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Market news: NEC, Anthropic, and Japanese financial institutions will collaborate on an artificial intelligence project.Futures Commentary by Everbright Futures: On June 10th, COMEX gold prices plummeted, approaching 4000 points, closing at $4094.1 per ounce, a drop of 4.49%. Domestic SHFE gold opened lower and continued to decline, breaking below 900 points, closing at 892.58 yuan per gram, a drop of 4.11%. 1. On Wednesday evening, data released by the U.S. Department of Labor showed that the U.S. Consumer Price Index (CPI) rose 4.2% year-on-year in May, the largest increase since April 2023, while the core CPI, excluding food and energy, rose 2.9% year-on-year. Although the CPI report suggested that the oil price shock had not yet spread to broader economic sectors, mainly remaining confined to the transportation industry, providing more justification for the Federal Reserve to keep interest rates unchanged until 2027, the market still bet on a Fed rate hike in October after the CPI data release, putting continued pressure on gold prices. 2. Geopolitically, Trumps dissatisfaction with the slow progress of US-Iran negotiations, threatening a "very strong" attack on Iranian infrastructure, has fueled renewed market concerns about a potential escalation of the conflict. This renewed geopolitical tension, coupled with expectations of a Fed rate hike, has dealt a double blow to gold, causing prices to fall rapidly again. However, the unusually weak performance of US stocks may force the Fed to be more cautious in its monetary policy rhetoric. With the Feds interest rate meeting next week, the market anticipates a hawkish stance that could further suppress gold prices. However, its also important to watch for unusual "buy the rumor, sell the fact" volatility in gold prices before and after the meeting.On June 11, in response to the critical issue that my countrys mainstream monitoring equipment and core methods for greenhouse gas monitoring and measurement have long relied on foreign technologies, making it difficult to achieve independent and accurate quality control of carbon emission monitoring data at the national, regional, and industry levels, the State Administration for Market Regulation organized leading domestic scientific and technological forces to carry out key technology research on integrated space-air-ground greenhouse gas concentration monitoring, emission inversion algorithms, and monitoring equipment. They successfully broke through the core technology of high-resolution domestic satellite CO2 and CH4 column concentration and emission inversion, breaking the foreign technological monopoly in the field of mesoscale CO2 flux detection lidar concentration and wind field synchronous detection.The Kuwaiti Civil Aviation Authority announced that flights suspended due to the Iranian attacks have resumed.June 11 – Peakfly Aviation announced today that its V2000CG Kerry-class aircraft has officially received its Validated Type Certificate (VTC) from the Indonesian Civil Aviation Authority (DGCA), becoming the worlds first eVTOL aircraft to receive overseas type approval. As the only eVTOL aircraft of tonnage and above to receive all three airworthiness certificates issued by the Civil Aviation Administration of China (CAAC), the V2000CGs acquisition of the Indonesian VTC indicates that its design meets both the airworthiness standards of its country of origin (China) and the airworthiness requirements of its importing country (Indonesia), providing the prerequisites for the V2000CG to commence commercial operations in the "Land of a Thousand Islands."

Analysis of Bitcoin Onchain as the Price Drops Below $37,000

Daniel Rogers

May 06, 2022 10:41

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The only constants in the crypto industry are uncertainty and volatility. Once again, as the price of the world's most valuable cryptocurrency – bitcoin (BTC) – fell below the critical $37,000 level, bulls took a back seat, while bears appeared to cheer.

$40,000 – a distant dream no longer?

BTC's price briefly challenged the psychological barrier above $40,000 on May 4 amid expectations of a breakout over that level. However, such gains were just ephemeral, and on May 5, the king coin and the broader crypto market suffered a wave of losses.

 

After bouncing near the $1.7 trillion barrier, the global cryptocurrency market capitalization plummeted to $1.69 trillion, a decrease of 3.90 percent in the 24-hour period since the time of writing.

 

Notably, in tandem with BTC's plunge below $37,000, the majority of the biggest altcoins, including ETH, BNB, SOL, and ADA, saw their daily and weekly time frames painted in red.

 

BTC's price has been stuck in a relatively narrow range with little meaningful price action, while the top crypto's price has risen sharply in response to a weakening US dollar and stronger stock indexes, but the rally has been short-lived.

 

Analysts noted that around $82 million was lost in two hours in bitcoin long liquidations, with nearly $63 million lost in only one hour. The market's prolonged liquidations were suggestive of the bearish wave that appeared to overwhelm BTC's charts.

 

After bouncing near the $1.7 trillion barrier, the global cryptocurrency market capitalization plummeted to $1.69 trillion, a decrease of 3.90 percent in the 24-hour period since the time of writing.

 

Notably, in tandem with BTC's plunge below $37,000, the majority of the biggest altcoins, including ETH, BNB, SOL, and ADA, saw their daily and weekly time frames painted in red.

 

BTC's price has been stuck in a relatively narrow range with little meaningful price action, while the top crypto's price has risen sharply in response to a weakening US dollar and stronger stock indexes, but the rally has been short-lived.

 

Analysts noted that around $82 million was lost in two hours in bitcoin long liquidations, with nearly $63 million lost in only one hour. The market's prolonged liquidations were suggestive of the bearish wave that appeared to overwhelm BTC's charts.

 

Bitcoin fell to its lowest level in two and a half months on Thursday, as markets continued to digest the Fed's 50 basis point rate hike on Wednesday. At the moment, rate futures indicate a 75% probability of a 75 basis price hike in June.

 

At yesterday's Federal Open Markets Committee (FOMC) meeting, Federal Reserve Chairman Jerome Powell announced the first rate hike of 0.5 percent since May 2000, paving the stage for additional 50 basis point increases later this year.

 

The price of BTC went as low as $36,520. With bitcoin price breaching the lower support level of $37,200, market investors appeared to view the $40,000 level as a faraway short-term fantasy. Thus, what did on-chain indications indicate regarding the direction of BTC?

Analyses of the Bitcoin blockchain

The number of active addresses on a network indicates the network's vitality; for BTC, the change in new addresses and active addresses was negative, indicating a lack of fresh participants.

 

The change in new addresses during the last seven days was -14.95 percent, active addresses decreased by over 10.42 percent, and zero balance addresses decreased by 23.71 percent.

 

Additionally, prior to Bitcoin's slide below the $37,000 level, a short-term sentiment analysis conducted by Crypto Quant researchers indicated a favorable continuance of the present Funding Rate, indicating a predominance of long-position traders and a readiness to finance short traders.

 

Additionally, a significant increase in the Fees per Transaction (Mean) suggested an increase in transfer demand. However, there was concern about the effect on prices when demand for this transfer subsided and the price fell below the $37,000 mark.

 

For the time being, Global In/Out of the Money for Bitcoin indicated that bitcoin breached a critical support level at $38,670, where 2 million addresses together hold over 1 million BTC. In the short term, BTC needs to quickly retake $38,670 as support to prevent these addresses from liquidating portion of their holdings, as the next crucial support level is $28,500.