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The perpetual futures market linked to the BNB token is leaning towards bearishness as the cryptocurrency faces multiple challenges. According to data tracked by Coinglass, open interest and volume weighted funding rates for perpetual futures are at -0.18%. This is the lowest level These numbers show that shorts (or positions that profit from price drops) are the dominant group and they are willing to pay for longs in order to keep their bearish wagers open. The funding rates are charged each eight hours. Huff Haus of Pear Protocol said that the funding rates were so low, “BNB was being severely shorted”.

Early Monday, the native token of DEX aggregator 1inch (1/2INCH) grew by over 58% before losing most of its gains. The trading volume reached $597 million – its highest since October 2021. 1INCH had gained about 10% in the last 24 hours. CoinGlass reports that, in addition to the spike in trading volume over the last 24 hours, $3.37 millions in leveraged short 1inch positions were liquidated. Despite the lack of an immediate catalyst, 1inch appears to have continued the upward trend that began following XRP’s supposed legal victory over the U.S. Securities and Exchange Commission last week. XRP almost doubled on that day and led a rally of altcoins that included significant gains for tokens such as Solana ( SOL), Cardano ( ADA), and Polygon ( Matic HTML2

Bitcoin hashrate is at an all-time high as the competition between miners intensifies ahead of the next event of halving, JPMorgan reported . Halving is expected to occur in The Bitcoin halving has historically been a positive factor for the bitcoin price, as the production costs have acted as a floor. However, the halving poses a problem for bitcoin miners.

Chart of the Day

  • Early Monday morning, CELO, a native token for the EVM compatible blockchain Celo, grew by more than 7 percent, hitting a new two-week-high of $0.59.
  • Over the weekend cLabs , the developer of Celo Blockchain, , submitted a proposal for a transition from an independent layer-1 solution to an Ethereum Layer 2 solution.
  • According to the proposal, this move would streamline liquidity sharing between Celo & Ethereum, while improving security and providing a seamless developer’s experience.
  • After the transition, CELO tokens will continue to be the native cryptocurrency used for gas payments.
  • TradingView

– Omkar Godbole

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Stephen Alpher edited the book.