Eurocoinpay, a Spanish cryptocurrency exchange, has closed a deal to offer one of the first cryptocurrency-based debit cards in Spain. The card, which is already available for customers of Eurocoinpay, will allow users to acquire products in more than 90 million establishments in the European Union and around the world. Eurocoinpay Aims to Introduce Crypto […]
A set of technical indicators see Bitcoin price ending its prevailing bearish cycle.
Providing liquidity on Uniswap v3 can be a daunting and expensive task, as you need to select the price range for your capital and then monitor the position, as when it goes out of range due to price fluctuations you need to make up to three separate transactions to make your liquidity active again: 1)…
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The overall financial market is discouraging this week. Stocks and cryptos are plummeting as anticipation of the upcoming rate hike grows. The latest CPI for August was a force that pushed the market towards the edge. The figure was higher than expected, increasing fear in the industry. As the Feds prepares to hit the market with the biggest rate hike, exchanges have started liquidating leveraged positions. This strategy is geared at cutting down losses as events unfold. Related Reading: WATCH: Bitcoin Bloody Monday Leads To Reversal Hammer | BTCUSD September 19, 2022 Traders’ Positions Liquidated As The Market Panics Coinglass has disclosed the data of liquidations currently taking place across diverse exchanges. According to the data app, 130,087 traders have seen their positions liquidated. The total amount has reached $431.51 million at the time of writing. Many crypto traders of Bitcoin and Ethereum were hit more in the ongoing frenzy. Bitcoin traders lost $44.5 million of their leveraged positions, while Ethereum traders lost $8.39 million in liquidations. Going by the positions, the longs took the lead while the short position holders followed suit. According to Coinglass, the amount between the two is 10X, and the highest liquidation so far occurred on Okex. Data shows that Okex liquidations amounted to $190.41, comprising $181.30million in long positions and $9.11 million in short positions. The following exchange with high liquidations after Okex is Binance. The exchange liquidated $77.49 million in long positions and $12.99 million in short positions, amounting to $90.48 million. Other top riders in a frenzy include FTX with $57.59 million in long and short positions and Bitmex with $28.78 million. There is also ByBit and Huobi, with $27.86 million and $18.91 million in total liquidations. Macro Factors Responsible For Market Downtrend The price movement of assets this week has increased the uncertainty in the crypto market. Many cryptocurrencies are trading in red, with a double-digit downfall in the last 24 hours. The price crash has pushed the overall market capitalization below $1 trillion. Analysts are attributing the ongoing downtrend to many macroeconomic factors. The most prominent one is the CPI data that shocked everyone on September 13. The data was higher than the market expected, showing inflation still rages. The effect of the data was seen immediately after its release. The number one crypto, Bitcoin, lost $1000 within minutes. From then onwards, other crypto assets started shedding prices to the detriment of investors. Another factor seemingly pushing the4 market down is Ethereum Merge. After the upgrade, the crypto price plunged to $1300, leading to many people believing the predictions that it was overhyped. Related Reading: Ethereum Could Gain 10% Before ETH Resumes Its Reversal Due to the high CPI data, the Fed’s meeting on September 21 is causing panic in the market. The market is waiting for the next interest rate hike, and pundits are already predicting a figure that hasn’t been seen in 40 years. The Feds might move to a 100-point after the meeting. Currently, both stocks and crypto are strongly bearish. After September 21, the market move might be more terrifying than what it is today, September 19. Featured image from Pixabay and chart from TradingView.com
Adopting more stringent Know Your Customer (KYC) checks can give crypto exchanges a competitive edge over those that meet minimal standards.
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Bitcoin price sliding deeper into the pit can likely happen before this year ends. Last week, the cryptocurrency market shed $165 billion of its total market capitalization with crypto frontrunner Bitcoin slumping into a bearish streak. With this development, both traders and investors are now making conscious efforts to look ahead of the leading digital currency’s possible bottom. Rekt Capital, a well-known crypto trading expert, shared some insights about what could be next for Bitcoin, saying that by the end of this year the asset might just reach another low point. The expert has taken into account the recorded movement of the crypto’s price during a specific period right before the reward for mining its block is cut in half – a process known in this space as halving. In conclusion, Rekt Capital said Bitcoin might bottom in the last quarter of this year, more than 500 days from its scheduled halving in April 2024. Bitcoin’s Weakening Support Range In his blog, the trading expert also discussed how the crypto alpha is showing weakness as far as its $20K support price range is concerned. Rekt Capital noted that the observed rebound from this particular support price has been weak and this could turn out to be ugly for Bitcoin as it points to the $20K barrier becoming the new resistance range for the asset. If this happens, the public could be looking at significantly lower support ranges, set at $17,165 and $13,900. The crypto aficionado, however, said a lot more could happen within this month. But if the trend continues, these theories could turn out to be realities that Bitcoin investors will have to deal with. Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level Where Is Bitcoin Price Headed? If Bitcoin will indeed form a bottom by the end of this year, where will its price stand? Rekt Capital also shared his thoughts on the matter. Using his Historical Death Cross Analysis, the expert was able to determine that since its price is moving into a new resistance, the leading digital currency might see its bottom between $16,985 and $23,467. At press time, CoinGecko’s tracking data indicate the maiden cryptocurrency is trading at $19,403.89, losing 13.1% of its price in the last seven days. Meanwhile, the asset’s price could slide further down to $11,500, falling well below the projected $13,900 monthly support if things start to get sideways. As for the short term, Bitcoin is seen to slump all the way down to $16,700, but then that might not even happen. Related Reading: Stellar (XLM) Shows Strong Recovery From Recent Slide BTC total market cap at $370 billion on the daily chart | Source: TradingView.com Featured image from Al Bawaba, chart from TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).
The Merge hasn’t pushed crypto prices as expected. Instead, the third week of September has kicked off with more reds than greens. The entire market has plunged, and even the overall market cap dropped. Currently, many crypto assets are losing every hour. Many crypto exchanges are forcefully liquidating leveraged positions. According to Coinglass, the total amount liquidated already has reached $431.51 million, with 130,087 traders affected. Related Reading: These Two On-Chain Signals Precede Bitcoin Falls, Suggests Analyst Bitcoin Price Plunged Currently, the Bitcoin price stands at $19,326, indicating a 2.38% loss in 24 hours. Even though its one-hour price gain shows progress at 1.07%, BTC has lost 13.58% in one week. Bitcoin traded above $20K from September 10 to 14 before the Ethereum Merge. A few minutes after the upgrade, it lost grip on the price mark and fell to $19,701. It maintained that level until September 17, when it closed the market once again above $20k But this third week of September pushed BTC to $19k as the overall market opened in the red. Ethereum Crashed After the Merge Today September 19, the Ethereum price stands at $1,359.13 after losing 4.26% in 24 hours. But this is not the whole story. ETH’s price crashed after the Merge on September 15. Before the upgrade, Ether traded above $1700K from September 10 to September 13 before plunging to $1574 one day before the merge. At the close of the market on September 15, the Merge day, Ether’s price fell to $1432 and continued at that price until September 18. The next day, the overall crypto market opened the market in red, pushing ETH price below $1400K. Ethereum price data shows that it has lost 21.52% in the whole week. Thankfully, its one-hour gain is green, indicating a ray of hope. The whole Market is in Red, Why? Market pundits have commented that macroeconomic factors caused the downtrend. The first factor is the last CPI data released this September. The figure indicates that inflation is still raging and will necessitate another interest rate hike by the Federal Reserve. Many market watchers are already mentioning that the Feds will pursue a 100-point, which hasn’t been reached in forty years. The fear of continuing inflation and the Feds’ aggressive effort to fight it has caused panic in the market. The ongoing liquidations across exchanges will not help matters at all. Instead, it might create more issues in the market. Related Reading: Investment Opportunity with new Cryptocurrency Miners While some talk about the August CPI and imminent interest rate hike, many points out that the Ethereum merge did more harm than good. Some analysts have stated that the upgrade was overhyped, and recent events have proved that it was a “buy the rumor, sell the news.” No one knows how the market will move in the next few days. But many people expect more bearish movements after the Feds meeting on September 21. Featured image from Pixaby and chart from TradingView.com
Just over a year after overseeing El Salvador’s adoption of bitcoin, the Central American country’s 41-year-old president, Nayib Bukele, recently declared his intention serve another five-year term. The announcement has been criticized by some who have been quick to remind Bukele that El Salvador’s constitution prohibits presidents from serving consecutive terms. Re-Election of Presidents a […]
