Author: NBTC
With Bitcoin (BTC) hovering below $70,000, the record-breaking futures open interest may offer clues about its next price movement. As it stands, Bitcoin’s futures open interest hit an all-time high of almost $40.5 billion on October 21, according to data retrieved by Finbold from the crypto on-chain analysis platform CoinGlass. Implication of Bitcoin’s futures open interest Open interest refers to the value or number of outstanding futures contracts that have yet to expire. Typically, this metric measures the amount of money invested in Bitcoin derivatives at any given time. A high level of open interest suggests more active engagement from…
The Ethereum Foundation has initiated its first-ever “Attackathon,” a community-driven challenge offering $1.5 million in prizes to identify flaws in the Ethereum protocol. Ethereum Hosts Attackathon According to the announcement from the foundation’s Protocol Security Research Team and the Ecosystem Funding Initiative, the Attackathon event will take place from Nov. 25, 2024, to Jan. 20, 2025, in collaboration with security platform Immunefi. This initiative, led by the foundation’s Protocol Security Research Team and Ecosystem Funding Initiative, invites security experts and auditing companies to bolster the network’s security. Framed as a competitive and time-restricted endeavor, the event is structured to reveal…
As the 2024 U.S. presidential election approaches, the Bitcoin price is still exhibiting upward momentum Monday morning during European trading hours. In fact, BTC briefly touched a high of $69,227 earlier today. The apex cryptocurrency is currently trading at $68,270, down 0.2% over the last 24 hours, according to data from CoinGecko. Meanwhile, Ethereum (ETH) has also seen positive movement, trading at $2,713, up 2.5% during the same period. Experts are attributing the market’s bullish sentiment to the upcoming elections, with Bitcoin edging closer to the critical $70,000 mark. Speaking with Decrypt, Avinash Shekhar, Co-founder and CEO of Pi42, believes…
Ethereum (ETH) is attracting investor attention as capital flows shift away from Bitcoin (BTC), with derivatives market activity indicating strong near-term bullish sentiment for the second-largest cryptocurrency by market cap. Over the weekend, ETH saw an increase in open interest alongside increased implied volatility, indicating growing confidence among derivatives traders. This momentum has translated into a significant price rally, with ETH gaining over 6% in the past 24 hours to trade at a peak of $3,513. In contrast, Bitcoin saw a modest 0.5% decline. Wintermute analysts highlighted a clear shift in favor of ETH in their weekly crypto market update.…
As the flagship cryptocurrency Bitcoin has staged an impressive rally and surpassed the $71,000 price level, many altcoins are following suit on the market. Among them is the second largest canine-themed coin, Shiba Inu (SHIB). SHIB flips AVAX, ADA right ahead During the last 24 hours, it has printed a more than 11% price increase and has seen its market capitalization value soar by 9.3%. Now, it stands at $11.02 billion, according to CoinMarketCap. SHIB is now trading at $0.0000187 and has flipped Avalanche (AVAX) in terms of market capitalization. Now Shiba Inu occupies the 12th spot on the above-mentioned…
Peter Brandt, a veteran trader with over 50 years of experience on the financial markets, including crypto, has shared a new outlook on the price of Bitcoin (BTC), predicting a major rise for the major cryptocurrency. The analysis focuses on the seven-month inverted expanding triangle, a key technical pattern that has been in place since March of this year without being breached. This pattern of lower highs and lower lows, according to the trader, signals that Bitcoin remains primed for a major move higher to as high as $150,000 per BTC. Putting his money where his mouth is, Brandt revealed…
Ethereum is consolidating below the $3,455 resistance level, forming a bullish pattern. Support at $3,292 holds steady, providing a base for potential upward movement. A breakout above $3,455 could lead to price levels between $3,600 and $3,700. Ethereum is trading slightly below the all-important $3,455 resistance level, and it is beginning to present a bullish pattern. With XRP trading at a significant and volatile range, traders are waiting for another shift that might drive the cryptocurrency to $3,600 to $3,700. This phase of consolidation shows the struggle between the upward movements and the resistance levels of shorter time frames. Support…
Twitter owner and Tesla CEO Elon Musk appears to have inspired multiple meme coins to run as he continues to tour the United States with Donald Trump’s presidential campaign. This includes a micro-cap Solana token launched via Pump.fun spiking by 10,000%, as well as other Musk-inspired tokens posting double-digit gains. Musk has joined Trump on stage multiple times over the past month, as the world’s richest man has been touted to run the potential future Department of Governmental Efficiency (D.O.G.E.) if the former president gets a second term. With an acronym that is identical to Dogecoin’s ticker, the original meme…
The current OI is more than double the level seen during Ethereum’s all-time high in November 2021. Ethereum’s (ETH) Open Interest (OI) surged by 8.9% in the past 24 hours, reaching a record high of $22 billion. Ethereum (ETH) could soar by 15% to reach the $4,100 level if it closes a daily candle above the $3,550 level. Despite a bearish outlook across the cryptocurrency landscape, Ethereum (ETH), the world’s second-largest cryptocurrency, is poised for a notable upside rally. A bullish price action pattern and record interest from traders support this positive outlook. Ethereum Open Interest Hits Historic High On…
Crypto exchange Kraken announced last week that it will build a layer-2 network atop Optimism’s OP Stack blockchain framework. CoinDesk is first to report that the deal was reached early this year, involving a grant of 25 million OP tokens, at the time worth roughly $100 million. Kraken, a major U.S. crypto exchange, shared last week that it would launch a layer-2 called Ink, relying upon the Optimism’s blockchain ecosystem’s OP Stack framework – and become part of the fast-growing “Superchain” that also includes layer-2 networks from the crypto exchange Coinbase along with the electronics giant Sony and decentralized exchange…