Category: Cryptocurrency News

Curve DAO token (CRV) has observed a 7% bounce during the last 24 hours as mass liquidations of short traders have occurred in the market. Curve Funding Rates Turned Extremely Negative Following Price Decline According to data from the on-chain analytics firm Santiment, an extreme amount of shorts had accumulated on the cryptocurrency exchange Binance recently. The relevant indicator here is the “funding rate,” which keeps track of the periodic fee that Curve perpetual contract traders on a specific exchange are paying each other right now. When the value of this metric is positive, it means that the long contract holders are willing to pay a premium to the short contract holders in order to keep their position currently. Such a trend implies that bullish sentiment is held by the majority of investors. On the other hand, negative values suggest that a bearish mentality is the dominant force in the market at the moment as the shorts are paying a fee to the longs. Now, here is a chart that shows the trend in the Curve funding rates on the cryptocurrency exchange Binance over the past month or so: The value of the metric seems to have been quite red not too long ago | Source: Santiment on Twitter As displayed in the above graph, the Curve Binance funding rate had assumed negative values recently as the cryptocurrency’s price had continued to head downwards. The decline in the asset’s price came in part because of all the FUD in the wider cryptocurrency sector, like the SEC charges against Binance and Coinbase, or the Fed interest rates decision, while the other factor was CRV-specific uncertainty. The root cause of this FUD is the fact that the Curve Finance founder has taken up a large loan against a wallet that currently holds around 30% of the entire circulating supply of the token. As the price of the asset has taken a hit recently, concerns about this position getting liquidated have grown in the market. Since the wallet holds such a significant part of the cryptocurrency’s supply (288.7 million tokens to be precise), a potential liquidation could have wide-reaching consequences for the project. From the graph, it’s visible that the Binance funding rate had become extremely red as this FUD spread around. This means that the sentiment on the exchange had become quite bearish. Related Reading: Bitcoin Holders Show No Panic Loss Selling, What Does It Mean? Historically, whenever the traders have leaned too hard into any particular direction, the market has tended to actually show a sharp move in the opposite direction. The reason behind this is an event called a squeeze, which takes place whenever a sudden swing in the price occurs and causes a mass amount of liquidations to go off at once. These liquidations only end up fueling said price swing further, leading to even more liquidations happening in the market. In this way, liquidations can sort of waterfall together during a squeeze. Related Reading: What Happens To Bitcoin Price If Spot ETF Is Approved? Gold ETF Story Reveals In the graph, it’s visible that after the funding rate had turned very negative, the indicator suddenly started going the other way, and it has now already turned very slightly positive. This suggests that a short squeeze has taken place in the market, as the shorts that had accumulated have all been washed away. The Curve price has jumped off this squeeze, registering a rise of about 7%. CRV Price At the time of writing, the Curve DAO token is trading around $0.61, down 20% in the last week. Looks like the asset has seen some recovery | Source: CRVUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net

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

One of the most notable results of self-custody is that it tends to decrease circulation, which in turn reduces the market cap.

In an exciting development for the Shiba Inu community, the top developer working behind the scenes has unveiled another project before the launch of Shibarium. The lead developer introduced their newest innovation, ‘Shibacals,’ bringing them one step closer to their ambitious vision. Shiba Inu enthusiasts and investors can anticipate even greater possibilities with this new advancement. Shytoshi Kusama Unveils Shibacals, A Promising Step Towards Shibarium Launch Shiba Inu lead developer Shytoshi Kusama introduced ‘Shibacals,’ sparking positive speculations and anticipation among the community. Kusama shared the hint in the Shibarium official Telegram group, directing the community to visit www.shibacals.com. Related Reading: Cardano (ADA) Price Sheds 19% As Bearish Sentiment Looms Large In a recent tweet, Shiba Inu’s content marketing specialist, Lucie, asked the community to follow Shibacal’s account with an attachment of Kusama’s statement. The news about the Shibacals followed hints that Lucie gave regarding an upcoming physical reveal. Shytoshi Kusama also hinted at the project’s launch, which he classified as “Something Physical.” However, a community member expresses displeasure with the launch of the Shibacals, raising questions regarding how the project will benefit the Shibarium community. He expressed his concern that this action may solely be focused on taking advantage of the community to generate profit: “t has nothing to do with decreasing the #Shib’s total supply or impacting the price by utility. If I am missing something, please educate me! What Does Shibacals Entail? As described on its official website, Shibacals brings a unique real-world feature to the Shiba Inu ecosystem. The project transforms digital NFTs into first-class, high-quality physical items like plushies or toys. Shibacals’ primary goal is to add an extra touch of excitement and value to the community, bridging the digital and physical realms meaningfully. Shibacals aims to empower the wider crypto community through strategic partnerships with prominent manufacturers. Shibacals hopes to introduce various physical goods by collaborating with these manufacturers. According to Shibacals, its products will come with a ‘super-cool SHIB tag or classy white-labeled one” and an inbuilt NFC chip which they describe as a secret handshake for true-blue authenticity. Lucie also took to Twitter to share captivating images of a Shibacals hoodie, offering a sneak peek at one of their latest creations. Meanwhile, the Shibacals is hosting a contest titled Shibacals Hoodie Contest, where Shiba Inu community members are allowed to present 3 designs of their Shibacal Hoodie. A vote will be conducted to get the winner, and the winning design will be made available as a pre-sale item with the tag “Shiba Inu: 1st edition” for 5-7 days. According to Shibacals, each winner will receive a percentage of the proceeds they realize from the pre-sale. Featured image from Pixabay and chart from tradingview.com

submitted by /u/anishkumar00 [link] [comments]

Ready Games’ software development kit is touted to help improve Web3 gaming accessibility and user experience.

USDT issuer Tether said that they “do not condone” the behavior of the media outlets and highlighted that the materials presented do not reflect what Tether is at present.

Amid the ongoing crypto regulatory uncertainty, Bitcoin’s market dominance has surged to its highest level since July 2021, suggesting a shift in the sentiments of traders and investors towards the world’s pioneer and most substantial cryptocurrency, Bitcoin. This milestone highlights the current volatility of the crypto market as it continues to grapple with regulatory uncertainty and the various factors that impact Bitcoin’s value. The Resurgence Of Bitcoin Dominance The latest data from TradingView reveals that Bitcoin dominance, defined as Bitcoin’s share of the total cryptocurrency market capitalization, has hit a high of 49.5%. This level has not been recorded since July 2021 when Bitcoin’s dominance touched a peak of over 48%. It is worth noting that earlier this year in April, Bitcoin’s dominance momentarily reached 48.83%, after which it fluctuated within a specific range. Related Reading: BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price However, the past week saw a notable increase in Bitcoin’s market dominance, correlating with the time when the US Securities and Exchange Commission (SEC) categorized numerous tokens as unregistered securities in its lawsuits against the world’s largest crypto exchanges – Binance and Coinbase. Consequently, many of these tokens such as Cardano (ADA), Solana (SOL), and Binance Coin (BNB) have experienced significant price drops, while Bitcoin’s value has remained comparatively stable. Market Influences And The Upcoming BTC Halving The regulatory actions by the SEC underscore an environment of uncertainty that has had noticeable effects on the crypto market. Amid this backdrop, Bitcoin emerges as a sort of safe haven. Micheal Saylor, a prominent Bitcoin advocate, echoed these sentiments in a recent interview with Bloomberg, predicting that: “the entire industry is kind of destined to be rationalized down to Bitcoin and a half a dozen to a dozen other proof-of-work tokens.” Furthermore, anticipation around the upcoming Bitcoin halving event, slated for April or May 2024, could be a contributing factor to Bitcoin’s increasing dominance. This quadrennial event reduces the reward for mining new Bitcoin blocks by half, effectively slowing the rate at which new Bitcoins are created to manage inflation and maintain their scarcity. The impending halving will result in a block reward decrease from 6.25 bitcoins to 3.125 bitcoins. Related Reading: Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level Notably, BTC has been in a downward trend in the past week. The largest crypto asset by market capitalization has recorded a bearish movement falling by nearly 5% in the past 7 days. However, over the past 24 hours, BTC has picked up an uptrend, seeing a 2.3% gain in its value. Bitcoin currently has a market price of $25,515, at the time of writing after initially trading below that price range earlier this week. Meanwhile, Bitcoin’s trading volume has plunged over the past 24 hours from over $15 billion on Thursday to $7.7 billion at the time of writing indicating less trading activity. Featured image from Unsplash, Chart from TradingView