A Possible Crypto Recovery Moving into New Year, Risk-on Sentiments Send Stock Market to Record Highs

Bitcoin and Ether continue to struggle as they trade around $48k and $3,800 respectively on Friday.

The leading cryptocurrency is now testing a key technical level that has been acting as a floor for Bitcoin over the past two years.

The latest drop in the largest crypto asset’s price has taken it to its 55-week moving average, a decisive break below which would take it to as low as $40,000.

According to Katie Stockton of Fairlead Strategies, a research firm focused on technical analysis, Bitcoin has notched a new short-term buy signal and suggests a two-week rebound. However, it is “low-conviction” due to another measure as per which conditions aren’t oversold, she said.

While crypto is struggling at the end of the year, the stock market hit a new all-time high driven by improved sentiments as governments resist imposing new, widespread lockdowns, even as the new coronavirus variant, Omicron, surges.

The risk-mood sent Wall Street’s main indexes to end the year with their sharpest three-year surge since 1999. The S&P 500 had its 69th record close of the year as it made a new high and is up 28.8% in 2021.

The Dow Jones Industrial Average also closed at all-time highs, rising for a sixth session and up 19% in 2021. The tech-heavy Nasdaq is also up 23% this year and recorded 98 new highs.

As a result, the dollar has also fallen at the low end of its recent ranges as investors favor riskier assets. The benchmark 10-year yields meanwhile reached 1.56%, the highest since late last month after the Treasury sold $56 billion in seven-year notes to weak demand. All eyes are now on the impending US interest rate hikes.

The stock market is currently enjoying the “Santa Claus Rally” that typically occurs in the last five trading days of the year and the first two of the new year. As the crypto market failed to have a “Santa Claus Rally,” investors and traders are now waiting for the rally that comes in the first ten days of a year.

This year “has seen crypto and blockchain mass adoption increase significantly with a large influx of institutional investments that has renewed confidence in this sector,” said Walid Koudmani, an analyst at XTB Market. That “could ultimately lead to significant price gains and increased volatility as retail investors attempt to catch up,” he added.

The crypto market is currently expecting 2022 to be a positive year for Bitcoin and the majority is further not expecting a repeat of the 2018 bear market.

“We can expect relief moving into the new year and a possible recovery drive,” said Joe DiPasquale, CEO of BitBull Capital. “$100,000 is definitely on the charts, but the timing can vary, especially as macro economic policy shifts and regulations start to emerge in the year,” he added.

While the major crypto assets, Bitcoin and Ether, are struggling to rally, altcoins have shone brightly this year with massive gains. Retail investors are likely distracted by these rallies in alternative coins.

“That puts some pressure on Bitcoin as well,” said Rosh Singh, CEO, and founder of Quadency, in an interview. Still, “a lot of people in crypto are pretty optimistic about the next year and think we should see a rally with the way that things have been going,” he added.

Despite the ongoing weakness in the price action, MicroStrategy purchased another $94 million worth of Bitcoin in December. The coin is down 17.5% in the last month of 2021 but still up 62% this year.

The business intelligence company bought 1,914 BTC this time and now owns a total of 124,000 Bitcoin, acquired at an aggregate price of $3.75 billion.

This month, CEO Michael Saylor said on the company’s investor day call with shareholders that they are now looking for ways to generate yields on its Bitcoin stash by either “putting a lien on it” or a “mortgage against it.”

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Author: AnTy

Iran Shuts Down Crypto Mining for Second Time This Year, Bitcoin Hash Rate Remains Strong

Iran Shuts Down Crypto Mining for Second Time This Year, Bitcoin Hash Rate Remains Strong

Iran has yet again issued an order to shutdown the authorized cryptocurrency mining centers to ease the strain on the country’s power plants and avoid a blackout, said Mostafa Rajabi Mashhadi, director of the state-run Iran Grid Management Co. and a spokesman for Iran’s power industry, in an interview with state TV.

This was the second time the ban was placed, as they did earlier this year, Iran took the same step amidst a series of blackouts across major cities and blamed the surge on crypto mining.

This latest order will be in place until March 6 and is expected to free up 209 megawatts of power or consumption in the households sector.

In addition, authorities are cracking down on illegal mining both at the individual and large-scale industrial levels. These unlicensed operators consume over 600 megawatts of electricity and reportedly account for the biggest share of crypto mining in the country.

The daily gas demand in the household sector in Iran has surged to a record 570 million cubic meters per day for the first time, forcing a reduction in electricity supply to industrial units, according to a statement from National Iranian Gas Co.

Besides this time-limited ban on crypto mining, the government is regulating electricity consumption in offices and turning off street lights in some areas. The government is expecting 60% more electricity production in the summer, said Rajabi Mashhadi.

Bitcoin Mining Expansion

Bitcoin hash rate, meanwhile, is still high above 170 Th/s. The hash rate hit its ATH at 197.6 Th/s in mid-May, from where it declined to 68 Th/s after China’s crackdown on crypto mining. But since then, we have recovered and even went as high as 191.4 Th/s earlier this month.

China’s exit from Bitcoin mining has resulted in other countries sweeping in and taking over, especially the US, Kazakhstan, and Russia.

Thailand has also been joining in, which has the advantage of the abundance of cheap electricity generated by dozens of mega-dams. Just last month, its communist government opened up crypto trading and mining by offering licenses to six large Laotian companies.

“Bitcoin is the gold of the digital world. But a mining rig is like gold mining stocks: you’re paid dividends according to the gold price,” Thai entrepreneur Pongsakorn Tongtaveenan, who swapped up these machines whose price collapsed by 30% after the China ban, told Al Jazeera.

Last week, Las Vegas-based Nasdaq-listed Bitcoin mining Marathon Digital Holdings also announced that it had ordered new machines worth $879 million, including 78,000 units of Bitmain’s Antminer S-19 XP mining machines that will be delivered through 2022.

This is the largest order Bitmain has ever received for S19 XPs, in terms of total hash rate, according to Marathon CEO Fred Thiel, who said it will help the company expand its operations to about 199,000 total machines and its hash rate to 23.3 exahashes per second (EH/s) by early 2023.

“This growth represents more than a 600% increase from our current hash rate and a 75% increase from our prior projection of 13.3 EH/s by the middle of 2022.”

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Author: AnTy

Short-term Holders’ Bitcoin Stake Drops as Price Falls Below $50k; Stock Market Rallies to New Highs

Meanwhile, Mexico’s third-richest billionaire continues to encourage his followers to invest in bitcoin and avoid fiat while the vice chairman of Alibaba Group announces, “I like crypto.”

The major crypto-assets continue to lack direction, with Bitcoin dropping back under $50,000 and Ether below $4k after the green Monday. Altcoins, however, are still managing to keep their gains, with the total market cap remaining above $2.45 trillion.

To start the last week of 2021, Bitcoin briefly broke above $52,000, only to make its way to just under $48,700.

Amidst this price action, Mexican billionaire Ricardo Salinas Pliego encouraged his followers to avoid fiat and invest in bitcoin.

“Stay away from fiat money,” said Salinas in a video posted to Twitter last week.

“The dollar, the euro, the yen, the peso — all are the same story. It’s fake money (made) of paper lies, and the central banks are producing more money than ever. Invest in Bitcoin.”

On Monday, he advised his over 960k followers to use Bitso to buy some Bitcoin and then transfer them to their wallets. In June, Mexico’s third-richest billionaire said that he was working to make his bank, Banco Azteca, accept bitcoin in the country.

On Tuesday, Joe Tsai, executive vice-chairman of Alibaba Group and owner of the Brooklyn Nets, also tweeted, “I like crypto.”

Meanwhile, S&P 500 rose 1.4% on Monday to close at a record high. While the Dow climbed about 352 points, the tech-heavy Nasdaq Composite also jumped 1.4%. Following the Monday session rally, the stock futures were calm early Tuesday as Wall Street looks to build on its record highs in the final week of the year.

The record highs came after stock dipped late last month, in part because of the rise of the COVID-19 variant omicron. This week, the Centers for Disease Control and Prevention announced it was shortening its isolation recommendation for people who test positive to five days from 10.

Stocks tend to rise during the final days of the year, often called the Santa Clause rally, due to light trading and thin liquidity.

But many like Morgan Stanley analysts have been calling for small gains in 2022 after two strong years as “probably a reflection that we’re probably pretty late in the cycle.”

The S&P 500 is up 27.6% for the year, followed by the Nasdaq, whose gain this year has been 23.1%, while the Dow is laggard with 18.6% gains.

This year, as Bitcoin got institutionalized, the crypto asset has been moving in tandem with the stock market.

BTC’s YTD gains have been 70.5%, while ETH has been up about 432% in 2021, as per Skew. Gold meanwhile is down 4.3%.

However, trading activity remains muted since the market gained momentum in Q2. But this could be a good thing, as Bithedge notes,

“If volume starts to increase during rally, not bullish. Means mkt is running into sellers, much ammo from buyers being spent.”

At the same time, the total Bitcoin held outside of exchange reserves has climbed to its all-time high, according to blockchain data firm Glassnode.

This increase in sovereign supply comes as long-term holders see their ownership stake grow by 4.8% to reach 74.8% of all sovereign supply of bitcoin over the past year. Short-term holders’ Bitcoin ownership, on the other hand, has dropped to 25.2%, from 28% in January.

“Such on-chain behavior is more typically observed during bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction,” Glassnode wrote.

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Author: AnTy

City of Jackson Takes First Step to Add Crypto to its Employees Payroll

City of Jackson Takes First Step to Add Crypto to its Employees Payroll

A request for proposal (RFP) has been opened to allow third-party platforms to apply to be the city’s crypto converter.

The City of Jackson is ready to become the first city in the US to add cryptocurrency as a payroll conversion option for city employees.

In May, Jackson City Mayor Scott Conger first started working to incorporate bitcoin into the city government as he said such a move will “bring more opportunity.”

“We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” he said at the time.

Now, this plan has been put into motion with a request for proposal (RFP) that will allow third-party platforms to apply to be the city’s crypto converter.

“The RFP is open!” Conger said. “The 22nd is when the respondents have to respond to the RFP. So once the 22nd hits, we’ll open the bids, have the committee, and then they’ll review it. They’ll probably make a recommendation to the council in February.”

With this, the City of Jackson will diversify ways for city employees to receive payment, which won’t be compulsory but just another option like investing in the stock market to diversify one’s investment portfolio.

“It’s not something that’s going to be required. It’s an alternative,” he said, adding, “this is just another way to diversify the portfolio of how we generate revenue—potentially throughout the city.”

The city mayor further told the local publication that they couldn’t pay in Bitcoin because Tennessee state law doesn’t allow Jackson to hold its own balance sheet. As such, the city will be partnering with a third-party platform.

The third-party would make the purchase of “Bitcoin or any other cryptocurrency” in the city’s employee’s wallet using a part of their payroll, which would be a predetermined amount and is yet to be decided.

This new option will also allow the city to pay contractors and companies in BTC and attract a wider range of bidders.

Recently, Miami Mayor Francis Suarez said he would take his paycheck “100% in Bitcoin.” Suarez is also looking into expanding crypto’s use across the city, including allowing its residents to pay taxes in BTC and paying the city’s employees salaries in the digital currency.

According to Conger, it “makes sense” for Miami to make the move to widely adopt crypto as it’s a big city and has a better path of least resistance than Jackson.

“But as I started easing more (into cryptocurrency) and getting more educated on it, I thought ‘why not? Why not Jackson? Why can’t we do something that can off-set the current economic system that we have?’”

Much like Suarez, New York City Mayor Eric Adams also aims to make the city a center for cryptocurrency and said he would take his first three paychecks in Bitcoin when he takes over City Hall in January.

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Author: AnTy

Credit Unions Seeking Approval to Hold Crypto Directly to Compete with Banks

Credit Unions Seeking Approval to Hold Crypto Directly to Compete with Banks

Credit unions risk losing members to banks and seeing their industry “start to shrivel” if they can’t offer products that people want.

Credit unions are now looking for approval to hold crypto assets directly.

This comes after the federal regulator clarified that federally insured credit unions were allowed to partner with third-party crypto service providers last week.

The National Credit Union Administration (NCUA) said in a letter that credit unions can now allow their members to buy, sell, and hold digital assets, as long as certain conditions are met.

The guidance is part of a broader trend toward the traditional financial services industry increasingly embracing crypto assets.

The recent letter from the regulator gives credit unions assurance that they may need to move forward with partnerships, said Lance Noggle, senior director of advocacy for payments and cybersecurity at the Credit Union National Association.

According to Noggle, credit unions would ultimately like to offer crypto-related products and services directly, much like banks. Last year, the banking regulator Office of the Comptroller of the Currency (OCC) gave banks the green light to offer custody services for crypto. More recently, they had written permission from their supervisory office first.

Without similar guidance as OCC, credit unions risk losing members to banks and seeing their industry “start to shrivel” because they cannot offer financial products and services that their customers want, Noggle said.

“It’ll help credit unions that have been kicking the tires move ahead and have a bit of a road map of what the regulator will expect,” he added.

Ann Kossachev, vice president of regulatory affairs for the National Association of Federally-Insured Credit Unions, told Bloomberg that her trade group is also looking for explicit approval for credit unions to offer crypto custody services.

Meanwhile, Bitcoin service provider NYDIG is already working with banks and credit unions and is expecting a couple hundred to roll out Bitcoin products to their customers by next summer.

With the federal regulators have made it “abundantly clear” that such partnerships are permitted, Patrick Sells, chief innovation officer at NYDIG, is expecting these numbers to rise further.

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Author: AnTy

Trump Warns of A Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans

Trump Warns of A Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans

Former US President Donald Trump is now yet again warning about cryptocurrency, calling it “very dangerous.”

In an interview with Fox Business, which was published this week, Trump was asked about his views on crypto as Miami and New York are working on becoming a crypto hub and making it part of their financial systems.

In response, Trump reiterated his anti-crypto stance, saying he only has a love for the US dollar and the only currency he wants is the US and no other.

“Well, I never loved it because I like to have the dollar. I think the currency should be the dollar so I was never a big fan. But it’s spilling up bigger and bigger, and nobody is doing anything about it.”

He further warned that there “could be an explosion someday — the likes of which we’ve never seen” that will make the explosion of the big tech “look like baby stuff. I think it’s a very dangerous thing.”

Back in early June, Trump had called Bitcoin a “scam against the dollar” and said that the reason he doesn’t like digital currencies is that it’s yet another currency competing against the dollar. He said at the time,

“I want the dollar to be the currency of the world.”

Back in 2019, he had also said that he was “not a fan” of crypto assets and that they were “highly volatile.”

As of writing, Bitcoin has been trading around $48,500 while Ether is hovering just below $4k and the total crypto market cap at about $2.28 trillion. BTC -0.69% Bitcoin / USD BTCUSD $ 48,638.48
-$335.61-0.69%
Volume 24.36 b Change -$335.61 Open $48,638.48 Circulating 18.91 m Market Cap 919.66 b
6 h Credit Unions Seeking Approval to Hold Crypto Directly to Compete with Banks 9 h Trump Warns of A Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans 10 h Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto
ETH -0.88% Ethereum / USD ETHUSD $ 3,986.55
-$35.08-0.88%
Volume 13.87 b Change -$35.08 Open $3,986.55 Circulating 118.85 m Market Cap 473.8 b
2 h SEBA Bank Submits A Proposal To Be A Whitelister to Aave Arc 9 h Loopring Launches L2 Wallet with zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3 9 h Trump Warns of A Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans

While criticizing crypto, Trump expressed his appreciation for his wife Melania Trump’s plans for non-fungible tokens (NFTs). Last week, the former first lady announced selling “Melania’s Vision” NFT on her newly launched NFT platform. Trump commented on her wife’s NFT plans,

“She’s going to do great … She got a great imagination. And people love our former first lady, I can tell you that. They really do, they love her.”

Now for his new social media platform called Truth Social, Trump said, “It’s going to be so big.” He had previously said that this new platform, which is planned to launch early next year, will be an alternative to the current platforms which he said are biased against him.

As for how Truth Social will compete with these tech giants, Trump said, “We have no choice,” only to add, “it’s going to be very big.”

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Author: AnTy

BTC Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto

Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto

“There’s a lot of fear when there’s something new,” said Girls Who Code founder Reshma Saujani, who sees a “huge opportunity with crypto and NFTs.”

Bitcoin aims for $50,000 amidst a general rebound in risk sentiment. Ether, meanwhile, has trended up to $4,050. The greens in the market, notably in SPELL, CRV, LUNA, NEAR, and AVAX, have the total market cap now past $2.4 trillion.

Over the past nearly six weeks, Bitcoin has been on a decline, slipping more than 30% from its all-time high of $69,000 in early November.

But now it looks like Bitcoin has put in a bottom and is mirroring the recent crude oil peak, according to Mike McGlone, a commodities strategist for Bloomberg Intelligence.

“The (earlier) 2% Bitcoin future gain on the day the S&P 500 dropped 1% solidifies the recent crypto low around $45,000 as pivotal support,” he wrote in a research note.

According to QCP Capital, which has been buying Bitcoin and Ether options since last week, it is the best time to buy some far strikes options contracts because the market is getting complacent as spot ranges compress in the $45,500 – $49,500 channel.

Much like many expecting a Santa rally and a short squeeze to send risk asset prices higher, such as JPMorgan analysts and crypto traders like Light, QCP Capital is also expecting a squeeze likely to the topside as liquidity thins out into the holidays and into 2022.

Surveys this year have also shown that millionaire millennials, family offices, hedge funds, fund managers, and others are all planning to increase their allocation to crypto in the next one to two years.

Kraken’s Chief Product Officer Jeremy Welch also told Bloomberg in a recent interview that the millennials are not the only ones attracted to crypto assets, but there is widespread interest in the crypto space.

As we saw recently, the non-profit organization Girls Who Code has also started accepting crypto donations.

The non-profit decided to accept crypto “because we want our girls to not just fully participate in Web 3.0 but to rein it in to rule it,” founder Reshma Saujani said in an interview with Bloomberg.

While trying to make Web 2.0 more inclusive and less exclusionary, with Web 3.0, they see a “huge opportunity with crypto and NFTs” and have girls be a part of it from the grounds up.

As for all the pushback they are getting on Twitter for accepting crypto, Saujani said,

“there’s a lot of fear when there’s something new. But here’s the reality: 23% of black Americans own crypto compared to 11% of white Americans. 50% of those that are crypto curious are women.”

Girls Who Code are very clear on the point that “we’re not missing out, and we’re not sitting out.”

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Author: AnTy

Time Will Tell Whether Bitcoin Has The Store Of Value, says JPMorgan Wealth Management CEO

Time Will Tell Whether Bitcoin Has The Store Of Value, says JPMorgan Wealth Management CEO

The executive said, “a lot” of JPMorgan clients see crypto as an asset class and want to invest in it. But it is blockchain that’s “very real” to the bank, which is developing a system for payments with Siemens.

Banking giant JPMorgan Chase is all about helping clients put their money into cryptos though they are not yet clear on it being an asset class.

In an interview with Bloomberg, when asked about what the bank’s clients think about crypto, Mary Callahan Erdoes, CEO of JPMorgan Asset and Wealth Management, said digital currencies are “new” and are being debated as to whether they’re an asset class or not.

“A lot of our clients say that’s an asset class,” said Erodes, noting that if their clients want to invest in crypto, it’s their job to help them put their money where they want to put it.

“We don’t have Bitcoin as an asset class per say. And time will tell whether it has the store of value. But the volatility that you see in it today just has to play itself out over time.”

While Erdoes is not clear on crypto as an asset class, the bank is still stuck on blockchain.

“Blockchain technology, which is the underlying piece of all this, it is very real and is changing all of the ways that digitally interact with the different financial markets.”

New Blockchain System

In other news, JPMorgan Chase is developing a blockchain system for payments in partnership with the German Industrial Group Siemens. The two companies called it a first-of-its-kind application.

According to Siemens, if the business stays the same as it is today, it can simply automate and reduce costs and cash allocation.

But the growing popularity of payment models like pay per use is expected to result in greater numbers of payments, and as such improved automation is required to process them, said Siemens.

The reason the companies are developing a new system is that “we are seeing a huge change due to the emerging digital business models because we will no longer be able to forecast cash” Heiko Nix, head of cash management and payments at Siemens, told the Financial Times.

The new blockchain system will be used to transfer money automatically between Siemens’ own accounts, which is currently only used for US dollars. However, they are planning to allow euro transfers as well starting next year.

JPMorgan’s blockchain unit, Onyx, is developing the infrastructure which takes programmable payments beyond just current uses like direct debits and standing orders.

“You want more flexible rules or flexible triggers, that is where the current infrastructure falls short,” said Naveen Mallela, global head of coin systems at Onyx.

He further said that Siemens is just their first anchor client, and JPMorgan had several clients in the pipeline that it wants to offer its new system.

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Author: AnTy

Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows

Purpose Investments recorded the largest inflows yet again while the discount on Grayscale’s Bitcoin Trust (GBTC) hit a new low of 21.36%.

Last week, digital asset investment products posted outflows of $142 million, the first one after 17 weeks of inflows, according to data from CoinShares.

Still, these outflows represented only 0.23% of total assets under management (AUM). From a historical perspective, the latest inflows are small relative to the outflows in early 2018, where week’s outflows represented up to 1.6% of AUM.

For the week ending December 17, the crypto asset products recorded the largest weekly outflow on record after the previous record in early June in 2021, where weekly outflows were $97 million.

While appearing to be alarming, James Butterfill, investment strategist at CoinShares, further noted that these outflows come at a time when outflows have been recorded across all risk assets following the recent US Federal Reserve statement on doubling the pace of tapering and projecting three rate hikes in 2022.

“This trend break very accurately depicts the tax selling, redemption, and bonus clipping flow,” said Zaheer Ebtikar of Deribit Insights. Once this selling abates, we could see the “Santa Rally,” just like in December 2020 when in the first two weeks, the price dropped 10% only to rally 50% in the year-end.

image1

Additionally, these outflows come at a time when yearly inflows are at a record high at $9.5 billion, beating the $6.7 billion inflows in 2020.

Out of these outflows, Bitcoin (BTC) accounted for $89 million, well below the June outflows of $150 million. Ethereum (ETH) meanwhile saw record outflows of $64 million. BTC 4.36% Bitcoin / USD BTCUSD $ 48,975.70
$2,135.344.36%
Volume 26.99 b Change $2,135.34 Open $48,975.70 Circulating 18.91 m Market Cap 925.99 b
4 h Time Will Tell Whether Bitcoin Has The Store Of Value, says JPMorgan Wealth Management CEO 9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 10 h Cryptocurrencies Sees Fresh Signs of Green, But Will It Last This Time?
ETH 1.78% Ethereum / USD ETHUSD $ 4,021.89
$71.591.78%
Volume 16.29 b Change $71.59 Open $4,021.89 Circulating 118.84 m Market Cap 477.95 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 10 h Cryptocurrencies Sees Fresh Signs of Green, But Will It Last This Time? 1 d Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

Amidst these outflows, altcoins like Solana (SOL), Polkadot (DOT), and multi-asset investment products still managed to record inflows of $6.7 million, $2.5 million, and $1.5 million respectively. Cardano (ADA) and XRP also saw some inflows at $0.5 million and $0.3 million respectively. SOL 3.46% Solana / USD SOLUSD $ 180.09
$6.233.46%
Volume 1.81 b Change $6.23 Open $180.09 Circulating 308.34 m Market Cap 55.53 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 d Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 5 d Kevin Durant Signs Multiyear Deal with Coinbase, Michael Jordan Launching HEIR on Solana
DOT 4.60% Polkadot / USD DOTUSD $ 25.21
$1.164.60%
Volume 889.1 m Change $1.16 Open $25.21 Circulating 987.58 m Market Cap 24.89 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 3 d SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 2 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
ADA 3.55% Cardano / USD ADAUSD $ 1.28
$0.053.55%
Volume 1.15 b Change $0.05 Open $1.28 Circulating 34.17 b Market Cap 43.75 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 w Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 2 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
XRP 7.93% XRP / USD XRPUSD $ 0.95
$0.087.93%
Volume 3.74 b Change $0.08 Open $0.95 Circulating 47.25 b Market Cap 44.92 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 3 d SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 w Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card

While Tron (TRX) and Litecoin (LTC) didn’t see any flows, Binance did have some outflows of $0.8 million. TRX 1.85% TRON / USD TRXUSD $ 0.08
$0.001.85%
Volume 1.15 b Change $0.00 Open $0.08 Circulating 101.87 b Market Cap 8.04 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 4 d Justin Sun Stepping Down from Tron (TRX) Leadership To Be A Diplomat For Grenada 1 w Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
LTC 1.62% Litecoin / USD LTCUSD $ 155.20
$2.511.62%
Volume 1.05 b Change $2.51 Open $155.20 Circulating 69.24 m Market Cap 10.75 b
9 h Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 3 d SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 w Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card

Like last week, Purpose Investments launched the first Bitcoin ETF, and then Ether ETF in Canada, recorded the largest inflows while CoinShares, ProShares, ETC Group, and 3iQ all recorded outflows.

Grayscale, the largest digital asset manager, still hasn’t seen any inflows. And as the SEC postponed the decision on the firm’s application to convert its Bitcoin Trust to an ETF in early February, GBTC hit a new low of 21.36%.

Still, according to a recent CNBC Millionaire Survey, most millennial millionaires have the bulk of their wealth in crypto and are planning to add more next year.

A whopping 83% of them own crypto, as per the survey which polled those with investable assets of $1 million or more. 53% of these millennial millionaires have at least half of their wealth in crypto.

In comparison, more than three-quarters of Gen X investors do not own any crypto assets, while only 4% of baby boomers hold them.

Despite the ongoing lack of bullish price action in the market, millennial millionaires have no plans to reduce their crypto allocation; rather, 48% of them plan to add to their holdings next year—another 39% plan to maintain their current crypto levels. Only 6% of millennial millionaires plan to reduce their crypto investments over the next 12 months.

“I’m not sure the wealth management industry has recognized that they really need to think of these as completely different generations,” said George Walper, president of Spectrem Group, which conducted the survey. “Most firms were hoping to ignore it. But millennial millionaires are not going to just ‘grow out’ of crypto.”

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Author: AnTy

Are Bitcoin Bulls Dead? BTC Funding Rate Remains Low to No Avail

Bitcoin price is struggling, currently trading around $46,000, down 33.5% from its all-time high.

Ever since hitting its ATH at $69,000 early last month, BTC has been on a constant decline. This month, every attempt of the leading cryptocurrency to rise has only sent it lower.

With price action lacking any signs of bulls, the funding rate on bitcoin perpetual remains low at 0.01% on Binance, Huobi, and BitMEX and even lower on OKEx (0.009%), Bybit (0.008%), and FTX (0.007%).

But no one seems to care about the low funding rate, just as they didn’t in late October and early November.

According to trader CL, an investor at eGirl Capital, no one wants to long anymore because many participants of ByBit and Binance have already lost their funds during the May-July drawdown.

“The major shift in how many ppl wanna leverage long happened in May actually, but this phenomena has been proved itself thru the data we saw in sept retrace, and after this Nov/Dec nuke it should be obvious.”

Meanwhile, according to crypto personality Loomdart, who is also an investor in eGirl capital, “general hypothesis is leverage, oi and derivatives have “moved on” to the likes of Terra (LUNA) which hit a new all-time high today, Magic Internet Money (MIM), and Spell Token (SPELL).

https://twitter.com/CL207/status/1472874295055503363

But does this mean the bulls are dead? Not really, as CL explains, “the market is simply very slowly returning to more normal, after a long period of unprecedented froth.”

Some are very bullish still, most notably trader Light, who was bearish at the end of November and before that in April ahead of Coinbase’s public listing and has now taken to bullish posting on Crypto Twitter (CT) since the end of the first week of December. Light tweeted over the weekend,

“Think cardinal sin people are making is conflating price weakness driven by structurally bearish EoY flows (that they have little visibility on and which will abate) with their own meth-trailer-concoction macro fears.”

On Monday, Light noted that on Binance, despite retail being wiped out during the recent sell-off, open interest has still recovered 50% since then. This means, while retail has not resumed its bullishness, whales are the ones who are absorbing on the long side.

“Cash bid makes path of least resistance up. makes r/r set up for a short squeeze, not a long squeeze.”

As we reported, JPMorgan head quant Marko Kolanovic is also expecting a short squeeze to happen by the year-end or the beginning of a new year.

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Author: AnTy