Latest news with #FxPro
Yahoo
5 days ago
- Business
- Yahoo
Crypto Bulls Rack up $600M Liquidations as Bitcoin Drops Under $104K
Crypto markets saw a wave of liquidations in the past 24 hours as bitcoin (BTC) prices slipped under $104,000, triggering over $600 million in forced closures of bullish futures positions to mark the highest losses since February. A total of $688 million in liquidations hit traders, with 89% of them on the long side — reflecting a heavily bullish market. The largest single liquidation order was a $12.25 million BTC/USDT on OKX, Coinglass data futures led losses at over $153 mmillion, followed by Ethereum (ETH) at around $122 million. Solana (SOL) faced liquidations totaling about $33 million, XRP futures at $30 million, and Dogecoin (DOGE) futures at over $22 million. "Markets went red on Friday on renewed tariff-related apprehensions," said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. U.S. President Donald Trump accused China of violating a bilateral trade deal, prompting him to double tariffs on steel and aluminum to 50% to protect domestic industries. He claimed China reneged on a May agreement to ease trade tensions, adding that he might discuss the matter with President Xi. While China is a top steel exporter, most of its steel is already subject to existing tariffs, per Reuters. Trump's move rattled global trade markets, with potential implications for key minerals and overall relations between the two nations. The broader crypto market was also swept by the sell-off, with Ether down nearly 4%, XRP and Solana falling around 4-5%, and Dogecoin diving over 8% on the day. Data from Deribit shows open interest in Bitcoin futures has surged 51% since April, with options up 126%, signaling increasing investor appetite for leverage. But whales — large holders with more than 10,000 BTC — have shifted from accumulation to net selling, sending coins back to exchanges in a classic sign of profit-taking. A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction. Still, the renewed tariff flare-up, combined with a jittery derivatives market, has traders bracing for more volatility ahead. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Dominance Tops 64% While Options Indicate Bullish Tilt
By James Van Straten (All times ET unless indicated otherwise)Since May 22, bitcoin (BTC) has been trading within a narrow 5% range between $106,600 and $111,700, despite a flurry of bullish developments, including the announcement that Trump Media will raise $2.5 billion through equity and bond sales to fund a bitcoin treasury strategy. This pause in momentum comes even as the U.S. equity market rallies, with the S&P 500 up 22% from its April lows. Notably, bitcoin appears to have front-run traditional markets, with crypto markets now entering a consolidation phase while the S&P 500 still trades 4% below its all-time highs from February. Meanwhile, the divergence between bitcoin and the broader crypto market continues to widen. Bitcoin market cap dominance now consolidates above 64%, highlighting its growing influence. At current prices near $108,000, bitcoin trades almost $14,000 above its 200-day moving average, which sits just under $94,500, underscoring the strength of its recent performance. In contrast, ether (ETH) and solana (SOL) remain subdued. Ether has been rejected three times at its 200-DMA ($2,697) and currently trades at $2,633. Similarly, SOL is priced at $173, below its 200-DMA of $181, having also faced repeated rejections. 'Ether and solana have been battling resistance in the form of their 200-day moving averages for more than two weeks now. We seem to be dealing with an indecisive market choosing between a further mighty rally and fading after a rebound. Bitcoin's rally has the potential to inspire big alts to break out, but for now, we are not there yet," Alex Kuptsikevich, Chief Market Analyst at FxPro, told CoinDesk. In the derivatives market, bitcoin options expiring at the end of May show the highest concentration of call interest at $110,000, with June and July expiries skewing more bullish, particularly at $115,000 and $120,000 strikes, according to Kaiko. The highest turnover remains around $110,000, indicating expectations of continued consolidation around current levels. On the corporate front, Circle, issuer of the USDC stablecoin, has updated its IPO filing with the New York Stock Exchange. The company aims to raise $600 million at a valuation of $5.4 billion, becoming the latest crypto firm to push toward public markets amid renewed interest in institutional crypto adoption. Stay Alert! Crypto May 30: The second round of FTX repayments starts. May 31 (TBC): Mezo mainnet launch. June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on "DeFi and the American Spirit" Macro May 28, 2 p.m.: The Fed releases FOMC meeting minutes for May 6-7. May 29, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April unemployment rate data. Unemployment Rate Est. 6.9% vs. Prev. 7% May 29, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases Q1 GDP data. GDP Growth Rate QoQ 2nd Estimate Est. -0.3% vs. Prev. 2.4% GDP Price Index QoQ 2nd Estimate Est. 3.7% vs. Prev. 2.3% GDP Sales QoQ 2nd Estimate Est. -2.5% vs. Prev. 3.3% May 29, 2 p.m.: Fed Governor Adriana D. Kugler will deliver a speech at the 5th Annual Federal Reserve Board Macro-Finance Workshop (virtual). Livestream link. Earnings (Estimates based on FactSet data) May 28: NVIDIA (NVDA), post-market, $0.88 Governance votes & calls Lido DAO is voting on adopting Dual Governance (LIP-28), a protocol upgrade that inserts a dynamic timelock between DAO decisions and execution so stETH holders can escrow tokens to pause proposals at 1% of TVL or fully block and 'rage-quit' at 10%. Voting ends May 28. Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 'Callisto,' bringing them in line with Ethereum's May 7 Pectra upgrade. The proposal schedules activation for June 17, and voting ends on May 29. May 28, 1 p.m.: Sui to host an X Spaces session on Sui DeFi. June 10: to host an analyst call followed by a Q&A session. Unlocks May 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $23.76 million. June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $163.22 million. June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $11.19 million. June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $16.07 million. June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $60.51 million. Token Launches May 28: Sophon (SOPH) to be listed on Binance, BingX, KuCoin MEXC, OKX, and others. June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end. June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon's sunsetting process ends. June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN) Day 2 of 3: Bitcoin 2025 (Las Vegas) Day 2 of 4: Web Summit Vancouver (Vancouver, British Columbia) May 29: Stablecon (New York) May 29-30: Litecoin Summit 2025 (Las Vegas) May 29-June 1: Balkans Crypto 2025 (Tirana, Albania) June 2-7: SXSW London June 19-21: BTC Prague 2025 June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26-27: Istanbul Blockchain Week By Shaurya Malwa Sui's SUI jumps 6.5%, Cetus Protocol's token soars 26% as teams pledge to backstop exploit losses. Cetus Protocol, the top DEX on the Sui blockchain, secured a loan from the Sui Foundation to fully reimburse users affected by a $223 million exploit. The attacker used spoof tokens like BULLA to manipulate price curves and drain SUI, USDC, and other assets from liquidity pools. About $162 million of the stolen tokens were frozen on-chain; the rest were bridged out and may have been laundered through multiple routes. Cetus will combine the Foundation's loan with its treasury reserves to begin immediate repayments for affected users. Full recovery hinges on an upcoming community vote that would unlock the frozen funds for user compensation. At the time, the exploit caused CETUS to drop 40% and led to a sharp liquidity crunch across the Sui DeFi ecosystem, but the recovery plan has helped spark a strong market rebound. Bitcoin CME futures volume rose to $15.96 billion, the highest since Feb. 25. But the growth in open interest has stalled near $17 billion since May 21, suggesting a pause in inflows. ETH CME futures volume rose to the highest since Feb. 3, with open interest clocking a three-month high of $3.15 billion. On offshore exchanges, BTC and ETH perpetual futures signaled a moderately bullish bias with annualized funding rates holding steady below 10%. Monero's funding rate held above 90%, signaling excessive build of bullish leverage. On Deribit, BTC call bias has weakened across the board. Block flows featured short positions in the BTC May expiry call option at the $113K strike alongside demand for June and July expiry ETH call and call spreads. BTC is down 0.71% from 4 p.m. ET Tuesday at $108,821.26 (24hrs: -1.07%) ETH is down 1.54% at $2,628.1 (24hrs: -0.94%) CoinDesk 20 is down 1.35% at 3,245.33 (24hrs: -1.06%) Ether CESR Composite Staking Rate is up 11 bps at 3.1% BTC funding rate is at 0.0023% (2.4922% annualized) on Binance DXY is unchanged at 99.52 Gold is up 0.72% at $3,322.80/oz Silver is down 0.68% at $33.22/oz Nikkei 225 closed unchanged at 37,722.40 Hang Seng closed -0.53% at 23,258.31 FTSE is unchanged at 8,776.80 Euro Stoxx 50 is down 0.34% at 5,396.83 DJIA closed on Tuesday +1.78% at 42,343.65 S&P 500 closed +2.05% at 5,921.54 Nasdaq closed +2.47% at 19,199.16 S&P/TSX Composite Index closed +0.65% at 26,269.0 S&P 40 Latin America closed +0.76% at 2,619.31 U.S. 10-year Treasury rate is up 2 bps at 4.47% E-mini S&P 500 futures are up 2.02% at 5,934.75 E-mini Nasdaq-100 futures are up 2.32% at 21,461.25 E-mini Dow Jones Industrial Average Index futures are up 1.79% at 42,422.00 BTC Dominance: 64.05 (0.23%) Ethereum to bitcoin ratio: 0.02416 (-1.10%) Hashrate (seven-day moving average): 894 EH/s Hashprice (spot): $57.1 Total Fees: 6.05 BTC / $622,336 CME Futures Open Interest: 159,710 BTC priced in gold: 32.9 oz BTC vs gold market cap: 9.31% Bitcoin is teasing a downside break of the trendline characterizing the rapid price rally from early April lows near $75K. Such a move may entice more profit-taking, yielding a deeper pullback. Strategy (MSTR): closed on Tuesday at $372.2 (+0.73%), -1.15% at $367.93 in pre-market Coinbase Global (COIN): closed at $266.4 (+1.23%), -0.66% at $264.63 Galaxy Digital Holdings (GLXY): closed at C$29.97 (-5.16%) MARA Holdings (MARA): closed at $16.44 (+11.61%), -1.09% at $16.26 Riot Platforms (RIOT): closed at $9.14 (+6.9%), -1.2% at $9.03 Core Scientific (CORZ): closed at $11.28 (+5.62%) CleanSpark (CLSK): closed at $9.86 (+5.34%), -1.42% at $9.72 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.24 (+3.58%) Semler Scientific (SMLR): closed at $43.39 (-2.1%), unchanged in pre-market Exodus Movement (EXOD): closed at $34.75 (-0.71%), +2.88% at $35.75 Spot BTC ETFs Daily net flow: $385.4 million Cumulative net flows: $44.88 billion Total BTC holdings ~ 1.20 million Spot ETH ETFs Daily net flow: $38.8 million Cumulative net flows: $2.81 billion Total ETH holdings ~ 3.55 million Source: Farside Investors The annualized premium in ether CME futures continues to rise and has now topped the 10% mark for the first time in months. The rising premium represents bullish sentiment among sophisticated market participants. Bitcoin Surges Ahead as Strategy Stock Lags (CoinDesk): Divergence grows amid mNAV compression and a shift in Strategy's funding approach for bitcoin accumulation. Sui Network Steps in to Compensate Cetus Losses in Full After $223M Exploit (CoinDesk): The Sui Foundation has extended a loan to Cetus to fully reimburse affected users, with repayment contingent on an upcoming on-chain community vote. Are XMR Traders Buying The Dip? Monero Futures Open Interest Surges as Price Falls By Nearly $100 in 3 Days (CoinDesk): Open interest has climbed to a multi-month high alongside persistently positive funding rates, signaling aggressive long positioning despite the recent sharp correction. Path of Least Resistance for Stocks Is Higher, Barclays Says (Bloomberg): Investor positioning remains light enough to support further gains, Barclays says, with systematic buying likely to persist absent a shock and Nvidia earnings now key to near-term sentiment. Putin Has Retooled Russia's Economy to Focus Only on War (The Wall Street Journal): Analysts say peace could spark unrest, as winding down arms production may lead to factory job losses and falling incomes in poorer regions that have benefited from heavy defense spending. Zelensky Heads to Berlin in Latest Sign of a Warming Relationship (The New York Times): Zelensky has met Germany's new chancellor three times in as many weeks, highlighting Berlin's push to assume a stronger role as U.S. support for Ukraine becomes less certain. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Bulls and Bears Get Caught off Guard as Bitcoin Jumps to $106K, Then Falls Back to $103K
Over $600 million in crypto derivatives positions have been liquidated since late Sunday as bitcoin (BTC) staged a sharp rally past $106,000 in the wee hours, only to reverse course and dump back to near $103,000, catching both bulls and bears off guard. The move began around 21:00 UTC on Sunday, when bitcoin spiked more than $2,500 in less than an hour — a pattern that can be attributed to thin weekend liquidity and potential algorithmic buying triggered by technical levels. Such price action was a textbook short squeeze followed by aggressive profit-taking or stop-run. A short squeeze happens when traders betting against a price (short sellers) are forced to buy the asset as it rises, to cover their losses, which pushes the price even higher and often very quickly. The sudden move wiped out over $460 million in long positions and $220 million in shorts, across futures tracking majors like ether (ETH), solana (SOL), and dogecoin (DOGE). The liquidation wave was notable for occurring during traditionally quiet weekend hours, an unusual event that marks forced selling or buying activity by a major player. SOL, DOGE and XRP prices are down more than 4% in the past 24 hours, data shows, with the broad-based CoinDesk (CD20) down more than 2%. The volatility follows a week of macro uncertainty, with Moody's cutting the U.S. credit rating on Friday and inflation fears resurfacing after mixed economic data. The downgrade also led to U.S. 30-year treasury yields breaching the 5% mark. While crypto has broadly benefited from renewed institutional inflows and spot ETF momentum, traders remain cautious at current price levels, as reported. Bitcoin is flat over the past week, but the recent failure to hold above $106,000 — a key psychological and technical level — may signal near-term resistance, FxPro's Alex Kuptsikevich told CoinDesk last week. Meanwhile, some traders anticipate higher volatility in the days to come in a warning sign for those looking to leverage their bets. 'Investors are shifting capital to Bitcoin as concerns grow over a pending US spending bill that could add trillions in debt and push for higher Treasury premiums,' Haiyang Ru, co-CEO of the HashKey Business Group, told CoinDesk in a Telegram message. 'But while bitcoin hovers just below new highs, we anticipate more market volatility as traders prepare for new trade deals and a final version of the fiscal policy,' Ru in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Bitcoin nears record high as analysts tell market to ‘buckle up'
The price of bitcoin is approaching a new all-time high after rising more than 10 per cent in recent days, leading some analysts to predict another record-breaking rally in 2025. The world's leading cryptocurrency rose above $105,000 on Monday, just $4,000 away from the record high it reached in January 2025. Crypto experts have attributed the latest price increase to massive inflows from institutional investors, greater support from governments and regulators, as well as improved sentiment among retail investors. The collision of positive catalysts have led some industry figures to forecast a 'parabolic' price rise for bitcoin in the months ahead. 'I truly understood bitcoin in 2011-2012 and in all these years, the bull case for it has never been stronger,' former PayPal president David Marcus wrote in a post to X. 'Banks can now custody and offer BTC to their customers, sovereign states and corporations are competing to buy, utility phase of TCP/IP [Transmission Control Protocol/Internet Protocol] for money is taking off. Buckle up.' Standard Chartered analyst Geoff Kendrick recently predicted bitcoin could reach as high as $120,000 by the end of June, reinforcing his year-end forecast of $200,000. "While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing," he wrote in April. "If so, we would expect a new all-time high to be reached in Q2 with further gains over the summer.' Other cryptocurrencies have also experienced significant gains in May, with ethereum and dogecoin adding around 40 per cent to their value over the last week. The market has also been boosted by broader economic stability, with a major trade deal reached between the US and UK, as well as indications that the trade war between the US and China is cooling. This has brought renewed attention to typically high-risk assets like cryptocurrencies, which investors tend to sell during periods of uncertainty in favour of save haven assets like gold. Some crypto analysts believe that the current market momentum could see bitcoin reach new highs as early as this week, with the next resistance level pegged at $107,000. 'The impressive corrective pullback from late January to early April, in our opinion, created substantial margin for a new wave of growth,' Alex Kuptsikevich, the chief market analyst at the online trading platform FxPro, told The Independent. 'Therefore, we will not be surprised if, along with the positive dynamics of stocks, bitcoin will move to the renewal of historical highs already this week.' For bitcoin to realise these predictions,however, some have pointed to the $100,000 price point as a key support level. Should the cryptocurrency fall back below this figure, it could potentially lead to a broader sell-off that sees bitcoin pull back towards its 50-day moving average below $90,000. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
XRP Slides 4% as Bitcoin Traders Cautious of $105K Price Resistance
XRP fell over 4% in the past 24 hours, leading losses among major cryptocurrencies as the broader market stalls after last week's sharp rally. Bitcoin continues to hover above $104,000, with traders predicting a steady rise past $105,000, a level now acting as both psychological and technical resistance. The crypto market's total capitalization declined 2% to $3.3 trillion, according to CoinGecko, with majors such as Ethereum (ETH) and Solana (SOL) also pausing near their 200-day moving averages — a region that may either signal consolidation or the start of a short-term pullback. 'Bitcoin has been smoothly forming a top for the past seven days,' said Alex Kuptsikevich, chief market analyst at FxPro. 'This kind of setup typically signals a correction is due, especially when paired with slippage in equities and profit-taking in gold.' The Crypto Fear & Greed Index dipped slightly from 73 to 70, still in 'greed' territory but suggesting momentum has faded. SignalPlus's Augustine Fan said markets may continue to grind higher unless equities roll over, but warned that BTC is likely to struggle against interim resistance at $105,000. He noted Ethereum may benefit more in the near term as part of a broader crypto uptrend, especially with improving inflows and relative strength in altcoins. Fan also reiterated a macro shift in capital allocation that favors crypto. 'We think the 'anti-dollar' ledge is more structural this time around,' he said. 'Investors are increasingly rotating into emerging markets, precious metals, and crypto as a way to hedge geopolitical and currency risk.' BTC's recent rally appears to be fueled by spot market demand, not excessive leverage, according to K33 Research. That undercurrent of buying, especially from retail and Asia-based wealth managers, could help sustain bullish sentiment, even if near-term price action remains range-bound. Nick Ruck of LVRG Research added that the lull in price may stem from caution ahead of upcoming macroeconomic data and concerns about the longer-term impact of recent U.S. trade deals."The lull in activity may stem from anticipated volatility ahead of future macroeconomic and policy reports, along with investor reactions to inflation fears from American consumers that drove less spending in the country last month," Ruck said."Traders are cautiously bullish as the US trade deals push prices higher, but concerns remain about the long-term impact from tariffs after the deals with major trading partners have been finalized," he added. For now, markets are holding their breath just below key breakout levels, with the next decisive move likely to reset direction across the board. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
