$159,832,873 Bitcoin Transfer to Major US Exchange Sparks Black Monday Fears
As the cryptocurrency market prepares for what many believe will be a"Black Monday," one of the largest exchanges in the U.S., Kraken, is stunned by a Bitcoin (BTC) transfer worth $159,832,873. According to a message fromWhale Alert, 1,928 BTC were recently transferred to Kraken from an unknown wallet with the address "bc1qcp."
What is known about this transfer is that the sender is indeed an unknown entity, as even more sophisticated data from Arkham Intelligence doesn't label it anyway.
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Furthermore, the sentBitcoin landed on Kraken's deposit address and not in the hot wallet, which may indicate that it is indeed a major investor moving his crypto stash to the exchange and not Kraken itself shuffling funds between its own wallets.
If this is true, then the risks of a potential sell-off are skyrocketing and market participants had better start sweating.
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The situation is exacerbated by the Black Monday threat that many, including prominent voices such as Arthur Hayes, are anticipating for tomorrow. For those who have missed the latest trends in crypto social media, there is an opinion that tomorrow's U.S. market opening could be a total bloodbath, with major indices like the S&P 500 dumping so much that trading is halted.
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Whether that's true will only be known tomorrow, but the lack of action in the crypto market over the weekend looks more like the calm before the storm.
For one unknown whale who recently met Kraken, however, it seems like a preparatory Sunday. To be fair, this wallet still holds 12,108BTC, worth nearly a billion dollars. In this light, the recent transfer is only about 15% of their total holdings.
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Bitcoin News: Potential Bitcoin Price Breakthrough Could Trigger $1.012 Billion in Short Order Liquidations
As Bitcoin edges closer to the landmark price of $100,000, data from Coinglass suggests that a breakthrough could trigger a massive $1.012 billion in short order liquidations at mainstream centralized exchanges.Implications of a Major Price Threshold BreakthroughIf Bitcoin successfully breaches the $100,000 threshold, the ripple effects could be significant, with short sellers facing a combined liquidation of approximately $1.012 billion. This scenario highlights the volatile nature of cryptocurrency markets and the high stakes involved in trading activities on major exchanges.Conversely, a price drop below $95,000 could lead to a different set of challenges, with long position holders potentially seeing cumulative liquidations of around $862 million.
According to Foresight News, data from Coinglass reveals that the cryptocurrency market witnessed liquidations totaling $248 million over the past 24 hours. Long positions accounted for $169 million of these liquidations, while short positions amounted to $78.69 million. Bitcoin saw liquidations of $43.92 million, and Ethereum experienced liquidations of $46.35 million.
According to BlockBeats, data from Farside indicates that this week, U.S. spot Ethereum ETFs experienced a net inflow of $420.2 million, while Bitcoin ETFs saw a net inflow of $203.8 million.
Cryptocurrency Market Sees $170 Million in Liquidations Over 24 Hours
According to PANews, data from Coinglass reveals that the cryptocurrency market experienced liquidations totaling $170 million over the past 24 hours. Long positions accounted for $88.27 million of the liquidations, while short positions made up $81.29 million. Bitcoin (BTC) saw liquidations amounting to $19.56 million, and Ethereum (ETH) experienced liquidations totaling $22.25 million.
According to PANews, Ethereum (ETH) has recently dropped below the $2600 mark. The current price is reported at $2598.40 per coin, reflecting a daily decrease of 2.07%.
According to CoinDesk, Ether (ETH) has experienced a decline of over 20% year-to-date, yet its underlying fundamentals are showing signs of improvement. A recent research report by Wall Street bank Citi highlights a significant increase in the total value locked (TVL) on the Ethereum blockchain. Despite recent volatility in user activity, analysts led by Alex Saunders suggest that the fundamental outlook for Ethereum is not as uncertain as it may appear.
Citi's report points out that the TVL on the Ethereum network has seen a substantial rise. Additionally, ether exchange-traded funds (ETFs) continue to attract inflows, and there is a growing interest in search queries related to Ethereum. Following the U.S. election in November, ether ETF flows turned positive, with total inflows reaching $3.2 billion since their launch in July. However, the report also notes that the growth of user activity on layer-2 solutions and competing blockchains like Solana has sparked discussions about Ethereum's competitive edge.
U.S. President Donald Trump's World Liberty Financial reportedly holds more than $200 million worth of ether. This investment could be perceived as an incentive for the U.S. to bolster its support for the cryptocurrency industry. The report further suggests that the relative performance of ETH and other altcoins might reflect the industry's optimism regarding potential regulatory clarity in the U.S. Meanwhile, Citi observes that the weakness in ether has coincided with a rise in bitcoin (BTC) dominance, which has reached multi-year highs above 60%.
According to Foresight News, Offchain Labs co-founder Steven Goldfeder announced that Arbitrum DAO has accumulated nearly 20,000 ETH in profits, which have not been sold and are retained on the balance sheet. Goldfeder stated that these funds are being used to enhance network security, such as through the BoLD initiative, and efforts are underway to align their deployment strategy with ETH.
Layer 1 Blockchain Tenet Partners With Conflux and Qtum for More Exposure in China
Tenet - a liquid staking layer 1 blockchain built on the Cosmos network - will team with Conflux and Qtum, two blockchains with a heavy presence in China, to deepen the roots of the liquid staking industry in that country’s markets.
Conflux and Qtum users will both stake a minimum of $1 million worth of their native tokens to help secure each blockchain and receive liquid staking derivatives (LSD) that is issued by Web3 infrastructure firm Ankr. Conflux and Qtum stakers will then bring their LSDs to Tenet’s network and restake them as a means to access increased yield and utility, Tenet CEO Greg Gopman told CoinDesk in an interview.
The partnerships are meant to integrate Tenet into the Asian blockchain community that is “often siloed from Western crypto projects,” read the announcement.
“One of the first markets we wanted to go after was the Chinese market because… they’ve been kind of out of the LSD process for most of what’s been happening so far,” said Gopman. “So we thought that was a really exciting market to start to invigorate.”
Conflux, which claims to be the only regulatory-compliant blockchain in China, has collaborated with international brands and government entities like the city of Shanghai, McDonald’s China and China Telecom. Qtum is a proof-of-stake blockchain that had previously partnered with the China division of Amazon Web Services in 2018.
Read more: ‘Chinese Ethereum’ Conflux Draws Spotlight As Hong Kong Welcomes Retail Traders
The price of TENET - the native token for the Tenet ecosystem - is currently not available on CoinGecko. Conflux’s CFX token has decreased 2.6% to 31 cents in the past 24 hours, while the QTUM token has remained flat at $2.72 in the same period.
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