Category: Cryptocurrency News

Bitcoin options markets are pricing further downside while margin traders are going increasingly long.

Rejected once again as it attempted to reclaim the $40,000 area, Bitcoin trades just north of $39,000. The first crypto by market cap is moving on a low timeframe range between the mid area of its current levels, and around $48,000. Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term In higher timeframes, Bitcoin seems trapped between the low $30,000s and the high $60,000s. Whenever it approaches, traders turn to high fear of high greed levels. At the time of writing, Bitcoin trades at $39,300 with a 3% and 7% loss in the last 24 hours and 7 days, respectively. Data from analyst Ali Martinez suggest traders are yet to enter the fear territory as BTC’s price still holds its current levels. A majority of operators seem to be optimistic. As seen below, the long to short ratio on crypto exchange Binance stands at 2.88, meaning traders are dominantly long. Around 74% of the traders on this platform took long positions as opposed to 25%. In that sense, Martinez advised traders to stay cautious as Bitcoin rarely does what the majority expects. While the price of the first crypto seems to be recovering in short timeframes, bulls are yet to display conviction. The analyst added the following on potential support levels for BTC’s price in case of more downside: Bitcoin last line of defense is the 78.6% Fibonacci retracement level at $38,530. Breaching this support level could see $BTC fall to $32,853 or even $26,820. Data from Material Indicators (MI) supports these potential levels. As seen below, the price of Bitcoin bounced off a stack of bid orders (in yellow below the price) set at around $39,000. The benchmark crypto then proceeded to move upwards, but with little support at its current levels in case of a fresh increase in selling pressure until $38,000. Similar to when BTC saw support at $39,000, there are around $10 million in bid orders at those levels. Bitcoin Fundamentals Suggest Up, But BTC’s Price Stays Down Bitcoin’s price range has been tightening in the past months. A capitulation event, a price action that moves the price out of the range, seems to be brewing. Additional data from Martinez records an important decrease in the supply of BTC sitting on exchange platforms. This metric stands at a one-year low with a persistent trend to the downside. Despite the supply crunch, the price of Bitcoin seems more tied to macro-economic factors. The increase in interest rates from the U.S. Federal Reserve (FED) and the war between Russia and Ukraine are among the most important. Related Reading | TA: Bitcoin Remains at Risk, Why 100 SMA Is The Key As NewsBTC reported, if the FED turns aggressive on its monetary policy, BTC’s price could retest the bottom of its range or trend lower.

The algorithmic stablecoin stemming from the Terra (LUNA) network has become the third-largest stablecoin token in terms of market capitalization at $17.54 billion. As of today, UST’s market capitalization has surpassed the BSC-based stablecoin BUSD by more than $67 million. Stablecoin Terrausd Surpasses BUSD’s Market Valuation There’s a new leader in the world of stablecoins, […]

Monero hard forks are meant to improve the base protocol and will not result in the splitting and creation of a new coin.

hey guys, simple question about nft art. so, the way i understand it is that the nft is a digital signature/certificate accompanied by certain parameters and is associated with a jpeg file or whatever. so what stops me from screenshooting an nft and mint another nft with the same jpeg file attached to it?? edit***…
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Yes, congratulations, today is tax day in the US and we will finally stop hearing people complain about their crypto tax bill. It's been a fun season of complaints, misinformation/bad advice, and subtle humble brags about large tax bills. All your favorites like: "If you just HODL you don't have to pay taxes" "tax is…
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WonderFi plans to expand its operations in Canada by acquiring digital asset trading platform Coinberry after its recent Bitbuy acquisition.

PRESS RELEASE. Dvision Network has announced the third LAND Sale to be conducted on both the Polygon Network and the BNB Chain. The most exciting aspect of the third LAND Sale is that 50% of the available LAND NFTs will be sold through the Shopify Marketplace. Moreover, the LAND NFTs pre-minted on Polygon Network will […]

Terra (LUNA) has been aggressive about filling up its reserves with trusted cryptocurrencies to serve as a backup for its stablecoin UST. This has evolved over time to include a number of various cryptocurrencies that now make up its reserves sitting at $2.38 billion. This is still a long way from where the Luna Foundation plans for its reserves to be, making it a work in progress. In this report, we take a look at these reserve currencies and the portion allocated to each one. Diving Into Terra’s Reserves As mentioned previously, Terra’s crypto reserves have gone up to as high as $2.38 billion since it first announced it was starting the reserves. Luna Foundation Guard has been putting more money into its Bitcoin reserves, which it plans to get to at least $10 billion in BTC with time. This makes the pioneer cryptocurrency the largest of the holdings in this regard. Although there are other cryptocurrencies that mark the lineup, bringing the total to four. Related Reading | ADA To Rebound With Integration Of USDT And USDC On Cardano? Following behind Bitcoin are the ERC-20 tokens which combined make up the second-largest percentage of the reserves at 23.2%. These are both stablecoins USDC and USDT, coming out to a total of $549.80 million of these tokens serving as reserves for USDT.  Additionally, Terra’s native token, Luna, also makes the list of reserves used by the network. It accounts for 7.2% of all reserves with a dollar figure of $172.20 million and a total token balance of 2.25 million Luna tokens.  The foundation recently purchased an additional 123.89 BTC to add to its reserves bringing its total to 42.53K BTC. This put Bitcoin in the large majority at 69.6% of all reserves, coming out to a total dollar value of $1.66 billion. Where’s AVAX? Last week, it was announced that Terra would add AVAX to its reserves as a way to combat the rising competition. This came as a result of a collaboration between Avalanche Foundation, Terraform Labs, and the Luna Foundation Guard who had said they would be purchasing about $200 million worth of AVAX to add to its reserves.  Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term Do Kwon, founder of Terra, had explained that the decision to add AVAX to Terra’s reserves had been fueled by the loyalty to the network. However, a look at LFG’s reserves shows that there is no AVAX in sight. This could easily mean that the foundation is yet to add AVAX to its reserves. However, per the deal with Avalanche Foundation, both the Avalanche Foundation and Terraform Labs currently hold $100 million worth of AVAX each, while the Avalanche Foundation now holds $100 million worth of LUNA and $100 million worth of UST. Featured image from CryptoSlate, chart from TradingView.com