Per a Bloomberg report, crypto exchange FTX is currently looking into ways to purchase Robinhood (HOOD), the U.S. trading platform that offers its clients access to the stock and crypto market. The report quotes sources familiar with the initiative. Related Reading | “Bitcoin Is The Only One I’m Willing To Say Is A Commodity”, SEC Chair […]
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Crypto liquidations had ramped up following the market crash. Even with the recovery had come more liquidations as short calls had also taken a hit. However, with the recovery moving over the last week, the market has begun to regain some semblance of balance and so the liquidations have begun to settle. Crypto Market Liquidations Relaxes Although liquidations cannot entirely stop, the liquidations have begun to subside. It had fallen from over $1 billion in liquidations at the height of the market crash and has slowly but surely returned to normal levels. This is obvious in liquidations for the past 24 hours which continue to trend at around $150 million liquidated. Mostly, it has skewed towards long traders given that the market had recorded a dramatic dip in the early hours of Monday morning. Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As expected, bitcoin and Ethereum take the lead for the digital asset with the most liquidations in this time period. Bitcoin alone has recorded more than $43 million in liquidations while Ethereum liquidations have come out to more than 24K ETH liquidated, amounting to more than $29 million in liquidations in the past 24 hours. Total market cap below $1 trillion | Crypto Total Market Cap on TradingView.com More than 74,000 traders have been liquidated in this time though, of which 69.73% were long trades. Okex and Binance exchanges have seen the highest liquidations. However, the largest single liquidation for the last day came from the Bitmex exchange on the XBTUSD with the trade coming out to $2.48 million. Market Takes A Nosedive Just as feared, the crypto market has lost most of the gains that it made last week. The swift decline in price had come following the return of faith in the market, indicating that the recent recovery had been a bull trap. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO In this decline, Bitcoin had fallen sharply from above $21,000 where it had trended for the better part of the week and had fallen back to the $20,000 territory once more. The dip resulted in more than $500 lost from bitcoin’s value in a matter of minutes. As expected, this has triggered liquidations across various exchanges which brings the total value to $156 million liquidated. Bitcoin liquidations are ramping up on the one-hour chart with $28 million recorded over the same time period, coming out to 1,360 BTC liquidated. Featured image from Business Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Eminem and Snoop Dogg released a music video this Friday, featuring their Board Ape avatars in a track titled “From The D 2 The LBC,”. […]
Past trend of the Bitcoin long-term holder SOPR (EMA 30) may suggest that BTC holders may face more pain in the coming months. Bitcoin Long-Term Holder SOPR Has Dropped Below “One” Recently As explained by an analyst in a CryptoQuant post, BTC investors may be in for a frustrating few months if history is anything to go by. The “spent output profit ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. The metric works by going through the transaction history of each coin being sold on the chain, to see what price it was last moved at. If the previous selling price of any coin was less than the current value of BTC, then the coin has just been sold for a profit. On the other hand, the past value being more than the latest price of the crypto would imply the coin has moved at a loss. When the value of the SOPR is greater than one, it means the overall Bitcoin market is selling at a profit right now. Related Reading | Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending? On the other hand, values of the indicator less than one imply investors as a whole are realizing some loss at the moment. Now, the “long-term holder” (LTH) group includes any Bitcoin investor who has been holding their coins since at least 155 days ago without moving or selling. The below chart shows the trend in the SOPR over the history of the crypto specifically for these LTHs. Looks like the 30-day exponential-MA value of the indicator has gone down recently | Source: CryptoQuant In the above graph, the quant has highlighted all the regions of relevant trend for the Bitcoin long-term holder SOPR. It seems like during past bottoms, the indicator’s EMA-30 value has gone below one and trended sideways there for a while (except for the COVID-19 crash, where the metric didn’t stay in the zone for too long). Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? Recently, the LTH SOPR’s value has once again gone below one, suggesting long-term holders are realizing losses right now. The analyst notes that while such capitulation events have historically lead to bottom formations, it may still be a while, even months, before a low is actually found. BTC Price At the time of writing, Bitcoin’s price floats around $21.4k, up 11% in the past week. Here is a chart that shows the trend in the value of the coin over the last five days: The price of the coin seems to have surged up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
The Ripple price prediction shows that XRP is down by 1.96% in the last few hours as the current market value goes below $0.37. Ripple […]
The company behind the popular non-fungible token (NFT) collection Bored Ape Yacht Club, Yuga Labs, addressed the rumors around the alleged connection with racist and Nazi affiliation. The company denied the rumors and called them “crazy disinformation” and “bullshit”. Related Reading | Ethereum Hashrate Plunges Over 10% As Mining Profitability Drops The company claims it has […]
Data shows the Ethereum mining hashrate has declined over 10% in the last month as miner profitability has dropped. Ethereum Mining Hashrate Takes A Dip, Now Only Around 862 TH/s As pointed out by an analyst in a CryptoQuant post, factors like the declining ETH price and the coming merge is forcing some miners to […]
On-chain data shows Bitcoin whales are transferring large amounts to derivatives exchanges right now, a signal that more volatility could be ahead for the crypto. Bitcoin All Exchanges To Derivatives Flow Continues To Show High Value As explained by an analyst in a CryptoQuant post, BTC whale activity on derivatives exchanges still seems to be high. The relevant indicator here is the “all exchanges to derivatives exchanges flow,” which measures the total amount of Bitcoin moving from spot exchange wallets to derivatives. When the value of this metric spikes up, it means whales are currently moving a large number of coins to derivatives exchanges right now. Such a trend usually occurs around lows in the price of the crypto as whales look to get themselves long positions. Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated On the other hand, low values of the indicator show whales aren’t moving much coins to derivatives at the moment. This kind of trend has historically lead to tops in the value of the coin. Now, here is a chart that shows the trend in the Bitcoin all exchanges to derivatives flow over the last couple of years: Looks like the value of the metric has been quite high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin spot to derivatives flow has spiked up recently, suggesting that whale activity is pretty high right now. In fact, the current value of the indicator is actually the highest ever in the history of the cryptocurrency, implying there is an all-time high rate of whales on derivatives currently. Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K? Historically, the price of the crypto has observed significant volatility whenever the metric’s value has been elevated. Based on this trend, the quant believes that the value of the coin could still see further fluctuations in the near future. The analyst also notes that a reduction in the all exchanges to derivatives flow will need to be there, for the volatility to die down. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, up 4% in the last seven days. Over the past month, the crypto has lost 27% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have surged up over the last couple of days | Source: BTCUSD on TradingView After hitting a low of below $18k a week ago, Bitcoin has been trying to recover. So far, the crypto has managed to break above $21k again, but it’s yet unclear whether this recovery will last. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse