News that Elon Musk’s SpaceX had liquidated its bitcoin holding in the previous quarter acted as an additional catalyst for the correction in crypto markets in August, the report said.
Market participants were looking to Friday morning’s speech to gauge the future direction of the U.S. central bank’s monetary policy.
Federal Reserve chair Powell speaking at Jackson Hole doubled down on keeping financial conditions tight, including hiking interest rates further if needed.
The sharp decline in open interest in active ether and bitcoin perpetual futures contract reflects a typical position reset in the market.
XRP and cardano (ADA) prices slid for a second straight day as traders eased off riskier alternative cryptocurrencies, with no major token in the green. Both fell as much as 3%. Losses in ADA came even as on-chain data analytics tool Santiment reported that development activity on Cardano was the highest among all networks in … Read more
Bitcoin (BTC) and the U.S. inflation-adjusted bond yield are again moving in opposite directions, exhibiting the strongest negative correlation in four months. The 30-day correlation coefficient between bitcoin and the 10-year U.S. inflation-indexed security turned negative this month, declining from +0.28 to -0.72, a level last seen in April, according to charting platform TradingView. A … Read more
Cryptocurrency traders suffered $1 billion of losses in liquidations over the past 24 hours, according to Coinglass data, as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin’s price fell to a two-month low. Bitcoin, the largest and original cryptocurrency, tumbled 7% to about $26,900, after earlier in the day dropping … Read more
BTC’s fall below $26,000 is poised to be the worst weekly decline since the collapse of FTX. Absence of a decision in the closely followed Grayscale vs. SEC lawsuit didn’t support the recovery. Market observers are divided on whether the correction is over. Bitcoin (BTC) is poised to endure its worst weekly decline since the … Read more
Past eras of crypto development were marked by a rapid proliferation in protocols for decentralized finance (DeFi) or other purposes, built atop big blockchains like Ethereum. Recently, however, there’s been a mini-explosion in new blockchains, including so-called layer-2 networks built atop Ethereum. The trend is encapsulated in this week’s launch of the Sei network – … Read more
The price of bitcoin (BTC) barely held the $29,000 level early Wednesday as the summer slump in trading activity weighs on digital assets. The largest cryptocurrency by market capitalization sank to as low as $29,028, the weakest level since August 7 and down about 1.3% from $29,400 a day ago. The price had bounced modestly … Read more