• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Friday, June 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Market Wrap: Bitcoin Slides to $11.8K; Uniswap at $7M in Monthly ETH Fees

18 August 2020
in Market
Reading Time: 10 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT
Cryptohopper
ADVERTISEMENT


Bitcoin’s prices were off from Monday’s high. Meanwhile, high fees on Ethereum helped decentralized exchange Uniswap rake in $7 million over the past month.

  • Bitcoin (BTC) trading around $12,002 as of 20:00 UTC (4 p.m. ET). Slipping 2.8% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,825-$12,412
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Bitcoin trading on Coinbase since Aug. 16.
Source: TradingView

Read More: Bitcoin Mining Pools See Hashrate Drop Amid Rainstorms in China

After hitting a 2020 high Monday, bitcoin dipped to as low as $11,825 on spot exchanges such as Coinbase on Tuesday. Seychelles-based BitMEX saw plenty of action during this price rise and fall, as both long and short traders were wiped out in automatic liquidations, the crypto equivalent of a margin call. During Monday’s sharp price rise, BitMEX liquidated short traders by as much as $10 million in one hour. During Tuesday’s decline, long traders were wiped out at a rate of $6.7 million in an hour. 

skew_bitmex_xbtusd_liquidations-25
Liquidations on derivatives exchange BitMEX the past three days.
Source: Skew

Many traders, including Andrew Tu of quant trading firm Efficient Frontier, see $12,000 as “resistance” or a price level that is tough to overcome but when it is, bitcoin can break to higher territory. 

“Bitcoin finally broke its $12,000 resistance Monday,” said Tu. “Now it’s on to $13,000 and $14,000 as resistance, assuming that we can hold above $12,000.” 

Bitcoin’s price was just under $12,000 as of press time after the selling pressure earlier. 

Michael Rabkin of Chicago-based trading firm DV Chain told CoinDesk both retail and institutional interests are fueling fresh bitcoin highs, and the asset is headed higher. “Bitcoin’s popularity is growing in the mainstream media and with traditional investment firms as the U.S. continues its stimulus,” he told CoinDesk.“Even though this can’t last forever there is no end in sight, so people are looking for alternatives” to the U.S. dollar, Rabkin added.

Indeed, the U.S. Dollar Index, a measure of the greenback’s strength relative to a basket of other currencies, is at an over-two-year low Tuesday as the coronavirus-inflicted global economy continues to cause problems for the American economy.

dollarindexaug18
The U.S. Dollar Index since Jan. 1, 2018.
Source: TradingView

Every time bitcoin’s price moves higher over the remaining months of an uncertain 2020, there will be renewed investor interest in crypto, added Efficient Frontier’s Tu. “It’s all part of this current bull cycle we’re in,” Tu said. “It’s a positive feedback cycle in which double-digit rises cause more retail and professional investors to jump in, which begets further rises.”

Read More: Bitcoin Holding Sentiment Strongest in Nearly Two Years

Uniswap first in ETH fees

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Tuesday at around $424 and slipping 2.7% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: DeFi-Yield-Hunting Token YFI Explodes to $11K From $32 in One Month

The decentralized exchange, or DEX, Uniswap V2 has crossed $7 million in fees collected over the past month. It is currently number one on the Ethereum network, according to fee tracker ETH Gas Station. The DEX also dominates the market for trading volume, at $233 million in the past 24 hours and over 60% of market share.

dexvol
DEX volumes the past 24 hours.
Source: Dune Analytics

George Clayton, managing partner of alternative asset firm Cryptanalysis Capital, says Ethereum’s growth is “crazy.” He noted the second company on Ethereum’s fee rankings, Tether, rakes in $6.3 million in fees per month and is deployed on other blockchains. “Tether is the only major project to spread out on other blockchains,” Clayton said. “I’m a bit surprised others haven’t followed yet given Ethereum’s gas problems. Something has to give.” 

Other markets

Digital assets on the CoinDesk 20 are mostly in the red Tuesday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

Read More: Elliptic Adds Monitoring Support for Binance Chain and BNB

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

Read More: Chainlink Up Nearly 1,000% Since ‘Black Thursday’ Crash

Read More: Dust Attacks Make a Mess in Bitcoin Wallets, but There Could Be a Fix

  • Oil is down 0.37%. Price per barrel of West Texas Intermediate crude: $42.57.
  • Gold was in the green 1% and at $2,001 as of press time.

Read More: The OCC’s Crypto Custody Letter Was Years in the Making

  • U.S. Treasury bonds all slipped Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 5.3%.

Read More: Bitcoin Mining Pools See Hashrate Drop Amid Rainstorms in China

https://www.coindesk.com/coindesk20
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Related articles

U.S. CFTC May Change Risk Rules in a Way That Could Consider Crypto

U.S. CFTC May Change Risk Rules in a Way That Could Consider Crypto

2 June 2023
Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks

Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks

1 June 2023
[crypto-donation-box]
Tags: 118KBitcoinETHFeesMarketMonthlySlidesUniswapWrap
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Singapore bank says Bitcoin, crypto is “no more” the wild west

Next Post

Perfect Track Record Top-Sniping Tool Signals Bitcoin Uptrend End Is Near

Related Posts

U.S. CFTC May Change Risk Rules in a Way That Could Consider Crypto

U.S. CFTC May Change Risk Rules in a Way That Could Consider Crypto

2 June 2023
0

“These technological advancements, with their accompanying risks, necessitate the commission revisiting our regulatory oversight, including our risk management requirements,” Goldsmith...

Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks

Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks

1 June 2023
0

USDT has reached a $83.2 billion market capitalization, recovering all its losses since the implosion of blockchain project Terra more...

Bitcoin Lingers Under $27K to Continue Its May Sluggishness Amid Inflation Concerns

Bitcoin Lingers Under $27K to Continue Its May Sluggishness Amid Inflation Concerns

1 June 2023
0

BTC and ether both lost ground in May, the first monthly decline of 2023. LTC and RNDR were among the...

Litecoin Price (LTC) Starts June Strong as Investors Eye August Halving, Uptick in Activity

Litecoin Price (LTC) Starts June Strong as Investors Eye August Halving, Uptick in Activity

1 June 2023
0

Litecoin is a lot cheaper in terms of units compared to bitcoin, which attracts investors looking to position themselves ahead...

CoinDesk Turns 10: 2022 – How Crypto Gods Turn Into Monsters

CoinDesk Turns 10: 2022 – How Crypto Gods Turn Into Monsters

1 June 2023
0

On Nov. 2, 2022, Ian Allison’s revealed the weak balance sheets of the FTX-affiliated trading firm Alameda Research, which started...

Load More
Next Post

Perfect Track Record Top-Sniping Tool Signals Bitcoin Uptrend End Is Near

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • U.S. CFTC May Change Risk Rules in a Way That Could Consider Crypto
  • Bitcoin BTC Price Has Reached ‘a General Accumulation Phase’: Analyst
  • Mooners and Shakers: Litecoin gains while Bitcoin slips; Binance Australia updates banking situation

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,853.00-0.82%
  • ethereumEthereum(ETH)$1,871.92-0.04%
  • tetherTether(USDT)$1.00-0.07%
  • binancecoinBNB(BNB)$305.45-0.28%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.510.84%
  • staked-etherLido Staked Ether(STETH)$1,868.96-0.19%
  • cardanoCardano(ADA)$0.367830-0.85%
  • dogecoinDogecoin(DOGE)$0.0717890.08%
  • matic-networkPolygon(MATIC)$0.900.63%
  • solanaSolana(SOL)$20.64-0.39%
  • litecoinLitecoin(LTC)$94.153.29%
  • tronTRON(TRX)$0.0753160.17%
  • polkadotPolkadot(DOT)$5.24-0.91%
  • binance-usdBinance USD(BUSD)$1.00-0.07%
  • shiba-inuShiba Inu(SHIB)$0.000008-2.39%
  • avalanche-2Avalanche(AVAX)$14.221.21%
  • daiDai(DAI)$1.000.00%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,894.00-0.81%
  • uniswapUniswap(UNI)$5.01-0.18%
  • leo-tokenLEO Token(LEO)$3.571.37%
  • chainlinkChainlink(LINK)$6.39-1.53%
  • cosmosCosmos Hub(ATOM)$10.38-0.18%
  • okbOKB(OKB)$45.82-0.66%
  • moneroMonero(XMR)$145.33-0.74%
  • ToncoinToncoin(TON)$1.77-3.17%
  • ethereum-classicEthereum Classic(ETC)$17.91-0.22%
  • stellarStellar(XLM)$0.091550-1.26%
  • bitcoin-cashBitcoin Cash(BCH)$113.960.76%
  • filecoinFilecoin(FIL)$4.852.92%
  • internet-computerInternet Computer(ICP)$4.741.73%
  • true-usdTrueUSD(TUSD)$1.00-0.01%
  • lido-daoLido DAO(LDO)$2.110.87%
  • AptosAptos(APT)$8.713.86%
  • quant-networkQuant(QNT)$115.96-0.59%
  • hedera-hashgraphHedera(HBAR)$0.050350-2.23%
  • ArbitrumArbitrum(ARB)$1.171.18%
  • crypto-com-chainCronos(CRO)$0.058743-1.76%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • vechainVeChain(VET)$0.019834-1.91%
  • nearNEAR Protocol(NEAR)$1.560.20%
  • the-graphThe Graph(GRT)$0.126854-6.01%
  • apecoinApeCoin(APE)$3.05-3.02%
  • algorandAlgorand(ALGO)$0.1500631.07%
  • the-sandboxThe Sandbox(SAND)$0.564.66%
  • paxos-standardPax Dollar(USDP)$1.000.22%
  • fraxFrax(FRAX)$1.000.41%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.89-0.12%
  • rocket-poolRocket Pool(RPL)$48.47-0.31%