However, the good times may stop rolling if the heavily shorted U.S. dollar, which has recently found a “double bottom” price floor against major fiat currencies, sees a short squeeze – a rally powered by an unwinding of bearish bets, as per Singapore-based options trading firm QCP Capital. Original
Regulatory risks and aversion to centralized crypto platforms after last year’s bankruptcies are likely among the reasons that drive investors to decentralized staking protocols, Tom Wan, an analyst at digital asset investment firm 21Shares, said in a note. Source
Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside of the United States to trade bitcoin and ethereum perpetual futures. The company stated in a tweet that the service will begin by offering perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions. Coinbase Reveals Bitcoin and Ethereum Perpetual Futures Settled in USDC With up to 5x Leverage The launch of Coinbase International Exchange follows the company’s…
The share of Ether held by so-called whale addresses has dropped since Ethereum’s Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in the near term. ETH whale population shrinks post-Shapella The amount of Ether (ETH) held by addresses with 1,000-10,000 ETH, or “whales,” was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum. Ether whale net position change. Source: Glassnode Interestingly, a week before the Shapella upgrade, the Ether…
ALSO: Five CoinDesk journalists offer their takeaways from Consensus 2023. They found an industry still filled with optimism but also realistic about the challenges ahead, most notably, regulatory uncertainty. Source
Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, enabling stakers to withdraw for the first time. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking protocols. Since then, over 400,000 ether, valued at $763 million, has been added to 17 liquid staking platforms. Ethereum Liquid Staking Platforms Continue to Swell As of today, April 30, 2023, the total value locked into liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked…
The Ether (ETH) price has held above $1,820 for the past three weeks, despite facing a 13.7% correction between April 18-21. Still, analyzing a broader time frame provides a more constructive view, as ETH gained 20.8% in three months while the S&P 500 stock market index stood flat. However, according to ETH options and futures metrics, the gains were not enough to make professional investors bullish. Worsening macroeconomic conditions have driven cryptocurrencies’ positive momentum in 2023, including the ongoing banking crisis. According to Arthur Hayes, former CEO of crypto derivatives…
Through the first eight days after the upgrade, investors withdrew some 900,000 ETH in staking rewards. Meanwhile, staking deposits totaled some 667,000 tokens, which was six times larger than the amount deposited during the last eight days before allowing withdrawals. Source BringsETHEtherEthereumInflowRecordShanghaiStakingupgrade CryptoX Portal
The largest cryptocurrency by market capitalization was recently trading at around $27,350, down 0.4% in the past 24 hours, according to CoinDesk data. BTC dropped below $28,000 on Friday afternoon, part of a two-day slide that followed a week above $30,000. At one point, bitcoin was changing hands near $27,100. Source
The Ether (ETH) price has struggled to sustain the $1,850 support since April 21, the same level it held before the rally toward $2,100 initiated on April 13. Investors have reason to question whether there are buyers, considering the 13.5% price correction in six days and the $548 million in leveraged futures longs liquidated between April 19 and April 21. Firstly, the regulatory environment seems to have gotten stricter for centralized exchanges. Dubai-based Bybit, for instance, announced that all users must complete Know Your Customer (KYC) identity verification for order execution…