Over $290 million in crypto liquidations occurred in 24 hours as bitcoin rebounded 5% to near $65K ahead of its halving event.
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Markets
Is Bitcoin’s negative futures funding rate a sign of an upcoming BTC price crash?
Bitcoin bears celebrate as demand for leveraged long positions hits a six-month low, but crypto traders on X think it's time to go long.
On April 18, Bitcoin (BTC) futures contracts exhibited significant demand for short (sell) positions, sparking speculations of further bearish momentum. This trend was influenced by the lack of inflows into spot Bitcoin exchange-traded funds (ETFs) and the expectations of rising interest rates in the U.S., all contributing to a negative market sentiment.
Retail traders often favor perpetual futures, a type of derivative that closely mirrors the price movements of regular spot markets. To maintain balanced risk exposure, exchanges implement a fee every eight hours, known as the funding rate.
This rate turns positive when buyers (longs) demand more leverage, and negative when sellers (shorts) seek additional leverage. Typically, a neutral funding rate is around 0.025 per 8-hour period or 0.5% weekly. Conversely, negative funding rates, though infrequent, are seen as highly bearish indicators.
Solana price takes another tumble — Can SOL hold above $130?
Solana price is down 21% in a week, but on-chain and derivatives data highlights investors’ confidence that the network can overcome recent hurdles.
Solana’s native token SOL (SOL) experienced a significant 21% decline over the past week, reaching its lowest point in nearly six weeks. This downturn triggered a substantial $113 million in liquidations of leveraged long SOL futures contracts since April 11, suggesting that investors may have been overly optimistic following SOL's 61% price surge in March.
This raises questions about the potential for further corrections and whether the $130 support level will hold firm.
Market analysts observe that Solana’s current market capitalization of $60 billion appears inflated, particularly when compared to Avalanche’s (AVAX) $13 billion and Tron’s (TRX) $10 billion, standing four and six times higher, respectively. However, some argue that the premium is justified by the rapid expansion of Solana’s ecosystem, with many projects launching their own tokens.
Bitcoin slips below $60K, but some traders aren’t turning bearish on BTC just yet
Despite Bitcoin briefly falling below the $60,000 mark, the cycle could be entering a reaccumulation period, according to one crypto analyst.
Bitcoin price briefly fell below $60,000 only a few days before the much-anticipated Bitcoin halving. Yet, many traders remain optimistic about Bitcoin’s long-term price outlook based on historical chart patterns and institutional inflows.
Despite the recent price correction, Bitcoin (BTC) reclaimed a key moving average indicator, which signaled the start of the bull runs during previous market cycles, according to popular crypto analyst Moustache, who wrote in an April 16 X post:
Bitcoin has been in the pre-halving “danger zone” for a month since March 14, according to popular crypto analyst Rekt Capital, who wrote in an April 17 X post:
Price analysis 4/17: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin price descends to new lows, dragging altcoins down with it just days before the long-awaited BTC supply halving.
Bitcoin (BTC) dipped back toward $61,000 on April 17, indicating a lack of demand at higher levels. According to data from Farside Investors, Bitcoin’s recent price action has resulted in net outflows from the spot Bitcoin exchange-traded funds (ETFs) on April 12 and 15. CryptoQuant founder and CEO Ki Young Ju said in a X post that demand for Bitcoin ETFs has “stagnated for 4 weeks.”
However, a comforting factor for the bulls is that the whales have not panicked and are not selling on weakness. Data from research firm Santiment shows that the largest Bitcoin wallet cohorts have been on an accumulation spree since March 1.
The whales seem to be holding on to their positions due to the bullish outlook in the long term. Bitwise Asset Management said in a X post that after the three previous Bitcoin halvings, Bitcoin’s prices remained soft for a month but witnessed triple-digit gains a year after the event.
Korean won tops US dollar and leads in crypto trading volume for Q1: Kaiko
In Q1 2024, the Korean won became the most used currency for crypto trading, surpassing the US dollar amid intense market competition.
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Bitcoin spot ETFs ready for Hong Kong debut with restrained expectations
Analysts express caution as Hong Kong prepares for Bitcoin ETFs, noting market limitations and limited impact expectations.
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Ethereum price data casts doubt on the strength of ETH’s support at $3K
ETH derivatives data shows pro traders’ appetite for risk declining, placing pressure on the $3,000 support level.
Ether (ETH) price plummeted by 21% between April 9 and April 14, hitting a 50-day low. Although it has recouped some of its losses, Ether continues to show signs of weakness following a failed attempt to breach the $3,200 resistance on April 14. Traders now question if the $3,000 support will hold for longer.
Investors are cautiously optimistic about the potential approval of a spot Ether exchange-traded fund (ETF) in May. However, the mixed signals from on-chain and derivatives data suggest the possibility of further corrections before the U.S. Securities and Exchange Commission (SEC) makes its decision.
Jan van Eck, CEO of VanEck investment firm, expressed doubt that the spot Ether ETFs would receive approval in May. He pointed to the SEC's extended inactivity on a list of seven pending applications, including those from major firms like BlackRock, Fidelity, ARK 21Shares, and VanEck.
Amid a Week of Severe Crypto Lows, TON and ONDO Record Gains Despite Broad Market Declines
The past week has not been favorable for the majority of cryptocurrency assets, with only four specific digital currencies recording gains. This week, ONDO appreciated by 13.2%, TON increased by 11.3%, PENDLE grew by 6%, and LEO saw a slight uptick of 0.5%. Market Update: A Tough Week for Crypto With Few Standouts The landscape […]Crypto funds register $126 million in outflows led by investor hesitancy
Last week saw digital asset outflows of $126m, with the US leading at $145m.
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