Author: Max Bauer
Cryptocurrency market has seen a massive liquidation of $16.77 million in the past hour. The data, sourced from Coinglass, indicates that the majority of these were long orders. Long positions, which are bets that the price of an asset will rise, accounted for a staggering $16.03 million of the total liquidations. On the other hand, short positions, which are bets that the price will fall, were liquidated for $770,000. Breakdown of Liquidations The liquidations over different time periods are as follows:
In a recent report released by Bitfinex, the price of Bitcoin has seen a significant rebound, reaching $70,000 today. This marks a more than 30% increase from the low point on July 5, which was previously predicted to be the bottom. The upward momentum coincided with the Bitcoin 2024 conference. The Bitcoin options market initially experienced a surge in implied volatility, but this fell as traders reduced risk. With the large options expiration approaching this Friday, August 2, the market is expected to see consolidation and potentially even a small pullback. Despite the breakout of the overhead resistance, net selling…
In a recent article by Nick Timiraos, a well-known mouthpiece for the Federal Reserve, it was stated that Federal Reserve officials are unlikely to cut interest rates in the upcoming week. However, the ongoing developments in inflation and the labor market could prompt officials to signal a potential rate cut at the meeting in September. Federal Reserve Chairman Jerome Powell, known for his preference to act early, has been grappling with the dilemma of cutting interest rates prematurely versus delaying too long. This issue is expected to be addressed at the meeting scheduled for next week. Officials are hopeful for…
In a recent survey conducted by CoinGecko on the X platform, participants expressed varied expectations for the price of Ethereum (ETH) in the current cycle. The survey, titled “How high will ETH rise in this cycle,” revealed a wide range of predictions, reflecting the diverse opinions within the crypto community. The survey results, which are for reference only, showed that: The lack of consensus among participants might stem from the evolving narrative of Ethereum’s layer 1 into its broader ecosystem. As Ethereum continues to develop and expand, so too do the opinions and expectations of its potential value. The CoinGecko…
Compound Finance, a leading player in the decentralized finance (DeFi) space, has been hit with a governance attack amounting to $25 million. The attack, which appears to have gone unnoticed initially, has sent ripples through the cryptocurrency community. The attack was orchestrated on the governance protocol of Compound Finance, a system that is integral to the operation and decision-making processes within the platform. The details of the attack are still emerging, but it is clear that the magnitude of the breach is significant. A cryptocurrency whale, known by the pseudonym “Humpy”, is believed to be behind the attack. The identity…
BitMEX co-founder Arthur Hayes made a bold statement, urging politicians to contribute positively to the cryptocurrency sector before considering financial contributions. Hayes referred to politicians as “vampires” and cautioned against blindly giving them money without seeing tangible support for the crypto industry. Hayes attached a letter addressed to Jaime Harrison, the Chairman of the Democratic National Committee, and future Democratic presidential candidates. The letter, penned by Democratic Party officials and congressmen, highlighted the significant potential of digital assets and blockchain technology in fostering innovation, economic growth, and financial inclusion in the United States. Despite some Democratic leaders recently supporting pro-digital…
Investment firm Pantera Capital has transferred 13.5 million 1INCH tokens, equivalent to about $4.95 million, to Coinbase Prime. The transaction was reported by the monitoring service Ember and occurred approximately 12 hours ago. This is not the first time Pantera Capital has made such a transfer. Over the past four days, they have moved a total of 21.4 million 1INCH tokens to Coinbase Prime, amounting to approximately $8.07 million. Pantera Capital has still a substantial holding in 1INCH, having obtained a total of 104.6 million 1INCH through investment unlocking. Despite the recent transfers, they still hold a significant amount of…
Justin Sun, the founder of TRON, has recently made a statement urging China to enhance its Bitcoin policy. Sun’s comments come in the wake of a more Bitcoin-friendly environment in the United States, a shift he attributes to President Trump’s promotion of the cryptocurrency. Sun believes that China should follow suit and make further advancements in its Bitcoin policy. He argues that a competitive atmosphere between China and the United States in the realm of Bitcoin policy would be beneficial for the entire industry. In a recent development, Sun has expressed interest in purchasing the remaining $2.3 billion worth of…
DWF Labs, a leading player in the cryptocurrency market, is reportedly in advanced talks with one of the largest payment systems in Central Asia. This news comes directly from the company’s CEO, Andrei Grachev, who shared the development on his Twitter account. Grachev’s tweet read: “Talking to one of the largest payment systems in Central Asia. One of developing DWF Labs pillars is to acquire infrastructure in order to offer compliant, cheap and efficient fiat/crypto transactions on emerging markets.” DWF Labs is known as a controversial market maker in the cryptocurrency market. Other market makers once accused DWF Labs of…
U.S. Senator Cynthia Lummis has announced plans to introduce legislation for a “strategic bitcoin reserve”. The proposal involves the U.S. purchasing 1 million bitcoin (BTC) over a span of five years. The Wyoming senator, a long-time supporter of bitcoin, believes that this digital asset could be the solution to the country’s debt crisis. “This is our Louisiana purchase moment,” she declared, drawing parallels to the historic land acquisition that doubled the size of the U.S. in the 19th century. At current market prices, 1 million bitcoin are valued at approximately $68 billion. The proposed legislation stipulates that these bitcoins would…