Bitcoin surge crosses above $24.7
Just as Bitcoin was likely headed south, investors sent the largest cryptocurrency by market cap higher, largely due to a short squeeze.
BTC recently traded at around $24,625, up more than 11% from the same time Tuesday. Bitcoin last traded above $24,500 in August. Wednesday’s surge followed a weak CPI that left investors less concerned about the future of the US economy and the Fed’s next monetary policy moves.
But short sellers seemed more to blame for the unexpected turn of the past few days. Data from crypto data provider Coinglass showed at one point Wednesday that traders betting on price shifts liquidated about $65 million in Bitcoin over the past 24 hours, of which about $60 million was in short positions .
Ether had an almost equally upbeat day, blasting the $1,700 level before settling slightly below that level. The second largest cryptocurrency in market value recently rose more than 9%. Other majors turned bright green throughout the day, with YGG, the token of play-to-earn gaming guild Yield Guild Games, and NEAR, the native crypto of smart contracts platform Near Protocol, each up well over 11% have risen. The CoinDesk Market Index (CMI), a measure of the performance of the broader digital asset market, recently rose 10%.
And while stock markets were less adventurous overall, with the tech-heavy Nasdaq and S&P 500 both closing less than a percentage point, crypto-related stocks rose, with both exchange Coinbase (COIN) and bitcoin miner Marathon Digital Holdings (MARA) up 17 The enterprise software company MicroStrategy (MSTR), a major BTC holder, is up more than 9% recently.
FTX’s sad saga continued when US federal prosecutors asked a judge in the US District Court for the Southern District of New York to amend the terms of FTX founder Sam Bankman-Fried’s release on bail to allow him cell phone use or the Internet except under very specific conditions. Prosecutors alleged Bankman-Fried used a virtual private network on at least two occasions, allegedly to watch National Football League playoff games. It’s a sharp escalation of previous requests, mostly involving prosecutors, asking that Bankman-Fried only ban the use of encrypted or short-lived messaging apps.
In an interview on CoinDesk TV, Joey Krug, investor and co-founder of Augur and Eco, said that he believes “markets had bottomed way back in June of last year,” but also noted, “It’s likely to continue giving some hits.” the markets as inflation is not going as fast as people had hoped. I think things got oversold last summer and things are finally picking up again.”
Krug added, “The second half of the year will be bullish for crypto. Most of the people who are going to sell crypto have already sold.”
NFT Marketplace Blur token reaches $500 million trading volume after airdrop
(A version of this story appeared on CoinDesk’s website on Wednesday.)
NFT marketplace Blur’s tokens have already amassed over $500 million in trading volume in less than 24 hours since their much-hyped airdrop.
A Blur airdrop tracking page on Dune Analytics, created by crypto Twitter user pandajackson42, shows that 320 million of the total 360 million Blur tokens airdropped were claimed by users, accounting for nearly 90% of the airdrop matters.
Airdrops are the unsolicited distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses and are commonly used as a tactic to attract users.
BLUR tokens were airdropped to users of the Blur marketplace, with the airdrop amount depending on the overall activity, network volume, and transactions of each user on the platform. There were three airdrop rounds in total. The first was for everyone who traded in the 6 months prior to the launch of the Blur Marketplace, the second was for traders who were actively listed on the Blur Marketplace through November, and the third was for traders who bid on Blur have given up.
The third recipient type received the most tokens in the airdrop.
Blockchain data further compiled on Dune shows that 40% of all users received between 100 and 1,000 Blur tokens. About 22% of users received fewer than 100 Blur tokens, while 30% received between 1,000 and 10,000 Blur tokens.
Less than 1% of users received more than 1 million blur tokens — worth over $1 million — as of Wednesday morning.
Blockchain data shows there are over 33,000 unique wallet holders from BLUR as of Wednesday morning, most of whom will initially receive the airdrop before likely transferring the tokens to other wallets.
Some traders mass-sold the tokens after receiving the airdrop. The tokens were originally listed at $1 on crypto exchange Coinbase, but fell as low as 48 cents late Tuesday. However, Wednesday’s Asian hours saw buying pressure and tokens surged to 72 cents at the time of writing.
CoinGecko data shows that over $530 million worth of BLUR has been traded on exchanges including OKX, Kucoin, and Uniswap.
Meanwhile, the total value of tokens on the Blur marketplace has increased by $10 million in the past 24 hours, DeFiLlama data shows.
Bitcoin managed to regain a comfortable footing above $22,000 despite the tepid US Consumer Price Index (CPI) data in January. eToro investment analyst Callie Cox shared her analysis of the crypto markets. Separately, Paxos, the issuer of the $16 billion stablecoin Binance USD (BUSD), has burned more than $700 million in BUSD tokens as of Monday. Jesse Austin Campbell, former head of portfolio management at Paxos and associate professor at Columbia Business School, explained why stablecoins can be just as safe as regulated financial products like money market funds.
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