EXPERIMENT – Tracking 2018 Top Ten Cryptocurrencies – Month Fifty-Three – Down -32% Find the full blog post with all the tables here. Welcome to your monthly no-shill data dump: Here's the 53rd monthly report for the 2018 Top Ten Experiment featuring BTC, XRP, ETH, BCH, ADA, LTC, NEM, DASH, IOTA, and Stellar. tl;dr What's…
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Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers […]
Prices have been declining across the crypto market and with it has come to a lot of doubt on the part of investors. This is reflected in the deposit and withdrawal trends recorded across the various crypto exchanges. One of these has been the funding rates which had remained flat for the better part of the first half of 2022. However, there has now been some movement in the funding rates and it is unfortunately not for the better. Funding Rates Turn Negative Two leading crypto exchanges have seen negative crypto funding rates for the past week. Binance and ByBit consistently appear on the top of the list for the exchanges with the most trading volume and have become a natural home for perpetual traders. That is why changes across these platforms can be significant to market movements. Related Reading | Holding Back The Bears: Why Bitcoin Must Break $22,500 Funding rates have been fluctuating at and below neutral for the better part of the month but the latter looks to have finally won out. After bitcoin had dropped below $20,000 last week, expectations had been that more traders would want to get in given the low prices. However, it has gone the other way as average funding rates are now in the negative. Both Binance and ByBit have recorded average funding rates of -0.0015 for last week. A significant drop from the neutral 0.01% average aggregated funding rates. What this shows is that the bearish sentiment among the perp traders has been growing. As such, they have been leaning towards short traders. Funding rates turn negative | Source: Arcane Research It comes hot on the heels of open interest reaching a new high. Most of which have come from both Binance and ByBit. These two metrics expressly show that short traders are more active compared to their long counterparts. Crypto Sentiment Still Bad Crypto perp traders are not the only ones that are currently bearish on the market. The same is the case across the space where investors have chosen to hold their cards closer to their chest than they normally would. The Fear & Greed Index puts the crypto market sentiment in the extreme fear territory for another day yet again. Meaning that the market has now closed out two consecutive months with the extreme fear sentiment. Total market cap falls below $900 billion | Source: Crypto Total Market Cap on TradingView.com This is apparent in the exchange inflows and outflows, both of which have declined in the last couple of days. However, the ratio of inflows to outflows shows that investors are refusing to take any risk in the market. Bitcoin’s net flows came out to -$29.7 million after outflows had touched $901.6 million for the past day, according to Glassnode. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $872.0M in⬅️ $901.6M out📉 Net flow: -$29.7M#Ethereum $ETH➡️ $261.0M in⬅️ $211.2M out📈 Net flow: +$49.8M#Tether (ERC20) $USDT➡️ $221.3M in⬅️ $207.1M out📈 Net flow: +$14.2Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) July 1, 2022 Related Reading | Bitcoin Records Worst Performance For June, Will It Get Better From Here? Tether inflows have remained muted as investors are sentiment less money into exchanges to purchase tokens. With positive net flow only coming out to $14.2 million for the past day. Sell-offs have also continued, threatening to drag the market even lower. Featured image from Analytics Insight, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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Monstercat CEO Mike Darlington and Metalink founder Jake Udell chat with NFT Steez about the future of Web3 and music NFTs.
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Goldman Sachs analysts believe Bitcoin and the crypto market could see some relief, but only further short and mid-term turmoil. A recent report from the banking institutions claims the crypto market has been moving in tandem with the U.S. stock market and thus it has been affected by the macro-economic environment. Related Reading | Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry The analysis was conducted by Marion Laboure and Galina Pozdnyakova and it predicts a 30% rally for Bitcoin by the end of 2022. This is still far from the cryptocurrency’s previous all-time high of around $69,000. The report fails to provide reasons that support the bearish theory. The analysts believe that Bitcoin’s correlation with the stock market will continue to play against it, and while they predict a bounce in equities, they believe BTC’s price will lag in terms of performance. For the stock market, the Goldman Sachs analysis predicts a resume on its bullish momentum and a potential bounce to its January 2022 levels. In the meantime, Bitcoin could reach $28,000 which is over $10,000 less than its January 2022 levels. Why will BTC underperform the stock market? It is unclear. As usual for legacy institutions, the analysts dismissed Bitcoin’s fundamentals and compared it to the diamonds market which they claimed to bloomed on the back of “marketing”: By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What’s true for diamonds, is true for many goods and services, including Bitcoins. The analysts wrote the following on the factors that contribute to the complexities of measuring the value in Bitcoin and other cryptocurrencies, and why this could increase its downside risk: Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented. The crypto freefall could continue because of the system’s complexity. The Short-Term Horizon For Bitcoin As NewsBTC reported, experts more familiar with the crypto industry believe Bitcoin and other large cryptocurrencies by market cap will keep on following the stock market. Former CEO of crypto exchange BitMEX Arthur Hayes expects this correlation to contribute to the decline in BTC’s price. However, at some point during 2022, the crypto market will start to decouple from stocks and the U.S. major equities indexes, the S&P 500 and Nasdaq 100. The bullish momentum for the digital assets could be supported by a decline in both the value of legacy markets and a downside trend in terms of correlation with cryptocurrencies. Related Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets As Hayes explained, that’s when you want to pay attention: For me to hoist the flag in support of selling fiat and buying crypto in advance of an NDX meltdown (30% to 50% drawdown), correlations across all time frames need to trend demonstratively lower.
