Category: Cryptocurrency News

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Lawmakers are scheduled to return to the House of Representatives on Oct. 11 to vote on a replacement for Speaker Kevin McCarthy, whose position has been vacant for a week.

BitMEX founder Arthur Hayes expects Bitcoin to be $750,000 by 2026. Here’s how and why.

The Ethereum price saw a notable price plunge on Monday when the Ethereum Foundation reportedly started selling coins. This plunge, in turn, triggered a series of liquidation events that have seen ETH traders suffer massive losses in the last day. Ethereum Liquidation Volumes Cross $30 Million. By Tuesday, October 10, the Ethereum liquidation numbers triggered by the price crash ramped up quickly to cross the $32 million market. As expected, long traders suffered the majority of the losses with Coinglass data pointing to 87.61% of all ETH liquidation volumes coming from long traders. Related Reading: Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio This meant that of the over $32 million in liquidation volumes recorded for the asset in the past day, $29.56 million were from long positions. This meant that only $2.91 million in short positions were liquidated. ETH liquidations cross $30 million | Source: CoinGlass Ethereum also snagged the crown for the largest single liquidation event for the 24-hour period. The trade was placed on the Binance crypto exchange across the ETHBUSD pair with a total value of $4.53 million by the time the liquidation occurred. Ethereum’s volumes also put it ahead of Bitcoin for the same time period when Bitcoin usually tends to lead liquidation volumes. In the 24-hour timeframe, Bitcoin liquidation volumes came out to $19.28 million compared to $32.48 million for Ethereum. But just like ETH, the vast majority of the liquidation volumes for BTC were from long traders. ETH price struggles below $1,600 | Source: ETHUSD on Tradingview.com Over 20,500 Crypto Traders Suffer Losses The liquidation volumes over the last day have been nowhere near the highest for the year but that does not make it any less significant. CoinGlass’s data shows that as of the time of writing, 20,525 crypto traders have been liquidated for a total of $56.42 million. Of this figure, long traders have accounted for $44.9 million in losses, and short traders for $11.48 million. Besides Bitcoin and Ethereum, the other assets that saw notable volumes were Bitcoin Cash (BCH) with $3.59 million, XRP with $2.77 million, and Solana (SOL) with $2.75 million. Related Reading: Crypto Investor Buying Power Just Reached A 6-Month High, What This Means The Binance exchange accounted for the largest volumes at $24.86 million, followed by the OKX exchange with $17.16 million. Next on the list is ByBit with $6.90 million, Huobi with $5.8 million, and the CoinEx exchange which rounded off the top 5 with $1.05 million. If there continues to be any large swing in prices like what was witnessed on Monday, then the liquidation volumes are expected to continue. The only way these volumes will remain low is if assets in the market continue to trade in a tight range. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Freepik, chart from TradingView.com

On the final day of his testimony, FTX co-founder Wang discussed talking to the feds and his interpretation of the “FTX is fine” tweet.

This is good news. High fees are what got me to stop using eth. submitted by /u/Guy_Yuh [link] [comments]

Tether (USDT) has continued to move into exchanges recently. Here’s why this can be a positive development for Bitcoin. Tether Supply On Exchanges Is Now Highest In 7 Months According to data from the on-chain analytics firm Santiment, $9.99 billion worth of USDT is now on exchanges. The indicator of relevance here is the “supply on exchanges,” which keeps track of the total amount of a cryptocurrency being stored in all centralized exchanges’ wallets. The interpretation of this metric can differ depending on the type of asset that’s being discussed. In the case of Bitcoin, for example, the exchange reserve may be considered a measure of the potential selling pressure, as one of the reasons investors may deposit the coin is for selling-related purposes. Related Reading: $29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why Thus, the cryptocurrency’s supply on exchanges going up could be a sign that selling is increasing in the sector, and hence, the asset’s price may be heading towards a bearish outcome. In the context of the current discussion, BTC’s supply on exchanges isn’t the one of interest, but rather the metric for Tether is. USDT is a popular stablecoin (the largest one based on market cap) that always has its value pegged to the US Dollar. Here is a chart that shows the trend in the supply of exchanges for Tether over the past few years: Looks like the value of the metric has been going up in recent days | Source: Santiment on X Usually, an investor may want to hold their capital as a stablecoin like USDT to keep it away from the volatility associated with other assets in the cryptocurrency sector. However, many such stablecoin holders use these assets as a temporary safe haven, as they eventually wish to return to the volatile market. When these investors finally find the time to jump back into cryptocurrencies like Bitcoin, they swap their USDT for them. These traders may use exchanges to make this shift, so a rise in the supply on exchanges of the stablecoin can be a sign that investors are looking to swap into volatile coins. Such buying using Tether can naturally cause a bullish effect on the prices of BTC and others. So, in this way, the exchange supply of the stablecoin can be considered the opposite of the metric for BTC. Related Reading: Bitcoin Makes Another Attempt At $28,000, Can Break Happen? The above graph shows that the indicator’s value has increased in the last few weeks. “The $9.99B worth of Tether sitting on exchanges is the highest level of buying power for crypto’s top stablecoin in approximately seven months,” notes Santiment. It should be kept in mind that the rise in the Tether supply on exchanges only implies an increase in the available dry powder. Whether Bitcoin would benefit from a boost depends on whether this dry powder is used to buy the asset or not. BTC Price Bitcoin has declined in the past couple of days as the asset now trades around the $27,600 level. BTC has recovered a bit from its lows from yesterday | Source: BTCUSD on TradingView Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, Santiment.net

It's official ! The Bullrun is coming ! submitted by /u/Yautja69 [link] [comments]

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