Derivatives are often criticized for creating artifical demand and supply via leverage, injecting volatility into the market and are considered a proxy for speculative activity often observed at major market tops. As such, the decline in derivatives’ share of the total market activity might be a good news for crypto bulls anticipating a continued price rally. Original
On March 13, 2024, bitcoin achieved a new peak in its market value, reaching an unprecedented high of $73,679. In the past 24 hours, bitcoin not only increased by 1.8% but also showed notable gains over the week (10.7%) and the last two weeks (23.3%), elevating its market cap to an impressive $1.43 trillion. Bitcoin […] Original
Bitcoin briefly touched $73,000 today before facing a correction and dropping below $72,000. The largest cryptocurrency is up nearly 50% this month and has set new weekly peaks. Several factors are driving BTC’s bullish rally. Earlier today, Thailand’s SEC gave asset management firms the green light to launch spot Bitcoin ETFs. At the same time, the London Stock Exchange announced that it will start accepting applications for Bitcoin exchange-traded notes (ETN) in the upcoming quarter. The largest Bitcoin ETF issuer, Blackrock, also reached a milestone today. The IBIT ETF achieved…
The BNB Smart Chain (BSC) has reportedly suffered copycat attacks due to a vulnerability in the Vyper programming language, following a similar vein to the exploit on the decentralized finance (DeFi) protocol Curve Finance. Amid the exploits carried out on Ethereum, Blockchain security firm BlockSec tweeted on July 30 that around $73,000 worth of cryptocurrencies on BSC across three exploits had also been stolen. It comes as similar exploits targeting liquidity pools on Curve Finance have racked up losses exceeding $41 million according to current BlockSec estimates. The sheet updated. Losses…
On-chain researcher Lookonchain warned of selling pressure in ether after a whale moved large amounts of the cryptocurrency to Binance. Source
The price of Bitcoin (BTC) saw a correction in the run-up to the record options expiry last Friday. However, nothing happened despite some expecting a massive move on the same day. The actual correction occurred before the event. On the day itself, Bitcoin’s price has bottomed out and began to rally. The ongoing rally above $59,000 is being fueled by bullish news from Visa and PayPal as both are getting into Bitcoin and cryptocurrency payments. Put differently, the market is very much in the middle of the bull cycle and…
The cryptocurrency and equity markets have seen a relatively stable week, as the volatility and volume drained away from both markets. Bitcoin (BTC) has been moving between $6,600 and $7,300 and hasn’t been showing direction. On the other hand, the volume is starting to drop significantly in the markets. Such a stable movement and compression combined with low volume generally leads to a big move to occur with just 24 days until the Bitcoin halving. Crypto market daily performance. Source: Coin360 Bitcoin flirting with the 100-Week MA to break BTC…