While Bitcoin has seen a pullback from its recently set new all-time high of $73,750 on March 14, currently trading down around 8%, other Bitcoin forks have fared much worse. Following the morning of the landmark ruling against Craig Wright on March 14, Bitcoin Satoshi’s Vision is down 17% against BTC. Other Bitcoin forks, such […]
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Crypto leverage reaches new heights with soaring funding rates and DeFi debt doubling, signaling a cautionary tale for investors.
The tokenization of industrial processes will produce a revolution in competition between companies of different sizes, says Paul Brody, head of blockchain at EY.
The large wealth management firm chose four Bitcoin ETFs for its professionals to offer to their clients.
The Shiba Inu phenomenon continues to leave its paw prints across the cryptocurrency landscape. This week, K9 Finance, a self-proclaimed “innovation partner” within the Shiba Inu ecosystem, rocketed into the spotlight after a major television station in Utah featured their project. Related Reading: Financial Research Firm Expects Crypto Market Cap To Hit $7.5 Trillion Next […]
It’s another bloodbath for traders betting on crypto prices, with Bitcoin and Ethereum positions leading the latest round of liquidations.
After a six-week run, altcoins are cooling off, leading some to fear the worst. However, in a post on X, one crypto analyst urges calm, saying the dip is a normal part of any bull market and may even present opportunities for discerning traders and investors. Altcoins Drop, Follow Bitcoin After posting solid gains and rallying to as high as $73,800 on March 13, Bitcoin edged lower on March 14 and continues under pressure when writing. Considering the positive correlation between Bitcoin and altcoins, leading altcoins like Ethereum, XRP, Cardano, and Solana retraced slightly. Related Reading: Bitcoin Crash Triggered By Failed $1 Billion Hedge Fund Spread Trade: Expert When writing, Ethereum is far from the $4,090 recorded last week. At the same time, the Solana uptrend has slowed, with $200 proving elusive for optimistic traders. Meanwhile, XRP, despite the high optimism when prices roared higher on March 11, is struggling for momentum and is currently trending lower. While the altcoin has been drawn down, the total crypto market cap drop and fear creep in have caused the analyst to remain bullish. Despite the correction, the altcoin uptrend remains, and most coins, including Ethereum, Solana, and Cardano, could post more gains. Ethereum, Solana, and BNB Fundamentals Are Solid To illustrate, the crypto community remains upbeat because of Dencun and its potential to enhance Ethereum and the broader layer-2 ecosystem. Ethereum rollup platforms, including Base and Optimism, that have activated Dencun features have seen decentralized applications (dapps) launching on their platforms benefit. Uniswap Labs, the team behind Uniswap, a leading decentralized exchange, reported that transaction fees on users trading on Optimism have fallen even further after activating Dencun. This reduction in fees may be a catalyst to drive more activity on-chain, propping up prices. On the other hand, Solana bulls are upbeat. Since September 2023, SOL has been on a sharp uptrend. At spot rates, the coin roared to register fresh 2024 highs. With this performance, Solana outperforms Bitcoin and other altcoins, including ETH. CoinMarketCap data shows that SOL has risen by 15% in the past week, closely trailing BNB, the native currency of the BNB Chain ecosystem. Analysts are looking at the upcoming Firedancer upgrade to fortify Solana’s infrastructure further and increase reliability. Meanwhile, regulatory developments in the United States are evolving positively, propping up altcoins, mainly BNB. Related Reading: Solana’s Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity Overall, the crypto uptrend remains even with prices cooling off. More importantly, even with falling prices, sentiment remains bullish. In the past week, CoinMarketCap data shows that the Crypto Fear and Greed Index is at “extreme greed” territory. Feature image from Shutterstock, chart from TradingView
The ATVI coin really is live on Solana, but it is not an official token of Call of Duty publisher Activision Blizzard—despite the tweets.
Hong Kong financial regulator, the Securities and Futures Commission (SFC), issued a public warning about MEXC’s unlicensed operations within its jurisdictions. SFC stated: “The entity purports to be a virtual asset trading platform operating at the above website. It has been targeting Hong Kong investors but is not licensed by the Securities and Futures Commission.” […]
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The Bitcoin wallet has added 100 BTC tranches regularly since at least November 2022, when FTX collapsed.
Bitcoin, the world’s largest cryptocurrency asset, continues to see widespread adoption. The Central American country of El Salvador recently made a massive transfer of BTC to the country’s physical reserve. El Salvador Transfers Thousands Of Bitcoins To Vault Nayib Bukel, the president of El Salvador, took the social media platform X (formerly Twitter) to share […]
El Salvador received Bitcoin donations after President Nayib Bukele shared the Central American country’s digital wallet address with the public. In a March 14 post on social media platform X (formerly Twitter), Bukele revealed that the country transferred “a big chunk of our Bitcoin to a cold wallet and stored that cold wallet in a […]
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The notional total of leveraged long Bitcoin derivatives traders still surpasses $40 billion even after the recent swathe of liquidations, according to data from Coinglass. Shorts are primarily above $71,000 and amount to around $12 billion in notional value. Total open interest in futures contracts comes to $35 billion, while options contracts hold $31 billion […]
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JP Morgan warned that introducing more leverage into Bitcoin markets could make a potential correction all the more painful.
Wifi Dabba, an Indian internet service provider, is launching a second round of its DePIN-powered devices on the Solana network to bridge the digital divide and connect millions to the internet.
The Cyclone Stack will include upgrades aimed at scaling and improving performance of the blockchain.
Some Celsius account holders claim they are being forced to accept U.S. dollars instead of crypto, resulting in much smaller payments than they were initially promised.
Bitcoin would still preserve its bull market even if the current BTC price retracement approaches -40%.
The bank raised its price target for the crypto exchange to $150 from $95.
The XRP community is celebrating a recent development that could have significant implications for the cryptocurrency’s future. The European Corporate Governance Institute (ECGI), a highly respected European think tank focused on corporate governance, published a research paper acknowledging XRP’s status as a utility token, distinct from securities. This recognition comes amidst an ongoing legal battle […]
The Bitcoin mining reward rate gets cut in half every four years, but this seemingly simple event carries with it deeply felt implications for the future of DeFi.
Developers can now utilize Aptos Labs’ blockchain gaming suite, which includes a collaboration with Google Cloud for live service games.
Bitcoin’s allocation in investor portfolios has reached 3.7 times that of gold when adjusted for volatility, according to a JPMorgan analyst.
A judge has ruled definitively that Craig Wright is not the pseudonymous creator of Bitcoin, dealing a blow to his claims of ownership over the currency’s intellectual property.
The firm announced its plans to raise $500 million in a debt offering on Wednesday only days after purchasing 12,000 BTC with the proceeds of a previous $700 million offering.
Crypto game Upland is gearing up to debut its Sparklet token, and will reward users via in-game missions and social media engagement.
PancakeSwap released a new version of its code, which it plans to launch on BNB and Ethereum in Q3.
The Bitcoin price has crashed from over $72,000 yesterday to as low as $65,500. As reported earlier today, there are several obvious reasons for this, such as the liquidation of extensive long positions on the red-hot futures market, expectations of a “higher for longer” policy by the US Federal Reserve as a result of hotter than expected inflation data and a relatively weak inflow day for the spot ETFs yesterday. Did This Trigger The Bitcoin Crash? However, there is also a rumor that reveals yet another hidden reason for the crash: a failed spread trade by a hedge fund that resulted in over a billion dollars in losses. Andrew Kang, the founder of Mechanism Capital, revealed on X the intricate details of this debacle. “Apparently a fund blew out $1b+ on the MSTR-BTC spread trade today. They covered into the close which is why BTC dumped and MSTR premium went to the highs. PNL pocketed by based Saylor and will be put back into BTC.” Kang had earlier elucidated the precarious nature of market transitions, citing the downfall of several major players due to flawed delta-neutral strategies. “You get some really wonky stuff that happens in market trend transitions. Like large delta-neutral funds/institutions getting blown out on ‘risk-free’ spread trades,” Kang remarked, pointing to past failures of notable firms like Blockfi, DCG, Genesis, Three Arrow Capital and Alameda. Related Reading: Why Is Bitcoin Price Down Today? 3 Key Reasons MicroStrategy, under the leadership of Michael Saylor, has notably been a leveraged play on Bitcoin, with its substantial holdings often leading to significant interest from short sellers. According to Kang, “MSTR currently has $3b of short interest – roughly 20% of its float. I imagine a lot of that float is angry tradfi boomers trying to capture the premium to NAV.” The premium discrepancy Kang refers to—surging from 50% pre-ETF to 13% post-ETF, and recently peaking at 70%—illustrates the volatile dynamics at play between MicroStrategy’s stock value and its underlying Bitcoin holdings. Trade Gone Wrong Renowned Bitcoin analyst Bit Paine and German crypto analyst Florian Bruce corroborated the narrative, pointing to the unwinding of a significant spread trade as the catalyst for the market movements. “That dip was because a fund blew up on their MSTR/BTC short,” Bit Paine remarked. Related Reading: Bitcoin Miners Brace For Impact As Difficulty Reaches Unprecedented Levels Bruce provided a clear exposition of the strategy gone awry: “A hedge fund set up a spread trade shortly before the ETF approval: Long BTC & Short MSTR. The idea behind it was that MSTR will fall through the ETF while BTC rises.” This explanation lays bare the hedge fund’s miscalculation, as the actual market response saw MSTR outperformed Bitcoin, necessitating a rapid unwinding of positions that contributed to Bitcoin’s sharp price decline. “BTC was sold and the shorts on MSTR were closed (MSTR bought). This is probably also the reason why MSTR has just had a small mini rally and is doing less badly than other BTC ETFs. Enjoy the dip. I don’t think it will last long,” Bruce stated. The supposed hedge fund in question, North Rock Digital, had previously outlined its contrarian strategy on X, expressing skepticism towards the valuation of crypto equities in the lead-up to ETF approvals. “The contrarian idea […] was to short crypto equities vs long spot crypto. In our view, as we approach the ETF, crypto equities have been being used as proxies for spot exposure […] once the ETF becomes available we expect this flow to reverse as many of these holders rotate exposure into the ETF. Given the dislocated nature of many of these names (MSTR, MARA and COIN are our three favorite shorts), we believe there are several attractive shorts to pair against long spot exposure,” North Rock Digital stated in January. At press time, BTC traded at $67,588. Featured image created with DALL·E, chart from TradingView.com
The chances of approval for the pending spot Ethereum exchange-traded fund (ETF) applications this May are strained as two US Senators urged the Securities and Exchange Commission (SEC) to reject other crypto ETF proposals. In the March 11 letter to SEC Chair Gary Gensler, Senators Jack Reed and Laphonza Butler advised the financial regulator to […]
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The hackers illegally accessed funds on NFPrompt, including a portion of the NFP treasury and ecosystem fund.