Tag: OKEX

Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K

by NEWSBTC

The cryptocurrency market is still red, but it seems to be holding steady for now. In the last 24 hours alone, we’ve seen Bitcoin top $45,000 and then drop back down below $44,000. With the price of Bitcoin continuing to climb, it is no surprise that its market cap has reclaimed $2 trillion.

Cryptocurrencies are beginning to recover after a month-long decline, with some coins seeing significant gains over the past day. The most valuable cryptocurrency by market cap, Bitcoin breached $45,000 for the first time in over 30 days as it gained 5.2%.

Related Reading | Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above $45K

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The cryptocurrency industry breathed a sigh o relief this week following severe sell-offs from January’s tumultuous trading sessions that saw many coins hit historic lows not seen since last year’s bull market crash. On Monday alone, there were five separate crashes across various communities leading up until Tuesday morning, when things finally started recovering.

Bitcoin Could Not Sustain At $45K Level

Honestly, the price could not sustain at these levels and has since retraced below $44,000. Still, the coin is up 2.7% in 24 hours with average volatility that left some $305 million worth liquidated positions during this period – the largest single order took place on OKEx, which valued BTC/USDT position 3.6 million dollars.

It is no surprise that most liquidations are of short positions, and they happen on OKEx and Binance especially. However, there’s also some activity at Bybit too.

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Despite the recent upturn in Bitcoin prices, short positions continue to dominate. The aggregated funding rate remained negative, generally seen as a bullish sign. It can lead investors who expect their investments to liquidate these crypto-assets for even greater returns profitably.

Crypto Market Cap Regained $2 Trillion

Bulls in the crypto space have once again proved their might as they reclaim a key milestone of $2 trillion for total market capitalization. This comes on top of recent gains with Bitcoin and some altcoins too.

Crypto Market Cap
Crypto bulls achieved the milestone by reclaiming a $2 trillion market Cap | Source: Crypto Market Cap on Tradingview.com

Today, the top 10 cryptocurrencies are doing well, with AVAX seeing a 6% increase in value over the last 24 hours. Shiba Inu (SHIB) continues to be one of our favorite coins that’s up 17%. MATIC has also seen an 8% rise since yesterday, but other leading altcoins aren’t following suit again.

The day saw a shakeup in the crypto market, with Solana and Poldadot losing about 3%. Ethereum lasted more or less flat throughout, which is also true for Binance coin (BNB). The biggest winner was KDA, which experienced 20% growth, while QNT saw an 8 percent decline in value over time. 

Related Reading | Top Crypto Gainers And Losers Today

The market is becoming more balanced as Bitcoin’s dominance increases.

Bitcoin Correlation With The U.S Stock Market

Bitcoin has been experiencing increased volatility since the beginning of 2022. As a result, many are concerned about its correlation with stock markets, and it is expected that if this trend continues, then Bitcoin’s price could go even higher in SP500 index races. However, the stability within America’s benchmark indices may just push our digital assets further upwards.

The US Federal Reserve has been a significant factor in crypto price movements over this year, with many people expecting them to tighten monetary policy again. The upcoming budget release on Thursday may provide insight into whether or not that occurs. So we’ll be waiting for updates on interest rates hikes and what they mean going forward.

                   Featured image from Pixabay, chart from Tradingview.com

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Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000

by NEWSBTC

The current market crash is no doubt one of the hardest to hit in recent times. Bitcoin as well as other digital assets have suffered massive dips as a result of the crash. For Bitcoin, the pioneer cryptocurrency has had more than 50% of its all-time high shaved off in the last two months. This has caused it to hit new six-month lows as its price crashes to $33,000 for the first time since the summer.

Market sentiment has since nosedived in accordance with the movement of the market. As investors become increasingly wary of the market, more so than it was during the crash in May, sentiment has skewed entirely into the negative. The Fear & Greed Index puts this into perspective with its current rating as it now sits at one-year lows, crashing to 11 on the scale.

Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?

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Fear & Greed Index Goes Haywire

The Fear & Greed Index has been consistently declining into the negative as bitcoin and others have continued to record massive fluctuations. Now, though, the index has gone completely berserk as it crashes into one of the lowest recorded points. On Sunday, the Fear & Greed Index hit a score of 11, completely registering sentiment in the negative as it dived into extreme fear.

The following day has not come with much good news as the Fear & Greed Index still shows that investors are very wary of the market. The index currently sits at 13 at the time of this writing, a mere 2 points higher than its weekend low of 11. Nevertheless, the Fear & Greed Index has now spent a week in extreme fear as last week concluded with the index in the same territory.

Fear & Greed Index goes into Extreme Fear

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Fear & Greed Index remains in extreme fear | Source: alternative.me

Sell-offs remain the order of the day with investors scrambling to save themselves from more losses. It looks to be what is the start of another stretched-out bear market, as the last time something like this occurred was in 2018. After this, the market did not recover for another two years. If history is anything to go by, then the downtrend may not be over, with some predicting the bottom to be as low as $10,000.

Bitcoin Liquidations Rack Up

Amidst the sell-offs and price crash has been massive liquidations. Bitcoin long traders have naturally borne the brunt of the recorded liquidations with hundreds of millions of dollars in longs liquidated in the space of 24 hours. BTC liquidations racked up to $390 million in a single day, while the 12-day chart looks even worse with more liquidations taking place.

Related Reading | Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

In total, there have been over $283 million in bitcoin liquidated in the last 12 hours. Longs have made up 80.8% of all liquidations according to data from Coinglass. OKEx, Binance, and FTX maintain the lead for exchanges with most liquidations as the majority have occurred on these platforms.

Bitcoin price chart from TradingView.com

BTC recovers to $34k | Source: BTCUSD on TradingView.com

Bitcoin’s price continues to trend low, touching $33,000 in the early hours of Monday. Twitter is abuzz with talk of the bitcoin crash with #BitcoinCrash trending. The digital asset is now trading at $34,200, with indicators pointing towards further dips.

Featured image from Unfinished Success, charts from alternative.me and TradingView.com

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India-Based TikTok Competitor Chingari Closes $15 Million Funding Round

by CryptoPotato

One of the world’s most prominent cryptocurrency exchanges, OKEx, has invested in the short-video platform Chingari which announced raising $15 million in a funding round.

As part of OKEx’s strategic investment in Chingari, the startup’s native token GARI will be listed on the exchange on January 18. Five more crypto exchanges are set to list the token on the same day.

OKEx’s Undisclosed Investment in Chingari

According to the report, the extended Series A funding round for the Indian video application, Chingari, was led by Republic Capital. Other participants of the funding event were Onmobile, JPIN Venture Catalysts, Hill Harbour. Following the latest development, Chingari has so far raked in total funds of $28 million. OKEx has also made an undisclosed investment.

The company said that the fresh capital will be deployed to ramp up the technology on the app, roll out new features, focus on Artificial Intelligence and Machine Learning Space (AI/ML), and grow its team. Additionally, the fund will also be used to expand the company’s marketing initiatives to cement the brand’s reach in non-metro cities of the country.

In April 2021, Chingari had announced raising $13 million in a pre-Series A round led by OnMobile Global. Besides, the startup also plans to launch its live-streaming, socio-commerce, and audio chat features. These releases are intended to help creators to foster their engagement rates with the viewers and also pave the way for high-profile brands and firms to join forces with the app and its creators.

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GARI To Debut On Six Exchanges Simulataneously

More recently, Chingari had raised $19 million in crypto tokens from venture funds and individuals, including Solana Capital and crypto exchange Kraken.

A press release shared with CryptoPotato informed that OKEx will list Chingari’s native crypto, GARI, on its platform on January 18. Meanwhile, GARI is also gearing up to debut on five other global exchange platforms – FTX, Huobi, Kucoin, Gate.IO, MEXC Global, on the same day.

The main objective of the company is to boost a digital economy by enabling its users to obtain the GARI tokens by creating or watching content on the platform. With the latest development, Chingari joins the list of many social media apps that have tapped the cryptocurrency industry.

CEO Sumit Ghosh asserted that the company is bringing the Web 3.0 revolution to the creator economy with the help of its native crypto GARI. The exec also added:

“GARI will enable 30 million monthly active users of the Chingari Short video app to get on-chain. For the first time in the history of blockchain, an app will onboard millions of users on-chain from the day of its launch. The Chingari and GARI teams and the entire community are super excited about its launch and listing.”

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Bitcoin price can’t find its footing, but BTC fundamentals inspire confidence in traders

by Cointelegraph

Bitcoin’s (BTC) sudden crash on Jan. 10 caused the price to trade below $40,000 for the first time in 110 days and this was a wake-up call to leveraged traders. $1.9 billion worth of long (buy) futures contracts were liquidated that week, causing the morale among traders to plunge.

The crypto “Fear & Greed” index, which ranges from 0 “extreme fear” to 100 “greed” reached 10 on Jan. 10, the lowest level it has been since the Mar. 2020 crash. The indicator measures traders’ sentiment using historical volatility, market momentum, volume, Bitcoin dominance and social media.

As usual, the panic turned out to be a buying opportunity because the total crypto market capitalization rose by 13.5%, going from a $1.85 trillion bottom to $2.1 trillion in less than three days.

Currently, investors seem to be digesting this week’s economic data that shows United States December 2021 retail sales going down by 1.9% compared to the previous month.

Investors have reason to worry about stagflation, a scenario where inflation accelerates despite the lack of economic growth. However, even if this eventually proves that Bitcoin’s digital scarcity is a positive characteristic, markets will still take shelter with whatever asset is deemed safe. Thus, the first wave will potentially be damaging for cryptocurrencies.

Top weekly winners and losers on Jan. 17. Source: Nomics

Bitcoin price was flat over the past seven days, effectively underperforming the altcoin market’s 7% gain. Part of this unusual movement can be explained by layer-1 decentralized applications platforms showing a positive performance that was driven by Fantom (FTM), Cardano (ADA), Near Protocol (NEAR) and Harmony (ONE).

Loopring (LRC), a zkRollup open protocol for decentralized exchanges on Ethereum, presented the worst performance of the week. The DEX volume using the protocol peaked at $30 million per day in early December 2021, but is now near $6 million. Meanwhile, Dfinity (ICP) and Chainlink (LINK) are adjusting after a 40% or higher rally in the first 10 days of 2022.

Tether’s premium and the futures premium held up well

The OKEx Tether (USDT) premium or discount measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar. Figures above 100% indicate excessive demand for cryptocurrency investing. On the other hand, a 5% discount usually indicates heavy selling activity.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx

The Tether indicator bottomed at a 3% discount on Dec. 31, which is slightly bearish but not alarming. However, this metric has held a decent 2% discount over the past week, signaling no panic selling from China-based traders.

To further prove that the crypto market structure has held, traders should analyze the CME’s Bitcoin futures contracts premium. That metric analyzes the difference between longer-term futures contracts to the current spot price in regular markets.

Whenever this indicator fades or turns negative, it is an alarming red flag. This situation is also known as backwardation and indicates that bearish sentiment is present.

BTC CME 2-month forward contract premium vs. Bitcoin/USD. Source: TradingView

These fixed-month contracts usually trade at a slight premium, indicating that sellers request more money to withhold settlements for longer. As a result, futures should trade at a 0.5% to 2% premium in healthy markets, a situation known as contango.

Notice how the indicator flipped negative on Dec. 9 as Bitcoin traded below $49,000 but it still managed to sustain a slightly positive number. This shows that institutional traders display a lack of confidence, although it is not yet a bearish structure.

Considering that the aggregate cryptocurrency market capitalization is down 9.5% to date, the market structure held rather nicely. The CME futures premium would have gone negative if there had been excessive demand for short-sellers.

Unless these fundamentals change significantly, there is not yet sufficient information available that would support calls for a sub-$40,000 Bitcoin price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.