Bitcoin price hits $32K but derivatives metrics still show signs of weakness

There’s no doubt that the last couple of months have been bearish for Bitcoin (BTC), but throughout this entire period, derivatives indicators have been relatively neutral. This could be because cryptocurrencies have a strong track record of volatility, and even 55% corrections from all-time highs are expected. After two months of struggling to sustain the $30,000 support and finally losing it on July 20, the futures premium and options skew turned bearish. Even PlanB’s stock-to-flow valuation model was not expecting prices below $30,000 for the current month. The model uses…

FTX Raises $900 Million and Hits $18 Billion Valuation

Share this article FTX, a major cryptocurrency exchange and crypto futures trading platform, has raised $900 million in a new funding round. Funding Round Attracts Top Investors The Series B funding round brought in money from over 60 investors including SoftBank Group Corp, Sequoia, Thoma Bravo Ribbit Capital, and VanEck. Two crypto exchange funds, Coinbase Ventures and Circle, also participated in the fundraiser. The newly-added funds put FTX’s valuation at $18 billion. Its press release notes that it has seen “tremendous growth” since its launch in May 2019, with revenue…

Ethereum price dragged down below $2K as US inflation hits highest level since 1991

Ether (ETH) perhaps had the most bullish outlook entering the July session, with a key technical update dubbed EIP-1559, promising to make its native token ETH scarcer through the network’s first-ever burning mechanism. But so far into the month, the second-largest cryptocurrency by market cap has vastly tailed its top rival Bitcoin. The positive correlation was visible on July 13, following the New York opening bell, when Ether plunged below $2,000 to hit its two-week low in sync with Bitcoin, which slipped slipping below $32,500. ETH/USD vs. BTC/USD on Coinbase.…

Synthetix hits one-month high as SNX rallies 25% ahead of layer 2 exchange launch

Synthetix (SNX) prices reached a one-month high on Monday as traders looked for alternative upside bets against a mixed cryptocurrency market. Bids for SNX/USD achieved an intraday high of $13.76 during the Asia-Pacific trading session, following an approximately 25% price rally that started Sunday. A flurry of technical and fundamental factors contributed to the sudden market demand for Synthetix tokens, including founder Kain Warwick’s update on the project’s much-awaited layer 2 solutions. A new synthetic exchange underway Layer 2 refers to the techniques for scaling blockchains by taking computation and…

AAVE price hits 3-week high as ‘Aave Pro’ debuts for institutional lending

Aave hovered near its three-week high on Tuesday, helped by the prospects of its foray into the mainstream through the launch of an institutional lending platform. Fundamentals Dubbed as Aave Pro, the platform expects to become a “permissioned liquidity protocol” by offering institutions, corporates, and fintech clients access to decentralized finance (DeFi). That said, it would follow strict regulations while onboarding participants, ensuring that their Ethereum addresses are safe-listed following a thorough know-your-customer process. “We will have different kinds of permissioned markets so that DeFi will be more layered and tailored…

Bitcoin exchange supply hits a 6-month low as accumulation continues

The amount of Bitcoin (BTC) held on exchanges has been declining steadily since mid-May, offering reassurance that the worst of the market selloff has passed.  At current levels, Bitcoin’s exchange supply is at its lowest level since early January, according to crypto analytics firm Santiment. “The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major $BTC selloffs,” the analytics firm tweeted Monday morning. The ratio of #Bitcoin‘s supply on exchanges has encouragingly slid down to its lowest since early January.…

SNX hits multi-week highs as total value locked on Synthetix approaches $1 billion

SNX spiked to its three-week high on Monday in reaction to a market-wide upside correction led by Bitcoin (BTC) and other top-cap digital assets. The Synthetix project’s native token reached $9.59 after rising four days in a row by up to 50%. That included a sharp 18.29% upswing in the previous daily session, sparked by Bitcoin’s climb above its key resistance level of $35,000. Altcoins tend to tail the flagship digital asset’s price trends. Synthetix and Bitcoin price moves in the recent sessions. Source: TradingView.com But more factors were in…

Ether price hits 2-week high as London hard fork momentum builds

Ether’s (ETH) $230 million options expiry on Friday appears to have shifted market sentiment in favor of the bulls, at least momentarily, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom.  ETH price update ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks, according to Cointelegraph Markets Pro. Weekend trade volumes remained characteristically low at just over $18 billion. Ether’s price sees renewed upside on Sunday. Source: Cointelegraph Markets Pro At…

Bitcoin, dollar plunge while S&P 500 rallies after US inflation hits 3-decade high

Bitcoin (BTC) and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve’s preferred inflation indicator surged to its highest levels in almost three decades. According to data shared by the US Bureau of Economic Analysis, the US Core Personal Consumption Expenditure (PCI) rose 0.5% in May, coming in below the estimation of 0.6%. Nevertheless, the expenditure rose 3.4% year-over-year, the highest level since 1991. The Federal Reserve treats core PCI as its benchmark metric to gauge inflation.…

Bitcoin hits $35K after Biden reveals infrastructure deal, Paraguay proposes BTC bill

Bitcoin (BTC)  price received a boost as news that lawmakers in Paraguay plan to present a bill to make BTC legal tender spread across Twitter. Shortly after the unconfirmed news surfaced on Twitter, Bitcoin price rallied to $35,289 before slightly pulling back below the key short-term resistance level.  Congratulations Paraguay • a bill has been submitted to make #BITCOIN legal tender • reading likely to occur on July 14th • they wish to be a crypto hub • promotion of green energy mining • some interest from Argentina & Brazil now…