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- Bitcoin Potential Short Squeeze
Bitcoin Potential Short Squeeze
PLUS: ETH Dip Expected Soon
Blockstreet Journal
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Welcome, Crypto enthusiasts!
Bitcoin bounces but forms a triple death cross as traders prepare for sub 50K, however a potential short squeeze could come out of this over correction.
In Today’s Blockstreet Journal:
Bitcoin Potential Short Squeeze
ETH Dip Expected Soon
Market Rundown
Top Gainers & Losers
Airdrops & More News
Latest News
BITCOIN
🍋 Bitcoin Potential Short Squeeze
Word On The Street: Bitcoin bounced back above $58,000 on August 16 after what has been described as a "sweeping masterclass".
The details:
This rebound followed the latest U.S. unemployment data and resulted in significant liquidations for both buyers and sellers.
Order book liquidity data from CoinGlass showed that the 24-hour liquidation total for Bitcoin reached approximately $75 million.
Negative funding rates indicate that short positions are dominating the perpetual market, which could reflect a deteriorating market sentiment.
Why it matters: However, this scenario also sets the stage for a potential “short squeeze” if the broader sentiment shifts, leading to a rapid price reversal.
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ETHEREUM
📉 ETH Dip Expected Soon
Word On The Street: Despite ETH’s positive momentum, analysts caution that downside risks remain for Ethereum at the moment.
The details:
McKenna, a partner at Arete Capital, expressed skepticism about ETH breaking above the $2,800–$2,900 range.
McKenna’s remarks come in the wake of Ether’s recent decline, which was driven by significant ETH sales by market maker Jump Trading.
Ether fell by as much as 21%, hitting a swing low of $2,112 on August 5, before recovering to its current price of $2,651.
Why it matters: Ether bulls are relying on support at the flag’s lower boundary of $2,540. A daily close below this level could trigger a bearish breakout, projecting a further decline to $1,640.
Market Rundown
Fear & Greed Index
The global crypto market cap is $2.05T, a 2.35% decrease over the last day.
The total crypto market volume over the last 24 hours is $73.88B, which makes a 14.87% increase. The total volume in DeFi is currently $3.82B, 5.17% of the total crypto market 24-hour volume. The volume of all stable coins is now $68.96B, which is 93.35% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 56.03%, an increase of 0.10% over the day.
Global Market Metrics
Here are the key metrics:
- Total Market Cap: Approximately $2.05 trillion USD
- Total Volume: $73.88 billion USD
- Bitcoin Dominance: 56.03%
- Ethereum Dominance: 15.19%
- Active Cryptocurrencies: 10,061
- DeFi Market Cap: $53.44 billion USD
- DeFi Volume: $3.82 billion USD
- Stablecoin Market Cap: $161.52 billion USD
- Stablecoin Volume: $68.96 billion USD
- Derivatives Volume: $717.37 billion USD
Top Gainers & Losers
🚀 Top Gainers
💩 Top Losers
Airdrops & More News
DAILY AIRDROP
📦️ Gyroscope Airdrop
Gyroscope is running a points campaign where users can earn SPIN for interacting with their ecosystem. SPIN points convert to Gyroscope’s GYFI governance tokens with up to 10% of supply depending on SPIN and usage metrics.
Step-by-Step Guide:
Visit Gyroscope, connect your wallet and enter the referral code 89X5PA.
SPIN can be earned in several ways including holding GYD or as sGYD.
SPIN can also be earned by LPing in GYD pools, as LP shares in Governance or as LP shares in gauges. Different pools have different SPIN base rates.
The third way yo earn SPIN is to LP in E-CLPs in non-GYD pools.
Also, create a referral code and invite friends to earn more SPIN.
Collect more SPIN to rank up to higher tiers, which provides higher boosts.
For more information about Gyroscope’s Phase 2, check out this tweet.
Follow Gyroscope on X for further updates.
Other News
Bitcoin Mining Profitability Fell to All Time Lows in August. U.S.-listed miners' share of the network hashrate increased to 26% this month, the highest level on record, the report said.
Dubai court recognizes crypto as a valid salary payment. UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.
Nigeria Court Freezes $38M of Crypto Allegedly Sent to Support Protests in the Country. Nigerian authorities have traced $50 million of cryptocurrency sent to support recent protests, local media reported.
Bitdeer to expand operations with $150M convertible notes offering. Bitdeer Technologies Group’s stock price dropped to $6.33 after it announced a senior convertible notes offering.
🫡 Thanks For Reading
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