The first half of 2021 in the crypto markets brought many comparisons to 2017. Bitcoin (BTC) was on a tear to its all-time high, the new frontier of decentralized finance emerged, and nonfungible tokens were gaining myriad celebrity endorsements. But after the initial months of euphoria and a subsequent sell-off, BTC’s performance has been far more lackluster. The recent market sell-off resulting from the Evergrande crisis has compounded fears. However, it can’t be ignored that many altcoins, particularly platform tokens, have undergone impressive runs and, in some cases, even bucked broader market trends. With hopes still high that another bull …
Bitcoin (BTC) has been struggling to break the $50,000 mark for over 10 days now. However, on Sept. 2, the premium cryptocurrency briefly surpassed the milestone, sending positive ripples across the market. Since then, the token has dropped below the mark to trade in the $49,000 range before rebounding to hit the $50,000 mark yet again on Sept. 3. As Bitcoin often behaves in a cyclical pattern, a look at the monthly trends for September could reveal patterns in the price, which in turn could be helpful to gauge the outlook for the upcoming month. Historically, September has been one …
With Bitcoin within $1,000 of its all-time high price of $19,891 set in December 2017, trading on major crypto exchange Binance is also hitting new heights, with more than $37 billion in volume in the last 24 hours. According to data from CoinMarketCap, the daily trading volume of Binance has now hit $37,291,444,117, up 40.5% in the last 24 hours. Last week, the analytics site reported $25 billion in trading volume for Binance. In addition, Bitcoin (BTC) futures open interest on Binance hit an all-time high of $1.17 billion, according to crypto analytics site Glassnode. #Bitcoin futures open interest on …
Cryptocurrency exchange Poloniex remains confident that it has identified and fixed an error that caused a number of erroneous trades on the platform earlier this week. On Feb. 12, Poloniex made a decision to reverse all trades that took place during an 11-minute period due to a software error. The bug caused trades to be executed and accounted for inaccurately. The platform’s automated audit system picked up the affected trades and halted all withdrawals. Following that, the Poloniex team effectively reversed every trade that had been executed as a result of the bug. The main reason for the reversal, which …
Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, stating that both ratings have been placed under review for further downgrade. The CFR, a rating assigned to reflect Moody’s opinion of a company’s ability to honor its financial obligations, was downgraded from Ba2 to Ba3, which is considered below non-investment grade. Senior unsecured notes are a type of debt a company holds that is not backed by any assets and, in the event of bankruptcy, must be repaid before any others. Moody’s downgraded Coinbase from Ba1 to Ba2. Earlier …