What’s Driving the Spike? Bitcoin futures are seeing a big jump in short interest, but it’s not all bad news. Experts say it’s mainly due to a popular trading strategy called the “basis trade.” The Basis Trade Strategy The basis trade takes advantage of differences between the spot price and futures price of Bitcoin. With…
Background Following the approval of Spot Ethereum ETFs by the SEC, the Shiba Inu community has been advocating for a SHIB ETF. Petition to Grayscale A petition on Charge.org has gathered over 10,000 signatures urging Grayscale CEO Michael Sonnenshein to launch a Shiba Inu ETF. Justifications for a SHIB ETF Market Trends: Shiba Inu is…
Crypto and Credit Cards Banned To protect Australians from financial losses, the government has banned the use of cryptocurrencies and credit cards for online gambling. This ban took effect on Monday, giving gambling companies six months to comply. Non-compliant companies face fines of up to $150,000. Affected Forms of Payment The ban applies to: Cryptocurrencies…
Blockchain Australia has transformed into the Digital Economic Council of Australia (DECA), expanding its focus beyond blockchain to embrace the wider digital economy. Strategic Rebranding for Inclusivity Amy-Rose Goodey, the new CEO, explains that the name change reflects the evolving tech landscape, which now includes digital ID, AI, and Web3. DECA aims to represent a…
Outflows Reach $1.57 Billion Cryptocurrency analyst Ali Martinez has reported significant Bitcoin (BTC) outflows from exchanges, totaling over $1.57 billion in the past week. This suggests that investors are moving their BTC off exchanges, potentially signaling increased confidence in the digital asset. Network Activity Surge Martinez also observed a surge in daily Bitcoin addresses, breaking…
Aptos to Outperform Solana BitMEX co-founder Arthur Hayes believes Aptos (APT), an Ethereum competitor, will surpass Solana (SOL) in this market cycle. He predicts that Aptos could become the second-largest layer-1 blockchain within the next one to three years. Memecoins Here to Stay Hayes also predicts that memecoins, such as Dogecoin and Shiba Inu, are…
Venture capitalist Chris Burniske has made a sudden shift in his stance on Bitcoin and cryptocurrency, predicting a surge in market value. Bullish Pivot Burniske, who previously predicted the crypto market bottom in 2022, turned bearish in February. However, he now believes that Bitcoin is mirroring its price action from late 2020, when it struggled…
CryptoQuant CEO Ki Young Ju reports that Bitcoin whales have taken massive long positions on the exchanges Bybit and HTX. These positions were opened at $69,000. Whales’ Previous Success Ju points out that whales also opened significant long positions in August 2023, which preceded a sharp rally that saw BTC rise from $25,000 to over…
Crypto Mining as a Money Laundering Tool Europol, a European law enforcement agency, has raised concerns about the use of crypto mining to launder money. Criminals are using mining operations to hide the origins of their ill-gotten gains and even make profits in the process. Mining pools, especially those used by ransomware operators, have been…
Interest Rate Cut Prospects Moody’s Analytics economist Mark Zandi believes the US Federal Reserve (Fed) should consider cutting interest rates. He argues that financial conditions are favorable, with inflation showing signs of cooling. Zandi also highlights the strong employment rate, suggesting that the Fed can afford to ease interest rates. Fed’s Inflation Target The Fed…
