Shorts
Total crypto market cap closes in on $1T right as Bitcoin price moves toward $20K
The total cryptocurrency market capitalization reached its highest level in over two months on Jan. 13 after breaking above the $900 billion mark on Jan. 12. While the 15.5% year-to-date gain sounds promising, the level is still 50% below the $1.88 trillion crypto market cap seen before the Terra-Luna ecosystem collapsed in April 2022. Crypto markets total capitalization, USD. Source: TradingView “Hopeful skepticism” is probably the best description of most investors’ sentiment at the moment, especially after the recent struggles of recapturing a $1 trillion market capitalization in early November. That rally to $1 trillion was followed by a 27.6% correction in three days and it invalidated any bullish momentum that traders might have expected. Bitcoin (BTC) has gained 15.7% year-to-...
Bitcoin margin long-to-short ratio at Bitfinex reach the highest level ever
Sept. 12 will leave a mark that will probably stick for quite a while. Traders at Bitfinex exchange vastly reduced their leveraged bearish Bitcoin (BTC) bets and the absence of demand for shorts could have been caused by the expectation of cool inflation data. Bears may have lacked confidence, but August’s U.S. Consumer Price Index (CPI) came in higher than market expectations and they appear to be on the right side. The inflation index, which tracks a broad basket of goods and services, increased 8.3% over the previous year. More importantly, the energy prices component fell 5% in the same period but it was more than offset by increases in food and shelter costs. Soon after the worse-than-expected macroeconomic data was released, U.S. equity indices took a downturn, with the tech-he...
Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?
Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with June 6’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date. Investors who keep a close eye on regulatory development were possibly scared after New York state made clear its intention to regulate the crypto industry, including Bitcoin mining. On June 2, New York Attorney General Attorney Letitia James issued an investor alert against “risky cryptocurrency investments,” citing the assets’ volatility. According to Cointelegraph, the attorney general is convinced that crypto investments create “more pain than gain” for investors. The New York State Senate approved a pro...
Ethereum price holds above $3K but network data suggests bulls may get trapped
When analyzing Ether’s (ETH) price chart, one could conclude that the 3-month long bearish trend has been broken for a few reasons. The current $3,100 price range represents a 43% recovery in 15 days and, more importantly, the descending channel resistance was ruptured on Feb. 7. Should Ether bulls start celebrating and calling for $4,000 and higher? That largely depends on how retail traders are positioned, along with the Ethereum network’s on-chain metrics. For instance, is the $30-plus transaction fee impacting the use of decentralized applications (dApps), or are there any other factors that will prohibit Ether’s price growth? Ether (ETH) price at FTX, in USD. Source: TradingView Since the 55.6% correction from the $4,870 all-time high to the cycle bottom at $2,...
US Republican senators confront Netflix over Chinese sci-fi show
Five Republican US senators have confronted Netflix over the streaming giant’s plan to adapt a Chinese sci-fi book trilogy, expressing concern over the original author’s comments about claims of forced labor in Xinjiang. Liu Cixin’s bestselling “The Three-Body Problem,” which tells the story of humanity’s first contact with aliens, is set to become a major Netflix series co-written by the creators of “Game of Thrones.” In a letter to content boss Ted Sarandos, the senators accused Liu of “parroting dangerous [Communist Party] propaganda” and suggested Netflix was “providing a platform to Mr Liu in producing this project.” They highlighted a New Yorker article from last year in which Liu is quoted defending mass internment in China’s northwestern Xinjiang region, where activists say more th...
