From the statement that Bitcoin is overexcited to the Cardano investor in Japan who was monitored for dishonest tax returns. Here are some highlights from the crypto market.
Bitcoin (BTC) faced renewed doubts about the strength of its October 7 rally as analysts noted a possible reversal of Wednesday’s short squeeze.
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it hovered near the $ 54,000 region after finding no support at the $ 55,000 mark.
The day before, the price of BTC soared to a high of $ 55,700, accompanied by massive buying pressure.
However, if funding rates turn positive on the stock exchanges, it suggests that a turnaround is imminent.
Bitcoin Funding Rate | Source: Bybt
The fact that the production rates have become too positive shows that the market expects long-term price increases. In such cases, the mass dissolution of positions can accelerate and lead to a downward movement.
Investor sentiment, as shown by the Fear & Greed Index, reached 76/100 that day, which stands for “extreme greed”.
“Investors are currently extremely greedy for BTC,” warned the trader and analyst Rekt Capital.
– Rekt Capital (@rektcapital) October 7, 2021
A new BTC cycle is imminent.
follow data of Cryptoquant, the volume from the cash exchange to the futures exchange is falling after the big decline. It is very similar to the previous phase 1, 2 and a concentrated strong uptrend could begin.
The volume transferred to the futures exchange increased after the official start of the increase. After all, the data is completely different from Deadcat 2018. In 2018, the volume of transfers from cash exchanges to futures exchanges increased.
BTC is about to start a new cycle | Source: cryptoquant
Bitcoin Entities profit has increased to 94.3%.
According to Glassnode, over 16.2% of all on-chain businesses have returned to profitability since BTC hit its lows in September.
Only 5.7% of bitcoin companies that peaked in May are losing money.
Percentage of profitable units on the Bitcoin network | Source: Glassnode
in a meeting interview When asked about the time of the Polkadot Parachains, Polkadot founder Gavin Wood recently said that he cannot determine the exact date, everything will go well once Kusama has tried Parachains. He’s not sure if the test has completed, but if not, it should be done in the next few days.
Wood added, “We need to fix any issues that arise from the audit. As far as I know, these are relatively minor problems, not major ones. It really depends on the management of Polkadot. “
According to Wood, polkadot is a metaprotocol that can be managed through the governance process. Technologically, the parachains are ready and the implementation lies with the management of Polkadot.
Strips financial news
Strips Finance (STRP) became notification completed a $ 8.5 million fundraising round.
Accordingly, the global decentralized fixed income trading platform, which raised $ 8.5 million in a token sale, is led by Multicoin Capital.
Other investors include Sequoia Capital, Fabric Ventures and Morningstar Ventures.
Cardano investors in Japan have been scrutinized after the authorities report that they declared their taxes dishonest.
It is reported that many cities in the country have made profits from trading Cardanos ADA tokens but are not reporting any income from investing in digital assets.
Authorities are now starting to strengthen cryptocurrency tax laws as citizens use digital assets to evade tax debts. Japanese citizens are investing more in cryptocurrencies to evade taxes as their legality has not yet been clarified.
FinTech firm Spartan Hill announced that it is integrating the Chainlink (LINK) price feed to operate a new decentralized Colombian peso stablecoin called the Daily (DLY).
The team will fund and use the new Chainlink tools for COP – USD to accurately and securely calculate the value of the collateral used to mint and burn Stablecoin DLY.
South America #Fintech Spartan Hill integrates #Chain link Price Feeds in support of its new decentralized Colombian peso stablecoin DLY. Chainlink oracles are referenced to calculate the value of crypto-collateral during the minting / burning of DLY. https://t.co/XL0Lkc152O
– Chainlink – Official Channel (@chainlink) October 6, 2021
By building DLY, Spartan Hill is introducing a decentralized stablecoin in South America that is pegged to the Colombian peso. DLY will establish an easily accessible crypto asset for users across the continent looking for stable crypto payments or collateral in DeFi protocols like regular money markets.
David Gokhstein, a former Republican Congressional candidate, mentioned the most popular memes pumped by Elon Musk in his recent tweet.
The CEO of PAC Protocol pointed out that both SHIB and FLOKI have massively increased their prices in the past few days. Over the past week, SHIB has shown a staggering 317.35% increase.
– David Gokhshtein (@davidgokhshtein) October 6, 2021
Shiba Inu (SHIB) climbed to twelfth place in market capitalization rankings after gaining more than 50% in the past 24 hours.
The SHIB market capitalization is now larger than Uniswap, Avalanche, Litecoin and Chainlink. However, this is not the highest level the doggy meme token reaches. Before that, it hit an ATH at $ 0.0000379 on May 10.
Rocket Pool News
Eth2 staking provider Rocket Pool postponed its launch after identifying a potentially vulnerable network in the protocol’s code.
1 / Yesterday our bug bounty program helped uncover an exploit that also affected other staking providers, so we are postponing the start to implement a fix.
We thank you very much @tsudmi for increasing the exploit.
– rocket pool (@Rocket_Pool) October 5, 2021
On October 6th, Rocket Pool announced that it would postpone the launch so the development team can work on the fix. Rocket Pool tweeted that “relative” changes were needed to address the vulnerability, and a new launch date will be announced shortly.
Rocket Pool was made aware of the vulnerability by Dmitri Tsumak, founder of StakeWise. After the bug was confirmed, the team informed another Eth2 staking project that the bug also posed a risk to their protocol.
News from Fantom
FTM tokens rose more than 36% on Thursday following the successful launch of the Geist Finance credit protocol.
According to the Geist Finance website, the log has amassed $ 3.8 billion in Total Locked Value (TVL) within 24 hours of its release. Users appear to be making transactions and transferring funds to the Fantom network to interact with the new protocol, increasing the price of the token.
FTM price table | Source: CoinGecko
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews