Canada's Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto's most-experienced investors. Purpose Bitcoin ETF has 51% of AUM slashed The fund's holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and 17, its lowest level since October 2021. The 51% drop in BTC holding is also the biggest daily outflow ever. Interestingly, another Canadian crypto fund, dubbed 3iQ CoinShares Bitcoin ETF, witnessed similar outflows, dropping from 23,917 BTC on June 1 to 12,668 BTC on June 17, suggesting the Purpose's massive …

Ethereum's native token, Ether (ETH), underwent a sharp relief rally after falling to $880, its lowest level in eighteen months, on June 18. ETH price regains 30% in two days Ether's price reached above $1,150 this June 19, marking 30%-plus gains in just two days. However, at the beginning of the new weekly session this June 20, the ETH/USD pair hinted at giving up its weekend gains, with its price plunging by almost 9% from the $1,150 high. PostyXBT, an independent market analyst, told his 79,800 followers to be careful about the latest ETH price rally, noting that the move …

Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for Synthetic Ether (sETH)/Ether (ETH), Synthetic Bitcoin (sBTC)/Bitcoin (BTC) and Synthetic U.S. dollar (sUSD)/3CRV, allowing investors to cheaply convert synths such as sETH to ETH. Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times. Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during …

How to identify and avoid a bear trap? As a difficult proposition for novice traders, a bear trap can be recognized by using charting tools available on most trading platforms and demands caution to be exercised. In most cases, identifying a bear trap requires the use of trading indicators and technical analysis tools such as RSI, Fibonacci levels, and volume indicators, and they are likely to confirm whether the trend reversal after a period of consistent upward price movement is genuine or merely meant to invite shorts. Any downtrend must be driven by high trading volumes to rule out the …

How to place an iceberg order? Use a platform where you have direct access to the order books and the market, open an account and start trading big amounts in small steps. Iceberg chart trading isn’t possible on the regular trading platforms. You can only place iceberg orders on platforms that provide direct market access (DMA). DMA requires a strong technologically developed platform where you have access to the order books like BitMEX or BitFinex. Once you open an account, you can start trading. Almost every platform works broadly the same. You have to select the order type and instead …

United States Senator Bill Hagerty has sent a letter, cosigned by four other Republican senators, to Securities and Exchange (SEC) Commission chair Gary Gensler urging the withdrawal of a staff accounting bulletin, referred to as SAB 121, issued by the agency March 31. According to the senators, the bulletin amounts to “regulation disguised as staff guidance” and does not adhere to the Administrative Procedure Act. SAB 121 provides guidance on accounting and disclosure for companies that safeguard clients’ crypto assets and allow them to perform transactions with them. The bulletin said those companies, which include platforms such as Coinbase and …

Crypto exchange Binance has courted controversy almost since its 2017 beginnings, and five years later, the dustups continue. On June 6, the United States Securities and Exchange Commission was reported to be investigating whether Binance Holdings broke United States securities rules in launching its digital tokens. Meanwhile, on the same day, Reuters published a scathing 4,700-word “special report” titled “How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers.” Binance almost immediately retorted to Reuters with a blog post of its own, warning about “authors and pundits who cherry pick data, rely on conveniently unverifiable ‘leaks’ from …

Short-sellers have made a killing on various sectors of the United States stock market this year, but no other sector “held a candle” to the blockchain industry, with crypto company short-sellers profits up 126% in 2022, according to new data. On Thursday, technology and data analytics firm S3 Partners published a video summarizing its recent report, which found that overall, U.S. equity short-sellers are up on average more than 30% for the year. Some of these profit gains were attributed to the short-selling of automobiles and components stocks (up 54%), software and services stocks (up 50%), media and entertainment stocks …

Solana (SOL) tumbled on June 16 amid a broader retreat across the top cryptocurrencies, led by the Federal Reserve's 0.75% interest rate hike a day before. Solana price rebound fizzles Notably, SOL/USD plunged nearly 17% to $30 a token, wiping out almost all the gains from the day before. The SOL price volatility liquidated almost $10 million worth of contracts in the past 24 hours across multiple crypto exchanges, data from Coinglass shows. The latest declines come as an extension to SOL's broader correction, where it dropped by more than 90% after peaking out near $267 in November 2021. SOL …

One of the simplest strategies for trading cryptocurrencies involves the application of moving averages (MA). The basic premise is that if the price of an asset is above its moving average for a certain number of days, this is considered a buy signal. Once it falls below its moving average, the asset is sold, and a cash position is maintained until the price crosses the moving average again in the upper direction. Cointelegraph Consulting’s latest bi-weekly newsletter issue looks at the many ways moving averages can be tweaked to catch Bitcoin price swings. Using Coin Metrics’ price data, this analysis …

Crypto traders and investors started out the week with a major shock to the markets. As assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to voice their dismay (or in some cases jubilation) with the current state of crypto. Inflation, potential interest rate hikes, a looming recession, and yet another DeFi fiasco have all contributed to the current onslaught seen in markets on Monday. As a result, Bitcoin's (BTC) price plunged to levels not seen since late 2020, several crypto exchanges limited users from withdrawing their tokens, an increasing number of Web3-centric …

Ethereum is plagued with criticisms of its less than optimal scaling capabilities and high gas prices. There have been talks about increasing the scaling capacity of the Ethereum mainnet for a while now. However, the Ethereum ecosystem needs a solution for scaling right now, and if Ethereum is not able to give these new applications a platform with enough scaling capabilities, they can seek alternatives like the BNB Chain or Cardano. Optimism rollout was created to solve exactly the scalability problem of Ethereum. Optimism Rollup network is one of the several solutions trying to address Ethereum’s congestion problem. The Ethereum …