Bitcoin

CryptoSlate Daily wMarket Update: Bitcoin’s short-lived rally above $26,000 burns long traders

Published

1 week ago

March 15, 2023

CryptoSlate Daily wMarket Update: Bitcoin’s short-lived rally above $26,000 burns long traders Oluwapelumi Adejumo · 4 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: March 15, 2023 at 11:29 am

Cover art/illustration via CryptoSlate

In the last 24 hours, the cryptocurrency market cap saw net inflows of around $10 billion and currently stands at $1.09 trillion — up 0.89% from $1.08 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap decreased by 0.53% and 0.52% to $474.77 billion and $205.56 billion, respectively.

All top 10 crypto assets maintained a positive price performance over the last 24 hours, except Cardano, which fell 0.71%. The biggest gainers were Polygon, DogeCoin, Solana, and Polkadot, which rose by over 2%.

Source: CryptoSlate

In the last 24 hours, the market cap of Tether (USDT) increased to $73.73 billion. Meanwhile, Binance USD (BUSD) remained flat at $8.36 billion, while USD Coin (USDC) decreased to $38.39 billion.

Bitcoin

In the last 24 hours, Bitcoin increased 0.35% to trade at $24,575 as of 07:00 ET. Its market dominance fell to 43.8% from 44%.

During the reporting hours, Bitcoin broke multiple resistance levels to trade at a seven-month high of $26,514. However, the gains were short-lived as the asset quickly tumbled below $25,000. Coinglass data showed that around $150 million in long positions held on the asset were liquidated.

Source: Tradingview

Ethereum

Over the last 24 hours, Ethereum gained 0.42% to trade at $1,687 as of 07:00 ET. Its market dominance dropped to 19.0% from 19.1%.

ETH’s price performance mirrored that of Bitcoin. The asset peaked at $1779 before returning to its current levels.

Source: Tradingview

Top 5 Gainers

SingularityNET

AGIX is the day’s biggest gainer, rising 38.53% over the reporting period to $0.53 as of press time. The AI-related token saw its value spike after OpenAI released the new model ChatGPT-4. Its market cap stood at $641.45 million.

Conflux Network

CNX is on the top gainer’s list for the third consecutive day. The token increased 35.88% to $0.33 at the time of writing. Its market cap stood at $885.98 million.

Ribbon Finance

RBN gained 30.91% to $0.26 as of press time. The decentralized finance (DeFi) project native token has increased 24% over the last seven days. Its market cap stood at $143.42 million.

Stacks

STX is back on the top gainers’ list after increasing 30.3% to $1.04 at the time of writing. The Bitcoin layer2 network rose 258% in the past 30 days. Its market cap stood at $1.42 billion.

ImmutableX

IMX rose 27.71% to $1.23. Its market cap stood at $1.08 billion.

Top 5 Losers

Gensokishi Metaverse

MV is the day’s biggest loser, falling 7.08% to trade at $0.12 at the time of writing. The NFT-related token has fallen by 31% over the last 30 days. Its market cap stood at $217.08 billion.

DAO Maker

DAO declined 6.07% to $0.1.70 at the time of writing. The DeFi token has been down 6% over the last seven days. Its market cap stood at $245.95 million.

Helium

HNT plunged 5.45% to $2.21. The blockchain network has continued to face controversies over users’ profitability and utility. Its market cap stood at $309.74 million.

Core

CORE is down 3.78% to $2.16. Its market cap stood at $144.95 million.

Everscale

EVER decreased 3.05% to $0.097 as of press time. The project fell 17% over the last seven days. Its market cap stood at $168.84 million.

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Airdrop

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

Published

5 hours ago

March 23, 2023

Jamie Redman

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed.

Wild Volatility for ARB Token: Prices Range from $1.10 to $11.80 per Unit Following Airdrop

At block height 16,890,400, around 9 a.m. ET, the Arbitrum airdrop claiming process began and distribution of 11.6% of the supply started. The day before, Bitcoin.com News reported on exchanges listing IOU ARB markets just before the real ARB token launched on Thursday. At that time, ARB’s value in U.S. dollars was more than 85% higher. At the time of writing, a single ARB was trading for $1.25 per unit. The ARB token has seen wild volatility over the last 12 hours with prices ranging from $1.10 to $11.80 per ARB.

ARB’s price has been down despite bitcoin nearing $29,000 and ethereum rising to $1,855 per unit. ARB trade volume is much higher than the ARB IOU volumes recorded yesterday at $8.7 million. In the past 24 hours, roughly $849.81 million in ARB volume has been recorded. The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.

With 1.275 billion ARB in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and more than 40% of the airdropped ARB has been received by recipients. At $1.25 per unit, ARB’s overall market valuation was $1.6 billion on Thursday afternoon at noon ET.

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What do you think about the Arbitrum airdrop and its impact on the crypto market? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Analysis

Bitcoin, Ethereum Technical Analysis: BTC Below $28,000, ETH Falls Under $1,800 Following Fed Rate Hike

Published

10 hours ago

March 23, 2023

Eliman Dambell

Bitcoin moved below $28,000 on Thursday, as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted to increase rates by 25 basis points (bps) as many had anticipated, and signal one more hike this year. Ethereum was also lower on the news, falling below $1,800.

Bitcoin

Bitcoin (BTC) dropped below $28,000 on Thursday, as markets continued to react to the latest Federal Reserve rate hike.

The Fed moved to increase rates by 25 basis points, whilst signaling that no cuts will be made this year.

BTC/USD fell to an intraday low of $26,760.00 on the news, which comes a day after trading at a peak of $28,803.34.

BTC/USD – Daily Chart

From the chart, the decline appears to have come as a result of the relative strength index (RSI) failing to break out of a ceiling at 72.00.

As of writing, the index is tracking at 66.54, with the next visible point of support at the 62.00 mark.

Overall, prices are still relatively overbought, which could lead to further bears reentering the market in the coming days.

Ethereum

In addition to BTC, ethereum (ETH) was also back in the red on Thursday, with prices moving below $1,800.

Following a high of $1,821.46 on Wednesday, ETH/USD declined to a low of $1,717.77 earlier in today’s session.

As a result of the slippage, ethereum neared a recent point of support at the $1,715 mark, however bulls have so far rejected a breakout.

ETH/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average remained in an upward trend, which could be a sign of future bullish momentum.

Price strength is currently tracking at 58.02, which is marginally above a floor at 57.00, resulting in ETH jumping from earlier lows.

At the time of writing, ethereum is tracking at $1,756.34.

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Tags in this story

Do you expect ethereum to move back above $1,800 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Binance

Binance’s Bitcoin liquidity for TUSD surges 250%

Published

13 hours ago

March 23, 2023

Oluwapelumi Adejumo

Binance’s Bitcoin liquidity for TUSD surges 250% Oluwapelumi Adejumo · 6 hours ago · 2 min read

Kaiko’s director of research Clara Medalie said the zero-trading fee option helped improve Binance’s market share by 20% within eight months.

2 min read

Updated: March 23, 2023 at 10:20 am

Cover art/illustration via CryptoSlate

Binance’s Bitcoin (BTC) liquidity for its TrueUSD (TUSD) rose more than 250% on March 22 after it phased out its zero-fee trading for other stablecoins.

Kaiko Data researcher Riyad Carey highlighted that the exchange’s BTC liquidity for Binance USD (BUSD) and Tether’s USDT declined by 60% and 70%, respectively.

Source: Kaiko

Meanwhile, the exchange’s liquidity for TUSD increased to 29 BTC from 9 BTC within a few hours.

On March 15, Binance announced it was moving the zero-fee BTC trading feature from BUSD to TUSD on March 22. At the time, CEO Changpeng ‘CZ’ Zhao blamed the regulatory upheaval the other stablecoins faced for the firm’s decision.

Will this decision affect Binance’s market share?

Kaiko’s director of research, Clara Medalie, highlighted the role the zero-trading fee option played in improving Binance’s market share.

Source: Kaiko

According to Medalie, the free trading option helped Binance gain an additional 20% of the market since it was introduced in July 2022. At the time, Binance controlled only 50.5% of the market; however, the exchange’s market control increased to 72% following FTX’s collapse in November 2022.

Source: Kaiko

Additional information from Kaiko pointed out that the zero-trading option accounted for 61% of the total volume on Binance as of the previous week.

Binance users drawn to the exchange because of its zero-fee feature could leave for other rival platforms, Medalie noted.

TUSD keeps growing

Binance’s decision would greatly benefit TUSD — emerging as a significant winner from its rivals’ recent debacle.

Carey added that Binance’s decision showed that it had made an apparent move to promote TUSD as the successor to BUSD.

Since the crackdown on BUSD, TUSD has seen its circulating supply double to over $2 billion and become the second-largest stablecoin on the Tron network. During the period, Binance minted more TUSD stablecoin and added new trading pairs for the asset.

Meanwhile, Protos’ researcher Bennett Tomlin pointed out that TUSD is one of the weirdest stablecoins in the crypto market. According to the researcher, TUSD has some undisclosed relations with Justin Sun, and bankrupt Alameda Research was also a lead investor in the asset.