Cryptocurrency News TheBitTimes.com

AAVE price may have been impacted by this week’s Curve Finance scandal, but a robust insurance fund and steady fee revenue could protect against further downside. AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level.  While the $62 support has demonstrated its resilience, the current price of $64.40 is still 12% below the daily close on July 30. Investors are now questioning whether this movement signifies a more cautious approach to the sector or if other factors are exerting pressure on the AAVE token price . AAVE price index, 12-hour chart. Source: TradingView Part of the recent movement in the AAVE token can be attributed to the risks of cascading liquidations on DeFi protocols, resulting from the Curve Finance pool exploit that commenced on July 30. However, Aave's decentralized liquidity protocol has successfully survived previous identical scenarios and the protocol has ...

ETH price still struggles to conquer the $2,000 level, but growth in LSDFi could prevent a sharper sell-off. Ethereum (ETH) has been on a downward trend with the $2,000 level forming a crucial resistance level in recent months. While Bitcoin (BTC) recorded 11.94% gains moving past $30,000 in June after BlackRock filed an ETF application with the U.S. Securities and Exchange Commission, the upside in ETH stayed around 3.16%. In the first week of July, buyers attempted to move the price past crucial resistance at around $1,900, however, a failed breakout exposed the price to further correction. The Ethereum network also witnessed a decline in activity, evident in the one-year low levels in total transaction fees. The price of leading NFT collections on Ethereum plummeted, while DeFi activity stalled due to low yields. The 7-day moving average of total transaction fees paid on Ethereum. Source: Glassnode However, the downside may be restricted as the demand for liquid staking derivati...

Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market's resilience and end-of-week price gains amid uncertainty in stablecoins' reserves provides hope for bulls, it might be too soon to celebrate. Crypto regulatory conditions deteriorate The past few week have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB saw 2.5% gains, but XRP dropped 5.2%, and Ether (ETH) traded down 0.7%. Total crypto market cap in USD, 1-day. Source: TradingView Notice that the 10 -week long pattern has tested the support level in multiple instances, signaling that bulls will have a hard time breaking from the bearish trend while regulatory conditions have worsened across the globe. For starters, New York-based derivatives exchange Bakkt is...

While most coins are reeling under pressure, Bitcoin and select altcoins such as ADA, ATOM, LDO, and ARB are showing promise. The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment. A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious. In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a concerning sign. They believe that the bullish perspective will invalidate if Bitcoin sustains below the 200-week moving average. Crypto market data daily view. Source: Coin360 Over the next few days, the progress on the debt ceiling talks between leaders from Congress and the White House is expected to take center stage. The uncertainty and risks ...

Nerves become apparent across risk assets as U.S. regional banks add to already significant losses. Bitcoin (BTC) slid below $29,000 around the May 4 Wall Street open as United States equities showed jitters over the resurgent banking crisis. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView "Too much all at once" for U.S. banks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing ground as the S&P 500 shed 0.7%. The risk asset comedown accompanied more mayhem for U.S. regional bank stocks, withe PacWest Bancorp once again leading the way, falling over 50% on the day. The embattled lender had already seen major losses, and at the time of writing was down 86.5% year-to-date. In a statement, the bank nonetheless described its position as "solid." As Cointelegraph reported, reassurances of U.S. authorities over the banking system stability appeared at odds with reality for many commentators, with confusion only increasing as the cri...

Decision time for Bitcoin as an ongoing correction changes the nature of the $30,000 breakout. Bitcoin (BTC) fell below $29,000 into April 20 as bulls faced a battle for ground reclaimed in March. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Will $30,000 become Bitcoin's latest "Bart Simpson"? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $28,800 on Bitstamp. Earlier wicks below $28,600 were quickly bought up, but Bitcoin still threatened to flip $29,000 to resistance on the day, as traders eyed a crucial support zone. $BTC / $USD - Update On support now, so I am scalping a long while we remain above the lows at $28,550 on a 4 hour closure Will see how this plays out today pic.twitter.com/qsjmVn2kb9 — Crypto Tony (@CryptoTony__) April 20, 2023 “Whilst the Bitcoin market is correcting, we still have the average transactor taking profits,” Checkmate, lead on-chain analyst at Glassnode, wrote in part of Twitter analysis. “To...

Jaime Leverton has led digital asset mining player Hut 8 over the past two years, wading through the waters of the bull market of 2021 and the bear market of 2022. In January 2023, during the World Economic Forum’s (WEF) annual conference in Davos, Switzerland, Jaime Leverton, CEO of Hut 8, a crypto mining entity that trades as a public company, sat down with me for a fireside chat at the Crypto Summit on the Promenade. Leverton outlined some of her views on the recent shakeout in the cryptocurrency market and reflected on how Bitcoin (BTC) mining fares during the current turbulent period for the industry. Throughout 2021 and 2022, the crypto industry experienced significant growth, followed by bear market struggles, bankruptcies and job cuts. Leverton took on the position of leading Hut 8 Mining as CEO a little over two years ago and experienced those ups and downs from the front line. Jaime Leverton CEO of Hut 8 (left) and Kristina Lucrezia Cornèr (right) during Crypto Summit 2023 i...

The Bitcoin dollar cost average (DCA) indicator is firmly in "raging" bull market territory, while analysts consider whether its signals are too good to be true. A Bitcoin (BTC) price indicator has flashed green for just the fourth time ever this week in a major warning to bears. In a tweet on Feb. 16, crypto market analyst Mohit Sorout announced that the Dollar Cost Average (DCA) Indicator was now “suggesting a raging bull market.” DCA breakout last preceded 640% BTC price upside The latest Bitcoin metric to flip bullish on long timeframes, DCA is even getting attention from major Bitcoin investment circles. Its buy signals are rare, with Sorout seeing just three throughout Bitcoin’s history — but all of that precluded serious BTC price upside. “Today marks the 4th time this signal is suggesting a raging bullmarket,” he wrote in comments, describing the event as “the mother of all btc bullish signals.” The mother of all $btc bullish signals has flashed - DCA indicator His...

BTC volatility is at a record low, inflows to spot markets remain muted and this week’s economic calendar suggests that volatility is set to rock the crypto market. Continuing with 2022’s trend, there is a lack of positive excitement in the crypto market. While Bitcoin (BTC) and altcoins have remained stagnant to start 2023, there are a few reasons why volatility could spike in January.  Market caps during the 2022 holiday period. Source: Arcane Research Winklevoss Letter to DCG stirs up bankruptcy FUD On Jan. 2, Cameron Winklevoss, the co-founder of Gemini, penned an open letter to Digital Currency Group (DCG) founder, Barry Silbert demanding answers on the $900 million in locked customer funds. Gemini launched the “Earn” program in coordination with Barry Silbert and the $900 million in customer funds have been locked since Nov. 16 due to DCG liquidity issues. After the letter, crypto Twitter began generating FUD toward DCG, believing there to be liquidity issues akin to 3 Arrows...

BTC bears are positioned to profit from this week’s Bitcoin options expiry, especially if price stays below $18,000. On Dec. 14, Bitcoin (BTC) broke above $18,000 for the first time in 34 days, marking a 16.5% gain from the $15,500 low on Nov. 21. The move followed a 3% gain in the S&P 500 futures in 3 days, which reclaimed the critical 4,000 points support.  Bitcoin/USD index (orange, left) vs. S&P 500 futures (right). Source: TradingView While BTC price started the day in favor of bulls, investors anxiously awaited the U.S. Federal Reserve Committee's decision on interest rates, along with Fed chair Jerome Powell's remarks. The subsequent 0.50% hike and Powell’s explanation of why the Fed would stay the course of its current policy gave investors good reason to doubt that BTC price will hold its current gains leading into the $370 million options expiry on Dec. 16. Analysts and traders expect some form of softening in the macroeconomic tightening movement. For tho...