The ProShares Short Bitcoin ETF had been highly anticipated due to the success of short bitcoin ETFs in the past. A reasonable amount of inflows was expected to flow into the ETF but with less than one week in the game, the ETF had surpassed expectations for it. This growth coincided with a decline of […]
Samsung is reportedly trialing the production of 3nm foundry processing for chips enabling bitcoin miners to operate faster and with less power consumption.
So, uh, not sure if you’ve looked out the window at all today… but Three Arrows Capital, popularly known as 3AC, is in dire straits.
Tether’s chief technology officer says certain hedge funds recently attempted to spread panic and profit off shorting Tether (USDT). Tether CTO Paolo Ardoino says hedge funds helped spread rumors that Tether isn’t 100% backed and has 85% exposure to Chinese commercial paper (CP) holdings. CP holdings are a type of unsecured and usually discounted short-term […]
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Shiba Inu (SHIB) may not have been taken seriously as a crypto asset when it was first introduced, but the meme coin has steadily climbed the cryptocurrency rankings. The newest signals of relief in the crypto markets following a protracted volatility may come as a surprise to many, but the most intriguing aspect of this rebound is that meme tokens have emerged as the largest gainers. In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter. Suggested Reading | ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch Shiba Inu Continues To Defy The Trend However, Shiba Inu has been able to defy the odds and increase by 45 percent over the past week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours. Despite the profit-taking on Monday, the coin remained trading at the monthly highs near $0.00001196 on Tuesday. Nonetheless, it remains 85 percent below its all-time high of $0.00008, which was reached in October of last year. The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally. According to Yunometa’s founder, Arijit Mukherjee: “Shiba Inu appears to be benefiting from hints of bottom fishing and a larger mood comeback on the cryptocurrency market.” Yunometa noted that considering SHIB’s large social media presence and devoted fanbase, it’s not hard to understand why the coin’s price has risen in tandem with DOGE’s rally. SHIB total market cap at $5.3 billion on the daily chart | Source: TradingView.com Meme Token Takes Fed Stance Favorably Jerome Powell, the chairman of the US Federal Reserve in the United States, stated on June 23 that the Fed was committed to tackling historically high inflation. In addition, he agreed that a rapid rise in interest rates could lead to job cuts. The central bank’s more lenient position on interest rates looked to have a favorable effect on the equity and crypto markets. Meme coins outperformed the rest of the market following the Fed’s statement. Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally? Meanwhile, it is interesting to note that after rising as one of the leading meme-based cryptocurrencies over the past year, Shiba Inu’s prospects are deteriorating as a result of waning interest in the token as it continues to endure major price decline. According to data provided by Finbold, the popularity score for Google search queries including the keyword “Buy SHIB” dropped by 100 percent over the past year, from 8 in June 2021 to zero this month. Featured image Fintechs.fi, chart from TradingView.com
Hedge funds are shorting Tether’s USDT with the trades running into hundreds of millions.
On-chain data shows the crypto exchange Coinbase Pro has received a large amount of Bitcoin inflows today, a sign that could prove to be bearish for the coin’s price. Coinbase Pro Observes Bitcoin Exchange Inflows Of About 3.5k BTC As pointed out by an analyst in a CryptoQuant post, Coinabse Pro has today received big […]
Coinbase is facing one of the sternest tests in its history with lay-offs and an internal shake-up.
The shares of Coinbase have been facing a massive decline during the past 24 hours. The exchange shares have dropped by double digits to trade […]
Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week. According to crypto analyst Justin Bennett, Bitcoin is hinting at further losses. The cryptocurrency stayed rangebound even as the traditional market rallied. Bitcoin has displayed a high correlation with traditional equities. In particular, the price of Bitcoin seems to be moving in tandem with the Nasdaq 100 and the S&P 500 Index. However, this dynamic has been changing in short timeframes making BTC a lagger as equities trend upwards. Bennett believes this is an indicator of a fakeout, a false upwards movement before a re-test of previous support. At the moment, the analyst claims, there is nothing more important for BTC’s price than equities. Via Twitter, Bennett wrote the following and shared the chart below: Everything for #crypto boils down to this…Does the S&P 500 fail to hold above 3,880? If so, and we get a 1h close below, this latest rally becomes a fakeout, and we likely get the next leg lower for stocks and crypto alike. Everything else is just noise. You could literally trade BTC using nothing but the S&P chart above. As of now, it looks like this level will fail. As seen in the chart above, the S&P 500 broke below a major trendline and seems to be heading towards critical support at 3,800. Bitcoin seems to be holding its levels despite the S&P 500 price action, but Bennett ruled out the possibility of a “fakeout” due to the overall weakness in the market. I've seen a few comments stating that this could be a fakeout. The fakeout to the upside already occurred. The last 1h close confirmed it. No guarantees, but fakeouts of fakeouts are rare. pic.twitter.com/GQjKCwzRm9 — Justin Bennett (@JustinBennettFX) June 28, 2022 Bitcoin Levels To Watch In Case Of Further Losses Data from Material Indicators shows liquidity on crypto exchange Binance has been constantly moving around current levels. There are over $30 million in bids orders below BTC’s price which could provide important support. However, as seen below, asks orders to have been swelling which could prevent BTC’s price to break above $21,000 and get out of the danger zone. Analysts from Material Indicators identified the levels between $17,000 and $19,000 as the next potential area for Bitcoin. Related Reading | Glassnode Deems 2022 Bear Market As The Most Atrocious For BTC And All Cryptocurrencies At those levels, there are important pools of liquidity, and the price of Bitcoin tends to trend towards these levels. The analyst added: This looks like a ladder of #BTC bids that intends to get filled. Time will tell if it gets filled where it rests or if it needs to adjust closer to the active trading range.
Bitcoin mining has been seeing a decline in profitability in recent times. This comes as no surprise given the drop in the value of the token and since profitability largely depends on what price BTC is trading at, it has led to a decline in cash flow. As the ripple effects of the market crash […]
Outflows have been the order of the day since the price of cryptocurrencies such as Bitcoin had begun to crash. The same sentiment had spread through individual as well as institutional investors, leading to massive sell-offs in the space. Despite the price of bitcoin recovering in recent times, it seems that the sellers are not done just yet as outflows had ramped up over the last week. $453 Million Leaves Bitcoin Bitcoin had been seeing a reversal trend with inflows coming in for the prior week. However, this has only been short-lived as outflows have continued to rock the digital asset. For the last week, CoinShares reports that bitcoin had led the outflow trend and the net outflows had come out to $453 million for the digital asset. It is one of the largest outflows ever recorded for the digital asset and has wiped out the majority of inflows on a year-to-date basis. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO This comes as bitcoin’s price had continued to fluctuate around $20,000 over the last week. It was expected that the low prices would trigger more inflows into the market for the past week but the opposite has been the case. The total assets under management (AuM) for bitcoin now sits at $24.5 billion, the lowest it has been in more than a year. BTC recovres above $21,000 | Source: BTCUSD on TradingView.com Its short-bitcoin counterpart had gone a different path this week where inflows had been the order of the day. The $15 million that flowed into it is said to be a result of the first US-based short investment product which launched last week. Given that the older short-bitcoin investment products had recorded outflows for the same time frame, all fingers point towards the launch. Ethereum also saw inflows, a first in three months. It came out to a total of $11 million flowing into the altcoin after suffering 11 weeks of outflows. North American Outflows Grow Worse The outflows have been localized to one specific region and that is the North American corner of the market. CoinShares notes that the majority of the outflows had come from Canadian exchanges. Specifically, one provider. Most of the outflows had been seen on 17th June but did not show up until last week. It shows that these sell-offs had been a trigger for bitcoin’s decline to $17,700. Related Reading | Crypto Liquidations Settle As Bitcoin Recovers Above $21,000 Digital asset investment product outflows were just as large with $423 million flowing out of the market, a new record for the space. However, given the lag that led to the trades from the Canadian exchanges updating late, it is important to know that these outflows were not from last week alone. When these outflows are removed and marked to their correct time frames, it shows that inflows of $70 million had been recorded by other providers. The last time record outflows were seen was at the start of the year when $198 million had left the market in a single week in January. The outflows recorded for last week have surpassed this by more than 100%, although the ratio to the assets under management remains low compared to the bear market outflows of 2018 where outflows had reached as high as 1.6% of total AuM. Featured image from MARCA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Over 53 million Brazilian customers can now buy bitcoin through the country’s largest digital bank, Warren Buffett-backed Nubank.
The prominent rap stars Eminem and Snoop Dogg released a new music video that showcases the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection. The duo’s latest single called “From the D 2 The LBC” debuted at this year’s Apefest, an annual gathering for BAYC and Mutant Ape Yacht Club (MAYC) owners. From the… More
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Ethereum energy consumption had been on the rise through 2021. Most of it had been triggered by the bull market which had brought renewed interest to the market. However, with the market now finally headed into the dreaded bear trend, the interest in the blockchain has waned. As a result, activity on Ethereum is down […]