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BTC could suffer its second monthly downturn of 2023, while ether seems headed for its first losing month.
The redemption plan for the protocol appears to heavily favor employees and Parrot’s venture investors.
The lending platform is on track to remove some $7 million of MKR governance tokens from the market in the next month, according to blockchain data.
The latest price moves in crypto markets in context for July 21, 2023.
Some selling pressure may have arisen from a revised U.S. bill that excludes a host of traditional securities from the "digital asset" category, which some say bodes ill for DeFi.
Unlocks are staggered releases of cryptocurrencies that had been frozen to prevent early investors or project team members from selling in large numbers.
Interest on the ETF's cash balances helps offset the cost of rolling from one set of futures to the next, ensuring a low performance discrepancy, the firm said.
The decline reflects an asset that has been stuck in a tight trading range. PLUS: Bitcoin plods below $30K amid another sluggish day for cryptos in which LINK was a rare bright spot.
The embattled Harbor Trade credit pool minted $1.5 million of DAI stablecoin secured with loans to a consumer electronics firm, which defaulted on $2.1 million of debt.
Tech stocks such as Tesla and Netflix, which crypto prices tend to correlate with, sold off during the day as investors shied away from risk assets.
- 12:16Bitwise CIO: The decline in Bitcoin is a short-term setback, the market will soon find its own footingOdaily Planet Daily reports that Bitwise Asset Management's Chief Investment Officer, Matt Hougan, stated on CNBC's Squawk Box Asia program that the current drop in Bitcoin prices is a "short-term setback". The market will soon find its footing and realize that this is actually a long-term bullish view of this asset and the entire cryptocurrency market. Matt Hougan added that David Sacks, the White House Director for Cryptocurrency and AI, has already indicated that the United States will seek a "budget-neutral strategy to acquire more Bitcoins", provided these strategies do not bring incremental costs to American taxpayers. The correct question should be: Will this executive order make it more likely for Bitcoin to become an important currency or asset geopolitically in the future? Will other governments follow suit with America and establish their own strategic reserves? For me, the answer is yes. This question matters because it determines whether Bitcoin is worth $80k each or $1 million each.
- 12:14Analyst: The current price trend of Bitcoin has reproduced the situation after the launch of the American Bitcoin ETFPANews reported on March 10th that CoinDesk analyst James Van Straten stated in an article that since President Trump's inauguration on January 20, the price of Bitcoin has fallen from $109,000 to $80,000. This is a typical "sell-on-news" event. The correction has continued since Friday's digital asset summit. Although the price trend may indicate short-term bearishness, Bitcoin bulls might see it as a long-term positive catalyst because the US government has shifted from its previous hostile attitude to a more friendly stance. However, lack of immediate buying pressure suggests possible weakness in the short term. Similar price trends occurred during the highly anticipated launch of the US spot Bitcoin ETF in January 2024. From October 2023 to January 2024, Bitcoin soared from $25,000 to $49,000 - an increase of over 40%. However, the launch of ETF marked a local high point as prices fell by 20% within subsequent weeks and eventually reached new highs above $73,000 in March. This time around after Trump won the U.S presidential election in November; bitcoin rose by about 60%, reaching an all-time high at $109k USD before experiencing nearly a thirty percent pullback afterward. A common pattern between these two scenarios is that good news triggers local highs for bitcoin prices followed by significant corrections afterwards.The next variable will be whether or not bitcoin begins rising again after this correction ends which largely depends on macroeconomic conditions.
- 11:06Over the past 4 hours, more than 90 million US dollars have been liquidated across the entire networkOdaily Planet Daily reports that Coinglass data shows that in the past 4 hours, a total of $93.541 million has been liquidated across the network, including $37.0166 million from long positions and $56.5244 million from short positions.