC [decided] to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States,” said Brad Garlinghouse.
During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA tapped an all-time high before the collapse, but lost a great portion […]
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TL;DR: Over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2. Official blog https://blog.coinbase.com/send-and-receive-crypto-on-multiple-networks-starting-with-polygon-and-solana-e03d8480fe54 Official tweet https://twitter.com/coinbase/status/1540062362115248128 Big news for…
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Hello everyone, a friend of mine gave some ether a few years ago. He gave me a post it with an address on it, or maybe it’s called key I really don’t know. I thought I lost it but I recently found it. How do I use this address? How do i add it to…
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