South Korean crypto traders are pivoting to ‘smaller cap’ altcoins

South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm. Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators. Apart from XRP, which is often popular among crypto traders in Asia, altcoins with smaller market capitalizations are leading the way in terms of trading volume on the big four. Data from crypto research outfit Messari shows Ravencoin (RVN), NEAR Protocol (NEAR), and New Kind of Network (NKN) as…

dHEDGE launches tokenized index tracking its top 10-ranked traders

Decentralized fund management platform dHEDGE has launched a tokenized index that tracks its top-ranked traders. An ERC-20 token will also be issued for the index on automated market maker DEXes in futur. dHEDGE allows fund managers to launch actively managed investment pools powered by synthetic assets provided by Synthetix. “What dHEDGE is trying to do is crowdsource the best traders on the internet, and if you can create an index out of that, […] I think that’s tremendously powerful,” Apollo Capital chief investment officer and dHEDGE co-founder, Henrik Anderson, told Cointelegraph.…

‘Not a cheaper Bitcoin’ — Bitcoin Gold soars 173% as traders may be buying the wrong BTG

A long-forgotten Bitcoin (BTC) hard fork has surged almost 200% in a week — simply because traders are buying the wrong altcoin. Bitcoin Gold (BTG), a relic from the 2017 forking season, traded at $113 on April 9 — the highest price since February 2018 — after 30% daily gains as trading volumes topped $250 million.  Bitcoin Gold piggybacks to 173% weekly gains A curious contrast to an otherwise lackluster cryptocurrency market, Bitcoin Gold’s success appears to be not wholly genuine — but also not the fault of its holders…

1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi

Bitcoin’s (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly. According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving. Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout. Crypto market data daily view. Source: Coin360 An encouraging sign from this most…

Bitcoin price stalls as traders warn BTC could dip lower than $55K

Bitcoin (BTC) barely recovered its losses on April 9 as fresh doubts emerged about the bull run continuing this month.  BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview $56,760 “not a convincing bottom” After sliding 5% on Wednesday, BTC/USD saw only a modest rebound to circle $57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed.  Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains. Filbfilb, co-founder of trading suite Decentrader, described…

Retail traders become ‘sitting ducks’ as sell-off triggers $1.4B liquidation

After flirting with a $2 trillion market capitalization for the last couple of days, the cryptocurrency market took a 7% hit on April 7, dropping the total crypto market cap to $1.8 trillion. As the unexpected sell-off took place, investors scrambled to find a reason to explain the move. Analysts typically identify the use of excessive leverage as the prime suspect, as this usually occurs as the market reaches an all-time high and traders get greedy, but this is an easy conclusion to reach. The actual cause could be near…

$2.52B in bearish Bitcoin options signal pro traders are hedging their bets

Bitcoin (BTC) has been trying to break the $60,000 resistance for the past 23 days. Generally, investors don’t seem too worried about this as they consider it a healthy consolidation period, and even recent analysis from JPMorgan Chase estimates that BTC price will reach $130,000.  Even as most investors expect Bitcoin price to rise above $100,000, derivatives data shows $2.52 billion worth of ultra-bearish options from the $40,000 to $50,000 range? At the moment, there are multiple signals that the crypto market is overheating. There is an 11% BTC price…

38% Ethereum futures premium signals traders anticipate $2,500 ETH

Now that Ether’s (ETH) price broke the $2,000 level, hitting all-time highs this week, traders became excessively bullish and are expecting more upside in the short-term.  Some analysts believe Visa’s initial USD Coin (USDC) stablecoin transaction settlement on the Ethereum network kicked off the most recent rally. Others attribute the current Ether hike to a “triangle market structure” breakout. Regardless of the cause behind the recent 25% rally, professional traders seem highly optimistic this time around. This conclusion can be reached by looking at the surging futures’ basis, which has reached its…

Ethereum season? ETH options traders are placing big bets for June

The price of Ethereum (ETH) is continuing to rally, reaching $2,000 on April 2 on the back of strong technical momentum following a high-profile announcement from Visa. As Cointelegraph previously reported on March 29, Visa will allow its partners to use USDC on the Ethereum blockchain network to settle transactions. ETH futures total open interest. Source: Bybt.com Since then, the interest in Ethereum across both futures and options markets is seeing an uptick, with the former approaching $7 billion, the highest in over a month.  The options market for Ethereum is…

IRS authorized to access information on Circle’s crypto traders to nab tax cheats

A U.S. federal court has granted authorization to the Internal Revenue Service, or IRS, to serve a John Doe summons to fintech firm Circle seeking all information on U.S. taxpayers who traded at least $20,000 worth of crypto assets on its platforms between 2016 and 2020. The summons will apply to Circle Internet Financial Inc. including all “predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.” According to the Department of Justice’s announcement, Judge Richard Stearns concluded there is “reasonable basis for believing that cryptocurrency users may have failed to comply…