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Bitcoin Future Traders Are Not Bullish Despite Recovery Above $56K

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After an impressive run, Bitcoin fell close to $50K as the cryptocurrency industry saw one of the most damaging corrections this bull season. Despite the fact that the crypto-asset recovered quickly and was trading at $56,859 at the time of writing, derivative traders are not optimistic about its price action.

This was because the funding rate of Bitcoin slid to a 7-month low which, in turn, triggered massive uproar in the market. The figure was in the negative zone, a level last seen in September 2020 when the crypto-asset was priced around $10K.

Revealing the same, Lex Moskovski, the CIO of Moskovski Capital tweeted,

“Wow, it’s been a long time since we’ve seen funding this negative. Fear.”

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What Does Negative Bitcoin Funding Rate Mean?

Funding rate essentially demonstrates the premium that futures traders have to pay [or receive] to order for them to keep a position open.

A negative funding rate, on the other hand, implied that a majority of investors are shorting or selling, which was further indicative of a rising sentiment of fear in the BTC market. In short, more contracts were found to be betting against Bitcoin’s price rising than contracts betting in favor of it.

On the contrary, a funding rate on the positive in Bitcoin derivatives markets signifies that investors with long positions pay those with short positions. The funding rate spikes have historically coincided with a strong optimism and high leverage from short-term trader.

For instance, the funding rates had previously regained some upward momentum in the last week March similar to the final weeks of January and February.

The market sentiment has flipped rapidly. This was observed from the fact that ahead of the much-awaited Coinbase’s listing on Nasdaq, Bitcoin’s funding rate was neutral at 0.1%-0.15% in larger derivative platforms such as Binance. The world’s largest crypto-asset soared to an ATH as many traders continued to long or buy it Bitcoin, thus overheating the futures market.

Soon after Coinbase went public, Bitcoin noted a double-digit crash from above $60K to a little over $50K which was enough to send panic among investors that use high leverage across major exchanges. The cascading liquidations during this pullback even eclipsed that of the Black Thursday crash of March 12, 2020.

DeFi’s TVL Surpasses $60 Billion As Institutional Interest Surges

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DeFi mania might have subsided, but the influx of capital into the ecosystem has not. Along with their centralized counterparts, these decentralized platforms are slowly becoming essential in attracting attention to many promising projects. It is needless to say that the market has grown by leaps. In fact, DeFi saw an astonishing increase in terms of the value locked by more than 50x in the past 12 months alone.

In yet another development, the TVL [USD] across various decentralized finance projects has surpassed $60 billion on the 16th of April. This was according to the latest chart published by DeFi Pulse.

The figure took a plunge a few times in between, especially in the first week of this month, but has made a strong recovery this week and was now found to be hovering quite close to its peak. Amidst the chaos of the ongoing bull run, institutional entries, the DeFi ecosystem has been quietly flourishing to levels never seen before.

DeFi

Diving Deep Into DeFi

To put things into perspective, USD denominated volumes for decentralized exchanges [DEX] have increased by 65 times what they were this time last year. It was also found that the trade volume on these DEXs, denominated in USD, has risen more than 50 times what it was last year.

With this, the global crypto market cap has also appreciated over 10x since then. Decentralized finance’s adjusted growth rate was, however, down from 10x between the years 2019 and 2020. This was revealed by Bison Trail’s Protocol Specialist, Elias Simos who tweed that “DeFi is roaring back”.

Talking about the rise of the sector, Simos went on to add,

“If you told me in April 2020 that DeFi would be posting these kinds of numbers in a year, I would have told you maybe 2023. Yes, reflexivity plays a huge part in it all. But the growth rates are persistently high when you look at pockets that are somewhat insulated from it.”

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The DeFi marketplaces are constantly shifting and evolving. On further gauging the space, it was that the space is anticipating yet another bull season with major asset management funds and high-street financial institutions are now getting involved. The launch of DeFi ETFs demonstrated the increasing interest among high-value clients, corporates and institutions.

Tron’s DeFi Ecosystem TVL Surges Past $15 Billion

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Over the past several months, the Tron blockchain has emerged as one of the crucial venues for decentralized finance [DeFi] platforms. The network has hosted several prominent projects since its entry into the decentralized realm.

In yet another milestone, its DeFi sector has hit a new record in the form of total value locked [TVL]. According to the project’s founder and CEO Justin Sun’s latest tweet on the same, TVL Tron’s DeFi ecosystem has surged to an astonishing $15.1 billion as of the 17th of April.

It is important to note that DeFi has taken a backseat in terms of social media discourse and FOMO. However, behind the curtains, the space has been quietly flourishing. Tron, for one, has seen a significant uptick in activity related to it.

The latest data revealed that the total value locked in JustLend, which happens to be Tron’s official lending platform, stood at $2.90 billion. On the other hand, its decentralized trading protocol JustSwap amassed $2.27 billion in TVL figures, The deFi system of USDJ stablecoin on Tron which is called JustStable, raked in $2.48 billion.

Meanwhile, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, scored a combined TVL of $2.41 billion. Also, Total TRX Frozen, with respect to energy as well as bandwidth, has noted a significant increase and was found to be at $5.032 billion.

Tether on Tron Exceeds Ethereum Amidst Stablecoin Rush

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In addition to the growing demand in terms of DeFi, the Justin Sun-founded blockchain has observed massive stablecoin demand. So much so that the amount of the world’s largest stablecoin, Tether [USDT] on the Tron blockchain has surpassed that on Ethereum.

On the 14th of April, TRC-20 USDT has reached $24 Billion and this growth was accompanied by high transaction fees on Ethereum that has led investors to look for efficient and cheaper alternatives to lock in gains. Previously, ERC-20 USDT dominated the charts for the major part of 2020. However, the trend changed in the first quarter of 2020.

Dogecoin [DOGE] Becomes 6th-largest Crypto As Projections Remained Bullish

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Dogecoin [DOGE] started out as a funny meme currency but the ongoing frenzy surrounding it does not appear to be stopping any time soon. Thanks to its impressive bull run, several companies have warmed up to Dogecoin in a recent couple of months.

The Shiba Inu-starring asset has established an ATH close to $500 and then shedding half of its value as volatility ensued on the 17th of April. It was still up by 375.00% over the past week. Following the latest market-wide plunge, DOGE’s market capitalization exceeded that of Cardano, Bitcoin Cash, Cardano, and Polkadot as it secured its position as the sixth-largest crypto-asset by market cap.

Despite posting a massive red candle, Dogecoin [DOGE] reduced its 24-hours losses to 2.04% and was currently exchanging hands at $0.304. It recorded a market cap of $40.91 billion and a 24-hour trading volume of $28.03 billion.

Dogecoin [DOGE] Daily Price Chart:

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DOGE’s volatility has noted a minor dip after rallying for a week which could potentially indicate that bulls are exhausted. The moving averages, however, depicted a positive trend for the coin. Both 50 DMA [Pink] and the 100 DMA [Blue] did not show any hints of bearish pressure in the DOGE market in the coming days.

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The long green bars of Awesome Oscillator depicted an increase in bullish momentum in the coin market. This was accommodated by the rising buying demand, indicated by the MACD, that halted the bears and prevented a damaging pullback.

The RSI was still hovering in the overbought zone demonstrating that there is more room for upside as the sentiment of buying pressure continued to favor the bulls.

Meanwhile, the number of new addresses created this week has increased the figures of January high, which evidenced an increasing interest in participating in the ongoing rally.

Dogecoin’s nearest resistance was found to be at $0.363, upon breaching which, it could target fresh new highs. Support areas, on the other hand, remained untested at $0.077 and $0.056 respectively.

Turkey’s Opposition Leader Calls Out Government’s Untimely Crypto Ban

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Just when countries across the globe were embracing Bitcoin and other cryptocurrencies, the Turkish government did not appear to be interested in capitalizing on the ongoing surge in the value of the crypto market, as it went on to ban crypto assets in the country. The Central Bank of the Republic of Turkey announced yesterday that any direct or indirect use of crypto in payments would be considered illegal.

However, it soon became clear that this decision did not sit well with everyone in Turkey. This included the opposition party’s leader, who took to Twitter to express his displeasure with the untimely ban on digital assets. The leader of the opposition party called out the government for doing so.

Government’s Crypto Ban Receives Backlash From Opposition leader

In an array of tweets, Kemal Kılıçdaroğlu the leader of the country’s opposition party pointed out that the government was supposed to discuss with various stakeholders the repercussions of banning this booming market. He added,

“To whom did you consult your decision, O ruler? I will sit down and consult with all the stakeholders of this issue.”

In the above tweet, he was referring to  Recep Tayyip Erdoğan, the Turkish president who has been time and again called out for carrying out an authoritarian government.

Furthermore, he shed light on how the crypto industry could aid in the emergence of “unicorn” firms in the country that would be worth more than $1 billion. The Turkish leader made these comments after speaking to stakeholders throughout the day. He further stated,

“They have no tolerance for young people. No no no!”

While Turkey could be losing big as the market is growing without any major hurdles, the country was firm about imposing a ban starting from 30 April 2021.

Litecoin [LTC] To Encounter A Small Blip Before Its Big Breakout

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The entire crypto market was painted green. However, Litecoin [LTC], Bitcoin Cash [BCH] as well as Polkadot [DOT] were the only ones that were making the most of the ongoing bullish trend. The overall global crypto market cap was slipping down as it was noted at $2.21 trillion. Bitcoin [BTC] was trying to climb back onto $62K, despite its dainty price change in the last 24-hours.

Litecoin [LTC], despite being one of the earliest coins in the industry was seen all the way down at the ninth position. The altcoin’s market cap was noted at $20.57 billion, which was preceded by several other coins like Dogecoin [DOGE], Polkadot [DOT], and even Cardano [ADA]. The price of the altcoin was seen moving on the right track. During the time of writing, LTC was trading for $308.81. While its all-time high remains at $375.29, the persistence of the ongoing trend could restore hope in the community. Additionally, LTC was seen bagging gains of over 12% in the last 24-hours.

Litecoin [LTC] One-Hour Price Chart On Binance

Litecoin

The short-term price chart of LTC revealed that the altcoin could be enduring a small blip. The MACD line slowly subsided below the signal line further forming a bearish crossover. The Klinger Oscillator mirrored this and also went on to form a similar crossover. The Money Flow Index indicator, however, pointed out a buyers’ sentiment in the LTC market.

Litecoin [LTC] One-Day Price Chart On Binance

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The one-day price chart of LTC seemed to be promising. The Bollinger Bands were wide apart which further prompted the indicator to suggest an increase in volatility in the LTC market. The Awesome Oscillator affirmed that this surge in the volatility could be beneficial for the altcoin as the indicator went on to form green closing bars. Furthermore, the Relative Strength Index indicator inclined towards a buyers’ market as its marker was up by the overbought zone.

MoneySense launches Campaign to raise public awareness on the perils Of Crypto Scams and online trading

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There’s no rose without a thorn, similarly, despite being immensely valuable, the crypto industry deals with scams and hacks. Singaporeans have been urged to stay safe against any possible scam with regard to crypto through a campaign.

Earlier this month, Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore [MAS], the prominent financial regulator in the region, warned about the risks of trading cryptocurrencies. While the Chairman affirmed that MAS was keeping a close watch on the industry, he also urged Singaporeans to stay alert.

More recently, it was revealed that a campaign had been launched by the Singaporean national financial education programme, MoneySense to raise awareness with regard to the use of crypto.

Singaporeans To Use MoneySense’s Campaign To Stay Alert

The Straits Times reported that MoneySense had rolled out a campaign in light of the ongoing surge in the popularity of crypto. This initiative reportedly encourages users to steer clear of any potential scams pertaining to crypto and online trading. Users of digital assets are reminded to “always ask, check and confirm the legitimacy of the entity marketing the product before making any investment.”

The MoneySense web page talks about ways to identify investment scams, including red flags, fictitious track records, and many more.

MAS’s Shanmugaratnam had previously pointed out the volatile nature of crypto. He had further stated,

“The crypto assets space is constantly evolving. MAS has been closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed. Investors, on their part, should exercise extreme caution when trading cryptocurrencies.”

Furthermore, Lee Hsien Loong, the Singaporean Prime Minister had to encounter a scam that involved the sale of fake tokens, at the beginning of the month. Perpetrators gathered information from the Prime Minister’s social media accounts, prompting them to open a BitClout account without the Prime Minister’s permission. This caused quite a stir in Singapore at the time. Hence the latest campaign would be beneficial for the region.

Turkish Central Bank To Impose Ban On Cryptocurrency Payments

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Several countries have begun to embrace the cryptocurrency industry as its popularity and value have grown. The Turkish government, on the other hand, appears to be heading in a different direction.

The crypto industry is currently valued at a high of $2.22 trillion. These numbers have lured a number of investors from all across the world. But Turkey revealed that it had no interest to jump onto the crypto bandwagon. The country’s central bank, the Central Bank of the Republic of Turkey announced that it would soon refrain its citizens from using cryptocurrencies for payments.

Turkish Citizens To Endure Crypto Ban From April 30

Turkey seems to be next in line after India to be considering the ban of digital assets. While India decided to give its citizens some time, Turkey was seen taking a plunge into the same. The Central Bank of the Republic of Turkey in a recent announcement pointed out that any sort of payment in crypto would be considered illegal. No direct or indirect payments in crypto would be counted as legal, the bank affirmed.

However, the Turkish central bank assured that banks would be exempted from this ban. Users will reportedly be allowed to deposit the country’s fiat onto cryptocurrency exchanges. However, this would be possible only through wire transfers through the bank account alone.

While the ban is supposed to take effect on April 30, 2021, it was enforced by the Chairman of the Turkish Central Bank.

The announcement read,

“The purpose of this Regulation is not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and payment and electronic money institutions to platforms that offer trading, custody, transfer or issuance services for crypto assets or It is the determination of the procedures and principles regarding not mediating the fund transfers from these platforms.”

Dogecoin [DOGE] Climbs Up the Crypto Ladder to the 8th Spot

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While all of the coins were experiencing a small blip, Dogecoin [DOGE] was the only one recording massive gains. As Bitcoin [BTC] slumped to $60K, all altcoins followed suit as they were noted depleting. At the time of writing, the overall market cap was $2.22.

Dogecoin once again turned heads with its latest three-digit price change. The altcoin, which started as a joke, has seen a 127.65% surge in price in the last 24 hours. DOGE was trading at a high of $0.299 at the time of writing. The asset was retracing from a recent all-time high of $0.325. Furthermore, the asset seemed to have had a pretty beneficial week as it recorded a rise of 307.69% in the last seven days.

Additionally, the market cap of the altcoin sprung to $31.76 billion further pushing DOGE to the top ten. Currently, the altcoin sits as the eighth largest cryptocurrency above other prominent coins like Litecoin [LTC], Uniswap [UNI], and Chainlink [LINK].

Dogecoin [DOGE] One-Day Price Chart On Binance

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The one-day price chart of DOGE suggested that the ongoing trend in the existing market would continue. The altcoin had affirmed that the bulls were residing in its market. The Parabolic SAR indicator formed a strong line of support below the candlesticks further depleting chances of any possible downward slide. The Awesome Oscillator indicator did not want to disturb the coin’s upward trajectory. The indicator laid out strong green lines further suggesting that this trend could persist.

The disparity between the MACD and the signal line revealed that the altcoin could take a while the change its prevailing trend. Currently, the MACD indicator had undergone a bullish crossover.

Dogecoin Encounters A Buyers’ Market

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Strong buyers’ market was complimenting the existing bullish trend in the DOGE market. The Relative Strength Index along with the Money Flow Index indicator was noted in the overbought zone.

ICC Investigates Former Zimbabwe Cricket Team Captain Over The Use Of BTC In Corruption

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The International Cricket Council aka ICC has been dealing with corruption for quite some time now. However, this time the cricket council encountered the involvement of cryptocurrency.

The crypto industry has tried long and hard to fend off its association with the dark web. But once again, crypto was seen getting embroiled in a recent case of cricket corruption. The Anti-Corruption Unit of the ICC revealed that the Former Zimbabwe captain Heath Streak was banned for eight years following his revelation of cricket corruption with crypto.

ICC Bans Heath Streak For Eight Years

Recently, the Zimbabwe captain had reportedly admitted to having unveiled information pertaining to an Indian bookie who was under the ICC’s radar. Streak shed light on the occurrences that took place during his time in Zimbabwe, Bangladesh during the Bangladesh Premier League, India during the Indian Premier League [IPL] as well as the Afghanistan Premier League.

While cricket corruption is no big news, the use of Bitcoin in it posed to have caused a hurdle to the ones investigating it. Streak had garnered about two Bitcoins back in 2018 while it was valued at $35,000. However, the price of Bitcoin has shot up immensely since the time. At the time of writing, the price of one BTC was $61K.

Elaborating on the complications of investigating such a case, the ICC ACU General Manager Alex Marshall stated,

“It is a new phenomenon for us, but we have staff capable of investigating it. Corrupters try to use all modes including cash and ‘hawala’, which are not easy to trace either. Bitcoins pose a similar challenge.”

While tracing the whereabouts of Bitcoin is undoubtedly a hard nut to crack, Marshall affirmed that the ICC had the right kind of people to look into it. The agency reportedly uses the right kind of expertise to stay ahead of the corrupters.

Additionally, IPL has garnered a wide range of audiences across the globe. The league rose to impeccable fame. However, rumors regarding corruption were seen making the rounds. While Streak gave the officials information regarding an Indian bookie, the head of Anti Corruption Unit (ACU) of the BCCI, Shabbir Hussain Shekhada Khanwawala announced that it was the first time that he had come across payments in Bitcoin. He added,

“We always catch the people, not by the amount or how the money is paid (bitcoins in this case). Our clues are different. We keep a watch on them and their activities and telephonic calls.“