Search Results for: Coindesk Korea

The U.S. dollar value in active ether perpetual futures contracts on Binance has dropped to $1.41 billion, the lowest in over a year. Binance has seen its ether futures notional value dip 35% within a week, reflecting a system-wide leverage washout. This suggests a lower probability of future volatility instigated by liquidations.

“Maple Finance, a blockchain-based credit marketplace, has revealed plans to expand into the Asian market, supported by a $5 million investment from firms including BlockTower Capital and Tioga Capital. This move forms part of a growth strategy to extend its technology and create global alliances, primarily within Singapore, Japan, Hong Kong, and Korea.”

“Bitcoin’s ‘taker buy-sell ratio’ on crypto exchanges peaked at 1.36 recently, indicating strong bullish sentiment. This suggests that buy volume is exceeding sell volume, a classic sign of bullish trading. Some attribute this to large Bitcoin investors, often termed ‘whales’, increasing their buying volume.”

“A recent shift saw South Korea’s Upbit surpass Coinbase and OKX in spot trading volume, ranking as the second largest global crypto exchange. Meanwhile, Coinbase has opened Base, a layer-2 blockchain built with OP Stack’s Optimism, offering ether transfer capabilities to users.”

In July, South Korean cryptocurrency exchange, Upbit, saw a trading volume escalation of 42.3% to $29.8 billion, outperforming both Coinbase and OKX for the first time. In contrast, Coinbase and OKX saw reductions in their trading volumes. Upbit now commands 5.8% of the trading volumes on centralized exchanges.

China, despite heavy restrictions, is Binance’s largest market with around 900,000 active users. Traders are using inventive ways, including VPNs and digital residencies, to bypass geographic constraints. Binance fosters an active crypto market in China, even facilitating fiat onramps via Alipay and WeChat pay.

“Dogecoin (DOGE) recently experienced a 10% hike, seemingly due to trading activity on South Korean exchange UpBit. Speculation surrounding Twitter’s rebranding to the app X accepting DOGE payments seems to fuel the surge. However, these developments pose questions about stability in the volatile crypto market.”

BlackRock’s application for a bitcoin spot exchange-traded fund (ETF) has reinvigorated the cryptocurrency market and positively influenced Bitcoin’s value. However, Bitcoin futures traders show reluctance towards high-risk dealings. Observations indicate that spot prices may increase in the near future, as long-term holders acquire more Bitcoins, even as regulatory uncertainties underlie.

Bitcoin recently hit a new 13-month high, indicating a promising July ahead. Despite previous skepticism, BlackRock’s CEO, Larry Fink, suggested Bitcoin could potentially redefine finance, offering an attractive hedge alternative. However, a drop in Bitcoin Cash’s trading volume implies Korean interest may be dwindling.

Despite a slight downward trend, Bitcoin’s market stability suggests that the crypto winter is transitioning towards warmer days, according to Tim Frost, the CEO of Yield App. However, market situations like the implosion of the exchange giant FTX remind us of the risks in crypto markets.

“In under 48 hours, storage token Storj managed to inflate its market value twofold, soaring by 43% and reaching a peak of $0.58. It’s noted that Storj’s rally potentially correlates with increased trading volumes on South Korea’s largest crypto exchange, Upbit. The story of Storj demonstrates the unpredictable, high-stakes nature of crypto markets.”

“In the first six months of the year, Ether experienced a robust 61% rise. A trader made a significant move recently, acquiring around 63,250 “bull call spreads” linked to Ether. The SEC’s position on spot bitcoin exchange traded funds (ETF) is reportedly moving from steep to promising with futures-based bitcoin ETFs already permitted.”

Recent trading activity linked to bitcoin cash (BCH) resulted in the highest losses in over two years, wherein both longs and shorts lost over $25 million on BCH futures. Factors influencing such losses may include shorting interest in BCH, high negative funding rates, and heightened trading activities on South Korean exchanges and new platform EDX Markets.

“Fidelity refiles paperwork for its Wise Origin Bitcoin Trust, indicating institutional interest in the crypto market. Other movements include Bitcoin Cash’s rapid rally and increased trading on South Korea’s Upbit. Yet, with potential regulatory changes, the journey remains fluctuating.”

“BTC Cash has appreciated by over 30% in 24 hours, reaching a 14-month high of $320, following the inclusion of this cryptocurrency in the trading portfolios of Fidelity, Charles Schwab, and Citadel-backed EDX Markets. The trading volume of BCH on Upbit, a significant South Korean exchange, rose tremendously, signalling high anticipated rewards tied to BCH.”

DeFi and NFT-related altcoins like BLUR and ARB experienced double-digit gains recently, as capital shifts from larger assets to these speculative tokens. However, traders must exercise caution and research due to potential risks and market volatility.