While the leading cryptocurrencies like Bitcoin and Ethereum brought increased selling pressure to the market, tokens like Stable (STABLE), MYX Finance (MYX) and MemeCore (M) have been recording gains. The CMC20 Index, which tracks the price movements of the top 20 digital assets, dropped by 4% in 24 hours to $156. This index suggests strong selling pressure at this point as Bitcoin fell below $75,000 early on Feb. 2. STABLE gained 17% over the past 24 hours and is trading at $0.026, leading the top 10 ...

On October 12, Binance released a statement following an internal review of the incident. According to the exchange, core spot and futures matching engines, as well as API trading, remained operational.Still, the explanation failed to calm all critics. Some users accused Binance of benefiting from the trading freeze, alleging that the disruption allowed the exchange to profit during peak volatility.Binance publicly acknowledged disruptions during the event. The exchange cited “heavy market activity” as the ...

The Ethereum treasury company Bitmine Immersion, led by Fundstrat Capital’s CIO Tom Lee, has been accumulating the leading altcoin amid market consolidation. Bitmine purchased 29,462 ETH on Tuesday, Dec. 23, according to data from Lookonchain. On Dec. 22, the Ethereum treasury firm accumulated another 13,412 ETH. The 42,874 ETH purchase, worth roughly $128.7 million, in the past two days brings Bitmine’s total holding to over 4.06 million ETH tokens. Bitmine has been heavily buying ETH over the past mo ...

Wintermute dumps BTC and ETH. | Credit: AP Photo/Mark Lennihan. Key Takeaways Wintermute has sharply reduced its on-chain crypto holdings over the past three weeks. On-chain trackers show large transfers of BTC and ETH, with some estimates reaching $1.5 billion. The selling comes amid broader market weakness, but does not necessarily signal distress. Wintermute, one of the crypto industry’s most popular market makers, has drawn renewed attention after on-chain data revealed a sharp reduction in i ...

Core Insights - Internet Computer (ICP) experienced a significant pullback from its recent rally, trading just below $5 after reaching a peak of over $6.50, marking a nearly 25% decline from Tuesday's high [1] - The trading activity was notably intense, with 20.48 million tokens exchanged, representing approximately 418% above the average trading volume [2] - Despite the recent reversal, ICP's strength is notable in the context of a broader crypto market pullback, with continued institutional interest reflected in elevated trading volumes [3] Technical Analysis - The current technical setup indicates that ICP is stabilizing above a support level of $4.80, which has attracted buyers in recent sessions [4] - Resistance levels are identified between $5.20 and $5.40, where previous rallies faced selling pressure; a sustained push above this zone could signal a return to bullish momentum [4] - Failure to maintain support at $4.77–$4.80 could lead to a deeper correction towards the $4.50 range [4]

Market Overview - Bitcoin (BTC) is experiencing downward pressure after its first October loss since 2018, with potential declines to $100,000 or below indicated by market charts [1] - The broader market is witnessing capital outflows, as evidenced by a decline in futures open interest [1] - The focus for BTC is on its 200-day simple moving average, currently around $107,000 [1] Derivatives Positioning - BTC and ETH futures open interest remained largely unchanged, while altcoin open interest, including XRP, HYPE, and DOGE, has dropped, indicating capital outflows from the broader market [3] - The open interest-normalized cumulative volume delta for BTC and ETH has declined, suggesting a bias towards short positions [3] - Volatility indexes for bitcoin and ether are rising, indicating renewed expectations for price turbulence [3] Altcoin Market Dynamics - Altcoins such as ethena (ENA) and doublezero (2Z) faced heavy sell pressure, with ENA and 2Z slumping by 7% in the past 24 hours and a cumulative 30% decline over the past week [3] - The average relative strength index for altcoins is at 37.51/100, indicating oversold conditions that could lead to a relief rally [3] - The entire crypto market cap is currently at $3.59 trillion, having lost $600 billion in value since October 6 [3]

Core Insights - A sudden tariff announcement from U.S. President Donald Trump led to a significant selloff in global markets, particularly in the crypto sector, resulting in over $19 billion in leveraged positions unwinding within 24 hours [1] - The event highlighted the high level of leverage in crypto trading, with Bitcoin and Ethereum experiencing the largest losses, while altcoins faced even steeper corrections [3][4] Market Reaction - Over 1.6 million traders were liquidated, with nearly 87% of positions being long, indicating a strong market reaction to the tariff news [2] - Open interest in Bitcoin futures dropped by more than 30% during the selloff, reverting leverage levels to those last seen in May [5] Sentiment Shift - Funding rates turned negative across most exchanges, signaling a shift in market sentiment from optimism to caution [6] - Analysts described the situation as a "stress test" for market structure, revealing the increasing influence of derivatives and the limitations of algorithmic risk management during periods of volatility [6] Recovery Phase - By October 13, Bitcoin rebounded to above $114,000, recovering nearly 12% from the lows, while Ethereum rose to around $4,100 [7] - Spot Bitcoin ETFs experienced $420 million in inflows during the recovery, helping to stabilize prices [7] Altcoin Performance - Altcoins like Solana, XRP, and Avalanche showed modest rebounds, indicating selective risk appetite rather than a full market recovery [8] - The bounce was attributed to institutional buying and automated market makers rebuilding liquidity after the liquidations [8] Ongoing Volatility - Despite the recovery, implied volatility in Bitcoin options exceeded 50%, and futures spreads remained tight, reflecting caution among professional traders [9] - Analysts warned that a rapid buildup of leverage could lead to another significant unwind if macroeconomic conditions worsen [9]

Core Insights - Binance's trading systems remained stable during the recent crypto market turmoil caused by new U.S. tariffs on China, countering speculation of platform faults exacerbating the sell-off [1][4][6] - The exchange acknowledged temporary depegging issues for certain assets and announced a compensation package of $283 million for affected users [2][7] Market Impact - President Trump's announcement of a 100% tariff on all Chinese imports led to a significant crypto market meltdown, erasing nearly $560 billion in market value [3][4][5] - The increased trade tensions resulted in $19 billion lost in a single day, with over $7 billion liquidated in just one hour, affecting approximately 1.6 million traders [5][6] Binance's Response - Binance conducted a comprehensive review of its operations during the volatility and confirmed that its core trading systems remained operational despite the market chaos [6][7] - The exchange noted that the forced liquidation volume on its platform was relatively low compared to total trading volume, indicating that the volatility was primarily driven by overall market conditions [7]