$BTC 24 Hour High $48,505
$BTC 24 Hour Low $47,035
$BTC -0.8% past 24 hours; +2.8% past 7 days
Flat funding rates and healthy trading volumes set market up for next move higher
Good morning and happy Friday. As the week draws to a close, $BTC continues to move sideways. Will $BTC move higher soon as it continues to trade in and around 47.8K?
While RSI is at a neutral level at 50, $BTC’s funding rates have become flat and negative, implying some short positions are being taken, and there are more shorts than longs.
$ETH’s funding rate is similar to $BTC, being flat and even negative at times. There is a price consolidation at the 3,550-3,600 range, with the initial support coming in at 3,450 and 3,400. Although $ETH tried to tick up, it failed to reach the 3,700 level. We noted a “cup-and-handle”, a bullish trading structure that is usually followed by a breakout, which plays out two-thirds of the time. Will this send $ETH up higher soon this time round? If the market is primed for a move higher, ATHs may get tested by the end of September.
While the crypto markets appear bubbly again, it’s quite the contrary in South Korea as the September 24 deadline looms. By then, 40 out of 60 South Korean crypto exchange operators might be forced to shut down as they are struggling to meet the toughened registration rules set by local regulators. What is most pressing is the altcoins (kimchi coins) traded in Korean Won, which punters are unable to unwind out of, and an estimated $2.6B could be lost. To register with authorities, the exchange must partner with a local bank and open real name accounts for customers. However, the appetite to do so by the local lenders is poor as most do not want to expose themselves to financial crimes or money laundering.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.26T, -1.0% from yesterday
- $BTC is down 0.1% at time of writing, support / resistance – 47,200 / 48,500
- $BTC liquidations and funding: $89.49M, +0.00993% average
- $ETH is down 0.1% at time of writing, support / resistance – 3,373 / 3,710
- $ETH liquidations and funding: $52.29M, +0.0122% average
Alts and DeFi watch:
- DeFi TVL: $92.11B
- $XLM down 3.3% in the last 24 hours, down ~0.6% in the past week
- $AAVE down 6.6% in the last 24 hours, up ~15.5% in the past week
- $HBAR down 5.8% in the last 24 hours, up ~43.5% in the past week
- $ATOM up 9.7% in the last 24 hours, up ~38.1% in the past week
More news that caught our eye:
- OpenSea under fire after admitting employee “insider trading” on NFTs
- SHIB is up 25% following Coinbase listing
- Scaramucci’s SkyBridge Capital secures $100M for Algorand Fund, files for crypto ETF
- BTC historical data reveals strategy to pick the right iPhone 13
- Does Evergrande’s $300B debt crisis pose systemic risks to the crypto industry?
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