Day: November 10, 2023

Bitcoin Ready To Take-Off? Analyst Who Predicted $37,000 Reveals What’s Next

Bitcoin is still seeing an impressive run but speculations on where the asset is headed next are running wild. A crypto analyst has shared their own expectations for the leading cryptocurrency, considering both sides of the coin and the possible price marks it can achieve. Bitcoin Price Gunning For $40,000 In an extensive analysis, crypto analyst and trader FieryTrading has mapped out how the Bitcoin price could reach $40,000. The analysis which was posted on TradingView starting November 8 points out the fact that the BTC price has continued to…

CME, Where Institutions Trade Bitcoin, Flipped Binance in Futures Volumes. Is That as Bullish as It Sounds?

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But, if you believe in efficient markets, then you’d have to think a pre-scheduled event that 99.9% of all bitcoin holders know about and eagerly await would have to be “priced in.” Then again, it’s hard to say crypto markets are efficient. And the same guys who thought up the Efficient Markets theory also said it’s impossible to find a $10 bill on the street, because, if it was there, it’d already be pocketed by someone. Yet I find (and lose) money all the time, and crypto traders sometimes make…

A New Era For Institutional Crypto Investments?

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The Chicago Mercantile Exchange (CME) has recently clinched the title of the largest Bitcoin futures exchange by open interest, overtaking the renowned crypto exchange, Binance. Data from Coinglass reveals that CME’s open positions have reached roughly $4.04 billion across 108,900 Bitcoin contracts, accounting for 24.22% of the entire Bitcoin futures market. Open interest in the context of futures trading refers to the total number of outstanding derivative contracts, such as futures, that have not yet been settled. This metric is crucial as it indicates the market’s liquidity level and trading…

Mango Markets’ exploiter to face trial in April, and Coinflux shuts multichain: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The exploiter behind the $116-million theft of assets from Mango Markets will face trial in April next year after the accused convinced the judge to postpone the fraud trial to April 8, 2023. The Aave protocol had to pause multiple markets earlier after reports of a feature-related bug. The Coinflux multichain protocol called ShuttleFlow is all set to wind down its services…

Solana (SOL) Price Rallies 20% in a Day, Erasing Woes of Past 18 Months

CryptoX – Cryptocurrency Analysis and News Portal SOL’s price jump could prove to be a win for the many creditors of FTX. The asset is now trading in a range that will make customers of the crypto exchange whole, according to Thomas Braziel, the CEO of 117 Partners, a company that closely follows the distressed asset markets. Sam Bankman-Fried was just convicted for stealing that customer money. Source The post Solana (SOL) Price Rallies 20% in a Day, Erasing Woes of Past 18 Months appeared first on CryptoX. CryptoX Portal

Researchers claim Bitcoin experiment generated almost 300% higher returns than hodling

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A team of academic researchers from the International Hellenic University and Democritus University of Thrace in Greece recently published a paper supporting the “efficient market hypothesis” (EMH) for Bitcoin (BTC) trading. EMH is a controversial theory that the researchers claim contributed to the development of models capable of outperforming the hodl strategy by nearly 300% in simulated crypto portfolios. According to their research paper: “We manage to generate models whose forecasts give investors the ability to record higher profits than the ones they would have if they followed the well-known…

Transactions Surge 320% In Q3

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Algorand (ALGO), a smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported by Messari.  Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform. Algorand Witnesses Surge In Transaction Volume In Q3 Per the report, the non-fungible token (NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter.  This program,…

Liquidity Trends Suggest ‘Uptober’ Could Be the Start of a New Crypto Bull Run

Trade volume recovery in BTC and ETH, the most watched liquidity metric, is eye-catching. Two of the top-15 trading volume days since the market top two years ago were recorded during this recent rally. And most of the other high-volume days happened as dramatic company failures were taking place in 2022, or as several mid-sized U.S. banks got into difficulty in March 2023. BTC Spot volumes, which until September were breaking three-year lows, have steeply recovered and are now approaching six-month highs. Source

A New Yield-Bearing Stablecoin Investing in U.S. Treasuries

A new addition to the current convergence trend between crypto and traditional finance is Midas, a stablecoin backed by U.S. Treasuries that’s planning to unleash its stUSD token on decentralized finance (DeFi) platforms like MakerDAO, Uniswap and Aave in the coming weeks, according to a presentation deck seen by CoinDesk. Source