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Bitcoin loses $44K support as stocks, Evergrande nerves hit BTC price

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Bitcoin’s (BTC) fell below critical $44,000 support on Monday as concerns over China spilled over into crypto markets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC’s price sinks through support

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding 2% in an hour to hit local lows of around $43,400.

The pair had struggled overnight into the new week, as stocks fell in step with renewed worries over the fate of Chinese property giant Evergrande.

Amid a general shift away from risk assets, there were few winners beyond the United States dollar on the day.

For Bitcoin analysts, however, the drop was still not worth focusing on, as broad market strength remained.

“This BTC dip isn’t extreme,” trader and analyst Rekt Capital reacted on Twitter.

“Your emotional reaction to it shouldn’t be extreme either.”

Others were more surprised by the extent of Bitcoin’s knee-jerk losses.

Nonetheless, $44,000 had been the first significant buyer support level, this failing to put the brakes on Bitcoin’s slide.

A look at buy and sell levels on major exchange Binance thus highlighted levels closer to $40,000 as the next band of buyer interest.

BTC/USD buy and sell levels (Binance) as of Sept. 20. Source: Material Indicators

Ether revisits $3,000 in altcoin rout

Altcoins, meanwhile, beat Bitcoin to daily losses of over 10% for the top 10 cryptocurrencies by market capitalization. 

Related: ‘Best bear market ever’ — 5 things to watch in Bitcoin this week

Ether (ETH) was challenging $3,000 support at the time of writing, while XRP was the worst performer, down 14% on the day.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView


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Source: https://cointelegraph.com/news/bitcoin-loses-44k-support-as-stocks-evergrande-nerves-hit-btc-price

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Cosmos-based DEX Osmosis raises $21M in from a consortium of investors

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Osmosis, a decentralized exchange, or DEX, on the Cosmos blockchain, raised $21 million dollars in a token sale led by VC fund Paradigm along with a consortium of investors including Robot Ventures, Nascent, Ethereal, and Figment.

Osmosis allows developers to build customized Automated Market Makers, or AMMs, with sovereign liquidity pools. The DEX uses a native token called OSMO for governance and staking, and currently contains a total of $544 Million.

The project alleges to provide superfluid staking and instant block confirmation. Superfluid staking lets liquidity holders stake their LP tokens to earn pro rata staking rewards in OSMO. This gives token holders the ability to compound staking and liquidity yields while keeping the network secure. Instant block confirmations create Miner-Extractable-Value, or MEV resistance, which keeps traders from cherry-picking transactions on the network.

Paradigm, an investment firm known for its focus on DEX platforms, brings Osmosis into its DEX portfolio alongside Maker, Synthetic, Uniswap, Optimism, FTX, Coinbase, and BlockFi. The company’s stake in Osmosis is its first investment into the Cosmos ecosystem. All of its other holdings have been in Ethereum-based DEX platforms.

“Osmosis is our first AMM investment outside of the Ethereum ecosystem. The Osmosis contributors are a world-class team of engineers, product innovators, and operators bringing the right product to market at exactly the right time,” stated Charlie Noyes, investment partner at Paradigm:

“The launch of IBC, Cosmos’ cross-chain interoperability protocol, kicked off a Cambrian explosion of developer activity and experimentation. Osmosis is the natural center of gravity for liquidity in Cosmos’ emerging Defi ecosystem.”

The platform’s successful fundraise follows a rise in traffic growth that has occurred on the Cosmos network since the launch of its new Inter Blockchain Communication Protocol in March. The new protocol allows for digital assets to be transferred between chains in the network. In the last month, Osmosis has had the largest number of token transfers through the IBC protocol in the last month.

The main design concept behind the Cosmos blockchain was to create an “Internet of Blockchains,” according to the project’s whitepaper. The Cosmos Network is made up of its main chain called the Cosmos Hub which is the backbone to a network of decentralized, interconnected blockchains which includes the Binance Smart Chain.


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Source: https://cointelegraph.com/news/cosmos-based-dex-osmosis-raises-21m-in-from-a-consortium-of-investors

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Shiba Inu fetches a new ATH — 3 reasons why SHIB keeps jumping higher

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Meme coins burst onto the scene in early 2021 and helped kickstart the bull market after Dogecoin (DOGE) rallied above $0.01 to new highs while being shilled by the likes of Elon Musk and Mark Cuban.

Shortly afterwards, Dogecoin clones and other canine-themed tokens popped up to catch the wave of bullish momentum and Shiba Inu (SHIB) was one of the projects that quickly caught wind and sailed higher. 

Now that Bitcoin has hit a new all-time high again, it appears that the meme tokens are ready to continue their run and this time they’re not waiting for the big-name influencers to get on board. In the last two weeks, SHIB has rocketed to new highs and befuddled cryptocurrency traders are scratching their heads as to what the exact cause is.

Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $0.0000069 on Oct. 1, the price of SHIB has scorched 914% higher to a new record high at $0.0000699 on Oct. 27 as its 24-hour trading volume surged 137% to $24.67 billion.

SHIB/USD 4-hour chart. Source: TradingView

Three reasons for the surging price and trading volume for Shiba Inu include its listing on multiple exchanges, the launch of its own line of Shiboshi nonfungible tokens (NFT) and SHIB’s surging open interest on derivative exchanges.

Exchange listings increase access to SHIB

One of the biggest factors helping to lift the price of SHIB over the past month has been the increase in user access to the token thanks to its listing on multiple cryptocurrency exchanges.

Some of the new listings for SHIB and the protocol’s LEASH token include the BitKan exchange, AOFEX, StealthEx and CoinFlex. Change Now also launched a “flip DOGE for SHIB campaign” to celebrate its listing of LEASH.

The ecosystem also got a bump in momentum after it was announced that a partnership with the crypto payment provider NOWPayments made it so that SHIB and LEASH can be accepted as a form of payment, used for donations and is available to issue salaries in crypto via the mass payment feature.

As an added deflationary feature, 3% of the profit NOWPayments receives from all SHIB transactions will be burned.

Shiboshi NFTs

A second reason for the building strength of Shiba Inu was the launch of its own line of NFTs known as Shiboshi’s.

NFTs continue to be one of the most popular sectors of the cryptocurrency ecosystem and is a reliable way for projects to increase their community interaction and support.

The Shiboshi drop included 10,000 individual NFTs and community members had 24 hours to purchase them using the protocol’s LEASH token.

All Shiboshi’s have now been minted and have been listed on the OpenSea NFT marketplace.

Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

Surging open interest

A third reason for the rising strength of SHIB has been the surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.

Exchange futures open interest for SHIB. Source: Bybt

As seen in the chart above, the OI for SHIB has surged from $15.7 million on Oct. 3 to a record $178.95 million on Oct. 27 as the price of SHIB spiked to a new all-time high.

According to markets analyst and Cointelegraph contributor Marcel Pechman, “the open interest seems to be following the price pump instead of an actual increase.”

What is interesting to note is that while it’s “usually expected during bull runs for sellers to have their position liquidated,” that did not happen in this recent run-up which means traders either “doubled the short by adding more margin,” which Pechman sees as unlikely, or “those are market makers who are fully hedged and don’t care about the price.”

Pechman said,

“Longs are in huge profit, so it’s easier for them to keep buying spot and pushing the price up. There seem to be no ‘real’ short-sellers, only market makers. Had there been huge liquidations, the open interest would have gone down.”

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Oct. 24, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. SHIB price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for SHIB began to pick up on Oct. 23 and climbed into the dark green zone for a high of 89 on Oct. 24, around seven hours before the price increased 119% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/shiba-inu-fetches-a-new-ath-3-reasons-why-shib-keeps-jumping-higher

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Greed Spikes To Seven-Month High Alongside Record Crypto Prices

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Data shows greed in the crypto market has spiked to seven-month highs as coins record new all-time highs (ATHs).

Crypto Fear And Greed Index Points At Extreme Greed

As per the latest weekly report from Arcane Research, the fear and greed index has recorded seven-month highs as the needle points at extreme greed.

The “fear and greed index” is an indicator that represents the general sentiment of the crypto market on a numeric scale that goes from 0 to 100.

When the metric has values below 50, it means there is, on average, fear among investors. Values lower than 25 denote extreme fear. Such a sentiment is usually seen after big corrections, and periods of extreme fear may prove to be good buying opportunities.

While the needle pointing above 50 means the crypto market is starting to get greedy. Extreme greed occurs when values exceed 75. Very high values near 100 may mean there will be a correction soon so investors may not buy more at this point.

Here is a meter that shows what the current market sentiment is:

Crypto Extreme Greed

The fear and greed index seems to be pointing at extreme greed at the moment | Source: The Arcane Research Weekly Update - Week 42

As the above meter shows, the crypto market looks to be extremely greedy right now as the value of the indicator stands at 76.

Related Reading | Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?

Comparison with last week’s and last month’s values is also given below the meter, which were 75 (extreme greed) and 27 (fear), respectively.

The below chart gives a better idea about how the current fear and greed index values compare with those of the past:

Crypto Fear And Greed Index

The values of the indicator over the last one year | Source: The Arcane Research Weekly Update - Week 42

On examining the above graph, it becomes apparent that the fear and greed index reached values of 84 this week, the highest in the last seven months.

Related Reading | Breaking Down The Bitcoin Binance Flash Crash By The Second

This peak was made just a day after Bitcoin made its new ATH of around $67k, but shortly following that the price had a correction. The below chart shows this trend in BTC’s price:

Bitcoin crypto Price Chart

BTC's price continues to go down after making a new ATH | Source: BTCUSD on TradingView

The fear and greed index also took a hit in response to this decline in Bitcoin’s price, but nonetheless, values still remain in the extreme greed category, which means the crypto market still expects prices to go higher.

During the rally earlier in the year, values consistently remained in the extreme greed category, and corrections only caused temporary declines in the indicator.

This means that if the market has to continue making newer ATHs, the market sentiment should remain greedy, otherwise the bull run might start losing steam

Featured image from iStock.com, charts from TradingView.com, Arcane Research

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Source: https://www.newsbtc.com/crypto/greed-seven-month-high-record-crypto-prices/

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