Topic: Coin360 news - page 2. (Read 19449 times)
The cryptocurrency market traded weaker overnight during Asian trading hours but has since pared back the vast majority of early losses. As such, in early European trade, Bitcoin is trading down just over 1%, Ethereum is flat and XRP is down 1.5%. The Bitcoin futures curve remains in contango, albeit the premium has dwindled somewhat, while the Ethereum Sep-Perp spread has also narrowed to around $4 vs being above $10 during the recent rally. In terms of decentralized finance (DeFi) and leveraged market, the amount of ETH coins locked in the credit ecosystem of MakerDAO has held steady at around 1.54%. However, as per the overview of the collateralized debt position (CDP) monitor, the lock function, which allows users to add more collateral to their CDP is above the recent daily average. In general, the lock function is used when the price of ETH drops and you are below your personal collateral threshold or your CDP is approaching liquidation.
Read the full article: https://coin360.com/blog/lock-it-in
Flight-to-quality continues to dominate across traditional financial markets, so much so that gold prices hit their highest levels in two months on Monday amid the never-ending uncertainty surrounding global trade talks, as well as the ongoing Brexit negotiations. As a result, US Treasury yields continued to track lower and are now below the 2.10% mark for the first time since September 2017. At the same time, the long end of the curve, the 30-year yield fell 4.8bps to 2.5204%, a level not seen since November 2016. Meanwhile, the tech-heavy Nasdaq Composite index entered correction territory, as investors continued to fret over the tariff threats against Mexico and China.
Read the full article: https://coin360.com/blog/race-to-the-bottom
It is well known that Tulip season runs from the end of March until mid-May, but the flowers are usually at their best halfway through April. Similarly, despite the relatively sanguine start to the year, just like Tulips, the crypto markets blossomed in early April and the bulls have not looked back since. As a result, by the time June was upon us, Bitcoin’s price was up over 100%, as are many other crypto assets (see table below).
Read the full article: https://coin360.com/blog/tulip-season-coming-to-an-end
Heading into the upcoming CME Bitcoin futures expiry day at the end of this week, the cryptocurrency market is beginning to show signs of jitters. Although the path towards the psychologically important $10k level remains intact for Bitcoin, profit taking at this stage is not an unlikely scenario. However, something that would maintain the price momentum is the ongoing roll into the next futures contract. Specifically, open interest (OI) for the month of June stands at 1,996 (up from 1,316) and July at 432 (up from 303). In total, OI is at 5,190 (up from 4,804). The next few days will be telling whether the roll will accelerate further, which in turn would be supportive of the underlying sentiment.
Read the full article: https://coin360.com/blog/rewind
Bitcoin continues to trade around the $8,000 level and, even though profit taking looks sensible at these levels, trying to call the cryptocurrency market now would be like trying to catch a falling knife. Momentum is clearly suggesting a move to higher levels, but as underlying network fundamentals continue to lag the price advance, bears continue to warn of a crypto market correction.
Read the full article: https://coin360.com/blog/momentum
As pointed out yesterday, Ethereum underperformed significantly vs BTC in the recent run-up, so much so that Y/Y basis Bitcoin is nearly flat, while Ethereum was down around 60% in the same metric. As such, there was some leeway for relative value plays to re-enter the market and close the gap, even if only partially. The above materialized in dramatic fashion, as Bitcoin remained relatively stable around the $8k mark, while Ethereum rallied from $218 area well into $270 region.
Read the full article: https://coin360.com/blog/leverage
The parabolic upswing by Bitcoin has eased somewhat as the largest cryptocurrency by market capitalization entered a consolidation phase around the $8000 level. It remains to be seen how long the price will be able to remain at this level, as the temptation to take profit will rise by the day. At the same time, the FOMO effect could easily push the price all the way through $10,000 level in the blink of an eye.
Read the full article: https://coin360.com/blog/its-all-relative
The market remains in a jubilant mode, with Bitcoin rallying above $8K and Ethereum advancing all the way to $215. Citing CME Group, the Chicago exchange declared its Bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K and 18.3K set on Apr. 4 and Feb. 19, respectively. Another market positive statistic is the growth of Grayscale Bitcoin Trust flows which reached an all-time high in April. Inflows in April (11,236 BTC) were approximately equal to those of the previous four months combined and, USD adjusted, nearly $58.2 million was added to Grayscale’s holdings in April, which is almost as high as the $60.8 million at the height of the bull market in December 2017. What is more interesting is the GBTC premium, which currently stands at nearly 40% and has increased consistently since December.
Read the full article: https://coin360.com/blog/hot-money
The market is ebullient, Bitcoin is up nearly 38% for the month-to-date and is now trading above the $7,000 level, and Ethereum looks set to again test the technically significant $200 level. The rally has been very broad but Bitcoin has been the clear frontrunner, and, as pointed out last week, the market has been fragmenting even more with a pronounced decoupling taking place.
Read the full article: https://coin360.com/blog/get-the-popcorn-ready
Remember the saying "don't fight the trend"...fighting the highly speculative and leveraged crypto market can be a particularly frustrating experience and, as it stands, the trend is pointing to further gains. The Bitfinex & Tether developments have been a net negative but the IEO announcement by the exchange is a good reminder of the amount of capital still on the sidelines which can be deployed at such short notice. Do not underestimate the power of crypto FOMO, it is Alan Greenspan's version of irrational exuberance but on steroids!
Read the full article: https://coin360.com/blog/invincible
It is now official, Bitfinex, the cryptocurrency exchange which has had its share of controversy, especially considering all the recent development surrounding Tether, will conduct an Initial Exchange Offering (IEO). Bitfinex’s token which has been dubbed LEO, will first be offered to private investors, then subsequently opened to the public after May 10 if there is any allocation left, according to information shared by shareholder Zhao Dong. The Block has also reported, citing Zhao Dong, that Bitfinex has already raised $600 million in private, verbal commitments.
Read the full article: https://coin360.com/blog/the-truth-will-set-you-free
Despite the uncertainty surrounding Tether and Bitfinex, which has resulted in the Tether premium spiking to over 6%, the cryptocurrency market continues to show plenty of resilience. Specifically, the 5,000 USD price level for Bitcoin remains intact and Ethereum has also managed to settle above the $150 level. Still, given the highly leveraged and speculative nature of crypto markets, the catalyst for a sell-off might be just around the corner. Late last year, at a time when Tether was exhibiting similar risk premia, the catalyst for another leg lower was the contentious Bitcoin Cash hard fork.
Read the full article: https://coin360.com/blog/its-a-hard-fork-life
The crypto market continues to show plenty of resilience to the recent Tether/Bitfinex news, so much so that even with Tether premium trading at over 6%, Bitcoin is yet to fall below the key $5,000 level. Still, it is worth keeping an eye on the derivatives market; that tends to be less forgiving and things can turn ugly very quickly from here. Metrics to watch - futures open interest, implied volatility, Tether premium and of course basis, and the shape of the curve.
Read the full article: https://coin360.com/blog/dont-blame-the-player
The cryptocurrency market suffered a huge blow yesterday when the New York State Attorney General (NYSAG) announced that it is suing Bitfinex and affiliated firm Tether (USDT). The suit alleges that Bitfinex and Tether engaged in “undisclosed, conflicted transactions to cover Bitfinex’s losses by transferring money out of tether reserve funds.” It is alleged that Bitfinex commingled client funds through Crypto Capital, in other words, the firm mixed client funds with its own capital. Furthermore, according to the attorney general’s office over $700 million was drained from Tether’s reserves. The court has reportedly ordered the operators of both companies to immediately cease the dissipation of United States dollars that back Tether tokens and to produce investigation-related information and documents.
Read the full article: https://coin360.com/blog/spring-cleaning
The crypto market staged a bit of a pullback in what can be described as a healthy bout of profit taking, especially considering the recent upside traction. The “buy on dips” trend looks to be intact and the 6,500 USD price area remains the next target for Bitcoin (pre-Bitcoin Cash hard fork in November 2018). At the same time, further downward movement and a break below the $5,200 level may incentivize sellers to aim for the Bitcoin’s price of 4,800 USD.
Read the full article: https://coin360.com/blog/resurrection
The cryptocurrency market continued to edge higher yesterday and, while profit taking at this stage should not come as a surprise, the bias higher remains intact. For contrarians out there, the current price levels offer an attractive opportunity to go against the trend but fighting the momentum in the crypto market could be a very dangerous game.
Read the full article: https://coin360.com/blog/go-with-the-flow
Bitcoin continued to surge higher, breaking above the previous resistance level of $5,500 to trade well into the $5,600 zone. Market capitalization is set to top $100bln level for the first time since mid-November of last year when the contentious Bitcoin Cash hard fork resulted in a temporary, albeit very aggressive, liquidity crisis. The upside target for BTC remains in the $6,300-6,500 area. Ethereum has also posted strong gains and remains well on track to make another test on the key $200 level. Interestingly, Ethereum founder Vitalik Buterin posted on Github that ETH will use a higher staking reward metric after the deployment of Ethereum Proof of Stake (PoS). If 1 million ETH is staked, a maximum amount of 181,019 new ETH would be issued annually with a max return rate of 18.1%.
Read the full article: https://coin360.com/blog/theres-a-party-goin-on
The cryptocurrency market continued to trend higher, with Bitcoin edging into the 5,300 USD area before a mild regression back into the mid-$5,200 zone, while Ethereum rallied aggressively to 170 USD after stops were tripped breaking through $168. Both Bitcoin and Ethereum futures curves are now trading in contango, however, it remains to be seen whether this will be sustainable going forward. The amount of ETH locked into the MarkerDAO credit ecosystem has declined, albeit marginally, to 2.03% vs 2.08% prior to the most recent stability fee hike. The stablecoin DAI has also edged back towards its peg level and resumed trading more in line with its peers. As such, at least for the time being, further hikes are unlikely to be on the agenda. Still, as the crypto market continues to move higher, leverage will continue to remain an attractive option for maximizing returns, especially as the DeFi ecosystem continues to expand.
Read the full article: https://coin360.com/blog/build-it-and-they-will-come
Bitcoin reclaimed the $5100 level and, after overcoming a few road bumps, the price shot up into the mid-$5200 level, and the BTC futures curve has since been shifting from backwardation to contango (albeit modestly so). At the same time, Ethereum’s price moved back into the mid $160 area and the contango spread between perpetual rate vs Sep contract has widened to around $5-6. As a reminder, last week the spread was as wide as $15, however a bout of profit taking ahead of the $200 level saw the spread collapse. The price bias remains bullish, and the spread is again expected to widen as the cryptocurrency prices move back towards the key technical level. The delisting of Bitcoin SV (BSV) has not resulted in any major outflows, which in turn should also prove supportive for the crypto price action going forward. As a reminder, Bitcoin was trading around $6,500, while Ethereum was at $200 last year before the Bitcoin Cash hard fork, these levels should serve as a good indication for upcoming price targets. Also, something to be aware of is the upcoming Bitcoin Cash network upgrade, which is scheduled to take place on May 15, 2019.
Read the full article: https://coin360.com/blog/dont-look-back
The contentious Bitcoin Cash hard fork that took place at the back end of last year resulted in liquidity being drained out of the market, in turn causing the market to suffer significant losses. The new chain dubbed BSV, supported by Calvin Ayre, has consequently carved out a not insignificant share of the market. However, for much of its existence, it has underperformed its counterpart, BitcoinCash.
Read the full article: https://coin360.com/blog/corporate-governance-101
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