All-Time High Bitcoin’s Open Interest, which measures the total amount of derivative contracts, has hit a new record high of $18.2 billion. This surge coincides with Bitcoin’s price crossing $72,000. Speculation and Volatility Increased Open Interest often attracts more speculation and leverage in the market, which can lead to higher volatility. Historically, previous Open Interest…
Binance Not Singled Out The Philippine Securities and Exchange Commission (SEC) has banned Binance, the world’s largest crypto exchange. However, SEC officer Paolo Ong emphasized that this is not an isolated incident. “We’re not singling out Binance,” Ong said. “This is part of our mandate to protect Filipino investors.” Can Binance Users Access Their Crypto?…
Inflows Surge to $13.8 Billion Global crypto funds have seen record-breaking inflows this year, reaching $13.8 billion. This surge reflects growing investor confidence and interest in digital assets. Investor Appetite for Crypto Products The inflow surge is driven by increased demand for crypto investment products from asset managers like BlackRock, Fidelity, and Grayscale. Investors are…
Montenegro’s Ruling Montenegro’s Supreme Court has overturned earlier decisions to extradite Do Kwon to South Korea. This reversal comes after the US successfully argued for Kwon’s extradition to face fraud charges related to the collapse of TerraUSD. US Prosecution Efforts The US has been pursuing Kwon’s extradition to prosecute him for fraud. A federal jury…
Ethereum’s Decline Against Bitcoin Trading expert Peter Brandt has weighed in on the recent decline in Ethereum’s value against Bitcoin. He suggests that the ongoing drop could be a “bear trap,” meaning it may entice sellers to short Ethereum, only to see it reverse unexpectedly. Bullish Signals Amid the Downturn Despite the decline, bullish signals…
Minneapolis Federal Reserve President Neel Kashkari has expressed skepticism about Bitcoin, stating that it lacks a genuine purpose and poses risks to investors. No Practical Use Kashkari compared Bitcoin to Beanie Babies, arguing that its value could plummet to zero. He emphasized that it serves no practical function beyond entertainment and speculation. Consumer Safety Concerns…
Crypto analyst Ali Martinez suggests a contrarian strategy for Solana (SOL) despite its recent setbacks. Solana’s Consolidation and Network Issues Solana has been consolidating since reaching its yearly high, and recent network outages have dampened investor sentiment. However, Martinez believes this could present an opportunity for a rebound. Cardano’s Whale Activity Slowdown Martinez also notes…
Demand Soars to 2021 Highs Data from IntoTheBlock shows that the combined value of memecoins has skyrocketed to $56 billion in the first quarter of 2024. This represents a threefold increase since Q1 2023. Memecoin Winners Leading the charge are Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). DOGE saw a 100% gain, while SHIB…
A Bitcoin whale that had been inactive for a decade has suddenly come to life, transferring a massive amount of cryptocurrency. Dormant Whale Awakens The whale, whose address begins with “1CLx,” first purchased Bitcoin when it was trading at less than $30. After 10 years of inactivity, it has now transferred 246 BTC (approximately $16.73…
Skybridge CEO’s Optimistic Outlook Anthony Scaramucci, CEO of Skybridge Capital, is a long-time Bitcoin advocate. He recently predicted that Bitcoin’s market capitalization will eventually reach half of gold’s. Factors Driving Bitcoin’s Growth Scaramucci attributes Bitcoin’s positive outlook to: Increased regulatory clarity Approval of Spot Bitcoin ETFs Halving event reducing supply Bitcoin as a Store of…
