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2023-08-30 16:30:34 ETH bulls rally: Grayscale’s legal win boosts open interest, sentiment

The real reason behind the rally
Tuesday’s bullish volume was not a fluke but rather the result of reports that Greyscale won a legal battle against the U.S. Securities and Exchange Commission (SEC). The investment management previously filed a lawsuit against the U.S. regulator over the denial of an ETF application. ETH was among the cryptocurrencies that saw a robust wave of bullish volumes following the announcement.

Cryptocurrency prices rose across the board on the back of the greyscale win, with Bitcoin up nearly 6%. Short-term options IV started to rise rapidly, with BTC weekly options IV rising to 50%. Buy calls began to be traded in large quantities, especially ETH chasing a very large…

A closer look at ETH’s open interest confirmed that there was a pivot in the metric. It confirmed a bit of an uptick back to 18 August levels. This also means that the open interest level was still considerably lower than it was at its mid-month levels. Open / Comment

2023-08-27 20:00:08 Can Ethereum bulls break out of the past two weeks’ slump

There is a strong chance Ethereum can descend to $1400 if it can’t bounce soon
The price action of the past two weeks indicated a robust bearish sentiment. The series of lower highs and lower lows have continued in the past four days, although the momentum slowed down. The 1-day chart showed that the $1625-$1680 was a demand zone, where the previous Ethereum rally reaching $2020 was initiated.

Conviction was lacking in the futures market and bears have the advantage
The 1-hour chart from Coinalyze showed that the Open Interest did not fluctuate much in the past week. Ethereum saw a bounce from $1580 and $1680 but has sunk to the $1640 level once more. The OI has trended downward in the past three days alongside the decline in price to signal bearish sentiment was prevalent. Open / Comment

2023-08-24 17:01:58 Binance to halt crypto debit card services in LatAm, Mid-East

Binance will suspend its crypto debit card services in Latin America and the Middle East, impacting users in these regions. The exchange announced this decision without providing a specific explanation.

Exchange’s decision sparks speculation
Binance initially introduced its crypto-backed debit card concept in April 2020. By July of the same year, Binance distributed them to various countries across Europe and other parts of the world. In subsequent developments, Binance partnered with payment processor Swipe, with the intention of extending to the United States. Open / Comment

2023-08-21 12:01:36 Polkadot nears a bearish zone – Is a reversal likely

Will sellers exploit the overhead bearish zone?
The H4 chart’s Relative Strength Index (RSI) retreated from the oversold zone, indicating an ongoing reversal. However, the On Balance Volume (OBV) exhibited fluctuations which could delay a solid recovery as demand wavered.

Buyers weren’t in control
The CVD (Cumulative Volume Delta) tanked further from 17 August and has shown no signs of reversal at the time of writing. It shows sellers still had market influence over the same period. Open / Comment

2023-08-16 19:30:19 Binance to shut down this service as BNB short positions increase

Binance connect to shutdown
Recent reports have indicated that Binance Connect is on the brink of being shut down. According to a statement from Biswap, the closure was attributed to Binance’s decision to prioritize its core operations. Although Biswap’s post indicated a shutdown date of 15 August, as of this writing, the website remained operational.

Binance Coin continues to take a hit
As news of the impending shutdown emerged, a closer examination of the ecosystem’s native token became increasingly crucial.

BNB shorts increase
According to data from Coinglass, trader sentiment toward Binance Coin’s price trajectory appeared pessimistic. As of this writing, the BNB funding rate displayed a negative value, and this negativity in funding was rising. Open / Comment

2023-08-13 18:01:23 Here’s what’s keeping Bitcoin below the $30,000-mark

Hike in selling pressure
One noteworthy observation comes from analyst Maartunn at CryptoQuant, who highlighted a significant disparity between Sell Taker Volume and buyer activity. This ongoing discrepancy in trading volumes could lead to sustained downward pressure on the price, thereby preventing a decisive breakthrough above the $30,000-mark.

Whales show interest
Contrary to these factors, whale behavior indicated a positive future for Bitcoin. For example, Glassnode’s data indicated that the number of addresses holding 10 or more BTC coins recently hit a three-year peak at 157,012. Open / Comment

2023-08-09 18:31:01 “Enough,” says Elon Musk’s lawyer as Dogecoin lawsuit escalates

Lawsuit also claims market manipulation and insider trading
The lawsuit, initially filed in June of the previous year, initially sought a staggering $258 billion in damages. It accuses Elon Musk of orchestrating market manipulation, insider trading, and deliberate courses of action linked to the cryptocurrency Dogecoin.

Musk’s affinity for Dogecoin dates back to an April 2019 tweet in which he claimed Dogecoin as his favorite cryptocurrency. With the acquisition of Twitter, his vocal support for Dogecoin has been further amplified.

A notable instance of his endorsement happened around April Fools’ Day, when Twitter temporarily swapped its logo for Dogecoin’s Shiba Inu mascot.

The dismissal motion reflects a point of contention, where Musk’s legal team decries the tactics of the opposing side as “abusive and belligerent,” revealing the intensity of the battle. As the legal proceedings continue, both sides await the unfolding outcome.

At the time of writing, Dogecoin was trading at $0.07573, up 2.32% in the last 24 hours. Open / Comment

2023-08-03 19:01:32 Are Ethereum traders turning bearish?

Putting it all on the line
According to Greeks live, Ethereum experienced a surge in bearish options trading activity. The traders carried out significant put options trades involving more than 56,000 contracts, totaling over $100 million in nominal value.

Uncertainty ahead?
The rise in bearish sentiment among traders could be attributed to the growing Implied Volatility (IV) of ETH options. According to The Block’s data, the IV of ETH options witnessed an uptick in the last few days.

At press time, Ethereum was trading at $1834.31. Despite the decline in its price, the number of addresses holding ETH continued to rise. Open / Comment

2023-07-30 19:01:13 I asked ChatGPT to predict Solana’s Q3 performance, it gave me this figure

Can we coax ChatGPT into a Solana price prediction if we give it enough information?
ChatGPT has been a remarkable chatbot and the updates of the past month have made ChatGPT 4.0 quite impressive. It is a powerful tool for learning and well-trained on a vast array of topics. Yet, we must remember that the bot is engineered to mimic a human, and is not necessarily guaranteed to be factually accurate. The jailbreak version of ChatGPT would likely be even more inaccurate, as it is specifically instructed not to say no to anything the user requests.

FTX, where the freefall began
Sam Bankman-Fried was one of the most vocal proponents of the Solana network. The community saw him as a credible and smart entrepreneur who was the CEO of one of the largest crypto exchanges, FTX. Even though Binance reigned supreme in terms of volume and token pairs, FTX was giving it a run for its money. Competition is also good for the industry and serves the customers. Open / Comment