Cryptocurrency

(Reuters) – Bitcoin fell 6.4% to $58,777 at 2218 GMT on Tuesday.Bitcoin, the world’s biggest and best-known cryptocurrency, is down 20.3% from the year’s high of $73,794 on March 14. More

The price of Bitcoin fell 0.6% over the same period, which contributed to the liquidation spree.This drop comes on the heels of a 3.7% drop since the beginning of the week, which is adding to the pain for bullish traders.As is often the case, those who were late to the game or did not manage their risk effectively ended up paying a heavy price. The major liquidations make us wonder if the market is just making a normal correction, or if this is the end of Bitcoin’s recent rally.One thing is for sure: despite the recent volatility, Bitcoin is still a big deal for investors and traders. The financial markets are still paying attention to this cryptocurrency, so it is likely to remain a volatile asset. There are opportunities and risks for those willing to participate. While some may be less excited about recent liquidations, others may see this as a chance to buy Bitcoin at a potentially discounted price.It is important to note that leveraged trading carries significant risks, so traders should be careful and think about their risk tolerance before entering into such positions.This article was originally published on U.Today More

Also, an insightful indicator of the MVRV Ratio suggests that investor profitability has essentially reset to equilibrium position and that the excitement and exuberance after the BTC ETF launch in the U.S. this January are not there anymore.The Sell-Side Risk Ratio indicator also proves the “equilibrium” theory: the majority of coins is moved near its original acquisition price.All of these metrics hint at volatility spikes coming for the largest cryptocurrency, researchers stressed:As of press time, Bitcoin (BTC) is trying to protect $61,500 level after being brutally rejected at $65,000 yesterday. However, only $29 million in positions have been erased in the last 24 hours, almost all longs.Q2-Q3, 2024, were painful for newcomers. After setting the ATH in March, the confidence of new investors was tested by choppy sideways price action for several months. During this process, a significant volume of the Bitcoin supply has remained tightly held and is within the three-month to six-month age band.Meanwhile, a notable share of supply held by new Bitcoiners is transitioning into long-term-holder status, having been held for at least 155 days.This article was originally published on U.Today More

Thus, from address “3E97A” were initially sent 75177.38 BTC, which is worth $4.73 billion, to two other addresses, “3PXBET” and “1Pzaq,” with the latter being Binance cold wallet’s address, which received 30,000 BTC out of the initial sum. After that, as the transaction history shows, 233 BTC were sent to another cold wallet of the black-and-yellow crypto behemoth. The 45,177 BTC received by “3PXBET” were left untouched and are still on this address.Such large transfers on the exchange often cause fear and doubt among market participants when a large entity transfers such colossal sums of Bitcoin to an exchange with an intention to sell it.Basically, it is just a technical inner transfer of the exchange between its own wallets. Should anyone worry? Probably not.Meanwhile, the effect on the price of Bitcoin that this transfer caused was indeed as expected, when market participants see a large Binance deposit. In a minute, a massive red candle took the BTC price down 0.44%. To be fair, though, it had already been falling for the past two days.This article was originally published on U.Today More

Bitcoin is currently maintaining its position with slight optimism. Thanks to a recent bounce from the 100-day moving average, Bitcoin has been able to maintain its position above $62,000. This level has served as an important support, and the bullish momentum may continue as long as BTC stays above it.The substantial inflows into Bitcoin spot ETFs indicate that investors’ confidence is rising in spite of general market uncertainty. This sentiment is further supported by the dominance of BTC on the options market, where modest call spread buying indicates cautious optimism.The decline in front-end volatility, however, indicates that traders are probably waiting for more clarity on the impending rate cut decisions in September and are not anticipating significant price movements in the near future. On the other hand, Ethereum is having difficulties. Over the last eight days, there has been a persistent withdrawal from ETH spot ETFs, indicating a lack of trust in the asset. With resistance coming from its 50-day and 100-day moving averages, ETH’s price action has been comparatively sluggish, failing to hold above these levels. Also, there is not much buying pressure, as the RSI (Relative Strength Index) is circling around the lower 40s. The market may be wary of ETH’s near-term prospects given its difficulty maintaining above important technical levels. ETH might keep underperforming unless there is a notable change in investor attitude or a general market upswing, as the macro-driven market still favors BTC.This article was originally published on U.Today More

The decentralized derivatives trading platform ELFi Protocol has recently launched a liquidation subsidy program. Prior to September 15th, 2024, 0:00 UTC, users who conduct contract trading on the ELFi Protocol and accumulate a trading volume of no less than 1,000 USDC equivalent will be eligible to receive a maximum of 100 USDC as a subsidy for their first-time liquidation losses. This subsidy program will be implemented on a first-come, first-served basis, until the total subsidy amount of 50,000 USDC is exhausted.Furthermore, ELFi Protocol has launched the $DOGS contract, as well as the Polymarket contract $TrumpWin, which allows users to predict whether Donald Trump will win the US presidential election. These newly-introduced contracts support both long and short positions, with a maximum leverage of 20x.To celebrate the successful launch of ELFi Protocol on Arbitrum, ELFi have also initiated a community activity where holders of ELFi NFTs will receive accelerated rewards, with a maximum of 100,000 USDC up for grabs. This activity is currently in full swing, and a lot of users participate in it.About ELFi ProtocolELFi is a decentralized derivatives trading platform that focuses on delivering top-notch trading functionalities. It’s the pioneer in supporting Portfolio Margin within the P2Pool model, and boasts a sophisticated risk management system for listing contracts of various risk levels. Additionally, ELFi introduces innovative liquidity pool designs, offering industry-first zero-risk stablecoin liquidity pools and LSD re-collateralized liquidity pools. It strives to better meet market and user demands through features like risk isolation, asset pricing, and LST asset support. In May of this year, ELFi Protocol announced its funding, successfully completing two strategic funding rounds totaling $5 million. The latest round was led by IDG Capital and KuCoin Ventures.This article was originally published on Chainwire More

According to a report from Reuters, the U.S. Securities and Exchange Commission (SEC) has not yet given the green light for options linked to individual exchange-traded funds (ETFs) that are tied to spot bitcoin prices, including Nasdaq’s own application to offer options on BlackRock’s $21.3 billion iShares Bitcoin Trust ETF.These proposed index options would provide institutional investors and traders with a streamlined, cost-effective method to gain or hedge exposure to bitcoin, the largest cryptocurrency by market value. Options are financial instruments that allow the holder to buy or sell an asset, like a stock or ETF, at a set price before a specified date. They offer traders an inexpensive way to leverage their positions, while institutional investors often use them to mitigate risk.Reuters explains that Nasdaq’s proposed Bitcoin Index Options would be based on the CME CF Bitcoin Real-Time Index, which tracks bitcoin futures and options traded on the CME Group’s exchange, according to the company.While the SEC continues to deliberate on options for the new spot bitcoin ETFs, traders have been turning to alternative products, such as newly launched leveraged ETFs tied to bitcoin and their respective options.Applications for spot bitcoin ETF options were submitted as soon as the SEC indicated it would approve the underlying ETFs in January. However, according to Reuters, the exchanges have since withdrawn and resubmitted these applications following feedback from the SEC. More

For now, only USDC deposits are available on KuCoin, but Polkadot developer Velocity Labs said they are working hard to enable withdrawals soon. Velocity Labs is dedicated to turning the Polkadot ecosystem into a hotspot for DeFi space. As an ecosystem builder and venture studio, the firm is focused on creating the infrastructure, tools, and products needed to promote DeFi applications on Polkadot.USDC has become the most issued native stablecoin on Polkadot, but getting easy access to Circle’s flagship product has been a hurdle for wider adoption. The move comes barely a year after Circle introduced USDC to the Polkadot ecosystem of parachains, broadening the stablecoin’s native availability to more blockchains.Polkadot, known for its interoperability, connects multiple application-specific blockchains, called parachains.Circle issued the native version of USDC on the Polkadot Asset Hub, a “system parachain” designed as an asset issuance platform for the ecosystem. The hub allows the stablecoin to be transferred across parachains via the XCM protocol. As a result, all interconnected parachains within the Polkadot ecosystem, along with their users, now have access to the dollar-backed stablecoin.Similar to other blockchain integrations, Polkadot support keeps USD Coin an interoperable cryptocurrency while also supporting low-cost payments.USDC is the second-largest stablecoin in the crypto market, with a market capitalization of around $34 billion. The largest stablecoin, Tether’s USDT, holds a market cap of $117 billion.USDC issuer Circle operates as a regulated money transmitter and holds licenses across the United States. This was a key consideration for KuCoin, especially after the exchange and two of its founders were charged in March by U.S. federal prosecutors for violating anti-money laundering laws.The CFTC also filed a parallel civil action against KuCoin, alleging that the exchange illegally operated a digital asset derivatives platform. More