Day: June 24, 2024

Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million

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Early on Monday morning, the Bitcoin price crashed another 5% to drop to the $61,000 level. This drop, which was very sudden, has taken investors by surprise, triggering a massive wave of liquidations. As the volume continues to rise, the crypto liquidation figures have barreled toward $300 million in just 24 hours alone. 91,000 Crypto Traders Lose $282 Million Amid Bitcoin Crash Data from Coinglass has shown that tens of thousands of crypto traders have lost their leverage positions in the last day, leading to hundreds of millions of dollars…

Kraken MTF, the Exchanges’ Derivatives Arm, Joins Copper’s ClearLoop Crypto Settlement Network

After many traders’ funds were marooned on the collapsed crypto exchange FTX, there’s been a push toward alternative structures, such as in-custody settlement networks and the like. Copper’s off-exchange network provides hundreds of institutional customers with connectivity to OKX, Bybit, Deribit, BIT, Gate.io, Bitfinex, Bitget and PowerTrade, with Bitstamp and Bitmart soon to go live, according to a press release. Source

Bitcoin miner Hut 8 secures $150m funding to build AI infrastructure platform

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Bitcoin mining giant Hut 8 announced a $150 million strategic funding from Coatue to emerge as a “leader in the AI infrastructure market.” Miami-based Bitcoin mining firm Hut 8 announced on Monday it has raised $150 million to bolster its data center capabilities for artificial intelligence (AI). The funding, structured through convertible notes with an 8% annual interest rate, aims to support Hut 8’s expansion into AI infrastructure to meet growing market demand and position itself as a leader in the sector. While specific details on the location of Hut…

Ethereum Technical Analysis: ETH Faces Bearish Sentiment Amidst Continued Downtrend

Ethereum’s price stands at $3,311, with a market capitalization of $404 billion. The 24-hour intraday trading range has fluctuated between $3,277 and $3,500, while the 24-hour trade volume has reached $16.82 billion. A technical analysis across various timeframes highlights significant bearish indicators. The confluence of oscillators and moving averages suggest a continuation of the downward […] Source CryptoX Portal

Solana Slides 15%, Can It Recover Despite Major Prediction?

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Solana (SOL) has been caught in the crypto current, tossed back and forth by recent market volatility. After an impressive rally earlier in 2024, SOL has dipped by 13% over the past week, leaving investors wondering what lies ahead. Related Reading Technical analyst, Patel, believes he may have charted a course for the high-speed blockchain’s future, and it involves a refreshing beverage. Examining the weekly SOL/USDT chart, Patel identifies a classic “Cup and Handle” pattern, a bullish indicator that resembles, well, a cup and its handle. Frothy Past, Steady Handle:…

Ethereum Network Activity Rises Amid Crypto Bearish Outlook Fueled by BTC’s Dip Below $63k

CoinspeakerEthereum Network Activity Rises Amid Crypto Bearish Outlook Fueled by BTC’s Dip Below $63k The total crypto market cap slipped over 3 percent in the past 24 hours to hover around $2.4 trillion on Monday, June 24, during the early European session. The bearish crypto sentiment escalated following the ebbing of the spot Bitcoin ETF demand in the last few weeks. According to the latest crypto oracles, Bitcoin price closed last week trading around a crucial support level of about $63k. The flagship coin had since dropped another 3 percent…

Bitcoin (BTC) Miners Are Attracting Growing Investor Interest Following Core Scientific (CORZ)’s AI Deal: JPMorgan

Overweight-rated Iris Energy (IREN) is best positioned to take advantage of the opportunity, the report said, noting that the company has excess power capacity and is not wedded to bitcoin mining. Iris Energy was early to embrace the HPC trend and is already running graphics processing units (GPUs) at its facilities, the bank noted. The firm has a track record of building and delivering high-quality data centers on time and has access to a decent amount of power. Source

Bitcoin Bears Target $60,000 Level As Price Continue To Decline

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Bitcoin is currently experiencing a notable decline, with its price steadily approaching the crucial $60,000 mark. The market sentiment has turned increasingly bearish, driven by a combination of macroeconomic factors and a recent surge in selling pressure.  This shift has seen Bitcoin struggling to maintain higher levels, triggering anxiety among investors and traders. As the bears take control, the $60,000 threshold becomes a focal point, with many watching closely to see if the crypto asset can find support or continue its downward trend. With the help of technical indicators, this…