This week’s Bitcoin (BTC) options expiry on Friday, July 21, could solidify the $30,000 resistance level and give the bears the upper hand for the first time since the 21% rally between June 14 and June 21. Bitcoin options expiries coincide with volatility A review of Bitcoin’s recent price action shows that three out of the last four BTC options expiries triggered significant price movements, making it crucial for traders to pay close attention to these events. Bitcoin/USD price index, 4-hour. Source: TradingView Notably, Bitcoin’s price has consistently shown strong reactions…
Day: July 20, 2023
Bitcoin options tantalizing bears to push price below $30K before Friday’s expiry
This week’s Bitcoin (BTC) options’ expiry on Friday, July 21 could solidify the $30,000 resistance level and give the bears the upper hand for the first time since the 21% rally between June 14 and June 21. Bitcoin options expiries coincide with volatility A review of Bitcoin’s recent price action shows that three out of the last four BTC options’ expiries triggered significant price movements, making it crucial for traders to pay close attention to this event. Bitcoin/USD price index, 4-hour. Source: TradingView Notably, Bitcoin’s price has consistently shown strong reactions…
RDNT Token Jumps Over 10% After Binance Labs Invests $10M in DeFi Lender Radiant Capital
Traders, known as Dynamic Liquidity Providers, can lock in the native RDNT token to profit from interest and flash loan fees and have governance authority within the Radiant DAO. The protocol’s platform fees are paid out in bitcoin (BTC), ether (ETH), BNB Coin (BNB) and stablecoins. Source
DeFi liquidity protocol adds ConsenSys-developed zkEVM rollup Linea
Amid the growing popularity of layer-2 scaling solutions based on zero-knowledge (ZK) proofs, decentralized finance liquidity protocol Symbiosis has added support for Linea, a zkEVM-based scaling solution for cross-chain swaps developed by ConsenSys. Symbiosis said in a statement that Linea is a developer-ready zkEVM rollup, which means it is Ethereum-compatible and thus lets developers reuse a lot of existing infrastructure for creating multi-asset solutions. Linea comprises 100+ protocols, developer tools and decentralized applications, making it a potentially helpful scaling tool for developers in the Ethereum ecosystem. Symbiosis broke into the…
Analytics Reveal How Crypto and Regulatory Events Moved Bitcoin and Ether’s Price
Lately, volatility surrounding the consumer price index (CPI), NFP and other macro events seems to have settled down, while regulatory clarity around crypto, a potential spot ETF approval and the XRP resolution is becoming a key focus; this paradigm shift could lead the market towards higher beta “altcoins” in the crypto space. Original
XRP Momentum Could Set Precedent for Bitcoin
Bitcoin spot ETFs could increase BTC demand to the tune of $30 billion, according to a report by NYDIG. The crypto trading firm estimates that there are $27.6 billion in spot-like products, compared with $210 billion invested in funds for gold, to which bitcoin is often compared. “Bitcoin is about 3.6x more volatile than gold, meaning that on a volatility equivalent basis, investors would require 3.6x less bitcoin than gold on a dollar basis to get as much risk exposure. Still, that would result in nearly $30B of incremental demand…
Reddit Engineer shares strategy behind NFT onboarding at EthCC Paris
Mirela Spasova, a Reddit senior engineer on the Collectible Avatars project, took to the master stage at the Ethereum Community Conference (EthCC) event in Paris to shed light on Reddit’s strategy for onboarding millions of users to its blockchain-backed digital collectibles. In her presentation, Spasova said that the primary motivation behind running Collectible Avatars on-chain is to empower users with freedom of use. By adopting an on-chain approach, users gain the ability to make their own choices, including the option to resell the avatars on popular non-fungible token (NFT) marketplaces like…
SBF and FTX Get Spoofed in Animated Comedy Starring T.J. Miller
Announced at Comic-Con, “FORTUN3,” which premieres this fall, will serve as a kind of origin story for SBF and FTX – the products of an easy-money culture mixed with unbridled tech optimism, explains John Attanasio, co-founder and CEO of Toonstar. Besides the FTX parody, viewers can expect references to other business boondoggles driven by egomaniacs with a messiah complex (think: Theranos and WeWork). T.J. Miller of “Silicon Valley” fame will voice the SBF clone. Source
UK FCA Launches Permanent Digital Sandbox for Testing Financial Applications
A sandbox provides a secure setting in which developers can test and evaluate their products in the knowledge that any unintended side effects will be isolated from a live environment. The FCA’s offering can be configured to support a number of distributed ledgers and digital-asset use cases, like building interoperability between networks, according to a person familiar with the project. Source
UK government rejects lawmaker’s call to treat crypto like gambling
The United Kingdom government has rejected a proposal made by the House of Commons Treasury Committee to regulate crypto retail trading in the same way it oversees gambling, highlighting that it “firmly disagrees” with the committee’s stance. A panel of British lawmakers called for regulating the U.K. crypto market similar to gambling in a May 17 committee report. The Treasury Committee said that crypto investment activity is consistent with the principle of “same risk, same regulatory outcome.” In a July 20 response to the committee, U.K. Economic Secretary to the Treasury Andrew Griffith…