Category: Cryptocurrency News

Bitcoin’s dominance of the crypto market has been on the rise. This naturally comes with every downtrend in the market because although bitcoin takes a hit, the altcoins always record the worse losses, leaving them with less dominance of the market. Bitcoin’s dominance has however not stopped here. It has now spilled onto the derivatives market where the dominance of the pioneer cryptocurrency is even more apparent. Bitcoin Open Interest Surges The general open interest in the crypto market has been on a decline since the market took a hit in December. This is currently sitting at about $25 billion for the total market, down almost 50% from its peak in November at around $48 billion. This mirrors what has taken place in the crypto market over the same time period. However, when it comes to open interest, bitcoin has not fared as badly as the others. Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate The digital asset now accounts for the majority of the global open interest in the crypto market. Bitcoin alone makes up 63% of all open interest in the market, meaning that the cryptocurrency commands more than $15 billion in open interest. It is a step up from the month of April when Bitcoin’s open interest dominance had declined to 50%. With the recent increase in dominance, indicators point to a decrease in speculative interest when it comes to altcoins given their recent decline. BTC dominates global open interest | Source: Arcane Research This follows the general trend of the crypto market where bitcoin’s dominance has also grown, although by a smaller margin. If altcoins continue to perform badly, then BTC dominance may continue to rise over the next few weeks. BTC Is Still King Through the month of May, the losses in the crypto market have been apparent but some have provided more cover than others. Comparing the losses incurred by all the indexes for the month of May, bitcoin has proven to be the most effective investment. All of the indexes had recorded double-digit growth for the red month. However, bitcoin had only seen 18% losses while all the other indexes saw losses above 20%. The Small Cap Index as always took the largest hit in the market with 33% losses. As for the Mid and Large Cap Indexes, the losses came out to 28% and 24% respectively. BTC recovers above $31,000 | Source: BTCUSD on TradingView.com The decline in the altcoins has triggered a rise in the bitcoin dominance. BTC’s dominance had been resting at 42.5% at the beginning of May and by the end of the month had risen and peaked as high as 46%, the highest it had been in six months. Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market As the market ushers in a new month, it is unclear whether this dominance will continue. Given that the market has begun to recover, the altcoins may quickly reclaim what dominance they had lost to bitcoin in the last month. Featured image from Yahoo! Sports, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Fidelity is planning a hiring spree to add ether trading and custody services to its cryptocurrency business. “As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts,” a Fidelity executive explained. Fidelity Expanding Crypto Services Fidelity Investments’ digital assets subsidiary, Fidelity Digital Assets, […]

submitted by /u/Maui96793 [link] [comments]

Howdy, would like to bounce around this hiking and adventure app idea I thought of. I'm a grad student at UCLA and I love building apps in my free time. Background: I grew up in a family that was always mountaineering, and I was struck as a child by the summit books we encountered on…
Read more

Bitcoin maintains its crab-like price action as it continues to move sideways in lower and higher timeframes. The general sentiment in the market briefly turned bullish during today’s trade session, but BTC proceeded to return to its critical support area. Related Reading | Bitcoin Observes Longest Stretch Of Extreme Fear Since April 2020 At the time of writing, BTC’s price trades at $29,700 with a 7% loss in the last 24-hours. Before it retested these lows, Bitcoin was rejected above $32,000 and appeared to be heading to the mid-area of its current levels. The first crypto by market cap could react to the downside price action on traditional finances. As NewsBTC has been reporting, Bitcoin presents a high correlation with the S&P 500 and particularly higher with the Nasdaq 100 Index. The latter was rejected at a critical level and is trending to the downside since the start of 2022. This reaction was generated by the U.S. Federal Reserve (FED) and the start of their Quantitative Tightening (QT) program. Opposite to the Quantitative Easing (QE), when the FED buys assets and its balance sheet increases, QT will make the financial institution sell $1.1 million of assets in global markets every minute, according to an analysis by CoinBeast Media. As a consequence, global markets, including the crypto industry, could experience more downside pressure. QT might not directly impact the industry, but it will play a key role in global liquidity, and investors’ risk tolerance, and will contribute to the conditions that could prevent Bitcoin from reclaiming new highs. The FED has over $8.5 trillion in assets on its balance sheet. As CoinBeast explained, the last time the FED began its QT the financial institution sold less than $1 trillion of its assets. This resulted in a 3-week crash in the stock market which recorded a 22% loss over that period. The report added: This created a dollar shortage and a banking crisis to begin in the overnight repo market in Q4 2019. This forced Jerome Powell to famously end QT in September 2019 and spawned the infamous “Powell pivot.” Will History Repeat And Impact Bitcoin? At that time, macro conditions forced the FED to change its course of action. The “Powell Pivot” was followed by a massive bull run in Bitcoin and stocks. Today, macro conditions are different, but could yet again force the financial institution to reconsider its strategy. In the meantime, more downside or at least more crab-like price action seems likely. Related Reading | Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap? On the above, economist Jan Wüstenfeld said: Considering the macro situation and quantitative tightening starting, I am not surprised by #bitcoin’s price move today. You can consider all sorts of TA, fundamentals, etc., but ignore the abovementioned factors in this environment, and you will likely draw wrong conclusions.

submitted by /u/evajorg [link] [comments]

Bitcoin as a base layer, as explained by Bitcoin inventor Craig Wright at BSV Global Blockchain Convention In his keynote speech at the recently held BSV Global Blockchain Convention, Dr. Craig Wright introduced the idea of Bitcoin as a base layer for other blockchains. While his speech was a bit heated and slightly antagonizing in…
Read more

As the crypto market started recovering after Bitcoin experienced nine red weeks, some crypto projects have recorded incredible performance. That highlights their strength in a downtrend. Crypto analyst, Austin Arnold, expressed to his Youtube community what aspects they need to consider while choosing a project to invest in a bearish market. And identified four crypto assets could perform very well in the future. Related Reading | Cardano’s (ADA) Bulls Resurface, What Are The Next Target Levels? Austin, an expert crypto trader and co-host of Altcoin Daily, told his 1.23 million subscribers about five aspects to consider to check the potential of a crypto project. These are the five attributes that grow the project when overall space rises. It includes a good team navigating the project with capable skills, the project is well funded, and the ability to solve real-life problems that occur in the blockchains. And he further noted strategic partnerships of a blockchain and its positioning in verticals also strengthen a crypto asset. The analyst picked up the Oracle firm’s Chainlink (LINK) as the first option on his list having the above characteristics. He noted remarkable achievements of Oracle’s network on the BNB chain (BNB) and Polygon (MATIC), highlighting the developer adoption of Chainlink. Arnold further addressed the performance of the token in the previous Bitcoin bloodbath.  At the time of writing, Chainlink is trading at  $7.29, down 0.77% in the past 24 hours. Other Crypto Projects On Arnold’s List  The crypto analyst prefers the smart-contract platform Alavanche (AVAX) in the second place and calls it “one of the best (layer-1s) in the space” and “one of the best Ethereum competitors.” He shed light on the project’s move to differentiate itself from Ethereum (ETH). Ethereum tries to gear itself towards maximum decentralization, while Avalanche is gearing itself towards maximum scalability and just maximum users with the cheapest fees. AVAX is trading around $25 and has lost nearly 4% in the past 24 hours. It currently ranks at the 14th position by market cap. Arnold then moved to Ethereum’s competitor Cardano (ADA), on which he is “hugely bullish.” While speaking about it, he cited Cardano’s move of minting over 5 billion NFTs saying its ecosystem is “really blooming.” Cardano’s ADA trades at $0.57 as of now, down over 10% in the past 24 hours. ADA stands at the 7th position by market cap. Related Reading | TA: Ethereum Dips From $2K, Why 100 SMA Might Spark Fresh Increase Litecoin appears as a preferred investment titled a “dark horse” at the end of Arnold’s list. Citing the recent launch in Litecoin’s network, he predicted a significant rally in the future for the LTC following the largest upgrade of the crypto project, Mimblewimble (MWEB). At the time of writing this news, Litecoin’s price stands at over $66, down 3.74% in the past day. It is currently ranked in the 19th spot by market capitalization. Featured image from Pixabay and chart from TradingView.com

ADA, MATIC and XLM appear well positioned for a bullish breakout once BTC flips the $32,000 to $35,000 zone to support.

On June 1, 2022, the Solana network halted block production again as the blockchain network has stopped working a number of times during the network’s lifetime. According to the Solana status update, validator operators are being asked to prepare for a restart. Solana Continues to Be Plagued by Outages, SOL Downtime Denounced by the Crypto […]