Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders

Cryptocurrency price corrected sharply today, including Ether (ETH), but this is a short-term move which is not reflective of the more macro-level events which still paint a bullish picture for assets like Ether and Bitcoin. In the last 30 days, Ether price gained 96%, moving from $2,138 to $4,200 on May 11. Normally the assumption would be that every trader is consumed with euphoria and this would be seen in the funding rate reaching record highs on Ether futures contracts but at the moment this is not the case. The…

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Alpha Homora defies market slump, bolsters TVL and token price on v2 relaunch

After a rocky first quarter, decentralized finance (DeFi) platform Alpha Homora announced the relaunch of its v2 leveraged yield farming program today — and so far both traders and users are celebrating as both total value locked (TVL) and ALPHA token prices soar.  The version 2 of the platform, which allows for leverage up to 7x on popular yield farming positions on protocols such as Sushi, Curve, and Balancer, notably had to shut down to new positions after a devastating hack in February. The protocol suffered $37 million in losses,…

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Does Mike Novogratz hold more than $5B in crypto?

Galaxy Digital founder and CEO Mike Novogratz, a billionaire active in the digital asset space, says up to 85% of his net worth is in cryptocurrencies. In an interview with New York Magazine’s Intelligencer published today, Novogratz said that while he did have roughly 30% of his net worth in crypto starting at the 2017 bull run, the recent price surges in the crypto space had increased the valuation of his holdings, making them “up to 85 percent“ of the billionaire investor’s net worth. According to Bloomberg, Novogratz is valued…

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Ethereum bulls maintain control ahead of Friday’s $730M ETH options expiry

Ether (ETH) initiated a rally on April 25, which resulted in a 90% gain that pushed the price to $4,200. The non-stop action has been fueled by an incredible increase in decentralized finance (DeFi) applications where the net locked value surpassed $74 billion, a 51% increase in eighteen days. This positive momentum has been decimating the neutral-to-bearish put (sell) options, giving bulls even more incentives to continue the rally. On May 14, a total of $730 million Ether options are set to expire, and bulls have complete control as the…

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Ratio of Ether’s market cap doubled Bitcoin in the last year – Pantera Capital

The market capitalization of Ether (ETH) has increased at a much faster rate than Bitcoin’s (BTC) over the past year, highlighting the relative outperformance of ETH versus BTC over that period.  In its latest Blockchain Letter, cryptocurrency investment manager Pantera Capital charted Ether’s growth trajectory. “The ratio of ethereum’s market cap to Bitcoin’s market cap has doubled in the last year,” the investment manager said, adding: “We think this is the beginning of the market re-rating Ethereum for EIP 1559 and Proof of Stake. These two changes will lead to…

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Bitcoin whale MicroStrategy buys additional 271 BTC

MicroStrategy, the Virginia-based business intelligence firm, has added another 271 Bitcoin (BTC) to its strategic reserves, underscoring CEO Michael Saylor’s growing conviction in the digital asset.  The purchases were made through May 13 for an average price of $55,387, Saylor disclosed on Thursday. MicroStrategy now has 91,850 BTC on its books for an average purchase price of $24,403. MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at…

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Bitcoin drops to $46K, altcoins sell-off as report claims Binance is under investigation

Within the last hour Bitcoin (BTC) price dropped by more than 3%, extending the decline which started on May 12 and saw the digital asset drop as low as $46,000 on some exchanges.  Initially, on May 12 it was Tesla’s announcement that it would stop accepting Bitcoin as payment over environmental concerns, along with technical weakness and a nearly complete head and shoulders technical pattern that pushed BTC price down to $46,000. Daily cryptocurrency market performance. Source: Coin360 Today’s bearish catalyst appears to be a Bloomberg Tax report claiming that…

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Tether discloses full reserve breakdown for the first time

Tether Holdings Limited, the company behind the popular USDT stablecoin, released a full breakdown of its reserve composition on Thursday, offering more transparency about the composition of its assets.  More than three-quarters of Tether’s reserves are held in cash, cash equivalents and other short-term deposits and commercial paper as of March 31, 2021. Within this category, commercial paper accounts for 65.39%, fiduciary deposits 24.20%,cash 3.87%, reserve repo notes 3.6% and Treasury bills 2.94%. Tether’s reserve breakdown shows a large concentration of assets held in cash and cash equivalents. Chart via…

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Binance is reportedly under investigation from IRS and Justice Department

Major cryptocurrency exchange Binance is reportedly under investigation by both the United States Department of Justice and Internal Revenue Service in an apparent effort to stymie illegal trading activity from users in the United States. According to a Bloomberg report, the two government agencies are looking into Binance Holdings Ltd as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions. Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing. The report said the information came from…

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