Category: Cryptocurrency News

Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?  At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week. According to crypto analyst Justin Bennett, Bitcoin is hinting at further losses. The cryptocurrency stayed rangebound even as the traditional market rallied. Bitcoin has displayed a high correlation with traditional equities. In particular, the price of Bitcoin seems to be moving in tandem with the Nasdaq 100 and the S&P 500 Index. However, this dynamic has been changing in short timeframes making BTC a lagger as equities trend upwards. Bennett believes this is an indicator of a fakeout, a false upwards movement before a re-test of previous support. At the moment, the analyst claims, there is nothing more important for BTC’s price than equities. Via Twitter, Bennett wrote the following and shared the chart below: Everything for #crypto boils down to this…Does the S&P 500 fail to hold above 3,880? If so, and we get a 1h close below, this latest rally becomes a fakeout, and we likely get the next leg lower for stocks and crypto alike. Everything else is just noise. You could literally trade BTC using nothing but the S&P chart above. As of now, it looks like this level will fail. As seen in the chart above, the S&P 500 broke below a major trendline and seems to be heading towards critical support at 3,800. Bitcoin seems to be holding its levels despite the S&P 500 price action, but Bennett ruled out the possibility of a “fakeout” due to the overall weakness in the market. I've seen a few comments stating that this could be a fakeout. The fakeout to the upside already occurred. The last 1h close confirmed it. No guarantees, but fakeouts of fakeouts are rare. pic.twitter.com/GQjKCwzRm9 — Justin Bennett (@JustinBennettFX) June 28, 2022 Bitcoin Levels To Watch In Case Of Further Losses Data from Material Indicators shows liquidity on crypto exchange Binance has been constantly moving around current levels. There are over $30 million in bids orders below BTC’s price which could provide important support. However, as seen below, asks orders to have been swelling which could prevent BTC’s price to break above $21,000 and get out of the danger zone. Analysts from Material Indicators identified the levels between $17,000 and $19,000 as the next potential area for Bitcoin. Related Reading | Glassnode Deems 2022 Bear Market As The Most Atrocious For BTC And All Cryptocurrencies At those levels, there are important pools of liquidity, and the price of Bitcoin tends to trend towards these levels. The analyst added: This looks like a ladder of #BTC bids that intends to get filled. Time will tell if it gets filled where it rests or if it needs to adjust closer to the active trading range.

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As more people lock up ETH in anticipation of the merger, the APY has dropped considerably from over 6% when it was first offered, to 3.25%. Tough to watch it drop while it's locked up, bust sustainability for Coinbase is key right now. The APY should go up considerably once the difficulty bomb is dropped,…
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Outflows have been the order of the day since the price of cryptocurrencies such as Bitcoin had begun to crash. The same sentiment had spread through individual as well as institutional investors, leading to massive sell-offs in the space. Despite the price of bitcoin recovering in recent times, it seems that the sellers are not done just yet as outflows had ramped up over the last week. $453 Million Leaves Bitcoin Bitcoin had been seeing a reversal trend with inflows coming in for the prior week. However, this has only been short-lived as outflows have continued to rock the digital asset. For the last week, CoinShares reports that bitcoin had led the outflow trend and the net outflows had come out to $453 million for the digital asset. It is one of the largest outflows ever recorded for the digital asset and has wiped out the majority of inflows on a year-to-date basis. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO This comes as bitcoin’s price had continued to fluctuate around $20,000 over the last week. It was expected that the low prices would trigger more inflows into the market for the past week but the opposite has been the case. The total assets under management (AuM) for bitcoin now sits at $24.5 billion, the lowest it has been in more than a year.  BTC recovres above $21,000 | Source: BTCUSD on TradingView.com Its short-bitcoin counterpart had gone a different path this week where inflows had been the order of the day. The $15 million that flowed into it is said to be a result of the first US-based short investment product which launched last week. Given that the older short-bitcoin investment products had recorded outflows for the same time frame, all fingers point towards the launch. Ethereum also saw inflows, a first in three months. It came out to a total of $11 million flowing into the altcoin after suffering 11 weeks of outflows. North American Outflows Grow Worse The outflows have been localized to one specific region and that is the North American corner of the market. CoinShares notes that the majority of the outflows had come from Canadian exchanges. Specifically, one provider. Most of the outflows had been seen on 17th June but did not show up until last week. It shows that these sell-offs had been a trigger for bitcoin’s decline to $17,700. Related Reading | Crypto Liquidations Settle As Bitcoin Recovers Above $21,000 Digital asset investment product outflows were just as large with $423 million flowing out of the market, a new record for the space. However, given the lag that led to the trades from the Canadian exchanges updating late, it is important to know that these outflows were not from last week alone. When these outflows are removed and marked to their correct time frames, it shows that inflows of $70 million had been recorded by other providers. The last time record outflows were seen was at the start of the year when $198 million had left the market in a single week in January. The outflows recorded for last week have surpassed this by more than 100%, although the ratio to the assets under management remains low compared to the bear market outflows of 2018 where outflows had reached as high as 1.6% of total AuM.  Featured image from MARCA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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“I think everyone is in agreement now that crypto is going to be around for the long term,” said James Hume.

The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not […]

ADA’s price is above a key technical support level in the days leading up to the major Cardano upgrade.

Fetch.ai, the development team building an open-source, machine learning-powered network for smart infrastructure and customizable dApps, has launched DabbaFlow. In a press release, Fetch.ai said the ready-made and end-to-end encrypted file-sharing system is the first of its kind and would empower businesses and entities to take control of their data privately and securely. Notably, DabbaFlow leverages the benefits of the Fetch.ai blockchain to ensure privacy preservation of all sensitive data transmitted on its rails. All data piped through the product will be auditable and secure, a guarantee vital for maintaining and protecting business reputation. The solution is borne out of necessity, considering the exponential expansion of data online accelerated by the COVID-19 pandemic of early 2020. With more businesses coming online and uploading data, there is also an increased risk of hacks and unauthorized access by third parties. These breaches can be consequential to victims and businesses, mainly if they are engaged in data-sensitive sectors like healthcare and finance. The resulting loss of business and reputational damage can adversely affect the entity’s ability to expand, partner, or even do business. Accordingly, the demand for a secure file-sharing platform is paramount. Fetch.ai is, therefore, timely providing a solution to cater to businesses desirous of using a superior product in the digital age to shield data against unapproved access while being a conduit for further processing. DabbaFlow, according to Humayun Sheikh, Founder, and CEO of Fetch.ai, offers a file transfer system and is also a data management tool for creating “powerful AI models”. “If data is the new oil, we need rigs and refineries that keep up with the times. People are beginning to understand how valuable their data is. With the paradigm-shifting towards more secure and decentralized solutions, new business models are emerging. DabbaFlow is here to provide the data management tools to create powerful AI models that are relevant to a distributed web.” DabbaFlow provides multiple layers of encryption, high performance, and end-user control while remaining private and secure. Fetch.ai creators have said the product is their first push in their overarching mission of linking artificial intelligence with web3. Besides offering a file transfer system, the tool will provide Fetch.ai’s CoLearn with a reliable and auditable data layer with robust controls. With this provision, it becomes easier for clients to use data and interact with machine learning models for deeper, more thorough analysis

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