Bitcoin prices have paused with support at $30,000
Early Wednesday trading in U.S. markets underscored increasing stability for bitcoin at $30,000. Meanwhile, derivatives markets signaled bullishness, despite BTC’s stoutness.
Bitcoin traded flat on Wednesday, marking the 12th consecutive day of range-bound trading. Since the 22% price increase between June 15 and June 23, BTC prices have traded down 1.3%.
Trading volume spiked during Wednesday’s 9 a.m. (ET) hour, as U.S.-based markets opened. The rise coincides with a prior-hour decline to $30,349, along with its Relative Strength Index (RSI) falling below 30 on its hourly chart – indicating that BTC was oversold in the lower time frame.
Short-term intraday traders likely saw the decline as an opportunity to get long BTC at an opportune valuation. Investors looking to hold bitcoin for longer than one day would be more likely to view BTC’s RSI on a daily chart, where it sits at 62.
The RSI is a commonly used technical indicator ranging from 0-100, with levels above 70 implying that an asset is overvalued, and levels below 30 implying that it is undervalued. Applying the indicator on varying time frames can hint at the sentiment of traders with different time horizons or investing styles.
Derivatives markets signal bullishness
While spot BTC prices have moderated, investors looking for exposure via derivatives markets appear to be betting on higher prices.
Futures open interest for bitcoin is now north of $12 billion, up from $10.4 billion at the beginning of June. Open interest had reached as high as $13.4 billion on June 29, according to On-Chain Analytics firm Glassnode.
Futures volume has been choppy, not indicating a trend in either direction. Still, its most recent reading of $19 billion doesn’t indicate a sharp decline in activity.
Rising open interest along with rising prices can often signal investor bullishness.
Bitcoin funding rates have been positive for 29 consecutive days, and for all but one day since May 11.
Funding rates represent periodic payments between traders with long or short positions in futures markets. Positive funding rates indicate that long position traders are willing to pay a funding rate to short position traders, an indication of bullish sentiment
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The asset management giant in mid-June filed paperwork with the SEC for a spot bitcoin ETF.
BlackRock (BLK) CEO Larry Fink said crypto, specifically bitcoin (BTC), could revolutionize the financial system in an interview with Fox Business on Wednesday.
“We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance,” he said. Previously known to be a skeptic of crypto, Fink years ago suggested fans of the asset class heavily used it for “illicit activities.”
Fink continued: “Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”
The iShares unit of BlackRock filed paperwork with the U.S. Securities and Exchange Commission (SEC) on June 16 for a spot bitcoin exchange-traded fund. While BlackRock has an almost perfect track record of getting ETFs approved by the SEC, Fink couldn’t say when a decision for its bitcoin ETF could be expected.
“We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.”
The apparent bullishness of the CEO of the $8.5 trillion asset manager is having little effect on the price of bitcoin, which continues to trade little-changed at just under $30,500.
Circle CEO Jeremy Allaire expressed interest in partnerships in the country, given that new rules governing stablecoins have come into effect.
Circle is considering issuing a stablecoin in Japan, given that legislation governing stablecoins took effect on June 1, the payment services company’s co-founder and CEO Jeremy Allaire said.
In an interview with CoinDesk Japan, Allaire said that if stablecoins become more widely used for cross-border trade, foreign currency transactions and global commerce, Japan will become an extremely large market.
Japan’s stablecoin bill makes it one of the first countries to establish a framework for the use of overseas stablecoins, which Allaire considers “the most important thing the government and the Financial Services Agency have done.”
He said that Circle is interested in partnerships in Japan, which he visited last month.
Japan’s revised Payment Services Act certifies stablecoins backed by legal tender as an “electronic payment method” and allows their issuance.
Stablecoin issuers will have to abide by tough rules. Stablecoins must be pegged to the yen or other legal tender and guarantee holders the right to redeem them at face value. Only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue stablecoins.
The country’s Financial Services Agency moved to lift a ban on overseas stablecoins in December last year.
Circle recently obtained a Major Payment Institution (MPI) license in Singapore, which allows it to offer digital payment token services, cross-border money transfer services and domestic money transfer services in the city-state.
Major Japanese financial institutions have been exploring stablecoins, with Mitsubishi UFJ Trust and Banking Corporation announcing its plans to issue its own stablecoin platform, called Progmat.
Read more: Japan Embraces Web3 As Global Regulators Grow Wary of Crypto
The latest round brings the company’s total capital raise to $9 million.
Data analytics platform CryptoQuant announced that its parent company, Team Blackbird, has closed a $6.5 million Series A led by South Korea-based Atinum Investment.
“Digital assets are considered particularly risky speculative assets due to the difficulty in finding reliable information and engaging in speculative investments without data analysis,” Joo Gi-Young, CEO of Team Blackbird, said in a press release. “CryptoQuant’s main value lies in proving that it is possible to redefine investment methodologies for digital assets and establish criteria for evaluating asset value based on accurate data.”
The company said it plans to use the proceeds to recruit for both its South Korea and international operations.
The Series A brings the company’s total capital raise to $9 million, with previous investment from Galaxy Interactive and Mirae Asset Capital.
Court documents from last November give a rough picture of the lender’s altcoin holdings.
Kripto kredi şirketi Celsius, iflas işlemlerini denetleyen hakimin onayını takiben 1 Temmuz’da Cardano (ADA), Polygon (MATIC), Solana (SOL) ve bir avuç diğer altcoin’deki ana varlıklarını satmaya devam ediyor.
Geçen Aralık ayındaki mahkeme belgelerine göre Celsius, 25 Kasım 2022’de 90 milyon MATIC, 103 milyon ADA, 161.000 SOL, 3.3 milyon LINK, 1.8 milyon polkadot (DOT), 200.000 litecoin (LTC) ve 106.000 AAVE’yi kontrol etmekteydi. şirketlerin bu varlıklardaki mevcut pozisyonlarının ne olduğunu ve bunların ne kadarının satıştan çıkarılacağını netleştirin.
Those positions were cumulatively worth over $170 million at press time. Celsius has millions of dollars more in stablecoins as well as 650 million of its own CEL token. That tranche is theoretically worth nearly $100 million, according to Coinmarketcap, but it was unclear whether Celsius could liquidate its native asset.
Nevertheless, bankruptcy Judge Martin Glenn’s all-clear means Celsius will soon begin exiting many of its positions in favor of bitcoin and ether, the two assets that will ultimately be distributed to creditors who have waited nearly a year for their money back.
Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts … to BTC or ETH commencing on or after July 1, 2023,” Judge Glenn’s ruling said.
Manchester City and OKX’s other partners have been auditing the exchange’s proof of reserves to make sure it won’t go the same way as FTX.
Kripto para borsası OKX, geçen yılki olayların ardından kripto endüstrisinin olumsuz çağrışımlarından vazgeçmeyen İngiliz ve Avrupa futbol şampiyonları Manchester City ile sponsorluk anlaşmasını genişletti.
Cuma günü e-posta yoluyla yapılan duyuruya göre OKX logosu, oyuncuların antrenman setindeki mevcut yerine ek olarak Man City’nin gelecek sezondan itibaren saha formalarının kollarında gösterilecek.
2021 ve 2022’de FTX ve Crypto.com gibi isimlerin stadyumlara ve arenalara isimlerini koyması ve markalarını oyuncuların veya yetkililerin üniformalarında görünür hale getirmesiyle, kripto firmalarının elit spor organizasyonlarına sponsorluk yapması olağan hale geldi.
Ancak geçen yıl Kasım ayında FTX’in çöküşü, kulüplerin kendilerini kripto şirketleriyle hizaya sokmadan önce iki kez düşünmelerine neden oldu.
OKX’in pazarlama müdürü Haider Rafique, CoinDesk’e bir röportajda “Ortaklarımız kesinlikle FTX ile benzer bir durumda olup olmayacağımızı bilmek istediler” dedi. “Bu soruları bireysel olarak cevaplamak yerine, onları rezerv kanıtımıza dahil ettik.”
Rezerv kanıtı, bir kripto borsasının tüm müşteri para çekme işlemlerini işlemek için yeterince likit olduğunu göstermenin kriptografik bir yoludur ve böylece müşterilerine paralarının güvende olduğuna dair güvence verir.
Rafique, Man City ve Formula 1 takımı McLaren gibi ortakların OKX’in rezerv kanıtlarını denetlediğini, hatta yönetim kurulu üyelerinin borsaya sorular ve sorgular içeren e-postalar gönderdiğini söyledi.
Rafique, “Bizi çok eleştirdiler, bu yüzden turnusol testini geçmek bizim için gerçek bir doğrulama,” dedi.
Spot bitcoin ETF applications from BlackRock and Fidelity, among others, had helped drive bitcoin higher over the past two weeks.
WSJ Cuma sabahı bildirdiğine göre, ABD Menkul Kıymetler ve Borsa Komisyonu (ETF), bir spot bitcoin ETF başlatmak için yapılan son başvuruların yetersiz olduğunu söyledi.
Haber, bitcoin (BTC) fiyatının birkaç dakika içinde 1.000 $ veya %3’ten fazla düşmesine yol açtı. Basın zamanında, bitcoin 30.000 doların biraz üzerinde işlem görüyordu.
The sell-off precedes creditor distributions that will only be made in the two most popular cryptocurrencies.
İflas eden kripto kredi kuruluşu, alacaklılara yalnızca en yaygın kullanılan iki kripto para birimi olan bitcoin (BTC) ve eterde (ETH) devreye bir dağıtım hazırlarken, Celsius’a Cuma günü altcoinlerini tasfiye etmeye başlaması için izin verilmesi.
New York Güney Bölgesi’nden İflas Yargıcı Martin Glenn, son zamanlarda bir dizi az kullanılan kripto para biriminin, geçmişteki izinlerin mülk değerleri oluşturduğunu söyleyen Menkul Kıymetler ve Borsa Komisyonu (SEC) ile yapılan görüşmelerin ardından Celsius tarafından daha fazla hareket ettirilmesi.
Celsius “1 Temmuz 2023’te veya sonrasında başlayarak BTC veya ETH olmayan herhangi bir kripto para birimini, kripto jetonunu veya bu tür jetonlar dışındaki diğer kripto para varlıklarını, Stopaj veya Saklama hesaplarıyla ilişkili … BTC veya ETH’ye satabilir veya dönüştürebilir.” Glenn’in kararı dedi.
The company has “been in regular dialogue with the Securities and Exchange Commission (the “SEC”) and certain state regulatory agencies regarding the proposed distribution of cryptocurrency under the Plan to ensure that all such distributions are in full compliance with applicable federal and state laws and regulations,” the filing added.
Celsius, which collapsed in July 2022 and whose sale to crypto consortium Fahrenheit was approved in May, says it is preparing an updated bankruptcy plan that, barring limited exception, won’t involve distributions of cryptocurrencies to creditors other than BTC or ETH.
The SEC has recently taken action against major crypto exchanges such as Coinbase, Binance and Bittrex, saying that tokens linked to Polygon (MATIC), Near (NEAR), and Cardano (ADA) fall under securities regulation.
İflas etmiş kripto borç veren Voyager’ı tasfiye etmeye yönelik son planlar, SEC’in VGX tokeninin bir menkul kıymet oluşturabileceği iddiasıyla engellendi. Ortaya çıkan gecikmeler, Voyager’ın varlıklarını satın almayı teklif eden Binance.US’nin çekilmesi anlamına geliyordu.
Cryptocurrency prices rose early Friday but then dropped sharply following a report that the SEC had deemed recent spot BTC filings inadequate.
CoinGlass verilerine göre, Cuma günü kripto para fiyatlarındaki hızlı dalgalanmalar hem uzun hem de kısa pozisyon tacirlerini silip süpürdü ve son 24 saatte toplam 216 milyon dolarlık tasfiye kaybına yol açtı.
CoinDesk Endeks verilerine göre, Bitcoin (BTC) Cuma günü erken saatlerde 31.200 doların üzerine çıktı ve ardından hızla 29.470 dolara kadar düştü. yetersiz
Bu ilk şoktan sonra, BTC yaklaşık 30.000 $’da istikrar kazandı ve basına kadar bazı kayıpları telafi etmeye başladı ve 30.5000 $’a geri döndü. Diğer kripto para birimleri, her iki yönde de BTC’nin fiyat hareketini büyük ölçüde takip etti.
The volatility wiped out more than 68,000 traders, per CoinGlass, liquidating $116 million of long (bets on higher prices) and $100 million of short (bets on lower prices) positions. Liquidations happen when an exchange closes leveraged positions due to a partial or total loss of the initial margin because the trader doesn’t have enough funds to keep the position open.
BTC traders endured $65 million of losses, mostly liquidating longs, followed by ether (ETH) traders with $36 million of mostly short liquidations.
Bitcoin cash (BCH), was responsible for $22 million of liquidations. The token almost tripled its price in June and experienced a resurgence in trading activity after being one of the four assets listed on EDX Markets, a new crypto exchange backed by traditional finance heavyweights Citadel, Fidelity and Schwab.
En büyük tasfiye emri, 4,57 milyon dolar değerinde bir BTC-USD pozisyonu olan Bybit borsasında gerçekleşti.
Hive wants to provide enterprise training in its fleet of GPUs as part of its pivot to artificial intelligence.
Bitcoin madenciliği firması Hive Blockchain (HIVE), Cuma günü analistlerle yaptığı bir kazanç görüşmesinde OpenAI’nin ChatGPT’si gibi rakiplerine kıyasla daha iyi mahremiyet öne sürerek müşterilerinin veri merkezlerinde büyük dilli AI modellerini eğitmesine izin vermeyi amaçlıyor.
“Şirketler artık hassas müşteri verilerini OpenAI gibi herkese açık bir LLM [geniş dil modeli] olan bir şirkete yüklemek istemediklerinin farkındalar. Hive Cloud aracılığıyla Hive’da sunmayı arzuladığımız şey, şirketlerin bir hizmete sahip olabileceği gizliliktir. madencilik firmasının CEO’su ve Başkanı Aydın Kılıç, “Anlaşmanın yürürlükte olması, verilerinin ve gizliliğinin mülkiyeti ve hala AI [yapay zeka] hesaplama iş yüklerini GPU bankamızda [grafik işleme birimleri] çalıştırıyor” dedi.
Hive’ın Nasdaq’taki hisseleri Cuma günü yaklaşık %2 değer kazandı.
Miners have been increasingly pivoting to AI as mining economics have interfered with their profitability, with some facing bankruptcies, while the AI sector sees a boom in interest from investors. However, it is yet to be determined whether miners can compete with big tech firms such as Google and Amazon Web Services who benefit from both economies of scale and decades of experience running high-quality customer-facing data centers.
Large language models understand and generate human language using probabilistic calculations. They are often trained on graphics processing units, a type of electronic circuit made up of semiconductors that was originally used for image processing, but has been found to be good at running AI loads.
Hive has a fleet of 38,000 GPUs from the days when it mined ethereum. Some of those it has directed to mining altcoins, while others are available to rent as a service or deployed in its cloud offering.
The firm expects a run-rate of $1 million annually for its GPUs, it said on the earnings call. Already “500 GPU cards generated $230,000 revenue this quarter,” said the firm’s Chairman, Frank Holmes, in a press release discussing the annual and quarterly earnings. Hive’s fiscal year ended on March 31, 2023.
A screenshot from Hive’s presentation to investors on June 30, 2023, where it discussed its plans to offer large language model training on its GPU fleet. (Screenshot: Eliza Gkritsi/CoinDesk)
Hive, 31 Mart 2023’te sona eren mali yıl için 106,3 milyon dolar gelir bildirdi ve 50,4 milyon dolarlık brüt işletme marjı veya gelirin %47’si. Bu, gelirin %78’i olan brüt işletme marjıyla 2022 mali yılında kaydettiği 211,2 milyon dolarlık tarihi gelirin yaklaşık yarısı.
Genel olarak 2023 mali yılında, firma 236,4 milyon dolarlık net zarar bildirdi ve bunun 81,7 milyon dolarlık amortisman, 70,4 milyon dolarlık ekipman değer düşüklüğü ve 27,3 milyon dolarlık mevduat değer düşüklüğü gibi birkaç gayri nakdi masrafı içerdiğini kaydetti. Buna karşılık, firma 2022 mali yılı için 79,6 milyon dolarlık net gelir bildirdi.
