24/7 Cryptocurrency News
500K Contracts Set to Expire Today, What’s Ahead?
Published
2 months agoon
By
adminWith the Ethereum price showing strong volatility surrounding the approval of the spot Ethereum ETF, investors are keenly watching the moves with Ethereum options expiring later today. As of press time, Ethereum has recovered 3% from yesterday’s lows and currently trading around $3,250.
Ethereum Options Expiry
As per the data from derivatives platform Deribit, a total of 499,811.00 Ethereum options are set to expire today with a notional value of $1.622 billion and a max pain point of $3,300. Here, the max pain point refers to the price that can inflict the most discomfort to the option holders.
On the other hand, the Deribit data shows that the put-call ratio is 0.46. This shows that there’s a strong dominance of the purchase (call) options over the sell (put) options. Thus, the current put-call ratio highlights that traders prefer purchasing options instead of selling them, highlighting broader market optimism.
The Ethereum price has bounced back to $3,250 amid the broader market recovery earlier today. A day before the ETH price crashed all the way to its crucial support of $3,150 in what seems to be the sell-the-news event after the spot Ethereum ETF approval. The spot Ether ETFs have registered two consecutive days of outflows with Grayscale’s ETHE bleeding heavily.
Also Read: Ethereum Price Struggles Post ETF Launch As Meme Coins Outperform ETH YTD
Buy the ETH Dips?
As said, the Ethereum price has seen strong selling pressure after the ETF trading went live earlier this week. Analysts say that Ethereum is showing exactly the same behavior as Bitcoin after the approval of Bitcoin ETF in January.
The Bitcoin price remained low for nearly two weeks until it resumed its journey to a new all-time high. As per market analysts, Ethereum is likely to follow a similar move and start the uptrend by the end of August.
Looking at the on-chain data from CryptoQuant, over 160,930 have entered crypto exchange Coinbase in the last two days. Although there have been 47,811 ETH outflows in the same period, the net flow of 113,119 Ether continues to put selling pressure on the altcoin.
“The Ethereum Netflow data may be a leading indicator of whether Grayscale’s Spot ETF, ETHE, will continue to exert selling pressure for a while longer,” noted a Cryptoquant analyst.
After the approval of the Spot ETF, 160,930 #Ethereum entered Coinbase in 2 days
“The $ETH Netflow data may be a leading indicator of whether Grayscale’s Spot ETF, ETHE, will continue to exert selling pressure.” – By @burak_kesmeci
Read more 👇https://t.co/qTBHH0OVA9 pic.twitter.com/A0132i8Q1x
— CryptoQuant.com (@cryptoquant_com) July 26, 2024
Bitcoin Options Expiry
Data from Deribit shows that 265,717.50 Bitcoin options are set to expire today with a notional value of $18.6 billion and a put call ratio of 0.44 showing further optimism going ahead. In the last 24 hours, BTC has recovered by 5% moving back above $67,000 amid optimism surrounding the recent Bitcoin Conference.
Also Read: Peter Schiff Calls Out Trump For Endorsing Bitcoin
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?
Published
1 hour agoon
September 20, 2024By
adminIn a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.
Bank of Japan on Future Rate Hikes
In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.
“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.
The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.
In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.
Bitcoin and Altcoin Rally Ahead?
With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.
Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.
On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.
The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz
— Ali (@ali_charts) September 19, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Texas Court Dismisses Consensys Suit Against SEC on Procedural Basis
Published
6 hours agoon
September 20, 2024By
adminThe United States District Court for the Northern District of Texas dismissed Consensys Software Inc.‘s case against the Securities and Exchange Commission. This was after a long legal battle to determine the status of Ethereum and other similar software products.
Texas Court Ends Consensys Suit Against SEC
The U.S. District Court in Fort Worth has thrown out the allegations made by Consensys against the Securities and Exchange Commission in a recent legal move. The court, presided over by Judge Reed O’Connor, ruled on procedural grounds. The judge determined the claims concerning Ethereum classification and the regulatory approach to MetaMask were not ripe for judicial review. This decision effectively puts an end to the current litigation initiated by Consensys in April of this year.
The dismissal focused particularly on the lack of final agency action from the SEC, which the court noted was a requisite for a substantial legal challenge. This procedural dismissal indicates that despite the issues raised, the court decided not to proceed with evaluating the merits of the case.
Legal Battle Over Ethereum and MetaMask
Initially, Consensys challenged the SEC’s classification of Ethereum and its derivatives as securities. The complaint highlighted concerns over the SEC’s focus on MetaMask, a software service provided by Consensys that facilitates crypto transactions and staking.
Despite an earlier notification in June about the SEC dropping its investigation into Ethereum, the broader implications of this regulatory scrutiny remained a contentious issue.
Subsequent to the initial lawsuit, the SEC initiated a separate enforcement action in June, accusing Consensys of operating its MetaMask swaps service without proper registration.
In addition, according to Judge O’Connor, this case lacked the necessary finality from the Securities and Exchange Commission side to be considered ready for court adjudication.
Reactions and Future Regulatory Steps
The court’s decision to dismiss on procedural grounds does not conclude the legal issues surrounding the regulation of Ethereum and other blockchain technologies.
More so, Consensys has expressed its intention to continue advocating for blockchain developers and to challenge the SEC’s actions in other jurisdictions, indicating that the struggle over crypto regulation in the U.S. is far from over. The case’s dismissal in Texas does not preclude the blockchain company from pursuing other legal avenues to address their grievances.
In addition, most recently, a US Bankruptcy judge Brendan Shannon approved Terraform Labs plan to liquidate its assets following an ongoing SEC lawsuit.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Published
11 hours agoon
September 19, 2024By
adminA crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings amid the recent price surge in the market. The digital asset market notched increased sentiments following interest rate cuts by the Federal Reserve. However, some users point to profit taking which can reduce the projected uphill movement.
PEPE Whale Dumps Assets
A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively.
According to crypto analysts, the trader suffered losses at some point to due price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the wider market faced a slight correction. Following the Federal Reserve’s decision to slash policy rates by 50 BPS on Sept 18, prices of crypto assets surged leading to traders looking to make a profit.
Generally, whale movements send a bearish signal to the market due to their total number of holdings with smaller traders moving in the same direction. Recently, the market has seen similar movements from traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million worth of ETH sparking negative pressure.
What’s Next For The Assets?
The crypto market is soaring off the Fed’s decision to cut interest rates. Several traditional investors projected growth in the market after the September rate cuts as funds flow to risky assets. At press time, the total market cap is up 6% with the market cap hitting $2.1 trillion. In the last 24 hours, PEPE surged 13%, alongside other meme coins.
FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators point to increased gains in the price of crypto assets as macro factors flip positive.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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