Analysis Crypto by Thebittimes.Com

Dogecoin (DOGE), the prominent meme cryptocurrency, is experiencing a substantial rally. Recently peaking at nearly $0.17, a level last seen in early June, the coin has surged to a nearly five-month high, reflecting an 18% gain over the past 24 hours.  Dogecoin year-to-date price chart. Source: TradingView DOGE’s rise has been fueled by a combination of factors, including technical momentum, increased derivatives interest, and notable political endorsements. Picks for you Legendary trader reveals when Bitcoin 'real breakout' will occur 2 hours ago Bitcoin is just 2% away from breaking its all-time high 2 hours ago AI predicts ...

Derivio, a Binance Labs incubated decentralised derivatives exchange, announced its mainnet is live on the zkSync Era. zkSync Era is an Ethereum Layer 2 scaling solution. Users have a chance to trade perpetuals and options on more than 20 markets. Derivio, a decentralised derivatives exchange built on the Ethereum Layer 2 scaling solution zkSync Era, has launched its mainnet, according to an announcement. The Binance Labs-incubated DEX platform seeks to carve a share of the DeFi market by bringing the benefits of on-chain Derivatives trading to users. Its infrastructure leverages zkSync Era Features such as fast transactions, low gas fees and account abstraction to allow for greater adoption of Derivatives . “We’re excited to announce that Derivio’s mainnet beta is now live at derivio.xyz! Users can trade perpetuals & options with more than 20 different markets, provide liquidity and earn high organic risk-adjusted DeFi yield on @z...

Bitcoin eats away at upside which followed the Federal Reserve interest rate announcement, with BTC price action over $1,000 lower. Bitcoin (BTC) broke below $35,000 after the Nov. 2 Wall Street open as Analysis warned of “ overheated ” derivatives . BTC/USD 1-hour chart. Source: TradingView Bitcoin undoes post-Fed gains Data from Cointelegraph Markets Pro and TradingView tracked a retreating BTC price as it erased ground it reclaimed overnight. The largest cryptocurrency had hit new 18-month highs of $35,968 on Bitstamp before consolidating — a process which was gathering momentum at the time of writing. The highs had come on the back of encouraging language from Jerome Powell, Chair of the United States Federal Reserve, who in a speech suggested that interest rate hikes might soon end. The Fed opted not to change rates at the latest meeting of the Federal Open Market Committee, or FOMC, on Nov. 1. “Recent indicators suggest that economic activity expanded at a strong pace in the t...

BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks. Driven by heightened demand for Bitcoin (BTC) block space, fueled by Ordinals inscriptions and the PEPE-fueled BRC-20 memecoin mania, miners have become direct beneficiaries of a sudden boom in transaction fees, increasing their bottom lines. This surge has resulted in an unprecedented increase in the average number of transactions, and consequently revenue per BTC block mined. Data from a recent Glassnode report sheds light on the revenue increase for miners in May, as they raked in a total of 12.9 BTC in mining rewards per block, with fee revenue surpassing subsidies for only the fifth time in Bitcoin’s history. Bitcoin average fee paid per block. Source: Glassnode Coin Metrics data underscores this phenomenon further, revealing that on May 8, miners generated a staggering $41.16 million in daily revenue, a level unseen since l...

Significant headwinds continue to batter BTC, and this week’s options expiry is unlikely to provide any relief. Bitcoin (BTC) fell below a four-day narrow trading range near $22,400 on March 7 following comments by United States Federal Reserve Chair Jerome Powell before the Senate Banking Committee. During the congressional appearance, the Fed chairman warned that he bank is prepared to tame inflation by pushing for more significant interest rate increases. Powell added that “the ultimate level of interest rates is likely to be higher than previously anticipated” and that recent economic data was “stronger than expected.” These remarks significantly increased investors’ expectations of a 50 basis point interest rate hike on March 22, putting pressure on risk assets such as stocks, commodities and Bitcoin. That movement could explain why the $565 million Bitcoin weekly option s expiry on March 10 will almost certainly favor bears. Nonetheless, additional negative crypto market event...

Bitcoin price recaptured the $22,000 level, but pending regulatory action against stablecoins and today's CPI report are front of mind for many investors. After twenty days of holding the $22,500 support, Bitcoin (BTC) price finally broke down on Feb. 9. Bullish traders had placed their hope on a sustained rally, but this has been replaced by a tight trading range with resistance at $22,000.  The downtrend is even more concerning since the S&P 500 is trading near its highest level in six months, yet the wider crypto market continues to correct. Regulatory pressure, mainly in the United States, can explain Bitcoin's recent lackluster performance. For starters, on Jan. 9, Kraken exchange reached an agreement with the United States Securities and Exchange Commission (SEC) to stop offering staking services to U.S. clients. The crypto also firm agreed to pay $30 million in disgorgement, prejudgment interest and civil penalties. On Feb. 10, cryptocurrency lending firm Nexo Capit...

BTC bulls could secure a $130 million profit in the Dec. 9 options expiry, but bears aim to balance the scales by keeping Bitcoin price below $17,000. Bitcoin (BTC) price crashed to $15,500 on Nov. 21, driving the price to its lowest level in two years. The 2-day-long correction totaled an 8% downtrend and wiped out $230 million worth of leverage long (buy) futures contracts.  The price move gave the false impression to bears that a sub-$15,500 expiry on the Dec. 9 options expiry was feasible, but those bets are unlikely to pay off as the deadline approaches. Year-to-date, Bitcoin price is 65% down for 2022, but the leading cryptocurrency remains a top 30 global tradable asset class ahead of tech giants like Meta Platforms (META), Samsung (005930.KS), and Coca-Cola (KO). Investors' main concern is still the possibility of a recession if the U.S. Federal Reserve raises rates for longer than expected. Proof of this comes from Dec. 2 data which showed that 263,000 jobs were created i...

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28, ...