Tag: markets

Crypto Market Cap Breaks $1.5T as Buyers Show Up for the Dip
Crypto News

Crypto Market Cap Breaks $1.5T as Buyers Show Up for the Dip

Bitcoin has fully pared losses from Sunday’s dip as the leading cryptocurrency fell from around $48,600 to below $46,000 early Monday morning. As of 21:00 UTC (4 p.m. ET), bitcoin was trading above $48,600 on Coinbase. But the leading cryptocurrency still has yet to trade above the psychologically significant $50,000 mark.Much of bitcoin’s choppy price action and its recent dip could be attributed to futures deleveraging. Eager bulls piled into long trades expecting a swift breakout to $50,000 or higher. Funding rates for perpetual bitcoin futures have steadily increased through February, according to market data collected by Skew, with some funding rates reaching their highest levels in the past 12 months.Confirming this market condition, bitcoin futures saw over $520 million...
Bitfinex Says It Repaid Tether for $550M Loan at Center of NYAG Probe
Crypto News

Bitfinex Says It Repaid Tether for $550M Loan at Center of NYAG Probe

Crypto exchange Bitfinex claimed Friday it repaid the remaining balance of a $550 million loan to its sister firm, Tether, the issuer of the tether (USDT) stablecoin.In 2018 the exchange borrowed more than $600 million from Tether, with which it shares executives and ownership. The transaction was made public in April 2019 after the New York Attorney General’s Office (NYAG) alleged Bitfinex lost $850 million in customer and corporate funds to payment processor Crypto Capital Corp., and used funds from Tether’s reserve to secretly cover the shortfall.Bitfinex previously announced paying off certain tranches of the loan.The final payment was made in January and the line of credit opened by Tether back in 2018 has been cancelled, according to Bitfinex’s website.As of April 30, 2...
DeFi Season? LINK, AAVE, ZRX and COMP Hit Record Price Highs, Outperforming Bitcoin
Crypto News

DeFi Season? LINK, AAVE, ZRX and COMP Hit Record Price Highs, Outperforming Bitcoin

Investors look to be temporarily shifting focus away from bitcoin and toward crypto tokens associated with decentralized finance (DeFi).In the past 24 hours, DeFi-linked coins such as COMP, AAVE, KNC and ZRX have all leapt to fresh lifetime highs.Compound’s governance token COMP clocked a new record of $500, taking the month-to-date gain to above 40%. The token jumped 130% last month and has risen by 20% in the past 24 hours, according to data provider CryptoCompare.Oracle provider Chainlink’s LINK token is also benefitting from the broad-based rally across DeFi. The token printed a lifetime high of $26.98 during the Asian hours, toppling the previous peak of $25.81 reached on Jan. 25, CoinDesk 20 data shows.AAVE, the token of the DeFi lending protocol of the same name...
Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead
Crypto News

Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead

Bitcoin’s on-chain metrics are painting a bullish picture after weeks of consolidation.The top cryptocurrency hit a peak price of $41,962 on Jan. 8 and has mostly traded the range of $29,000–$40,000 since, according to CoinDesk 20 data.However, demand continues to outstrip supply amid the price lull. “In 2021 so far, around 26,000 BTC have been mined. Meanwhile, The Grayscale Investment Trust has acquired over 40,000 BTC in the same period,” Glassnode said in its weekly report.Further, the number of coins held on exchange addresses continues to slide, taking sell-side liquidity off the market.Bitcoin exchange balanceSource: GlassnodeThe balance of bitcoin held across all exchanges fell to a 2.5-year low of 2,349,040 on Monday, according to Glassnode.Mean...
Bitcoin Trading Tepidly at $33.7K While SushiSwap Eats Raw Market Share
Commodities, Crypto News

Bitcoin Trading Tepidly at $33.7K While SushiSwap Eats Raw Market Share

Bitcoin is taking a break, staying in a tight trading range with lower than average volume compared to the past month. Meanwhile, alternative cryptocurrencies and decentralized finance are stealing the spotlight.Bitcoin (BTC) trading around $33,782 as of 21:00 UTC (4 p.m. ET). Gaining 2.5% over the previous 24 hours. Bitcoin’s 24-hour range: $32,341-$34,715 (CoinDesk 20) BTC above the 10-hour and the 50-hour moving average just slightly on the hourly chart, a sideways-to-bullish signal for market technicians.Bitcoin trading on Bitstamp since Jan. 29.Source: TradingViewThe price of bitcoin is extending its weekend respite Monday, trading in a fairly tight $32,500-$34,500 range, although its 24-hour performance is up 2.5% as of press time.“XRP – and DOGE ...
XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack
Crypto News

XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack

XRP rallied hard on Saturday in a move similar to a crowd pump recently observed in out-of-favor stocks such as GameStop. The cryptocurrency jumped 56% to $0.50944 to hit the highest level since Dec. 22, according to CoinDesk 20 data. That was the biggest single-day percentage gain since Dec. 21, 2017. The double-digit price rise was likely fueled by members of a Telegram-based group called Buy & Hold XRP (t.me/pumpxrp), which came into existence on Saturday. The group’s membership hit Telegram’s 200K ceiling within the first 24 hours, forcing a migration to a new official channel with a similar title but a different link (t.me/pumpxrpofficial). “Traditional Crypto-Pump groups are being copied and legitimized by WallStreetBets (WSB)-style crowd-pumps, and are now turning the...
India’s Proposed Crypto Ban Has Investors Nervous, May Feed Anti-Bitcoin Narrative
Crypto News

India’s Proposed Crypto Ban Has Investors Nervous, May Feed Anti-Bitcoin Narrative

India’s cryptocurrency investors were caught off-guard and left confused after news broke Friday that the country’s Parliament will be considering a government-backed bill that would ban “private” cryptocurrencies. Given the ruling party controls both houses of Parliament, the bill’s chances of becoming law are good.The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 would prohibit cryptocurrencies in India and provide a framework for creating an official digital currency to be issued by the Reserve Bank of India (RBI). The RBI had previously prohibited crypto trading for almost two years before that ban was overturned by the Supreme Court in March 2020.Industry watchers said the government’s definition of “private” could imply that any digital currency th...
Fed Chair Powell: ‘We’d Welcome Higher Inflation’
Crypto News

Fed Chair Powell: ‘We’d Welcome Higher Inflation’

U.S. Federal Reserve officials voted Wednesday to keep monetary conditions at historically loose levels while waiting for the economy to heal.Chairman Jerome Powell said he doesn’t want to put a timeline on tapering the U.S. central bank’s $120 billion-a-month in asset purchases.“In terms of tapering it’s just premature,” Powell said. “We said we’d want to see substantial, further progress towards our goals before we modify our asset purchase guidance. It’s just too early to be talking about dates. We need to see actual progress.”A little bit of inflation in 2021 would be welcome news for the Federal Reserve if it means fewer jobs are permanently lost, Powell added.“I’m much more worried about falling short of a complete recovery and losing people’s careers and lives...
GameStop-Style Revolts Spread, Prompting Halt by TD Ameritrade, Nasdaq Monitoring
Crypto News, Trading

GameStop-Style Revolts Spread, Prompting Halt by TD Ameritrade, Nasdaq Monitoring

Money Street needs to prevent stocks from exchanging like digital currencies.A functioning Reddit-based exchanging local area is making more values act like distinctively unpredictable digital forms of money in the midst of a continuous mission of tremendous short crushes. Accordingly, representatives and other monetary specialist organizations are taking steps to slice off exchanging admittance to "limit hazard."Self-depicted as "like 4chan found a Bloomberg Terminal," the Wall Street Bets (WSB) exchanging local area on Reddit unleashed turmoil in conventional business sectors subsequent to siphoning GameStop (GME) almost 900% in five days to around $380 Wednesday morning. What's more, the disorder is spreading.Other intensely shorted stocks, for example, BlackBerry (BB) and AMC...
GameStop Investing Craze ‘Proof of Concept’ for Bitcoin Success, Says Scaramucci
Crypto News, Investing

GameStop Investing Craze ‘Proof of Concept’ for Bitcoin Success, Says Scaramucci

SkyBridge Capital’s Anthony Scaramucci said Wednesday that retail investor-led stock surges for video gaming firm GameStop suggest bitcoin will ultimately be a success.On Tuesday, a volatile trading session largely driven by a campaign by members of the Reddit forum r/WallStreetBets saw GameStop (NYSE: GME) jump 92.7%. Trading of the stock has been halted multiple times in the last week as price spikes triggered market protections.After Elon Musk joined the fray, tweeting “GameStonks,” shares rose 50%. The video gaming stock is now worth $10 billion and classified as a large-cap stock, according to Bloomberg.Scaramucci said in an interview with Bloomberg that this strong individual trader market action is “proof of concept that Bitcoin is going to work,” and should be tak...