Bitcoin's recent correction and retracement of gains linked to BlackRock's BTC ETF application indicate weakness in the market, prompting one crypto trader to stay on the sidelines until Bitcoin either reclaims $30,000 or experiences a major collapse, while also noting that trader sentiment currently favors altcoins.
Bitcoin, the top cryptocurrency, reached a two-month low due to risk aversion in global markets triggered by concerns about China's economy and U.S. interest rates, as well as a report that Elon Musk's SpaceX sold its bitcoin holdings.
Bitcoin's price rose nearly 5% to just below $26,800, driven by a rally in traditional markets and increased trading volumes, while bankrupt exchange FTX seeks to sell its crypto holdings with the help of Galaxy Digital and Binance discontinues its crypto-backed debit card in Latin America and the Middle East.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Hundreds of millions of dollars worth of crypto assets have been liquidated as Bitcoin's price falls below $26,000, with the majority of the liquidations coming from exchanges such as OKX, Binance, and ByBit.
Market makers in the crypto sector are facing challenges as costs increase and investors shy away from the market following a $2 trillion crash, leading to efforts to mitigate risks and a decline in profitability, with providers diversifying their activities across exchanges and storing digital assets away from trading venues. The market-making sector is experiencing a drop in profitability due to the use of intermediaries and collateral, and the industry has recognized the need for higher costs and increased risk management.+
Bitcoin is predicted to reach $22,000 due to worsening investor sentiment and the impact of lawsuits against Binance and Coinbase, while BitMEX co-founder Arthur Hayes claims the bull market began in March.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
FTX, a bankrupt crypto exchange, is seeking court approval to liquidate $3.4 billion in cryptocurrencies, with a maximum offload of $100 million per week, potentially impacting the market in a more gradual manner rather than causing a sharp fall in asset prices; this article examines the price movements and potential impact on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).
Bitcoin's price rebounded to around $26,000 as short traders abandoned their bearish bets, but a lack of bullish catalysts may limit the recovery, with a potential altcoin crash looming as bankrupt exchange FTX plans to sell around $3.4 billion worth of tokens.
The price of bitcoin rebounds by 4.5% as fears around FTX liquidations ease and investors cover short positions, but uncertainty remains due to weakened momentum and lack of clear market catalysts.
Crypto derivatives exchange BitMEX has launched a prediction market, allowing traders to bet on real-world events including the recovery rate of FTX's bankruptcy claims and the chances of a Bitcoin Exchange Traded Fund being approved.
Binance.US CEO departs and workforce is reduced as the crypto exchange faces pressure from regulatory actions, while BitMEX launches a prediction market and FTX amends its crypto asset sale proposal.
August saw the crypto markets experience a downturn, with Bitcoin and Ether losing significant value due to liquidations on the derivatives market, while venture capital investment in the blockchain industry hit a new low and derivatives drove negative sentiment for Bitcoin.
FTX's sale of tokens held by the bankrupt crypto exchange will not cause a market shock, as liquidations are limited and there are strict controls and restrictions in place, according to a research report by Coinbase.
BitMEX, the derivatives exchange known for popularizing perpetual swaps, has undergone changes and has a new CEO, Stephan Lutz, who discusses market trends, crypto cycles, and the evolution of BitMEX. Lutz emphasizes the importance of diversifying portfolios, managing risk exposure, and using derivatives like perpetual swaps to reduce capital exposure and amplify profit and loss through leverage. BitMEX is also exploring the possibility of listing options in response to market demand.
FTX's bankruptcy court-approved liquidation of $7.1 billion worth of crypto assets, including Solana and Bitcoin, is not expected to cause a market crash, as the court has implemented measures to ensure market stability during the process.
FTX customers, insiders, and investors remain optimistic about the cryptocurrency industry despite losing millions of dollars in the collapse of FTX and not receiving any refunds, with many still planning to invest in crypto.
Prominent venture capitalist Chris Burniske suggests that a phase of selling exhaustion in the cryptocurrency market may be approaching, presenting a potential buying opportunity despite prevailing fear; Burniske also highlights the possibility of Bitcoin and Ethereum dropping to lower price levels.
The global cryptocurrency market remains significantly impacted by the collapse of FTX and other major players, resulting in lower prices, trading volumes, and venture capital investment compared to the peaks of 2021.
BitMEX co-founder Arthur Hayes predicts that Bitcoin will reach $750,000 to $1 million by 2026, but warns of a financial crisis on par with the Great Depression following the bull market.
BitMEX, a leading crypto derivatives exchange, has seen significant growth in recent years and has launched innovative products such as perpetual swaps and social trading features like Guilds, while also introducing new contracts for the Shiba Inu ecosystem. The CEO, Stephan Lutz, is optimistic about the state of the Bitcoin market and expects increased institutional interest and adoption. The cryptocurrency market is expected to continue growing, with regulatory clarity playing a crucial role in shaping its future.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
Buyers struggle to maintain Bitcoin price above $27,000 as selling increases due to inflation pressure and uncertainty, but analyst predicts a potential rally to the next halving in November; BitMEX founder Arthur Hayes is even more bullish, predicting Bitcoin could reach $750,000 to $1 million by 2026.
