Crypto Portal

2023-09-09 18:01:27 Few crypto exchanges dominate the market: Why this is concerning

Single point of failure?
Market depth is an exchange’s ability to absorb relatively large market orders without materially affecting the asset’s price. Trading volumes. on the other hand, represent the total amount of a digital asset traded over a certain period. Both indicators are used to assess liquidity in the markets.

Binance’s market depth falls
In contrast to trading activity, Binance’s market depth fell considerably, from 42% in 2021 to 30.7% in 2023. This could be attributed to the exodus of market participants following the SEC’s lawsuit against the platform and attempts to freeze assets at its American branch, Binance US. Open / Comment

2023-09-06 14:01:37 BTC struggles as Grayscale pushes for an ETF approval. Assessing…

Why Grayscale might get the green light soon
Grayscale has been particularly keen on the matter, as revealed in its latest announcement. The company recently disclosed that its legal team has submitted a letter over the matter. The letter notes that the SEC has already surpassed three times the length that it is legally permitted to take for a filing.

Bitcoin holders are growing
Bitcoin has been facing directional headwinds in the last few weeks. However, the number of addresses holding BTC has been steadily growing and it reportedly just reached a new all-time high. Roughly 4.47 million addresses now hold at least 0.1 Bitcoin.

This suggested that there was still some demand for Bitcoin at its current level, especially after its August discount. However, the market is still under a cloud of uncertainty especially due to the possibility of interest rate hype during the next FED announcement. Open / Comment

2023-09-02 19:01:22 DeFi could overtake CeFi in the next bull run: CZ

CZ gives thumbs up to DeFi
The latest to acknowledge the importance of the event was none other than Binance CEO Changpeng “CZ” Zhao. In a recent AMA session hosted on Twitter, the crypto czar called the ruling as “extremely positive”.

Uniswap leads the charge
CZ’s assertion was rooted in the industry’s latest exploits. The largest and most popular DEX Uniswap outperformed centralized behemoth Coinbase in spot trading volumes in the first two quarters of 2023.
As of this writing, DEXs recorded trades worth nearly $12 billion over the last one week, according to DeFiLlama. DEX share in the total crypto spot trading market was 17.7%. Open / Comment

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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