Category: Cryptocurrency News

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After heavily decreasing during the 4th December crash, the open interest finally seems to be making a return as it gains strong upwards trend. Bitcoin Open Interest Shows Strong Upwards Movement As pointed out by a CryptoQuant post, the BTC open interest has reversed its trend, and is now showing sharp movement up. The “open interest” is an indicator that measures the total amount of futures contracts still open at the end of any trading day on derivatives exchanges. The metric takes into account both long and short positions. When the value of this indicator moves up, it can mean market volatility is rising. An increasing open interest may also support the current overall price trend. However, very large values of the metric can imply there is an excess of leverage in the market, which may end up leading to a correction in the price of the crypto. On the other hand, a decreasing open interest value can result in lower market volatility. When the indicator sharply moves down, it can lead to a short or long squeeze due to the sudden price movement (the reverse can also be the case). Related Reading | Bitcoin Whale Address Containing $11 Million Activates After 9-Year Dormancy Now, here is a chart that shows the trend in the Bitcoin open interest over the past month: Looks like the indicator has started moving up recently | Source: CryptoQuant As you can see in the above graph, during the 4th Dec crash, the value of the Bitcoin open interest sharply dropped off. The indictor showed some recovery shortly after, but soon the curve started to flatten. However, recently, the metric has shot up and shown some strong uptrend. Related Reading | Sharply Dropping Bitcoin Reserves May Suggest Return To Bullish Trend This trend may mean that whales are now returning to the Bitcoin derivatives market, which can be bullish for the price of the crypto. BTC Price At the time of writing, Bitcoin’s price floats around $48.8k, up 3% in the last seven days. Over the past thirty days, the coin has lost 18% in value. The below chart shows the trend in the price of BTC over the last five days. BTC’s price might have started to recover | Source: BTCUSD on TradingView For a while now, Bitcoin has mostly showed sideways movement as the coin has been stuck between the $45k and $50k price levels. However, today BTC seems to have shifted to some strong uptrend. But since the price is still below $50k, it’s unclear at the moment whether this change of trend can help BTC break out of this consolidation. If the open interest is anything to go by, the signs seem to be bullish. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

The crypto trading platform Bitmex has announced the launch of its own native cryptocurrency called “BMEX,” following a slew of crypto platforms that have issued exchange tokens. According to the company, a user who registers and completes the KYC process will get five BMEX coins and ten tethers. Bitmex to Airdrop BMEX Tokens to Registered […]

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Hi everyone, After just recently getting into Ethereum, I'm getting a hardware wallet and have learned about how to transfer ETH from the exchange to the wallet itself. Seems straightforward. My question is: now that my ETH is in the hardware wallet, I can move it any exchange I like. From a tax perspective, how…
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The Canadian platform wants to expose the true identity of Shytoshi Kusama, who volunteers as project lead for the popular Shiba Inu memecoin.

What's going on with LRC today? Why is it up so much? submitted by /u/-Splash- [link] [comments]

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A blockchain firm has sued Coinbase CEO Brian Armstrong, alleging that he stole their technology while passing it off as an investment. Stolen Work Passed Off As Investment? According to a lawsuit alleging that Coinbase committed fraud, its CEO took the work of a blockchain firm for a competitor project under the premise of a potential investment. The lawsuit was filed on Friday in California by MouseBelt Labs, a blockchain accelerator, Coinbase CEO Brian Armstrong was designing a platform for publishing academic research that used tradable tokens when he learned of a similar platform called Knowledgr. According to the lawsuit, Armstrong’s ResearchHub, like Knowledgr, would reward participants with tokens akin to bitcoin. Patrick Joyce worked on Knowledgr with MouseBelt’s technical and financial assistance. The accelerator had begun communicating with Joyce in 2018, but the two only signed all of the necessary agreements in May 2019 to begin working together. At first, everything seemed to be going to plan. Joyce was on track to fulfill agreed objectives, and MouseBelt was staying on track to satisfy its contractual obligations. In Armstrong’s article, “Ideas for Improving Scientific Research,” was published, he encouraged anyone interested in sharing ideas to contact him. Patrick Joyce was one of those who did. Knowledgr drew Armstrong’s attention, and he provided a cash commitment as well as the opportunity to launch the tokens on Coinbase. Knowledgr agreed. Armstrong, according to MouseBelt, didn’t want to assist to fund and grow Knowledgr, but rather take the latter’s idea and kill a competitor. In essence, MouseBelt claims that Coinbase plagiarized Knowledgr’s innovations and incorporated them into its own platform. According to the suit, “It was the intention of Armstrong and the other defendants to steal MouseBelt’s work for themselves, not only to eliminate a potential competitor, but to secure for ResearchHub the benefits of the financial, design and technical resources that MouseBelt has. put into Knowledgr, allowing ResearchHub to launch earlier and more cheaply a successful platform based entirely or largely on the work of MouseBelt.” Coinbase Currently trading at $238. Source: TradingView Related article | Brian Armstrong Says China’s Digital Currency Is A Threat To U.S. Armstrong Accused Of Playing A Power Game Although Knowledgr was still in its early phases of development at the time, and Armstrong’s project was simply a concept, one thing is certain: ResearchHub is now up and running, whereas Knowledgr is not. The lawsuit has elicited no public response from Coinbase. It remains to be seen how valid the lawsuit’s grounds are, and the exchange is expected to retaliate vehemently. Despite the fact that the exchange has been the subject of various scandals in the past, it has continued to develop. Accusations of racism and a “company first” policy in the workplace have been two of Coinbase’s biggest controversies in the past. Some have criticized the latter for prohibiting difficult debates in the workplace, claiming that it was not in the spirit of decentralization. Armstrong was also sued by the Securities and Exchange Commission (SEC) in September for a program that allows crypto investors to earn interest on their investments. The lawsuit forced Armstrong to clarify the situation, according to The Washington Post. He revealed that the SEC classed Coinbase’s product as a sort of security that must be registered with the US government in a lengthy, 21-part Twitter conversation. Related article | Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich Featured Image From TechCrunch, Chart by TradingView