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Solana's on-chain and derivatives metrics indicate high potential
Notably, the demand for leverage through SOL futures remained unchanged due to deteriorating market conditions. Perpetual contracts, also known as reverse swaps, have an embedded rate that, when positive, indicates greater demand for leverage between long (buy) positions. On the other hand, a negative financing rate suggests a greater need for leverage between short (sale) positions.
8-hour financing rate for SOL futures. Source: Coinglass
The data show that the SOL funding rate has remained stable at 0.01% every eight hours since June 8, which translates to about 0.2% per week. This stability in demand between bullish and low positions after a 15% drop in the price of SOL is an indicator of market resilience. If optimists were counting on excessive leverage, we would see a significant increase in the financing rate, which is not the case at present.
The on-chain data of the Solana network shows an increase in the number of users and the volume of transactions. Although some analysts believe that Solana's low rates may encourage data manipulation, this problem is not unique to Solana and affects other platforms such as Ethereum's layer 2 solutions and competitors such as BNB Chain.
Top blockchains sorted by active addresses in 24 hours. Source: DappRadar
Currently, Solana is ranked as the fourth largest blockchain in terms of active addresses in 24 hours interacting with decentralized applications (DApps), with notable activity on platforms such as Jupiter Exchange and Raydium. However, the daily volume of network transactions of $119 million is significantly lower than Polygon's $292 million and Arbitrum's $1 billion.
Despite a sharp correction to $145 on June 11, SOL derivatives and the Solana network remained stable, indicating that traders and users are not ready to give up. The potential for SOL to recover the price of $170 seems feasible, especially if the Solana Foundation's efforts to mitigate the impact of the maximum extractable value (MEV) improve the overall user experience.$SOL
Notably, the demand for leverage through SOL futures remained unchanged due to deteriorating market conditions. Perpetual contracts, also known as reverse swaps, have an embedded rate that, when positive, indicates greater demand for leverage between long (buy) positions. On the other hand, a negative financing rate suggests a greater need for leverage between short (sale) positions.
8-hour financing rate for SOL futures. Source: Coinglass
The data show that the SOL funding rate has remained stable at 0.01% every eight hours since June 8, which translates to about 0.2% per week. This stability in demand between bullish and low positions after a 15% drop in the price of SOL is an indicator of market resilience. If optimists were counting on excessive leverage, we would see a significant increase in the financing rate, which is not the case at present.
The on-chain data of the Solana network shows an increase in the number of users and the volume of transactions. Although some analysts believe that Solana's low rates may encourage data manipulation, this problem is not unique to Solana and affects other platforms such as Ethereum's layer 2 solutions and competitors such as BNB Chain.
Top blockchains sorted by active addresses in 24 hours. Source: DappRadar
Currently, Solana is ranked as the fourth largest blockchain in terms of active addresses in 24 hours interacting with decentralized applications (DApps), with notable activity on platforms such as Jupiter Exchange and Raydium. However, the daily volume of network transactions of $119 million is significantly lower than Polygon's $292 million and Arbitrum's $1 billion.
Despite a sharp correction to $145 on June 11, SOL derivatives and the Solana network remained stable, indicating that traders and users are not ready to give up. The potential for SOL to recover the price of $170 seems feasible, especially if the Solana Foundation's efforts to mitigate the impact of the maximum extractable value (MEV) improve the overall user experience.$SOL
BTC price weakness meets lack of "heavy supply"
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop leading to Bitcoin
BTC
At a minimum of $67,320 on Bitstamp after daily closing.
Without support at the key level of $69,000, Bitcoin bulls could not avoid a downward movement through the fine liquidity of the exchange's order book.
The day before, Keith Alan, co-founder of the Material Indicators trading feature, had warned that insufficient bids could be a warning sign for the strength of the BTC price.
“Of course we have some staggered bidding support here, but not a heavy, heavy concentration of that — and really, it's not even heavy up to $60,000 if I can be completely honest,” he said during his last update on YouTube.
An accompanying chart covered the liquidity of the order book for the BTC/USDT pair on the world's largest cryptocurrency exchange, Binance.
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop leading to Bitcoin
BTC
At a minimum of $67,320 on Bitstamp after daily closing.
Without support at the key level of $69,000, Bitcoin bulls could not avoid a downward movement through the fine liquidity of the exchange's order book.
The day before, Keith Alan, co-founder of the Material Indicators trading feature, had warned that insufficient bids could be a warning sign for the strength of the BTC price.
“Of course we have some staggered bidding support here, but not a heavy, heavy concentration of that — and really, it's not even heavy up to $60,000 if I can be completely honest,” he said during his last update on YouTube.
An accompanying chart covered the liquidity of the order book for the BTC/USDT pair on the world's largest cryptocurrency exchange, Binance.
Mixed opinions about Bitcoin support
In his own market analysis, meanwhile, fellow trader and commentator Credible Crypto suggested that the result of the downward movement may not be as radical as a trip to $60,000.
With liquidity being added and withdrawn from the market at will by large-volume traders, the appetite for BTC can save bulls from falls below $65,000.
“We continue to see spot absorption in each downward movement, even in shorter timeframes,” he summarized for his subscribers on the X.
Credible Crypto noted that the resistance above 72.000k was "withdrawn immediately" as soon as Bitcoin began to reverse.
"What are the chances of avoiding the lows of the range and the US$ 62-65k and simply reversing from here? I think they are decent,” he concluded.
#btc
In his own market analysis, meanwhile, fellow trader and commentator Credible Crypto suggested that the result of the downward movement may not be as radical as a trip to $60,000.
With liquidity being added and withdrawn from the market at will by large-volume traders, the appetite for BTC can save bulls from falls below $65,000.
“We continue to see spot absorption in each downward movement, even in shorter timeframes,” he summarized for his subscribers on the X.
Credible Crypto noted that the resistance above 72.000k was "withdrawn immediately" as soon as Bitcoin began to reverse.
"What are the chances of avoiding the lows of the range and the US$ 62-65k and simply reversing from here? I think they are decent,” he concluded.
#btc
Data from Cointelegraph Markets Pro and TradingView showed new local Bitcoin price drops
BTC
Of $66,696 at Bitstamp — its worst value in the month so far.
Falling for almost 24 hours in a row, Bitcoin failed to reverse the trend on the day, while risky assets prepared for a flood of macroeconomic data from the United States and comments from the Federal Reserve.
Now with a drop of 3.6% on the day, the BTC/USD pair faced several fall targets from traders, these extending towards $60,000.
“Getting closer to the support. I will be looking to enter long positions if a reversal presents itself," the popular trader Roman told his followers on the X on the day.
#btc
BTC
Of $66,696 at Bitstamp — its worst value in the month so far.
Falling for almost 24 hours in a row, Bitcoin failed to reverse the trend on the day, while risky assets prepared for a flood of macroeconomic data from the United States and comments from the Federal Reserve.
Now with a drop of 3.6% on the day, the BTC/USD pair faced several fall targets from traders, these extending towards $60,000.
“Getting closer to the support. I will be looking to enter long positions if a reversal presents itself," the popular trader Roman told his followers on the X on the day.
#btc
FTC issues urgent warning about the increase in romantic scams with cryptocurrencies
The FTC asked users to report the scammers to the government and alert their loved ones about the coup.
NEWS
The United States Federal Trade Commission (FTC) has issued a consumer alert about romantic scams involving cryptocurrencies.
The FTC asked consumers to "cut contact" with online love interests that may be trying to steal their funds, using cryptocurrency investments as bait.
Scammers employ long-term tactics, taking the time to get to know their victims and build relationships before executing their schemes.
What are romantic blows?
The FTC stated that although people generally do not suspect that a love interest is applying a scam, love scammers create emotional connections with their victims, making it easier for them to believe the scammers' claims that they are cryptocurrency experts.
The government agency noted that these scammers are "good at what they do".
However, the FTC has warned investors that these scammers have already stolen millions of dollars from unprepared victims. The FTC wrote:
"They want to help you invest your money in the cryptocurrency markets or say they can teach you how to do it. You may think that they are concerned about your financial well-being, but they are not. They only care about their own financial well-being."
In addition, the FTC highlighted several warning signs that someone's love interest can be a scammer. These signs include promising large profits, ensuring that there is no risk, stating that they will teach investment secrets and persuading victims to send them money.
The FTC reminded consumers that no one can guarantee profits on any investment. The agency also said that all investments have risks, including cryptocurrency markets.
The government agency asked consumers to report possible love scammers with cryptocurrencies to the FTC and the social platform used by the scammer. In addition, the FTC also asked those who find scammers to alert their friends and family about the scam.
#scam
The FTC asked users to report the scammers to the government and alert their loved ones about the coup.
NEWS
The United States Federal Trade Commission (FTC) has issued a consumer alert about romantic scams involving cryptocurrencies.
The FTC asked consumers to "cut contact" with online love interests that may be trying to steal their funds, using cryptocurrency investments as bait.
Scammers employ long-term tactics, taking the time to get to know their victims and build relationships before executing their schemes.
What are romantic blows?
The FTC stated that although people generally do not suspect that a love interest is applying a scam, love scammers create emotional connections with their victims, making it easier for them to believe the scammers' claims that they are cryptocurrency experts.
The government agency noted that these scammers are "good at what they do".
However, the FTC has warned investors that these scammers have already stolen millions of dollars from unprepared victims. The FTC wrote:
"They want to help you invest your money in the cryptocurrency markets or say they can teach you how to do it. You may think that they are concerned about your financial well-being, but they are not. They only care about their own financial well-being."
In addition, the FTC highlighted several warning signs that someone's love interest can be a scammer. These signs include promising large profits, ensuring that there is no risk, stating that they will teach investment secrets and persuading victims to send them money.
The FTC reminded consumers that no one can guarantee profits on any investment. The agency also said that all investments have risks, including cryptocurrency markets.
The government agency asked consumers to report possible love scammers with cryptocurrencies to the FTC and the social platform used by the scammer. In addition, the FTC also asked those who find scammers to alert their friends and family about the scam.
#scam
450 Bitcoin mining machines seized by justice mysteriously disappear in the former mayor's house
The property belongs to the former mayor of the city of Villa Elisa, Albino González, a well-known political leader of the Authentic Radical Liberal Party (PLRA).
NEWS
The Public Prosecutor's Office and employees of the National Electricity Administration (Ande) recently carried out an intervention on a property in the Central department of Paraguay, where they discovered an illegal Bitcoin (BTC) mining operation.#btc
The property belongs to the former mayor of the city of Villa Elisa, Albino González, a well-known political leader of the Authentic Radical Liberal Party (PLRA).
In March, during the operation, 461 ASICs were found in a warehouse located on the route that connects the localities of Guarambaré and Villeta. However, in a surprising turnaround, the seized machines disappeared from the scene before the enforcement of the seizure procedure by the inspectors on Tuesday. The machines were in the custody of the owners, who decided to remove them from the property.
Bitcoin falls as ETFs break the 19-day green sequence with U.S. inflation
González, who was present during the search procedure, accompanied by his lawyer, defended himself by stating that he rented the place to a Paraguayan with the surname Acevedo and two Germans in January, claiming ignorance of the illegal activities that occurred later.
"This whore situation is in the hands of my lawyer, and the documentation is already in the Fiscalia. I rented the place to work as a dry port, but what happened later is beyond my control," he said.
The prosecutor assigned to the case, Olga González, and her team were surprised to discover that more than 450 mining machines had mysteriously disappeared from the warehouse.
During a previous inspection, carried out a few months ago, tax agent Viviana Llano had sealed the shed, leaving the mining machines inside. Now, the whereabouts of this equipment is unknown.
The property belongs to the former mayor of the city of Villa Elisa, Albino González, a well-known political leader of the Authentic Radical Liberal Party (PLRA).
NEWS
The Public Prosecutor's Office and employees of the National Electricity Administration (Ande) recently carried out an intervention on a property in the Central department of Paraguay, where they discovered an illegal Bitcoin (BTC) mining operation.#btc
The property belongs to the former mayor of the city of Villa Elisa, Albino González, a well-known political leader of the Authentic Radical Liberal Party (PLRA).
In March, during the operation, 461 ASICs were found in a warehouse located on the route that connects the localities of Guarambaré and Villeta. However, in a surprising turnaround, the seized machines disappeared from the scene before the enforcement of the seizure procedure by the inspectors on Tuesday. The machines were in the custody of the owners, who decided to remove them from the property.
Bitcoin falls as ETFs break the 19-day green sequence with U.S. inflation
González, who was present during the search procedure, accompanied by his lawyer, defended himself by stating that he rented the place to a Paraguayan with the surname Acevedo and two Germans in January, claiming ignorance of the illegal activities that occurred later.
"This whore situation is in the hands of my lawyer, and the documentation is already in the Fiscalia. I rented the place to work as a dry port, but what happened later is beyond my control," he said.
The prosecutor assigned to the case, Olga González, and her team were surprised to discover that more than 450 mining machines had mysteriously disappeared from the warehouse.
During a previous inspection, carried out a few months ago, tax agent Viviana Llano had sealed the shed, leaving the mining machines inside. Now, the whereabouts of this equipment is unknown.
DeFi Technologies launches Core Chain validator and stakes 1,498 Bitcoins
In May, the partners launched the first BTC ETP with yield in Scandinavia.
NEWS
DeFi Technologies will launch a validator node in the Core Chain and stake almost $100 million in Bitcoin
BTC
In it. Toronto-based DeFi Technologies will receive rewards for validating transactions and staking rewards through its subsidiary Valour.
Staking is made possible by the consensus mechanism compatible with Core's Ethereum Virtual Machine on its layer 1 blockchain, powered by BTC. Olivier Roussy Newton, CEO of DeFi Technologies, said:
"We are advancing in our mission of connecting traditional finance with innovative blockchain technology [...] This approach offers our investors a unique exposure to income and growth within the digital asset space."
Stakers maintain custody of their BTC throughout the blocking period and receive rewards on CORE tokens, which are reinvested in the product. CORE staking offers a reward of 11.66%.
In May, the partners launched the first BTC ETP with yield in Scandinavia.
NEWS
DeFi Technologies will launch a validator node in the Core Chain and stake almost $100 million in Bitcoin
BTC
In it. Toronto-based DeFi Technologies will receive rewards for validating transactions and staking rewards through its subsidiary Valour.
Staking is made possible by the consensus mechanism compatible with Core's Ethereum Virtual Machine on its layer 1 blockchain, powered by BTC. Olivier Roussy Newton, CEO of DeFi Technologies, said:
"We are advancing in our mission of connecting traditional finance with innovative blockchain technology [...] This approach offers our investors a unique exposure to income and growth within the digital asset space."
Stakers maintain custody of their BTC throughout the blocking period and receive rewards on CORE tokens, which are reinvested in the product. CORE staking offers a reward of 11.66%.
Despite having confirmed the second highest weekly close in its history on Sunday, the price of Bitcoin is facing difficulties in the macroeconomic scenario to resume its upward trend.
Bitcoin BTC tickers down R$369,268 consolidated a green candle with an increase of 2.8% at the weekly close of Sunday, June 9, remaining stable just above US$69,000, after the lightning drop triggered by the release of data on expansion in the job market in the United States United. Although the $69,650 mark confirmed Bitcoin's second highest weekly close in its history, the macroeconomic scenario continues to pose as a solid barrier to the resumption of the cryptocurrency bull market. In this sense, the week that begins will be decisive for the future of Bitcoin's price action in the short term. Scheduled for Wednesday, June 12, is the release of the US Consumer Price Index (CPI) for the month of May and the meeting of the Federal Open Market Committee (FOMC), which will offer clues on the direction of policy monetary policy of the US Central Bank (Fed) for the remainder of 2024. Although the European and Canadian central banks have made their first interest rate cuts in years, it is unlikely that the Fed will act in the same way, as inflation remains more than a percentage point above the 2% target and data of the labor market send contradictory signals about the situation of the American economy.
Não
• Satoshi Nakamoto is Brazilian traumatized by inflation in film about the creation of Bitcoin produced with AI
Since reaching an all-time high of $73,750 on March 14 and undergoing a correction thereafter, Bitcoin price has repeatedly attempted to overcome resistance around the $72,000 range – and has been rejected on each occasion. The range continues to be decisive in pushing Bitcoin towards new all-time highs in price discovery mode, says analyst Arthur Driessen, from Crypto Investidor:
In a bearish scenario, Bitcoin could “retest the $61,000 region as support before attempting a breakout to the top again,” says Driessen.
$BTC #eua
Bitcoin BTC tickers down R$369,268 consolidated a green candle with an increase of 2.8% at the weekly close of Sunday, June 9, remaining stable just above US$69,000, after the lightning drop triggered by the release of data on expansion in the job market in the United States United. Although the $69,650 mark confirmed Bitcoin's second highest weekly close in its history, the macroeconomic scenario continues to pose as a solid barrier to the resumption of the cryptocurrency bull market. In this sense, the week that begins will be decisive for the future of Bitcoin's price action in the short term. Scheduled for Wednesday, June 12, is the release of the US Consumer Price Index (CPI) for the month of May and the meeting of the Federal Open Market Committee (FOMC), which will offer clues on the direction of policy monetary policy of the US Central Bank (Fed) for the remainder of 2024. Although the European and Canadian central banks have made their first interest rate cuts in years, it is unlikely that the Fed will act in the same way, as inflation remains more than a percentage point above the 2% target and data of the labor market send contradictory signals about the situation of the American economy.
Não
• Satoshi Nakamoto is Brazilian traumatized by inflation in film about the creation of Bitcoin produced with AI
Since reaching an all-time high of $73,750 on March 14 and undergoing a correction thereafter, Bitcoin price has repeatedly attempted to overcome resistance around the $72,000 range – and has been rejected on each occasion. The range continues to be decisive in pushing Bitcoin towards new all-time highs in price discovery mode, says analyst Arthur Driessen, from Crypto Investidor:
In a bearish scenario, Bitcoin could “retest the $61,000 region as support before attempting a breakout to the top again,” says Driessen.
$BTC #eua