After rumors of a renewed chance of approval for Ethereum exchange-traded funds (ETFs), traders on Binance have been aggressively buying Ethereum. Surge in Long Positions The Ethereum Net Taker Volume on Binance, which measures the difference between buy and sell volumes, has spiked to its highest level ever. This indicates that more traders are buying…
Liquidation Frenzy Over the past 24 hours, the crypto market has seen a massive wave of liquidations, with over $330 million wiped out. Short traders, who bet on prices falling, bore the brunt of the losses, accounting for 81% of the total. Ethereum Outshines Bitcoin Unlike previous liquidations, Bitcoin took a backseat this time, with…
Ethereum (ETH) has seen a sharp rise in value after Bloomberg analysts significantly increased their expectations for the approval of an Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Increased Odds Eric Balchunas and James Seyffart, Bloomberg analysts, have raised their estimate of a spot Ethereum ETF approval from 25% to…
A renowned crypto strategist, Altcoin Sherpa, predicts significant growth for several altcoins, including: Fantom (FTM) Sherpa expects FTM to reach $1 before any significant correction. He believes it could rise even higher in the next six months due to upcoming upgrades. Chainlink (LINK) Sherpa anticipates a breakout rally for LINK if it surpasses $16. However,…
Largest Crypto Settlement in State History New York State Attorney General Letitia James has reached a $2 billion settlement with Genesis Global, a major player in the cryptocurrency industry. The settlement aims to compensate investors who lost money in the collapse of Gemini Earn, a lending program offered by Gemini, a cryptocurrency exchange. Background Last…
Arrest and Charges Canadian authorities have arrested 25-year-old Aiden Pleterski for allegedly running a cryptocurrency Ponzi scheme that defrauded investors of over $30 million. Pleterski, known as the “Crypto King,” is facing charges of fraud and money laundering. Investigation and Evidence An 18-month investigation by Ontario police revealed that Pleterski promised investors high profits and…
History Repeating Itself? Crypto analyst TechDev has noticed a striking similarity between Bitcoin’s current price action and its behavior in 2017, when it soared by 1,200%. The chart he shared shows that Bitcoin’s price has been following a similar trajectory to the bull run of 2017. Consolidation and Breakout After the collapse of FTX, Bitcoin…
The Ponzi Scheme In 2021, Finiko, a supposed crypto investment fund, came under investigation for fraud. The investigation revealed that Finiko was a Ponzi scheme that lured investors with promises of high returns in cryptocurrencies like Bitcoin. The Mastermind and the Scheme Kirill Doronin, the mastermind behind Finiko, traveled around Russia hosting events to attract…
Exchange Reserves Hit Record Lows Bitcoin (BTC) exchange reserves have plummeted to an all-time low of less than $2 million. This signals that a major price rally could be on the horizon. Analysts Optimistic Thomas Fahrer, co-founder of Apollo, believes that the low exchange reserves indicate a potential “parabolic price surge” driven by increased demand…
Futures Market Data The Bitcoin futures market doesn’t show signs of overheating yet. The funding rate, which indicates the sentiment of derivatives traders, has stabilized at a relatively low level. Historical Context Historically, a high funding rate has been a bearish sign for Bitcoin. It suggests that the majority of traders are bullish, which often…
