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Blockchain

Bitcoin Futures Market Crumbles With Price Slump

The extreme volatility in the cryptocurrency market caused a wavelike motion in the Bitcoin [BTC] market. BTC was cruising at its annual peak of $12.473 on 17 August and the selling pressure seeped in, causing the price to descend from this peak. However, on 2 and 3 September BTC market saw massive liquidations of longs

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The extreme volatility in the cryptocurrency market caused a wavelike motion in the Bitcoin [BTC] market. BTC was cruising at its annual peak of $12.473 on 17 August and the selling pressure seeped in, causing the price to descend from this peak. However, on 2 and 3 September BTC market saw massive liquidations of longs as the price reached $9,987.86. This was the first time in seven weeks, BTC slipped under the $10k mark, but many traders expected for this to happen.

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BTCUSD 24-hour chart | Source: TradingView

Price dump spikes liquidations

The high volatility has given rise to high liquidation in the BTC market. According to data provider Skew, BitMEX witnessed total hourly liquidations of $276 million within the past three days. Out of the total liquidations, $261 million were sell-liquidations, whereas the remaining $15 million accounted for buy liquidations. However, there has been higher liquidation that has taken place in the market like in July 2019.

Source: Skew

BTC continued devaluating on September 4 too, as approximately $75 million longs were liquidated within a single hour on BitMEX.

Interest decreases as the market shrinks

The selling pressure also resulted in the overall open interest to collapse from an ATH of $5.689 billion to $$3.602 billion within a month.

As the sell-offs escalated on 3 September, BitMEX’s XBTUSD open interest also shrunk rapidly from $780.94 million to $622.01 million. However, despite losing interest in the market, 3 September was the most active session of the month for Bitcoin. According to Skew, BTC spot crossed $1 billion in total, while Coinbase did $327 million and was closely followed by LMAX Digital with $294 million.

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Upwards and Onwards?

Although the largest crypto asset has suffered a great dent in its value over the past couple of days, the traders were expecting the price to fill the trading gap on the Chicago Mercantil Exchange [CME]. Historically, this gap has been filled with the price sooner-or-later retracing back to the gap. At press time, Bitcoin was being traded at $10.218 with a market cap of $191.43 billion.

Bitcoin Futures Market Crumbles With Price Slump
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Bitcoin Futures Market Crumbles With Price Slump
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The extreme volatility in the cryptocurrency market caused a wavelike motion in the Bitcoin [BTC] market. BTC was cruising at its annual peak of $12.473 on 17 August and the selling pressure seeped in, causing the price to descend from this peak.
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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Ketaki Dixit

Source: https://coingape.com/bitcoin-futures-market-crumbles-price-slump/

Blockchain

NetcoinCapital Token to be listed on XT Exchange

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Istanbul, Turkey, June 16, 2021NetcoinCapital, a blockchain-based startup from Turkey focused on building a decentralized economy, today announced it will be listed on XT exchange beginning from August 4th, 2021.

The new listing on the XT exchange will allow investors to trade this security token with other cryptocurrencies like bitcoin and ethereum. Investors who are interested in investing in this new token will be able to trade this token on the XT exchange and Coins Bit exchange.

The Netcoincapital token is based on the Tron blockchain platform with a supply of 102 million tokens and 10.5 million of those tokens will be available for free to the participators. The company’s goal is to provide 100% transparency regarding transactions, earnings, and other financials for all customers. Previously, significant news is being spread about Netcoin’s listing on the Coinsbit exchange.

“The short-term goal of the company is to create a decentralized economy. This listing will increase the accessibility of our service which we believe will have positive impacts on our business overall” said Abbas Talebi – CTO, NetcoinCapital.

The company has also announced that it intends to introduce a new programming language for this processor, and has referred to it as a computer colloquial language, and has placed it in a new category of a computer language called the future language.

Several projects are running in parallel, including the construction of a dedicated wallet, a dedicated exchange office, and the construction of an environmentally friendly blockchain with the local coin.

NetcoinCapital’s CEO highlights “Netcoicapital’s goal is to establish a strong rapport with the cryptocurrency community and be their exclusive digital currency for transactions. By doing so, NCC will foster more growth in both its volume of investors as well as people using it on an individual basis.” And listing on XT exchange is a major step towards pursuing this goal, he added.

About NetCoinCapital

Netcoin Capital is a blockchain-based startup. A decentralized global operating system with infinite processing power, Netcoin Capital is trying to take a step in designing and building a new generation of processors. The processors that the company is studying, will turn each of the home devices into a supercomputer.

About XT Exchange

XT.com is the world’s first socialized exchange under a business environment where users are decentralized and dynamic. At present, XT has gathered 7+ million investment users in the world, with a daily average of 5 billion USD stable trading volume, this business model provides a new direction for the whole industry.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/netcoincapital-token-to-be-listed-on-xt-exchange/

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Blockchain

Mark Cuban Backs Ethereum-Based Data Marketplace dClimate

Mark Cuban Ethereum

Rate this post Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink Mark Cuban to Join Ethereum and Chainlink Data Project dClimate  Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon. With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data. dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token. Cuban’s Expertise is Invaluable to dClimate According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.” Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

The post Mark Cuban Backs Ethereum-Based Data Marketplace dClimate appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink

Mark Cuban to Join Ethereum and Chainlink Data Project dClimate 

Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon.

With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data.

dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token.

Cuban’s Expertise is Invaluable to dClimate

According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.”

Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

READ  Diginex Is the First Crypto Exchange to Go Public on Nasdaq

#DClimate #Ethereum #Ethereum and Chainlink #Mark Cuban

Source: https://www.cryptoknowmics.com/news/mark-cuban-backs-ethereum-based-data-marketplace-dclimate/

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Blockchain

Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike

Bitcoin Fed

Rate this post Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program. Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023 Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively. The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy. In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes. Current Bitcoin Price Activity is Normal Range-Bound Trading BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further. Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level. Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market.  Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

The post Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Rate this post

Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program.

Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023

Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively.

The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy.

In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes.

Current Bitcoin Price Activity is Normal Range-Bound Trading

BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further.

Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level.

Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market. 

Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

READ  BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32

#Bitcoin price #Federal Reserve Bank #Federal Reserve Interest Rate

Source: https://www.cryptoknowmics.com/news/bitcoin-struggles-to-breach-40000-after-fed-schedules-early-interest-rate-hike/

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