Markets

While crypto has long been highly affected by the broader financial market, the price of Ethereum (ETH) appears especially impacted by its movements. According to recently published data from IntoTheBlock, the correlation between ETH and several traditional market indexes is now far higher than those between its larger rival, Bitcoin (BTC), and the same markets. Bitcoin, Ethereum, and Stocks The firm’s figures show a correlation coefficient of 0.7 between ETH and the DAX – a...

Bitcoin’s price crashed by over 5% below $60,000 on Wednesday amid a market selloff impacting the broader crypto and stock markets. Bitcoin (BTC) began the day trading for roughly $63,700 per coin. Its price began sinking drastically starting at 1:40 PM UTC, and has plummeted to $59,950 as of 4:45 PM UTC. It trades for $60,475 at press time. Meanwhile, the price of Ethereum (ETH) has slid back under $3000 to just $2950 at writing time. The S&P500 and Nasdaq 100 have...

The cryptocurrency market endured massive volatility this week. Amidst geopolitical instability, this price action triggered billions in liquidation and left many wondering if Bitcoin could be used as a hedge against chaos. However, certain cohorts of Bitcoin holders remained unfazed. This is evident by the fact that Bitcoin appears to be entering an accumulation phase as withdrawals from exchanges surged to levels not seen since January 2023. Bitcoin Investors Prepare for...

Solana price gained bearish momentum below the $150 level against the US Dollar. The price is now trading below $150 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $155 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair could recover, but the upsides might be limited above the $150 resistance. Solana price is trading in a bearish zone below $160 against the US Dollar, like...

Bitcoin price started a fresh decline below the $65,000 level against the US Dollar. The price is now trading below $65,500 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $64,550 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could face heavy resistance near the $64,500 zone in the near term. Bitcoin price is declining below $66,000 against the US Dollar. BTC might extend...

Hong Kong regulators recently approved spot Bitcoin and Ethereum exchange-traded fund applications, but Bloomberg ETF analyst Eric Balchunas predicts that the local ETF market may not perform as well as the US due to the current lack of big players and the possibility of high fees. According to Balchunas, the Hong Kong Bitcoin and Ether ETF market may generate $500 million in inflows, which is small compared to the over $15 billion from BlackRock’s spot Bitcoin ETF product...

The Bored Ape Yacht Club (BAYC), formerly a leading Ethereum non-fungible token (NFT) market collection, has witnessed a significant decrease in its floor price. This downturn signifies a reduction exceeding 90% from its historical peak, noted approximately two and a half years ago. BAYC is nearing a sub-10 NFT floor price, a development attributed to a 50% decline since March 1st alone. BAYC Floor Price Plummets Below 11 ETH According to data from NFT Price Floor, on Monday,...

The neutralization of funding rates in crypto perpetual markets following the drawdown suggested that the correction was healthy and that volatility may eventually decline. With the Bitcoin halving a few days away, the amount of BTC leaving centralized exchanges has risen to levels not seen for more than 15 months. At the same time, the number of BTC that have not moved in over a year has declined significantly. According to the Bitfinex Alpha report, these on-chain...

TL;DR The Shiba Inu burn rate exploded again, an effort aimed to reduce the asset’s circulating supply and make SHIB more valuable in time. However, the price remains deep in red territory amid an overall market collapse.  SHIB Burn Rate Takes Off The team behind the popular meme coin – Shiba Inu – keeps removing a substantial amount of tokens from circulation. Data shows that the burn rate has skyrocketed by almost 500% in the past 24 hours and 193% on a weekly scale. This...

TL;DR Binance will introduce new perpetual contracts with high-leverage options, enhancing its futures trading platform. Despite these additions, the involved cryptocurrencies face declines in a generally falling market. What’s New? The world’s largest cryptocurrency exchange will expand the list of trading options offered on Binance Futures to enhance users’ experience. It will launch the ARB/USDC and NEO/USDC perpetual contracts with up to 50x leverage, while FIL/USDC will...