Cryptocurrency

According to a Bloomberg report, analysts for the American bank estimate that the liquidations are “largely behind us.” The prediction is based on the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME) indicating that the selling trend might soon decelerate. Open interest, which refers to active futures contracts, serves as an indicator of market sentiment and the strength of price trends. Continue Reading on Coin Telegraph More

FTX founder Sam Bankman-Fried appears to be having a tough time behind bars, eating only bread with peanut butter to accommodate his vegan diet while exhausting his supply of prescription medication. In the same hearing where Bankman-Fried pleaded not guilty to seven fraud-related charges, his lawyers pleaded for the former FTX CEO to receive better treatment inside Brooklyns notorious Metropolitan Detention Center. Also this week, Bankman-Fried was granted permission to meet with his legal team outside of jail with 48 hours’ notice. Every day, he will have roughly seven hours to prepare for his upcoming trial expected to begin in October.Continue Reading on Coin Telegraph More

In an Aug. 26 update, Pauly disclosed that the Pepecoin team possesses approximately $16–17 million in PEPE tokens distributed across nine wallets. Surprisingly, the insiders refrained from selling the holdings. Instead, they strategically offloaded PEPE from a centralized exchange (CEX) wallet, establishing a substantial short position.Continue Reading on Coin Telegraph More

Deaton highlighted that testimony from former SEC officials Bill Hinman and Jay Clayton during the SEC vs. Ripple Labs case would have categorized XRP (XRP) as a non-security early on, but the agency deliberately disregarded this information for an extended period.Continue Reading on Coin Telegraph More

Thus, as smaller investors have been selling their ETH holdings for fear of a further price drop, 10 largest wallets have picked up that Ethereum, and now they overall hold 35% of all ETH available in circulation.Now, per that tweet of the data vendor, the number of addresses that hold 10 to 10,000 ETH rose back up to 335,000 units, showing weekly network activity of transactions worth more than $100,000.Prominent crypto analyst expects the ETH price to continue falling this summer. According to his recent tweet, he believes the second-largest crypto has been following the same pattern in the summer for several years. According to the chart he shared, for the past few years in the summer the ETH price would first take a big dip and after that.It seems that to happen this year as well.This article was originally published on U.Today More

JP Morgan noted that it sees “limited downside” for the crypto market in the near term as the unwinding of long positions appears to be coming to an end, which is good news for Bitcoin and the crypto market as a whole.The primary reason for this deduction was given by JP Morgan as a drop in open interest in CME Bitcoin futures contracts.A decrease in open interest, which is the amount of active and unsettled futures contracts trading on exchanges, often signifies that a price trend is waning. As a result, JP Morgan predicts a “limited downside for crypto markets over the near term.”However, analysts foresee a “new round of legal uncertainty” for crypto markets given that the SEC is seeking an appeal in the Ripple case. Similar consideration is given to the status of approvals for spot Bitcoin ETFs. has slightly recovered but has yet to hit $27,000. At the time of writing, the price of Bitcoin was hovering around $26,000.BTC was trading at roughly $26,011, up 0.2% daily after dropping nearly 12% in the last two weeks.On Friday, risk assets fell slightly as Federal Reserve Chairman Jerome Powell said that the U.S. central bank was willing to hike interest rates further if necessary.Amid this, positive Bitcoin indications are emerging. , a crypto analyst, provides clues on Bitcoin network activity, namely the USD worth of coins transferred on-chain, which is a compelling indicator for forecasting macro uptrends.Significant spikes in this metric have frequently preceded BTC bull runs in the past. Given that this indicator has been consolidating for the past four months, Ali believes that a surge in the total value of on-chain transfers might hint at Bitcoin’s next macro uptrend.This article was originally published on U.Today More

ETFs are investment funds that trade on a stock market, with their value derived from an underlying basket of assets such as stocks, bonds, commodities and other financial instruments. Similarly, Bitcoin ETFs track BTC’s value and trade on traditional stock exchanges rather than crypto exchanges.Continue Reading on Coin Telegraph More

On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges. Continue Reading on Coin Telegraph More