Holpop News

Since Bitcoin (BTC) began its 48 percent decline to $30,000 on May 12, traders have been attempting to time the much-anticipated trend reversal. The action resulted in the liquidation of $12 billion in futures long bets, and market confidence has remained considerably depressed to this day. The 500 percent price gain between Oct. 1, 2020, and the $64,900 peak on April 14, 2021, resulted in a significant increase in supply moved in the months preceding the rally. There are currently 2.2 million BTC active over the past 30 days, and this is significantly higher than levels seen before Oct. 2020.

Pintu, an Indonesia-based cryptocurrency exchange aimed at first-time bitcoin users, has raised $6 million to support its purpose of driving industry adoption.

According to digital news agency Tech in Asia, the firm stated on Tuesday that it has closed a Series A investment round sponsored by key worldwide crypto investors such as Pantera Capital, Coinbase Ventures, and Intudo Ventures. Other investors in the round included Alameda Ventures, Blockchain Ventures, and Castle Island Ventures.

On May 26, the price of Bitcoin (BTC) reached $40,000 for the first time in five days, breaking above a crucial sell level.

Traders expect a broader rally to come and a bullish market structure to form if Bitcoin continues to rise above $42,000 and Ether (ETH) reclaims $3,000.

First, Elon Musk, CEO of Tesla, and Michael Saylor, CEO of MicroStrategy, have been urging Bitcoin miners to utilize greener energy. 

Since then, Musk and Saylor have gone even farther, meeting with Bitcoin miners in the United States regarding dependable energy use.

Second, the Bitcoin futures market has been largely reset. According to Bybt.com statistics, when BTC fell below $30,000, futures market open interest fell from $27 billion to $11 billion. 

The proposals are subject to an ongoing review but according to the chairman of the Committee on Legislation, Pavel Krasheninnikov, there is consensus on the matter.The lawmaker declared at the St. Petersburg Legal Forum: “We believe that it is necessary to make amendments to the Civil Code. Now we are in the appropriate approval procedure but there is an understanding that digital monetary units, as they have been called, can be a contractual means of payment.”

Russia regulated cryptocurrencies with the Law “On Digital Financial Assets and Digital Currencies,” which went into force on Jan. 1. The legislation classifies cryptos such as bitcoin as property items and prohibits their use in payments for goods and services. The ruble remains the only legal tender in the Russian Federation. In February, the State Duma advanced another bill confirming their property status.

Blockfi, one of the most popular bitcoin lending and borrowing sites, overcharged bonuses to a group of consumers, with some getting as much as 700 BTC in their accounts. 

According to sources, these payments were made in connection with a stablecoin promotion that Blockfi is conducting, which would provide additional advantages to users who kept a certain amount of money in their Blockfi Interest Accounts. 

Seems that Blockfi issued stablecoins sums of payments, but in bitcoin, sending some users BTC instead of GUSD, the currency the mentioned promotion advertised. The issue first blew up in social media, where customers of the company gloated about the payments, while others were concerned about the financial stability of the platform after issuing these oversized bonuses.

Bitcoin (BTC) finally rallied at $30,000 earlier today in the May 19 trading session, after an excruciating 35% fall in the previous 24 hours. A total of $3.5 billion in liquidations occurred, which may have expedited the trend, but it cannot be totally responsible for it.

However, the weakness in derivatives markets did give some strong signals that panic was instilled, causing unsustainable levels. These can be measured by the price gap between the futures markets and regular spot exchanges, along with the negative funding rate on perpetual contracts.

On May 18, Lex Moskovoski, CIO at Moskovoski Capital, exchanged data indicating that 22,917 BTC were moved into consolidated exchanges in a single hour. Moskovoski noticed that the hourly inflow was the highest since the “Black Thursday” crash in March 2020.

With outflows from exchanges typically being inferred as indicating crypto assets are being moved into cold storage for security or DeFi protocols for yield generation, inflows are interpreted as assets being moved onto centralized platforms to be sold.

According to data collected by on-chain crypto analytics company Glassnode, the past two days have seen consecutive all-time peaks in net conversion volume into Bitcoin on leading centralized exchange, Binance. Twitter analyst William Clemente III posted the data with his 70,400 followers, prompting bearish market predictions on social media.