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BounceBit announces the launch of two new products, Easy and Superfast, along with several lucrative campaigns for July 2024. (Read More)
BounceBit leverages Merrill Lynch's Investment Clock and Ray Dalio's All-Weather theory to enhance CeDeFi resilience and offer diverse yield products. (Read More)
BounceBit teams up with Free Tech to enhance cross-chain transactions for BBTC and BBUSD, improving user experience with swift and secure transfers. (Read More)
Discover the phased rollout strategy and key dates for BounceBit Mainnet launch, aimed at maximizing user profit and security. (Read More)
BounceBit celebrates Mainnet launch and reveals upcoming platform enhancements. (Read More)
BounceBit and BlackRock unveil a limited NFT collection commemorating their partnership, offering 1000 NFTs to early participants who complete specific tasks. (Read More)
BounceBit unveils a novel trading strategy using BlackRocks BUIDL, offering potential returns of 24% APY by integrating tokenized treasuries with traditional trading approaches. (Read More)
The cryptocurrency market faces potential risks this weekend due to structural factors, despite a temporary calm in trade tensions following tariff talks. Investors are critical of the market’s stability and wary of potential fluctuations. The impact of geopolitical events on digital assets remains a concern for traders. Cryptocurrency enthusiasts are closely monitoring market conditions and [...]
The post Weekend Liquidity Risks Linger as Crypto Sentiment Bounces Back appeared first on Crypto Breaking News.
Binance has launched the BounceBit (BB) Megadrop, inviting cryptocurrency enthusiasts to participate by subscribing to BNB Locked Products or completing Web3 Quests. The BB token will be listed on Binance on May 13, 2024, offering various trading pairs and maximizing rewards. (Read More)
Bitcoin DeFi is gaining traction ahead of the halving, and Binance Labs' latest investment in a BTC restaking protocol follows this trend.
Binance Labs, the forward-thinking venture capital and incubation arm of the renowned cryptocurrency exchange Binance, continues to pioneer investments in innovative blockchain projects. Their latest venture involves an investment in BounceBit, a groundbreaking Bitcoin restaking and CeDeFi protocol, aiming to reshape the landscape of Bitcoin utilization. With a current Total Value Locked (TVL) of $780 […]
Bounce (AUCTION) price declined by 50% as Whales offloaded 1.08 million AUCT tokens, worth $48.6 million, into Binance and OKX. According to the Lookonchain post, the whales deposit 1.08 million AUCTION tokens worth $48.6 million into Binance and OKX. The massive transfer that counted for 14.26% of the total supply triggered the steep sell-off. The […]
As the price of Bitcoin (BTC) continues to demonstrate a major fall in valuation, indicating a gloomy attitude toward the crypto asset, the bulls in the market are hopeful that the market will soon enter another Season for Altcoins. Altcoins Showing Massive Buying Opportunity Bitcoin’s recent dip signaled the beginning of the decline in the cryptocurrency market, causing several altcoins to drop significantly. However, many cryptocurrency analysts believe that the drop in these altcoin prices might serve as an opportunity for future gains since the alt-season is on the horizon. Related Reading: The Tipping Point: Altcoins Bull Market Incoming, Predicts Analyst Heres Why Popular cryptocurrency expert and trader Michael Van De Poppe has revealed his optimism in the altcoin market, highlighting the significant opportunities of getting into these tokens before the alt-season begins. According to Michael Van De Poppe, “some altcoins have now dropped by over 40%” in comparison to their past all-time high. As a result, Poppe believes that this is the right time for investors to purchase these digital assets to position themselves for future gains. Poppe noted he normally invests in these tokens during bull cycles when they are about 25% to 60% less expensive. This demonstrates the crypto expert’s confidence in the assets to rally in the coming months. While pointing out the massive opportunities in the market, Poppe has underscored Arbitrum (ARB) as one of the altcoins investors should watch out for. He believes that ARB could realize substantial gains in time, as the token is down and poised for a new leg UP. Recently, there have been notable advancements in the crypto asset’s price, demonstrating momentum for an upward movement. As of the time of writing, ARB was trading at $1.70, indicating an over 10% increase in the daily timeframe. However, in the weekly and monthly timeframe, ARB is down by 22% and 15%, respectively. Meanwhile, Arbitrum’s market capitalization has increased by roughly 10% to exceed the $4.5 billion threshold. Top ALTs To Purchase After Bitcoin’s Retracement On-chain analyticS platform Santiment has also highlighted the drop in altcoins as a shot to garner profits in the upcoming months. Santiment pointed out several altcoins that offer a “possible bullish opportunity,” following Bitcoin’s crash today to a two-week low of $61,700. Related Reading: Is Altcoin Season Upon Us? Heres What Bitcoins Performance Shows Some of the tokens listed by Santiment are BOUNCE, LDO, OMG, STORJ, and SNX. The MVRV Opportunity and Danger Zone Model, according to Santiment, shows that many altcoins have now declined to the point where mid-term trading returns are in an “opportunity zone.” However, when an asset’s 30-day, 90-day, and 365-day average wallet returns add up to be negative, this zone is breached. Even with the recent general correction, the altcoins market appears to be headed toward a favorable long-term picture. Consequently, this presents an excellent chance for investors to purchase these digital assets at a reduced cost. Featured image from Shutterstock, chart from Tradingview.com
Bitcoin’s price has been a topic of much speculation lately, with many wondering what its next move will be. Will it fall into a bear trap bottom, or bounce back from being oversold? These are the questions on the minds of investors and enthusiasts alike. The cryptocurrency market has seen its fair share of ups [...]
The post Predicting Bitcoin’s Next Move: Will it Fall into a Bear Trap, Hit Bottom, or Bounce Back from Oversold Conditions? appeared first on Crypto Breaking News.
Bounce Token (AUCTION) has garnered significant interest from investors after surging 129% in a week and 154% in a month. Its trading volume went through [...]
Bitcoin rose more than 10% on Friday afternoon as crypto rallied amid widespread gains for stocks. The flagship cryptocurrency hit an intraday high of $21,383 on major crypto exchanges according to CoinGecko data, up from its 24-hour low around $19,210.
Why Bitcoin price is upIn a CNBC report highlighting the gains, CNBC Business News’ Kate Rooney said the world’s largest cryptocurrency by market cap has broken higher following a rebound from 10-month lows hit earlier in the week.
Bitcoin’s rally comes as the US dollar eased up following an extended strengthening against a basket of major global currencies. But as the dollar index fell on Friday, Bitcoin (BTC/USD) took cue to add to Thursday’s upside from below $20,000.
On Bitcoin hitting forward gear as the dollar struggled, the CNBC anchor observed:
“It’s been particularly sensitive to the rising dollar in recent months. You can see that inverse correlation on the chart picking up in May or so,” she noted. The chart she was referring to shows bitcoin price falling below $30k and continuing lower even as the US dollar rose amid the crypto market crash.
Another factor at play as BTC picks some bear market rally has been the strong uptake in short liquidations. Just in the past 24 hours or so, nearly $343 million crypto shorts were liquidated – the largest short liquidations for over a month according to data from Coinglass.
As reported, Bitcoin’s price jump above $21k also comes as today’s biggest crypto news saw Sam Bankman-Fried’s crypto exchange FTX reveal it had acquired a 30% stake in SkyBridge Capital. Anthony Scaramucci’s SkyBridge is to add $40 million worth of cryptocurrencies to its balance sheet.
The post Crypto relief: Bitcoin jumps 10% as it bounces from 10-month low appeared first on Invezz.
Cryptocurrencies have become part of many portfolios in the last few years. Moreover, institutional adoption has led to big players’ implication in the industry.
This was one of the great wishes of early cryptocurrency investors. If the price rose so much, as it did in the case of Bitcoin, before institutional adoption, imagine the move once Bitcoin becomes part of big portfolios.
But the opposite happened.
Being part of the institutional world comes with an increased correlation with many other assets. Suddenly, Bitcoin and other cryptocurrencies have become directly correlated with what is happening in financial markets with the US dollar, the global interest rates, and the US stock market, to name a few.
Moreover, because of higher volatility levels, typical for the cryptocurrency market, Bitcoin and other cryptocurrencies declined more this year.
Here is a comparison. Now that the summer trading is behind us, the main themes in financial markets during the first eight months of the year were a strong US dollar and the weak equity market.
Bitcoin remains the most vulnerableOne may look at Bitcoin through the eyes of leverage. Leverage allows traders to participate in the market with more funds than the trading account has.
Gains may be amplified by two or three times or even more.
But so are losses.
A quick look at the chart above shows Bitcoin acting like a leveraged position compared to a classic one.
Over the year, EUR/USD had one of the steepest declines in the FX market. Yet, it is down only about 12% since the start of 2022.
Furthermore, the US stock market, as represented by the S&P 500 index, dropped by about 16%. But Bitcoin lost more than half of its value over the same period. More precisely, it lost 56.08%.
It is not to say that Bitcoin’s bearish trend will continue. Or that Bitcoin is poised to bounce from the current levels.
What is clear is that buyers stepped in at $20,000. However, up until now, the charts show only a consolidation around the level and nothing more.
In fact, a similar pattern formed twice this year alone. Each time after the market broke below dynamic support, another lower low followed.
Hence, despite dropping much more than the EUR/USD and the S&P 500 index in 2022, Bitcoin remains vulnerable. Further US dollar strength may lead to further declines in the US stock market, and so another leg lower in Bitcoin’s price should follow.
The post Bitcoin fails to bounce from support; here’s what the charts are signaling appeared first on Invezz.
It’s been a welcome reprieve in the markets recently, following a torrid first half of the year. However, one sector’s bounceback has been especially strong.
Bitcoin mining stocks have surged the last couple of weeks. The below graph from Mike Colonnese of HC Wainwright quantifies the move – the average Bitcoin mining stock jumped 36% in the first two weeks of August, in contrast to a 4.5% move in BTC and a 3.6% increase in the S&P 500.
The wider positivity in the market has been well covered. CPI data eased this month to 8.5%, coming in below expectations of 8.7%, and with the current environment hyper-focused on inflation readings and the corresponding Fed responses, that is positive news in itself. Additionally, within cryptocurrency circles, the news of Coinbase partnering with the institutional investing king that is Blackrock has caused Bitcoin to climb higher and flirt with the $25,000 mark (although some analyst forecasts were well north of this, as I covered here last week).
Rising costs and falling revenueThen again, if we step back a bit here, does it make sense that mining stocks are rocketing to such a degree? I published a piece a week ago looking at the rising electricity costs that were squeezing miners.
With the geopolitical climate driving headlines as a result of the surge in gas prices, electricity has also been on the up. Focusing just on Europe, the European Power Benchmark averaged 201 €/MWh in the first quarter of 2022 – that is a rise of 281% compared to the same quarter in 2021
Certain countries were even worse. Spain and Portugal jumped 411%, while prices in France rose 336% and Italian prices were the highest across the EU at €249 per MWh, a 318% rise from a year earlier.
And yet, we are seeing these stocks pump so excessively now? And with Bitcoin – which is obviously miners’ revenue – still down close to 50% on the year?
Well, the answer lies in the difficulty of the mining network. With these aforementioned operational costs rising and miners’ revenue falling, the smaller miners have really felt the pinch. With many closing up shop, the mining difficulty has dropped to a five-month low, painting a rosier picture for those who remain – as I plotted below.
However, despite the welcome reprieve, a check-in on the bitcoin reserves of mining pools betrays the struggle it has been this year thus far. I plotted these balances over the last 6 months, and it’s pretty clear that an abrupt reversal occurred on May 9th. What happened on May 9th? Well, a coin by the name of UST launched a death spiral of epic proportions, kicking into motion the contagion crisis which rippled across the industry – there was no escape, and certainly not for miners.
It is interesting that despite the market turning green in the last few weeks, these balances have not increased. While the data is only up until July, markets began their rebound last month. Indeed, it is a point that is captured in Colonnese’s report also, as he presents below the graph showing that the sales of bitcoins from miners remained elevated in July. The data from company filings for August, should the market stay green, will be interesting to assess whether there is a change of tune here.
We estimate the 11 miners in our dataset sold 6,019 BTC in July, or 167% of total production for the month
Mike Colonnese, HWC ResearchVia Mike Colonnese of HC WainwrightHigh-Beta stocksWith markets green and Bitcoin rising, mining stocks jumping up at a more explosive pace is exactly what we have seen previously in the market – bitcoin mining stocks have shown themselves to be a higher-beta option very much correlated with the price of Bitcoin.
With Bitcoin still enduring an abject year as a whole, down 47% despite the recent pullback, mining stocks are worse -trading an average of 59% below the prices at which they opened the year at. Again, they are high-beta stocks correlated to Bitcoin – so in the context of this, it makes perfect sense.
Via Mike Colonnese of HC WainwrightSo, with crypto as a whole still suffering from a morning-after headache following the Terra-fuelled contagion crisis and the Fed’s removal of market-wide liquidity, it’s important to remember how high-beta a lot of these mining stocks are.
Sure, the landscape YTD has been dire, with prices reflecting that. But the last few weeks show that once that bottom is hit, the bounceback gains on offer here will be outsized. The real question, as I covered in my first article of the week this morning, is pinpointing when exactly that is.
The post Bitcoin mining stocks bounce back in August appeared first on Invezz.
Cardano suffers from its third consecutive losing streak after a strong increase on March 29. IOHK is set to launch the Vasil hardfork update on June 29. Charles Hoskinson says the hardfork will bring massive performance improvement to Cardano. Can Cardano’s (ADA) price bounce back over $1? After a strong increase on March 29, 2022, […]
(Edited by James Rubin) Good morning. Here’s what’s happening this morning: Market moves: Bitcoin returned above $50,000 after the S&P 500 rose to a near record high. Technician’s take (Editor’s Note): First Mover Asia replaces the usual Technician’s Take today with CoinDesk’s annual list of the most influential people in cryptocurrency. This year’s group of […]
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