Amid rising stablecoin inflow, cautious traders fear a dead cat bounce

The recent extreme volatility in the cryptocurrency market following Bitcoin’s (BTC) dip to $30,000 and the recovery to $38,000 has traders confused about whether the current price action is a ‘dead cat bounce’ which will see token prices head lower or a solid reversal that will set the floor for the next leg higher for the market.  While BTC price still remains more than 40% below its all-time high of $64,863, bulls have managed to weather multiple attempts to significantly break below support at $36,000.  BTC/USDT 4-hour chart. Source: TradingView…

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OneOf raises $63M for new Green NFT platform for musicians

Sustainable technology company OneOf has raised $63 million in seed funding to finance its new Green NFT platform for musicians, offering further evidence that the market for nonfungible tokens remains hot. Several investors and venture capitalists participated in the seed round, including Bill Tai, Sun Said of Nima Capital, Sangha Capital, Tezos Foundation, Jack Herrick and Jaeson Ma of East West Ventures. Built on the Tezos protocol, OneOf is a marketplace for artists and fans to tap into digital collectibles. The company claims that minting NFTs on Tezos uses over…

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Negative funding rates incentivize traders to long Polygon (MATIC) and AAVE

Data shows that AAVE and Polygon (MATIC) traders are currently being paid up to 4.3% per week to long future contracts. In the crypto markets, traders are usually bullish, or at least the majority of retail investors are. This causes an interesting phenomenon as it incentives arbitrage desks and whales to sell futures contracts while simultaneously buying on regular spot exchanges. Crypto total market capitalization, USD billion. Source: TradingView The above chart shows the incredible 240% gain accumulated in 2021 as crypto reached a $2.58 trillion total capitalization on May 11.…

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Mark Cuban officially backs Polygon

Billionaire investor Mark Cuban has thrown his weight behind Polygon, according to a new disclosure on one of his websites, offering further evidence that wealthy investors are tapping into the digital asset market despite the recent turmoil.  The addition of Polygon to the Mark Cuban Companies website appears to have been made recently and reaffirms the billionaire’s backing of the project. Cuban, who was once a polarizing figure in the cryptocurrency market, has become a more vocal supporter of the nascent asset class over the past year. Recently, when Elon…

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Korea’s crypto market is among the strongest — and the strangest — in the world

On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi premium” saw to that, keeping the price of Bitcoin as much as $5,000 above its level on leading U.S. exchanges. The major reason for this kimchi premium is that Korea’s exchanges are fairly isolated by a combination of the country’s strict capital control laws preventing funds from leaving the country, and the tax code and anti-money laundering (AML) regulations that make…

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Here are 2 key price indicators every crypto trader should know

Technical analysis, the study of chart patterns, is a tool that helps traders increase their edge over others. This is done by keeping the trader on the right side of the trend and providing warnings when the trend is about to reverse. There are many indicators and patterns that can accomplish this task but there is no one particular indicator that fits the bill for all market conditions. Therefore, traders prefer to use a combination of indicators, which come in handy both during trending and range-bound markets. However, this does…

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Biden administration is reportedly reviewing ‘gaps’ in crypto regulation

Officials within the Biden administration are reportedly studying “gaps” in cryptocurrency regulations following the latest bout of volatility in the market, sending a signal that new rules could soon be proposed.  People familiar with the matter informed The Washington Post that White House officials are studying whether digital assets like Bitcoin (BTC) can be used to finance terrorist activities. They are also mulling whether retail investors should be protected from the extreme price fluctuations of digital asset markets. Bitcoin’s brief collapse below $30,000 last week triggered a panic wave of…

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Bank of Indonesia joins central bank digital currency race

The Bank of Indonesia is one of the latest global central banks to announce state digital currency plans amid a major spike in the country’s digital payments. Governor Perry Warjiyo said Tuesday that Indonesia’s central bank is planning to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters reports. The official noted that the rupiah is the only legally accepted currency for payment in the country so far, and BI will be looking to regulate a digital rupiah the same way it regulates cash and card-based…

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Powers On… Why the SEC, CFTC or FTC needs to check in on Elon Musk’s frenzied crypto tweets

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and Regulatory Considerations.” These past few weeks have been tumultuous, especially for newbies to the crypto market. First, on May 8, Elon Musk, CEO of Tesla, was the host of Saturday Night Live where he promoted…

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The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever

Bitcoin price collapsed by more than 50% from its recent highs set only one month ago. The sharp decline now represents that largest drop in the history of the cryptocurrency – but there’s still several days left for the monthly candle to close. That means bulls can undo the damage done by the recent crash, and keep the structure of the bull market intact. To do so, however, the price per BTC must climb back to a key level now lost, and it must do it before the month comes…

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