Category: Cryptocurrency News

Data shows that Bitcoin funding rates have risen to the greenest levels since February 2023, something that could increase the risk of a long squeeze. Bitcoin Funding Rates Are At Highest Levels Since February As pointed out by an analyst in a CryptoQuant post, longs have accumulated in the market recently. The “funding rates” is an indicator that keeps track of the periodic fee that traders on the futures market are exchanging between each other right now. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators When the value of this metric is positive, it means that the long contract holders are currently paying a premium to the short holders so that they can hold onto their positions. This kind of trend implies that the majority of the market shares a bullish sentiment. On the other hand, the indicator being below the zero mark suggests the payments are flowing the opposite way: shorts are paying the longs. Naturally, here the bearish mentality is the dominant force. Now, here is a chart that shows the trend in the Bitcoin funding rates since the start of the year: The value of the metric seems to have been quite high in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin funding rates have surged during the past day as the cryptocurrency’s price has recovered back above the $29,000 level. The rise implies that new long positions have appeared on the market, and the gap between the shorts and longs has widened. Following this increase, the funding rates have hit highly positive levels not witnessed since back in February of this year. When the metric hit its high values back then, the cryptocurrency’s price had formed a local top and had started on a steep decline. The reason that the market reversed its trend even though the futures market traders were bullish was perhaps due to a long squeeze. A “squeeze” is an event where a sharp swing in the price sets off a high volume of liquidations at once. Such liquidations only end up providing further fuel for the price move, thus prolonging it and causing even more liquidations. As such, liquidations can be imagined to cascade during a squeeze. Whenever the futures market becomes overheated, the chances of this mass liquidation event taking place can go up. Generally, a squeeze is more probable to effect the side that has the larger amount of contracts. Naturally, this side would be reflected in the funding rates. Related Reading: Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving As the indicator’s value is highly positive right now, a long squeeze could have reasonable chance of happening. If one does take place in the near future, then the Bitcoin market could go down in a similar way as it did back in February. BTC Price At the time of writing, Bitcoin is trading around $29,500, up 1% in the last week. BTC had recovered to $30,000 earlier today, but has since retraced to lower levels | Source: BTCUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Space and Time launches zero-knowledge proof tool for its decentralized database platform.

Litecoin block rewards have now halved to 6.25 LTC as the halving clock is reset for another four years.

“We deeply regret any inconvenience this might cause and we remain grateful for your unwavering support and understanding,” the exchange wrote.

Uniswap, the largest decentralized exchange, has removed the HEX token from its interface after it was recently declared an unregistered security by the United States Securities and Exchange Commission (SEC). This comes as another blow for the token in what has been an unpleasant week so far.  This unfavorable run has had an impact on the price of HEX, which is currently valued at $0.00486457. According to CoinGecko data, the token’s price has declined by more than 12% in the last day, as it continues in a downward trend. Uniswap Withdraws Support For “Unregistered Security” HEX Uniswap has delisted the HEX token from its interface, placing it in the protocol’s “Unsupported List.” It is a list manually curated by Uniswap Labs – the developer of the protocol – to restrict tokens that violate trademarks, projects that have proven to be scams, or otherwise based on legal considerations. Following the SEC’s declaration on Monday, July 31, it appears that Uniswap is distancing itself from the HEX token. This declaration came when the financial regulator filed a lawsuit against Richard “Heart” Scheuler, the founder of HEX, PulseChain, and PulseX (a Uniswap fork). Related Reading: Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart In the court document, the Securities and Exchange Commission mentioned Uniswap as one of the factors behind its selection of the US District Court for the Eastern District of New York as the case’s venue. The commission said it chose this venue because many of the transactions highlighted in the lawsuit occurred on Uniswap, which is headquartered in Brooklyn, New York. The SEC accused the controversial Richard Heart of offering an “unregistered security”, the HEX token. Other angles of the case include HEX’s staking mechanism, its lock-up schedule, and how Heart manipulated the token’s supply by “recycling” transactions. The regulator claims that, by making “grandiose” promises of wealth, Heart was able to raise $1 billion from investors, which he “inappropriately” spent on luxury goods. The Crypto Community Reacts After the news of Uniswap blocking traders from trading the HEX token broke out, there has been a mixed reaction from the crypto community on Twitter.  Several tweets are questioning the “decentralized” nature of Uniswap, with some users even going as far as giving the protocol a bad review on various review platforms. Uniswap just halted Hex trading😳 I thought this was DeFi pic.twitter.com/oB7av4a9gB — TrevonJames.eth 🟢 (@TrVon) August 2, 2023 However, some Twitter users believe that Uniswap made the right call, as they feel the SEC’s case against Richard Heart is plausible.  Related Reading: Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving Although Uniswap has removed HEX from its front end, it appears that it can still be traded on the decentralized exchange through alternative hosted websites. A Twitter user revealed that there are numerous Uniswap front ends – created by members of the HEX community – to trade the delisted token or to interact directly with the protocol’s smart contract to do so. HEXUSDT trading at $0.004923 | Source: daily HEXUSDT chart from TradingView Featured image from Uniswap Labs, chart from TradingView

Hi! I have some eth in my nano s. I staked it with lido, through ledger live and lido app. Ever since I staked I got like 7 scam tokens and I'm super super paranoid that when Id try to make a transaction I would got sweeped or the transaction would never go through or…
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