Cryptocurrencies were mostly lower on Monday, although market conditions have stabilized following the weekend sell-off. Bitcoin was trading above its 200-day moving average (currently at $46,386), which suggests selling pressure could wane over the short term.Analysts pointed out that excess leverage in the bitcoin futures market contributed to the broad sell-off. And despite … [Read more...] about Market Wrap: Cryptocurrency Sell-Off Pauses as Sentiment Turns Bearish
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Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses
Bitcoin held steady around $57,000 on Friday after a near-10% decline over the past week. The cryptocurrency is roughly flat over the past 24 hours, compared with a 5% rise in ether and an 8% rise in Solana’s SOL token over the same period.“Market sentiment seems short-term bearish/sideways – people are shorting BTC in the perpetual futures market,” Ki Young Ju, CEO of … [Read more...] about Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses
Bitcoin Pullback Pauses as Traders Reduce Leverage
Separately, in the bitcoin options market, open interest (contracts that have been traded but not yet liquidated by an offsetting trade) is near all-time highs last seen during March and April, which preceded a significant price drop. It is possible that open interest can remain around current levels for another month before a sustained downturn in BTC’s price. Source link … [Read more...] about Bitcoin Pullback Pauses as Traders Reduce Leverage
Iran pauses electricity exports due to crypto mining and hot summer
Iran’s challenge with the ever-increasing electricity consumption reached new heights, leading the country to halt electricity exports.Abuzer Salihi, general manager of Iran’s electricity distribution company Tevanir, announced on state television that it has reduced electricity exports to zero “so that there is no problem in electricity supply in the country.” He said that the … [Read more...] about Iran pauses electricity exports due to crypto mining and hot summer
$200M hedge fund pauses crypto arbitrage trading amid market downturn
Crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May. According to Bloomberg, the $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.Prior to piling into a cash position, Nickel Digital focused on … [Read more...] about $200M hedge fund pauses crypto arbitrage trading amid market downturn