Hundreds of millions of dollars worth of crypto assets have been liquidated in the last 24 hours as Bitcoin (BTC) suddenly dips from its 2023 high. New data from market intelligence firm Coinglass reveals that during the last day, just under $140,000,000 worth of digital assets were liquidated from prominent crypto exchange platforms as the […]
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Over $1.5 billion worth of Bitcoin (BTC) has flowed into the world’s largest crypto exchange platform by volume in the last 30 days. New on-chain data from market intelligence platform Coinglass reveals that Binance currently holds 588,129 Bitcoin at time of writing, 51,386 of which came in just this month. Coinglass further finds that 22,590 […]
The post $1,505,416,204 in Bitcoin (BTC) Flows Into Binance Crypto Exchange in Just 30 Days: On-Chain Data appeared first on The Daily Hodl.
After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the […]
Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates. According to data from market intelligence firm Coinglass, in the past 24 hours, $359 million in crypto was sold off. The liquidation was likely caused by the Federal Reserve raising interest rates […]
The post $359,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours As BTC Reclaims $28,000 appeared first on The Daily Hodl.
On Feb. 24, 2023, bitcoin’s price remained above the $23,000 threshold and then rose to a peak of $23,829 per unit on March 1. On March 2 at 8 p.m. Eastern Time, the price of bitcoin fell, dropping below the $23,000 mark. This decline resulted in a significant $237.97 million worth of long liquidations on […]
Hundreds of millions of dollars worth of digital assets are being liquidated from the global markets after a prominent auditing firm announced the halting of all work for crypto clients. According to a new report, Mazars, a French auditing firm that was hired by the world’s largest crypto exchange Binance last month, is pausing its […]
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Binance’s US arm has rolled out a feature for US customers called "Pay" which was launched by its global parent to users outside the US in 2021.
United States crypto exchange Binance US has finally rolled out its Binance Pay service — some 22 months after the feature was launched by the global exchange to its customers outside the U.S. in 2021.
The service, which had a beta version rolled out globally in Feb. 2021 for peer-to-peer payments which was expanded to include merchant transactions on Mar. 12, allows mobile users of the Binance app to instantly transact nearly 150 supported cryptocurrencies without fees.
A Dec.13 blog post from Binance US clarifies that Pay transactions will feature zero gas or transaction fees, and notes that the app is currently only available on mobile as it prepares to introduce a web version “which will arrive in the near future.”
Meanwhile, amid the recent FUD against Binance global, Binance CEO Changpeng Zhao (CZ) applauded the Binance American unit, saying to “Keep building!”
Keep building!
— CZ Binance (@cz_binance) December 13, 2022
To access the new features, Binance.US users would need to update to the latest version of the app, and go through identity verification as well as loading their Pay wallet.
However, the service only facilitates transactions between users on the Binance US mobile app. Users can receive up to $1 million in crypto every 24 hours.
Related: Crypto community members discuss bank run on Binance
The latest announcement has come amid a turbulent period for the global crypto exchange.
At the time of writing Binance’s Bitcoin (BTC) balance has fallen by over 42,000 in the last 24 hours, equating to over $754 million, but despite the withdrawals the exchange still has a Bitcoin balance in excess of 527,304 BTC according to on-chain monitoring resource Coinglass.
The withdrawals are understood to have followed a Dec. 13 Reuters report which suggested the United States Department of Justice is nearing the end of an investigation into Binance which commenced in 2018, with U.S. prosecutors reportedly split over whether there is enough evidence to press criminal charges against the exchange and its executives.
Additionally, there have also been fresh concerns within the crypto community relating to Binance’s finances, with accounting and financial specialists consulted by the Wall Street Journal in a Dec. 10 report suggesting Binance’s proof of reserves raise a number of red flags while community members fear the worst.
In a Dec. 14 update on Twitter, CZ noted that “Things seem to have stabilized,” adding that the withdrawals yesterday weren't even within the top five withdrawals they’ve processed in its history.
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. ♂️ https://t.co/WLK2KyCym0
— CZ Binance (@cz_binance) December 14, 2022
Bears are currently better positioned for this week’s $510 million BTC options expiry, but their overconfidence could give bulls a chance to flip the table.
Bitcoin (BTC) has been trying to break above the $20,500 resistance for the past 35 days, with the latest failed attempt on Oct. 6. Meanwhile, bears have displayed strength on four different occasions after BTC tested levels below $18,500 during that period.
Investors are still unsure whether $18,200 was really the bottom because the support level weakens each time it is tested. That is why it’s important for bulls to keep the momentum during this week’s $510 million options expiry.
The Oct. 21 options expiry is especially relevant because Bitcoin bears can profit $80 million by suppressing BTC below $19,000.
The open interest for the Oct. 21 options expiry is $510 million, but the actual figure will be lower since bears were overly-optimistic. These traders completely missed the mark placing bearish bets at $17,500 and lower after BTC dumped below $19,000 on Oct. 13.
The 0.77 call-to-put ratio shows the dominance of the $290 million put (sell) open interest against the $220 million call (buy) options. Nevertheless, as Bitcoin stands near $19,000, most bearish bets will likely become worthless.
If Bitcoin's price remains above $19,000 at 8:00 am UTC on Oct. 21, only 4% of these put (sell) options will be available. This difference happens because a right to sell Bitcoin at $18,000 or $19,000 is worthless if BTC trades above that level on expiry.
Below are the four most likely scenarios based on the current price action. The number of Bitcoin options contracts available on Oct. 21 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:
This crude estimate considers the put options used in bearish bets and the call options exclusively in neutral-to-bullish trades. Even so, this oversimplification disregards more complex investment strategies.
For example, a trader could have sold a put option, effectively gaining positive exposure to Bitcoin above a specific price, but unfortunately, there's no easy way to estimate this effect.
Related: Sharp Bitcoin price move expected as volatility hangs at record lows and sellers are ‘exhausted’
Bitcoin bears need to push the price below $19,000 to secure an $80 million profit. On the other hand, the bulls' best-case scenario requires a pump above $21,000 to flip the tables and score a $150 million gain.
Bitcoin bulls had $80 million in leveraged long positions liquidated on Oct. 12 and Oct. 13, so they should have less margin than is required to drive the price higher. Consequently, bears have higher odds of pinning BTC below $19,000 ahead of the Oct. 21 weekly options expiry.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Hundreds of millions of dollars worth of crypto assets have been liquidated as new inflation data shakes global markets. According to data from market intelligence firm Coinglass, about $250 million worth of Bitcoin (BTC) and other digital assets were liquidated in the last 12 hours. The liquidations were triggered by a worse-than-expected report on inflation […]
The post Over $256,000,000 in Bitcoin and Crypto Liquidated as US Inflation Report Triggers Flash Crash appeared first on The Daily Hodl.
New data from intelligence firm CoinGlass shows that $288.22 million worth of digital assets have been liquidated in the last 24 hours as the market experiences increased volatility in the wake of Ethereum’s (ETH) merge update. According to CoinGlass, Ethereum is the most affected by the sell-off followed by Bitcoin (BTC). The world’s leading smart […]
The post Over $320,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours, With Ethereum (ETH) the Most Impacted: Coinglass appeared first on The Daily Hodl.
