Crypto news

Bitcoin decides to give up on its bull-market dreams as sellers take full control. Sad, really.

Bitcoin, that fickle lover, slipped below $112K, leaving the market in a state of existential dread. The global crypto market cap, ever the drama queen, edged lower, with Ethereum, BNB, and XRP also posting losses. Traders, those brave souls, remain cautious following the massive $19 billion liquidation earlier this month. Market participants, balancing recovery hopes with risk management, seem to be playing a game of chess with a deck of cards. 🃏🌀

Oh, you know, just some casual large-scale ETH purchases and rising on-chain activity-totally normal in times of market panic. Investors are still in love with ETH, apparently. 💸

Nansen data showed that in the last 30 days, the number of successful transactions on BNB Chain passed 500 million, surging 151% from the previous 30-day period. The network is second only to Solana, which recorded nearly 1.8 billion transactions in that time frame. And just when you thought Solana was the king of transactions, BNB Chain came in with a 151% surge. Solana’s like, “Wait, what?” 🤯

Governor Gavin Newsom, a man who clearly woke up one day and thought, “Why *not* legislate the afterlife of Bitcoin?” has signed a law ensuring your forgotten crypto doesn’t get turned into state-owned monopoly money. 🚀

The Facts:

Ah, the great crypto circus! A wave of leveraged long liquidations has laid bare bitcoin’s equity sensitivity, or so says the august Citigroup. How very revealing, like a debutante’s first scandal. 💎

Thanks to Bloomberg, we’ve got the scoop – Metaplanet’s enterprise value recently dipped below its Bitcoin holdings on Tuesday. Its mNAV, that fancy metric comparing value to its crypto booty, now sits at 0.99. Yep, for the first time, it’s gone below 1.0. Basically, the market is saying, “You’re worth less than the Bitcoin you’re holding.” Great feedback for a company that started as “Japan’s Bitcoin darling.” 💸💔

Despite a sell-off that felt like a bad first date, ADA’s structure is clinging on like my ex to her yoga mat. Growk Finance’s chart says it’s in a 4-year symmetrical triangle-basically, it’s been in therapy for four years and still hasn’t figured itself out. The $0.70-$0.72 zone is acting like the bouncer at a club, keeping the bears out. For now. 🕵️‍♂️

These funding rates for crypto derivatives? They’re lower than a snake’s belly in the 2022 bear market flop. All this after billions in leveraged bets got flushed down the toilet like yesterday’s bad trade. 🚽