Bitcoin's Streak of Weekly Gains Puts Record High in Sight If History Right Yahoo Finance
Go here to see the original:
Bitcoin's Streak of Weekly Gains Puts Record High in Sight If History Right - Yahoo Finance
Tags:
Bitcoin and Ethereum led cryptocurrencies in liquidations as over 54,000 traders saw leveraged positions wiped out, and the total market cap neared $2.1 trillion.
CoinGlass reported that over $145 million was liquidated from the crypto market in 24 hours across exchanges. As most traders anticipated lower prices, $91 million of these trades were registered as short positions.
However, the total cryptocurrency market cap rose 1.2% per CoinGecko and liquidated the downside bets. A $4 million Bitcoin (BTC) position in a USDT pairing made the single largest liquidation order. The trade was on Binance, cryptos biggest exchange.
Traders also lost at least $70 million combined between BTC and Ethereum (ETH) across long and short punts.
BTC and ETH, the top cryptocurrencies by market cap, have seen price uptrends in the past week. The tokens have gained 3% and 11% in the last seven days amid bullish market sentiment.
Bitcoin ETF approvals by the U.S. SEC on Jan. 10 seem to be a main driving force in Bitcoins rally as it prices in at $51,800 and holds a market cap of over $1 trillion, making BTC the 10th largest asset in the world. There is also anticipation surrounding the Bitcoin halving, which is expected in April.
Some believe the halving, which slashes new block rewards in half, and BTC acquisitions for spot Bitcoin ETFs will trigger a supply crunch while demand increases. The leading hypothesis suggests this will cause a parabolic run for cryptos largest asset.
The Bitcoin halving is set to happen in April 2024. Here's what to expect First, let's reflect on the Previous Halving: In 2020, after the last halving, the block reward dropped to 6.25 BTC Bitcoin's hash rate dropped by 30% within two weeks. Bitcoin's miner difficulty pic.twitter.com/6hIsjAVPKK
Ethereums current momentum revolves around a technological upgrade dubbed Dencun. Developers have said the modifications will introduce expanded data availability for layer-2 rollups through a blob feature. This will allow L2s to add more data to each block, thus reducing transaction costs and bolstering scalability.
Dencun is slated to ship to Ethereums mainnet around mid-March following successful testing on three testnets: Goerli, Sepolia, and Holesky.
More:
Bitcoin, Ethereum lead crypto in $145m liquidation day - crypto.news
Tags:
Bitcoin is breaking records as investors flock into new spot Bitcoin exchange-traded funds in the US with $2.45 billion flowing into the funds last week the highest weekly total ever.
In a new report, Kaiko attributed 99% of the inflows to the US market, with the majority of flows heading into spot Bitcoin ETFs such as Wall Street giant BlackRocks iShares Bitcoin Trust.
The iShares fund is one of 10 new ETFs to hit the market since the US Securities and Exchange Commission approved them on Jan. 10. It is the most successful ETF launch of all time.
Since its launch, the iShares Bitcoin Trust has had over $6 billion in inflows, followed by Fidelity Investments Wise Origin Bitcoin Fund, at $4.3 billion.
Stay ahead of the game with our weekly newsletters
US platforms have dominated Bitcoin trading since late last year, consistently wielding over 50% of global market depth.
The increase in liquidity has been driven by US platforms and is likely linked to the spot ETF approvals, Kaiko wrote in its report.
US spot Bitcoin ETFs have pulled in the bulk of this years $5.2 billion in Bitcoin inflows, a number hurt by outflows from the Grayscale Bitcoin Trust, the incumbent ETF on the market.
CoinShares flows chart (Bloomberg/CoinShares)
Grayscale has seen $7 billion in outflows this year, as investors migrated to ETFs with lower fees such as the iShares Bitcoin Trust and Wise Origin.
Join the community to get our latest stories and updates
Grayscale outflows have slowed in recent weeks, but more trouble looms. Last week, a judge granted bankrupt crypto lender Genesiss request to offload $1.6 billion in Grayscale stock a move that banking giant JPMorgan said that will create selling pressure for Bitcoin and that could contribute to another $10 billion in outflows for Grayscale.
Still, Grayscales bleeding has been outpaced by inflows overall, indicating continued growth in the sector.
Bitcoins daily trading volume averaged more than $10 billion last week, Kaiko research shows. The firm noted that daily trading volume hasnt surpassed the 10-month high hit on January 10, the day before spot Bitcoin ETFs made their market debut in the US.
Kaiko Bitcoin flows chart (Kaiko)
The report showed that Bitcoin volumes are up and that average trade sizes are consistently above $1,000 per trade, a possible sign of institutional participation.
Tyler Pearson is a junior markets correspondent at DL News based out of Alberta, Canada. Got a hot tip? Reach out to him at ty@dlnews.com.
Read more from the original source:
Bitcoin ETFs notch best-ever week with $2.5bn haul amid signs bigger players are jumping in - DLNews
Tags:
Coinbase rides bitcoin ETF frenzy to first quarterly profit in 2 years Yahoo Finance
Read the original here:
Coinbase rides bitcoin ETF frenzy to first quarterly profit in 2 years - Yahoo Finance
Tags: