Those betting on further downside begin to see setbacks as Bitcoin starts the Wall Street trading week with a spike higher.
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Bitcoin reaches 'short squeeze' trigger zone as BTC price nears $20.4K
Bitcoin (BTC) regained some lost ground at the Aug. 29 Wall Street open amid talk of an imminent short squeeze.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewShorts lose out in modest squeeze higher for BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to near $20,400 on Bitstamp as United States equities began trading.
The move signaled welcome relief for hodlers, who had looked on as the pair dove increasingly below $20,000 during the weekend.
Now, with the market “aggressively short positioned,” conditions appeared to favor a further relief bounce to burn those nursing short trades.
“You know what is next,” popular Twitter account Il Capo of Crypto warned, reinforcing his belief that the bounce would be followed by a deeper retracement.
Where in the world are the 3AC founders? Speculations abound
Rumor has it that they are heading to or already in Dubai, says a lawyer with 30 years of experience. But can they stay there forever?
These 3 altcoins have completely ignored the bear market in the last 90 days
The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.
Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them
Chiliz (CHZ)
Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively.
Cryptocurrency performance (last 90 days). Source: blockchaincenter.netOn the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.
CHZ/USD three-day price chart. Source: TradingViewOriginally, the CHZ price rally started amid a rebound witnessed across the crypto market. But Its upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.
These 3 altcoins have completely ignored the bear market in the last 90 days
The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's (Luna) —now renamed Terra Classic (LUNC) — collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.
Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them:
Chiliz (CHZ)
Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively.
Cryptocurrency performance (last 90 days). Source: blockchaincenter.netOn the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.
CHZ/USD three-day price chart. Source: TradingViewOriginally, the CHZ price rally started amid a rebound witnessed across the crypto market. But ts upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.
Billions are spent marketing crypto to sports fans — Is it worth it?
Crypto advertising has been plastered across every available sporting surface since the bull run of 2021, from stadium naming deals and team’s playing kits to Formula One racing car liveries. But in the current bearish market conditions, it seems hard to calculate a return on the ubiquitous spending of 2021’s crazy big advertising.
In Australia, where I’m based, there was a sharp uptick in crypto firms spending big on ads and sponsorship deals in the Australian Football League in 2021–2022. While it may make sense for a local crypto exchange, why would a global project spend big dollars on a sport that isn’t even the major football code in every state, given some of the bigger states prefer the National Rugby League?
Take, for example, the Staples Center in downtown Los Angeles, home of the National Basketball Association’s Lakers and Clippers, the National Hockey League’s Kings and the Women’s National Basketball Association’s Sparks. It got a new name on Christmas Day 2021 — Crypto.com Arena — for a reported $700-million dollar deal.
Billions are spent marketing crypto to sports fans — Is it worth it?
Crypto advertising has been plastered across every available sporting surface since the bull run of 2021, from stadium naming deals and team’s playing kits to Formula One racing car liveries. But in the current bearish market conditions, it seems hard to calculate a return on the ubiquitous spending of 2021’s crazy big advertising.
In Australia, where I’m based, there was a sharp uptick in crypto firms spending big on ads and sponsorship deals in the Australian Football League in 2021–2022. While it may make sense for a local crypto exchange, why would a global project spend big dollars on a sport that isn’t even the major football code in every state, given some of the bigger states prefer the National Rugby League?
Take, for example, the Staples Center in downtown Los Angeles, home of the National Basketball Association’s Lakers and Clippers, the National Hockey League’s Kings and the Women’s National Basketball Association’s Sparks. It got a new name on Christmas Day 2021 — Crypto.com Arena — for a reported $700-million dollar deal.
Billions are spent marketing crypto to sports fans — Is it worth it?
Crypto advertising has been plastered across every available sporting surface since the bull run of 2021, from stadium naming deals and team’s playing kits to Formula One racing car liveries. But in the current bearish market conditions, it seems hard to calculate a return on the ubiquitous spending of 2021’s crazy big advertising.
In Australia, where I’m based, there was a sharp uptick in crypto firms spending big on ads and sponsorship deals in the Australian Football League in 2021–2022. While it may make sense for a local crypto exchange, why would a global project spend big dollars on a sport that isn’t even the major football code in every state, given some of the bigger states prefer the National Rugby League?
Take, for example, the Staples Center in downtown Los Angeles, home of the National Basketball Association’s Lakers and Clippers, the National Hockey League’s Kings and the Women’s National Basketball Association’s Sparks. It got a new name on Christmas Day 2021 — Crypto.com Arena — for a reported $700-million dollar deal.
South African rugby icon Siya Kolisi headlines new crypto advertising campaign
The Springbok captain features in a new advertising campaign promoting a long-term attitude towards cryptocurrency investing in South Africa.
What the Taliban crackdown means for crypto's future in Afghanistan
The Taliban have finally banned crypto in Afghanistan, but many users and traders call it one of the “worst” decisions taken by the government so far.
What the Taliban crackdown means for crypto's future in Afghanistan
The Taliban have finally banned crypto in Afghanistan, but many users and traders call it one of the “worst” decisions taken by the government so far.
Mt. Gox creditors dismiss rumors of massive Bitcoin dump
Mt. Gox creditor Eric Wall said that at the moment, creditors are still unable to register where the funds should be sent to.
Mt. Gox creditors dismiss rumors of massive Bitcoin dump
Mt. Gox creditor Eric Wall said that at the moment, creditors are still unable to register where the funds should be sent to.
Looks bare: OpenSea turns into NFT ghost-town after volume plunges 99% in 90 days
OpenSea, the world's largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in daily volumes as fears about a potential market bubble grow.
OpenSea volume plummets to yearly lows
Notably, the marketplace processed nearly $5 million worth of NFT transactions on Aug. 28 — approximately 99% lower than its record high of $405.75 million on May 1, according to DappRadar.
OpenSea users, volume, and transactions statistics. Source: DappRadarThe massive declines in daily volumes coincided with equally drastic drops in OpenSea users and their transactions, suggesting that the value and interest in the blockchain-based collectibles have diminished in the recent months.
That is further visible in the falling floor prices — the minimum amount one is ready to pay for an NFT — of leading digital collectible projects.
For instance, the floor price of the Bored Ape Yacht Club has dropped by 53% to 72.5 ETH on Aug. 28 versus a high of 153.7 ETH on May 1.
Merch and perfume: Formula One trademark filing paves the way for F1 NFTs
F1 files trademark for 2023 Las Vegas Strip Circuit Grand Prix, listing NFTs and cryptocurrency in a variety of potential goods and services on offer.
MAS doesn’t trust retail crypto investments, mulling more regulations
Regulators in Singapore say cryptocurrencies are problematic due to high market volatility and warn against retail investments in cryptocurrencies.