$BTC Local Lows and Market Sentiment 🧵 📉 #Bitcoin hit a local low last week, due to fears of selling by the German government and Mt. Gox creditors, but weekend data suggests we may not drop much further. Despite large nominal $BTC transfers to CEXs from the German government, the proportion of the overall realised cap since 2023 is small. Furthermore, narrowing spreads between implied and historical volatility suggest the market is expecting near-term stability and less severe declines. SOPR values also show short-term holders are selling at a loss now, which should lead to less pressure on the market. Get deep insights into the markets with Bitfinex Alpha:https://lnkd.in/e5vHTtVh
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In our last issue of Bitfinex Alpha, we suggested that #Bitcoin's fall to $53,000 could be a local bottom. Since then, the price bounced back over 13%, ending the week up 8.76%. 📈 But have the markets recovered? The weekend recovery does not necessarily mean the downturn is over. 📊 Weekend-driven mini-rallies have been common in recent months, often followed by retracement during the week. The news-driven agenda continues to dominate sentiment, and the market could turn at any time. 🚨 Get more details in our #Bitfinex Alpha: https://lnkd.in/expPtaur
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As the market recovers from last week's correction, we're honing in on the bottom of the current trading range. 📊 The recent pullback in #Bitcoin, around 17.5% from its ATH, hints at a local bottom. History suggests corrections typically cap at 20-24%, indicating we may be nearing stability. We remain optimistic despite negative outflows from GBTC 📈 Analysis suggests a potential floor for #BTC around $56,000, aligning with short-term holder realised prices and #ETF investor cost-bases. Stay informed with Bitfinex Alpha: https://lnkd.in/ed37CFGD
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📰 Cointelegraph, citing CCData, reports June's CEX trading volume fell 21.8% month-on-month, with combined spot and derivatives trading volumes declining for three months. Open interest and options trading also decreased due to forced liquidation following price drops, partly due to Mt. Gox redemptions and German Bitcoin sales. Binance's market share dropped from 40.4% to 31.2% year-on-year, while Bybit (+4%p) and Bitget (+3.7%p) increased their shares. 📉🔄 #BitcoinWorld
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Yield-bearing stablecoins – crypto's answer to a high interest deposit account - are rapidly gaining traction. Tired of stablecoin issuers’ reluctance to share the returns of a high interest rate environment and drawn by the promise of stable earning , many are turning to the innovative assets. But 2024 is becoming a pivotal year for stablecoin legislation and many regulators are drawing a hard line on not allowing the assets to bear interest. Yield-bearing stablecoin issuers may not be able to sidestep them for long. Read the full article here: https://lnkd.in/gnYR6jwD
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$BTC holding strong 💪 🔸 Above $56K; potential rise post-Sept 18 rate cut 🔸 Watch for the $54K CME gap to fill, signaling price movement 🔸 Trump’s debate success could boost #Bitcoin sentiment Pump coming in, stay updated
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BUSINESS COACH || BLOCKCHAIN INFLUENCER || CRYPTO RESEARCHER & CONTENT CREATOR || KOL: @Binance || #DEFI ANALYST || Web3 Junkie
#Bitcoin again did a break above of the resistance and in a retest now, so expecting a push from here, breaking it #ATH and all stuffs. The price actions was too choppy taking liquidity out every side. Now, only anticipation would be a bullish structural break as Daily closed slightly above the zone.
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Oct 16 CoinEx Daily 📊 #CryptoNews 1️⃣ Daily Macro #Bitcoin #Ethereum #ETFs - $BTC breaks past $67K amid strong #BitcoinETF inflows of $373m, hinting at sustained bullish momentum. - $ETH rises to $2,600 despite a minor $12.7m #EthereumETF outflow, reflecting ongoing investor confidence. 2️⃣ Daily Focus $PUFFER #TESLA - The @puffer_finance $PUFFER airdrop, rewarding $EIGEN stakers, garners interest with its high returns, signaling potential growth in staking participation. - Speculation rises as @Tesla moves 11,500 $BTC; market watches for potential impacts on strategy and asset management. 3️⃣ Next Focus #Politics With changing geopolitical dynamics, monitoring the effects on market stability and #Bitcoin's role as a potential economic hedge is IMPORTANT. Full read on CoinEx📲⤵️ https://lnkd.in/g2kcvy9r
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🚨 Update: Concerns Mount Over America's Stablecoin Industry 🚨 The US government intensifies its investigation into leading stablecoin issuer Tether. Stablecoins, designed to maintain a stable value, are facing increased scrutiny, particularly surrounding their underlying USD reserves and potential impacts on financial stability. Read the full article for in-depth insights into the implications of the ongoing Tether probe: https://ift.tt/CcVSvui Find out how this could shape the future of the crypto industry, affecting investor confidence and the broader ecosystem. #Stablecoins #CryptoRegulation #TetherInvestigation
