• A large whale from Binance sold roughly 20,000 Bitcoin on the exchange, accounting for over $500 million in BTC.
• This was the highest amount of sell pressure since May 22, during the Luna collapse.
• Bitcoin’s perpetual funding rate turned negative ahead of CPI print and perspective is bearish.
Largest Bitcoin Deposit Hits Binance Since Luna Collapse
A massive single bitcoin deposit hit Binance, one of the largest cryptocurrency exchanges in the world, since the Luna collapse earlier this year. The deposit amounted to over $500 million worth of bitcoin as a whale from Binance sold approximately 20,000 BTC back onto the platform. This selling pressure was recorded to be the highest amount since May 22nd when Luna dropped out of its previous high price range.
Bitcoin’s Perpetual Funding Rate Turns Negative Ahead Of CPI Print
The perpetual funding rate for Bitcoin has turned negative ahead of this week’s Consumer Price Index (CPI) print by the US Bureau of Labor Statistics (BLS). This shift in perspective suggests that buyers are beginning to outweigh sellers in terms of market sentiment and implies that prices may soon begin to rise again after a period of stagnation which saw values remain stagnant around $24K USD.
Silvergate: A Postmortem Report
CryptoSlate’s latest report dissects Silvergate — a crypto bank which went under recently — to analyze what led it to fail and how other banking giants could share Silvergate’s destiny if not careful enough. The report reviews various aspects such as Silvergate’s business model and its customer base before delving into possible causes for its downfall.
What Is Bitcoin?
Bitcoin is a decentralized currency that does not rely on any central bank or administrator; instead transactions are conducted electronically via peer-to-peer networks without intermediaries involved in order to facilitate payments between parties faster than traditional methods can offer. It has become increasingly popular over recent years due to its convenience compared with more established methods like cash or credit cards as it reduces transaction fees significantly while also providing greater security measures than conventional payment systems offer.
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