Blockchain
Bitcoin Eyes $67K After Halving as Altcoins Primed for Short Squeeze, Hedge Fund Says
The recent market rebound witnessed a widespread increase in cryptocurrency prices, with nearly all cryptocurrencies in the Coindesk Market Index experiencing gains over the past 24 hours. Notably, funding rates for certain altcoins and memecoins plunged into deeply negative territory, potentially setting the stage for a rapid upward movement driven by a short squeeze, as highlighted by QCP Capital.
Bitcoin approached the $67,000 mark, marking a 3% surge over the past day following its quadrennial halving event, which halved the issuance of new supply. Meanwhile, Ether remained steady around $3,200, showing a modest 1.5% increase during the same period.
The positive momentum extended across the crypto market, with 163 out of 173 cryptocurrencies in the CoinDesk Market Index posting positive daily returns. The CoinDesk 20 Index (CDI) surged over 3%, with Near Protocol’s native token (NEAR) leading the gains with a 15% increase.
Digital asset-focused stocks also witnessed a rally, with shares of crypto exchange Coinbase (COIN) and MicroStrategy (MSTR) climbing 7% and 12%, respectively. Publicly listed miners Riot Platforms (RIOT), Hut 8 (HUT), and Marathon Digital (MARA) also saw significant gains ranging from 6% to 20%.
While some analysts express caution regarding potential market weakness in the short term due to miners offloading their BTC inventory following the halving event, historical patterns suggest a potential exponential increase in bitcoin’s price in the coming weeks. QCP Capital highlights the cooling off of funding rates, particularly for leveraged derivatives traders, which could trigger a short squeeze, especially for altcoins and memecoins with deeply negative funding rates, potentially leading to a resurgence in speculative sentiment and a resumption of leveraged long positions.
Source: coindesk.com
The post Bitcoin Eyes $67K After Halving as Altcoins Primed for Short Squeeze, Hedge Fund Says appeared first on HIPTHER Alerts.
WadzPay, a leading fintech company specialising in blockchain based technology for virtual asset payment solutions, is proud to announce its plan to enter the Stablecoin business, marking a significant expansion of its offerings. With a steadfast commitment to innovation and addressing evolving market demands, the company has strategically positioned itself to capitalise on the growing opportunities within the virtual asset financial services space.
ZettaBlock, a leading provider of blockchain solutions, has recently announced a significant enhancement to its offerings with the addition of blockchain data services. This development marks a strategic move aimed at bolstering ZettaBlock’s capabilities and further solidifying its position in the blockchain industry.
By integrating blockchain data services into its portfolio, ZettaBlock seeks to address the growing demand for comprehensive and reliable data solutions within the blockchain ecosystem. The new offering will enable clients to access a wealth of blockchain data, empowering them to make informed decisions and derive valuable insights from the vast amount of information available on various blockchain networks.
ZettaBlock’s decision to expand its services comes at a time when the importance of blockchain data analytics is increasingly recognized across industries. With blockchain technology continuing to gain traction and adoption worldwide, the ability to effectively harness and analyze blockchain data has become crucial for businesses and organizations seeking to unlock new opportunities and drive innovation.
Through its blockchain data services, ZettaBlock aims to cater to the diverse needs of its clients, providing them with access to real-time and historical data from a wide range of blockchain networks. This includes transaction data, smart contract metrics, network activity, and more, allowing users to gain deeper insights into blockchain transactions and activities.
The addition of blockchain data services represents a significant milestone for ZettaBlock, underscoring the company’s commitment to delivering cutting-edge solutions that meet the evolving needs of the blockchain industry. As businesses increasingly recognize the value of blockchain data in driving decision-making and enhancing operations, ZettaBlock’s comprehensive data services are poised to play a key role in shaping the future of blockchain analytics.
Source: cryptonewsz.com
The post ZettaBlock announces the addition of blockchain data appeared first on HIPTHER Alerts.
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