Connect with us

Binance

Bitcoin Open Interest Crashes By $4.5 Billion In One Weekend, Spells Doom For Bulls

Published

on



Este artículo también está disponible en español.

Bitcoin open interest crashed by billions in one weekend, painting a bearish outlook for the flagship crypto and spells doom for BTC bulls. Despite this setback, crypto analysts have provided some optimism with their analysis, which hints at a bullish reversal soon enough. 

Bitcoin’s Open Interest Crashes By $4.5 Billion Over The Weekend

Coinglass data shows that Bitcoin’s open interest crashed by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion. This came following the liquidations that occurred due to the BTC price crash. Further data from Coinglass shows that over $2 billion has been wiped out from the Bitcoin market in the last 24 hours. 

Bitcoin bulls took the most hit, as $1.88 billion in long positions was liquidated during this period, leading to a crash in BTC’s open interest. This paints a bearish outlook for the flagship crypto and puts the bulls in danger as the bears look to be firmly in control. For context, Bitcoin dropped from above $100,000 to as low as $92,000 over the weekend. 

This Bitcoin price crash occurred after US President Donald Trump announced a 25% tariff on imports from Mexico and Canada and a 10% tariff on goods from China. Mexico and Canada have retaliated by imposing tariffs on goods from the US, while China has also hinted about imposing a tariff on US goods. 

Bitcoin’s open interest looks unlikely to recover in the short term as market participants could choose to stay out of the market due to economic uncertainty. This occurrence spells doom for Bitcoin bulls as the flagship crypto could drop lower if there are no buyers to defend BTC at these levels. 

Some Positive For Bitcoin Amid Open Interest Crash 

In an X post, crypto analyst Ali Martinez revealed that 65.75% of Binance traders with open Bitcoin futures positions are betting on the upside. This is bullish for the BTC price as these traders have a track record of being right most of the time. As such, the flagship crypto could rebound from its current price level. 

Bitcoin
BTC traders on Binance show interest toward an upside | Source: Ali Martinez on X

In an X post, crypto analyst Titan of Crypto stated that the broader trend for the Bitcoin price is still upward. This came as he revealed that BTC is establishing a new range between $104,400 and $93,600. The crypto analyst remarked that the short-term direction remains uncertain until this range breaks. However, in the long term, Titan of Crypto is confident that the broader trend is still upward. 

Meanwhile, renowned author and finance expert Robert Kiyosaki suggested that this wasn’t a time to panic as this was an opportunity to buy Bitcoin on sale before it rallies further to the upside. 

At the time of writing, the Bitcoin price is trading at around $94,000, down over 6% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $94,999 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com



Source link

Altcoins

Whales Abruptly Deposit Ethereum Altcoin to Binance and OKX, Causing Price To Plummet 50%: On-Chain Data

Published

on


Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges.

According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.

Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs).

AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.

Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.

Says Lookonchain,

“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.

Pay attention to price changes.”

Image
Source: Lookonchain/X

At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source link

Continue Reading

Ali Martinez

Analyst Sets Dogecoin Next Target As Ascending Triangle Forms

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

Crypto analyst CobraVanguard has revealed the next price target for Dogecoin as an ascending triangle forms for the foremost meme coin. A rally to this price target could pave the way for the new highs, especially with the crypto market looking to be in rebound mode. 

Next Target For Dogecoin As Ascending Triangle Forms

In a TradingView post, CobraVanguard set $0.197 as the next target for the Dogecoin price with an ascending triangle forming. He noted that this ascending triangle indicates a potential price increase. The analyst added that it is anticipated that the price could rise, aligning with the projected price movement of AB=CD.

Meanwhile, CobraVanguard warned that it is crucial to wait for the triangle to break before taking any action. His accompanying chart showed that Dogecoin needs to break above $0.177 to confirm a break above the ascending triangle. A break above that target would then lead to a rally to the $0.197 target. 

Dogecoin
Source: CobraVanguard on Tradingview

Dogecoin already looks to be in rebound mode at the moment, alongside Bitcoin, which is nearing the $90,000 mark again. The foremost meme coin is nearing the $0.177 target for a break above the ascending triangle. As crypto analyst Kevin Capital suggested, DOGE will likely rally as long as BTC is in bullish territory. 

Crypto traders are also betting on a Dogecoin rally to the upside. Crypto analyst Ali Martinez revealed that 76.26% of traders with open DOGE positions on Binance futures are leaning bullish. This is particularly bullish because Binance traders have a good track record of being right most of the time. In another X post, Martinez revealed that whales bought over 120 million DOGE last week, which is also bullish for the foremost meme coin. 

DOGE’s Market Structure Has Shifted

In an X post, crypto analyst Trader Tardigrade revealed that Dogecoin’s market structure has shifted. This came as he noted that Dogecoin is recovering from an ascending triangle, forming higher highs and higher lows from lower highs and lower lows.

Based on this, the analyst affirmed that Dogecoin had shifted the market structure from a downtrend to an uptrend on the hourly chart since it just formed the second higher high. His accompanying chart showed that DOGE is eyeing a rally to $0.177 as it continues to form higher highs. 

Martinez raised the possibility of the Dogecoin price rallying to as high as $4 or even $20 in the long term. He stated that if DOGE holds above the $0.16 support at the lower boundary of an ascending channel, history suggests that it could rebound toward the mid-range at $4 or upper range at around $20. 

At the time of writing, the Dogecoin price is trading at around $0.174, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Pexels, chart from Tradingview.com



Source link

Continue Reading

Altcoins

Binance Launchpool To Roll Out Support for New Native Token of Private Data ‘Blind Computer’ Project

Published

on


Binance is planning on launching trading support for the new native asset of a decentralized network focused on secure data storage.

Binance Launchpool, which lets users stake coins to farm new assets, says its 65th project will be Nillion (NIL), a secure computation network that decentralizes trust for high-value and private data.

Explains the project,

“Nillion is Humanity’s First Blind Computer – a whole new category of decentralized network designed for AI and the future of the Internet. Nillion makes new applications possible by providing storage and computation on high-value, encrypted data without ever seeing it. Whether a user, an app, or an enterprise, your data stays yours – always.”

Between March 21st and 24th, Binance users can lock their BNB, the crypto exchange platform’s native asset, as well as the stablecoins First Digital USD (FDUSD) and USDC, to receive NIL airdrops.

The top global crypto exchange then plans to list the asset on March 24th. Binance will attach a seed tag to NIL, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.

Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon