Category: Cryptocurrency News

Cryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country. Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements Cryptocurrencies can […]

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Bitcoin funding rates have been dropping over the last couple of weeks. Even as the price of the digital asset had plummeted, causing some to call it being on ‘discount’, these funding rates have refused to move out of the negative territory. The past week has proven to be no different given that funding rates have exited the neutral territory entirely and remain low. Funding Rates Refuse To Budge Coming out of the last week has been a hard one for the crypto market. The bloodbath had sent the majority of the coins in the crypto market into the red and bitcoin had touched the $20,000 level for the first time since December 2020. Through this has come panic across investors and the funding rates have reflected this panic. Related Reading | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market The past week had come to a close with funding rates sitting well below neutral. This follows the trend for the 7-day period where the funding rate had trended below neutral each day. It sat at 0.013% as of Tuesday. Not the lowest point so far but it marked the second-lowest point for the month of June. This decline in funding rates follows what Arcane Research refers to as an orderly sell-off in the derivatives markets. It is no surprise given the liquidation volumes that rocked the market on Monday and Tuesday, touching above $1 billion in a 24-hour period and setting a new daily liquidation event record. Funding rates remain low | Source: Arcane Research The research and analysis firm also notes that investors are approaching the market with caution. This is due to the “current market structure with increased contagion risks related to Celsius and the pressuring macro backdrop.” This caution comes as no surprise given that investor sentiment now resides in extreme fear, meaning there is no room for careless abandon in a market such as this. Bitcoin Open Interest Turns The Other Way Even with the funding rates low, other metrics are surprisingly not doing as bad. One of these is the bitcoin’s open interest in the perpetual markets. This metric remains high even though the price of bitcoin has plummeted close to 2017 highs. Historically, BTC-denominated open interest has been known to decline in line with the market. This has not been the case with the most recent bitcoin crash. Instead of falling, open interest had hit multiple new all-time highs even as the sell-offs had continued. This suggests that some investors had believed that the bottom was in and tried to take advantage of it. But this was not the case. Open interest on the rise | Source: Arcane Research Nevertheless, open interest in perpetuals was at 298,500 BTC as of Tuesday. It is in stark contrast to the last major market crash that took place back in December, where open interest in perps had declined to 190,000 BTC as the price of the digital asset had fallen. Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills This increase in open interest suggests that if the bitcoin bottom is not in already, then it may very well be reached soon. Although it is important to keep in mind that a metric like this on its own cannot give a full picture of when the bitcoin bottom will be reached. BTC drops to $21,000 | Source: BTCUSD on TradingView.com Featured image from Arabian Business, charts from Arcane Reseach and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

No. It's just a bunch of macro economic events affecting the price but the vision, trust and integrity of the crypto market is still intact. submitted by /u/ProjectGouche [link] [comments]

Bitcoin is still holding above $20,000 despite a massive increase in selling pressure over the past few days. The cryptocurrency has experienced some of the worst capitulation events in its history and could be read for a fresh leg-down. Related Reading | Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet? At the time of writing, BTC’s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard. A pseudonym trader believes that the key to finding BTC’s price next major bottom is the Bitcoin Halving, the event that cuts this network block rewards in half every 4 years. The analyst claims that during a drawdown, the cryptocurrency finds a bottom “780-889 days after its previous” halving. Currently, the Bitcoin network is at 766 days away from this event as it approaches a critical support zone. As seen below, when these two events coincide, BTC’s price can resume bullish momentum and reclaim previous highs. The analyst claims that the halving is part of a bullish thesis for Bitcoin as the cryptocurrency reduces its issuance, and there is less BTC available in the market. Conversely, BTC’s adoption levels trend to the upside. The analyst shared a chart from Blockware Solutions. As seen in the chart, BTC’s price seems directly correlated to the percentage of the population adopting it and indirectly correlated to its supply issuance. This is the ultimate bullish case for Bitcoin in one simple visual. Exponentially growing user growth juxtaposed with Bitcoin's pre-programmed increasingly deflationary monetary policy. pic.twitter.com/s7S48K5YDt — Will Clemente (@WClementeIII) June 9, 2022 Claiming that the world is “still early” on Bitcoin, the analyst added: Why does the halvening model have any validity, and where does the imaginary logarithmic support curve come from? Simple supply and demand economics. The block reward is the vehicle for Bitcoin total supply inflation. BTC miners provide constant sell pressure into the market. Should You Go All-In On Bitcoin? Despite this thesis, the analyst claims that BTC could still face a lot of volatility and a lot of rangebound movement. In addition, BTC’s price could take time to form a convincing bottom. Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In? The analyst said the following on BTC’s price potential to re-test new lows: So, while we may still go lower – and as we may see a liquidation cascade as ugly as we’ve seen since March of 2020 when $20K finally breaks, I believe from a timing perspective – the bear market bottom isn’t as far away as it may currently feel.

So tonight was the arrival of my ledger nano s plus. Super chuffed. I've been happily holding on Coinbase and selling/buying through Coinbase Pro for the last year and a half and all has been easy, felt safe. I held some coins like Algo on a hot wallet for staking, so was familiar with the…
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On Thursday, Circle’s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be “available to mint and redeem on June 30th.” Circle Launches EUROC Circle has announced the […]

At the time of publication, it is not clear how the DeFi detective allegedly connected wallets with questionable activities to Jeff Huang.

People are blindly following TA on an asset that’s the most speculative bet of all time. Bitcoin will do what it wants and will shake out the non believers. It will humble you. It might not even drop below 20K to humble me. It would be healthy for Bitcoin to drop to covid bottoms of…
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