What happened in the last few days is very healthy for the market. Let's dive into it 📊
📊 First picture is the total open interest on the 4 major crypto exchanges, as you can see it dropped by around 62% 🔍
Note that BTC is still green on a weekly basis and only down 2.9% today
Open interest going down during the bull market means that leveraged traders were forced to close their positions due to massive liquidations.
Long side of the trade is now less overcrowded by late longs which is bullish
📊 Second image is a heat map of funding rates. As you can see, we had a complete reset of positive funding rates in just one day.
Funding rates for the majority of altcoins are now back to normal after being very high last week, which indicated that there was a large imbalance on the long side👌
Traders who were too late and longed altcoins with leverage were forced to cut their positions, which is also bullish
Note that BTC is still green on a weekly basis and only down 2.9% today
Open interest going down during the bull market means that leveraged traders were forced to close their positions due to massive liquidations.
Long side of the trade is now less overcrowded by late longs which is bullish
Funding rates for the majority of altcoins are now back to normal after being very high last week, which indicated that there was a large imbalance on the long side
Traders who were too late and longed altcoins with leverage were forced to cut their positions, which is also bullish
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✅ Today was another massive dump in the altcoin market, although Bitcoin didn't fall much, many altcoins dumped by a quarter in just one day, with $1.54 billion in longs liquidated in the last 24 hours 🩸
Daily Digest:
🔸 Changpeng Zhao aka CZ says it’s ‘inevitable’ for China to build a BTC reserve
🔸 MicroStrategy bought 21,550 BTC valued at $2.1 billion during the last week
🔸 El Salvador will soften its Bitcoin law to reach a deal with the International Monetary Fund🇸🇻
🔸 Movement, an Ethereum L2 issued its native token with a portion of the tokens being airdropped to early users
🔸 China will ease the Monetary Policy to "moderately loose" in the first big policy change since 2011
🔸 Jupiter token holders approved $1.7 billion worth of JUP tokens to be airdropped🪂
🔸 Amazon shareholders request that the Board assess adding Bitcoin to the Company’s Treasury
🔹 Prices:
🥇 Bitcoin - $96,932 (↓3.3%)
✨ Ethereum - $3,710 (↓7.3%)
🧪 S&P 500 - 6,052 (↓0.61%)
🕗 DXY - 106.15 (↑0.09%)
🌉 Gold - 2,660 (↑1.04%)
Daily Digest:
🔸 Changpeng Zhao aka CZ says it’s ‘inevitable’ for China to build a BTC reserve
🔸 MicroStrategy bought 21,550 BTC valued at $2.1 billion during the last week
🔸 El Salvador will soften its Bitcoin law to reach a deal with the International Monetary Fund
🔸 Movement, an Ethereum L2 issued its native token with a portion of the tokens being airdropped to early users
🔸 China will ease the Monetary Policy to "moderately loose" in the first big policy change since 2011
🔸 Jupiter token holders approved $1.7 billion worth of JUP tokens to be airdropped
🔸 Amazon shareholders request that the Board assess adding Bitcoin to the Company’s Treasury
🔹 Prices:
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Google has made a quantum computing breakthrough with a new chip Willow 🖥
It can solve hard computational problems in under five minutes — a process that would otherwise take the leading supercomputer 10,000,000,000,000,000,000,000,000 (ten septillion) years😮
Many have begun to worry about whether such quantum computers will become a threat to encryption algorithms and blockchains.
But don't worry, your crypto is secure😌
• Decrypting a Bitcoin private key in 24 hours would require a quantum computer with at least 13 million qubits.
• This new Willow computer has only 105 qubits.
It can solve hard computational problems in under five minutes — a process that would otherwise take the leading supercomputer 10,000,000,000,000,000,000,000,000 (ten septillion) years
Many have begun to worry about whether such quantum computers will become a threat to encryption algorithms and blockchains.
But don't worry, your crypto is secure
• Decrypting a Bitcoin private key in 24 hours would require a quantum computer with at least 13 million qubits.
• This new Willow computer has only 105 qubits.
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The company currently holds 40,435 BTC worth around $3.95 billion
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Eric Trump, son of Donald Trump, shares his confidence that the price of Bitcoin will reach the $1,000,000 mark 🤑
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✅ The market continues its slow decline, while major coins like BTC and ETH are only down a few percent, many altcoins are down tremendously 🔽
Daily Digest:
🔸 Magic Eden NFT marketplace has concluded the $ME token airdrop worth around $700 million
🔸 Ripple officially receives final approval from NYDFS for RLUSD stablecoin✔️
🔸 Microsoft shareholders rejected Bitcoin investment proposal
🔸 Marathon Digital announced it had acquired 11,774 bitcoins for approximately $1.1 billion
🔸 Google has made a quantum computing breakthrough with a new chip Willow
🔸 Eric Trump, son of Donald Trump, says the price of Bitcoin will reach the $1 million mark🐂
🔸 Financial Services Regulatory Authority of Abu Dhabi Global Market approved USDT as an Accepted Virtual Asset
🔹 Prices:
🥇 Bitcoin - $96,756 (↓0.2%)
✨ Ethereum - $3,645 (↓2.0%)
🧪 S&P 500 - 6,034 (↓0.30%)
🕗 DXY - 106.40 (↑0.24%)
🌉 Gold - 2,693 (↑0.24%)
Join our chat🗯
Daily Digest:
🔸 Magic Eden NFT marketplace has concluded the $ME token airdrop worth around $700 million
🔸 Ripple officially receives final approval from NYDFS for RLUSD stablecoin
🔸 Microsoft shareholders rejected Bitcoin investment proposal
🔸 Marathon Digital announced it had acquired 11,774 bitcoins for approximately $1.1 billion
🔸 Google has made a quantum computing breakthrough with a new chip Willow
🔸 Eric Trump, son of Donald Trump, says the price of Bitcoin will reach the $1 million mark
🔸 Financial Services Regulatory Authority of Abu Dhabi Global Market approved USDT as an Accepted Virtual Asset
🔹 Prices:
Join our chat
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A question we all ask ourselves sooner or later: Sell for +100% profit or wait for the infamous 10x? 🤔
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Changpeng Zhao, founder of crypto exchange Binance, says Bitcoin price “should be way more than” $850,000 🧪 💰
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Net Taker Volume - volume of BTC buyers on the Binance exchange has dropped below $30 million 📉
This shows a strong buy signal for BTC with a very high success rate over the last 2 months📊
This shows a strong buy signal for BTC with a very high success rate over the last 2 months
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Core CPI increased 3.3%, also matching expectations
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In their documents, Google casually mentioned that its quantum chip solves problems faster than the universe’s age and hints at parallel universes 😳
This ties to the idea that their quantum computations happen across realities.
Just another day in Silicon Valley. No big deal😁
This ties to the idea that their quantum computations happen across realities.
Just another day in Silicon Valley. No big deal
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Elon Musk made $10.7 billion and became the first person to surpass $400 billion in net worth 💰
How much money have you made today?
How many hundreds of thousands of years will you have to work to be that rich?
How much money have you made today?
How many hundreds of thousands of years will you have to work to be that rich?
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✅ Bitcoin recovered from declines earlier in the week, retaking the $101,000 level after the Consumer Price Index report 🔼
Daily Digest:
🔸 U.S. Consumer Price Index rose 2.7% year-over-year in line with estimates
🔸 Treasure has launched its own Ethereum layer-2 chain via ZKsync to power crypto games🔗
🔸 The Italian parliament will likely cut the government's planned tax increase on crypto capital gains
🔸 Elon Musk made $10.7 billion and became the first person to surpass $400 billion in net worth
🔸 The CFTC accused a pastor of promoting a crypto scheme to churchgoers ⛪️
🔸 Reserve Bank of India Governor envisions the digital rupee revolutionizing India’s economy through CBDC adoption
🔸 Circle and Binance formed a strategic partnership to accelerate USDC adoption
🔹 Prices:
🥇 Bitcoin - $101,396 (↑4.6%)
✨ Ethereum - $2,881 (↑5.8%)
🧪 S&P 500 - 6,084 (↑0.82%)
🕗 DXY - 106.63 (↑0.22%)
🌉 Gold - 2,718 (↑0.02%)
Daily Digest:
🔸 U.S. Consumer Price Index rose 2.7% year-over-year in line with estimates
🔸 Treasure has launched its own Ethereum layer-2 chain via ZKsync to power crypto games
🔸 The Italian parliament will likely cut the government's planned tax increase on crypto capital gains
🔸 Elon Musk made $10.7 billion and became the first person to surpass $400 billion in net worth
🔸 The CFTC accused a pastor of promoting a crypto scheme to churchgoers ⛪️
🔸 Reserve Bank of India Governor envisions the digital rupee revolutionizing India’s economy through CBDC adoption
🔸 Circle and Binance formed a strategic partnership to accelerate USDC adoption
🔹 Prices:
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Now this is what bull market looks like 🐂
Ethereum ecosystem tokens are running hard🚀
$AAVE - ↑30.3%
$LINK - ↑27.72%
$UNI - ↑17.8%
Are you feeling bullish about the next few months? Vote:
Yes — 🐳
No — 🫡
Ethereum ecosystem tokens are running hard
$AAVE - ↑30.3%
$LINK - ↑27.72%
$UNI - ↑17.8%
Are you feeling bullish about the next few months? Vote:
Yes — 🐳
No — 🫡
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Today Trump ringed the opening bell at the New York Stock Exchange. Says: “It’s 9:48 shouldn’t you guys be making money?” 😄
Trump is not indifferent to the stock and crypto market, his focus is a bullish sign👍
Trump is not indifferent to the stock and crypto market, his focus is a bullish sign
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Donald Trump is named Person of the Year by TIME magazine 😁
Does he deserve that title? Let's vote:
Yes — 💯
No — 😡
Does he deserve that title? Let's vote:
Yes — 💯
No — 😡
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Today, Facebook CEO Mark Zuckerberg and Amazon founder Jeff Bezos each donated $1 million to President-elect Trump's inauguration fund 💰
We are witnessing Wall Street, Big Tech and the crypto industry betting on a positive regulatory climate and looser fiscal policy from Trump😐
If all the stars align, we could see the biggest bull run for stocks and crypto ever
We are witnessing Wall Street, Big Tech and the crypto industry betting on a positive regulatory climate and looser fiscal policy from Trump
If all the stars align, we could see the biggest bull run for stocks and crypto ever
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