Welcome to another edition of Qume Market Mondays

Bitcoin:

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Source-skew.com

Bitcoin and other cryptocurrencies steadied after registering one of the biggest price dumps since the pandemic. Before that bitcoin went up as high as $19.1k in spot markets and went up to $19.53k in Perpetual markets. The difference in the spot and futures markets price suggests overleveraged long positions liquidated in a matter of minutes resulting in bitcoin falling by around $3,000.
By the weekend bitcoin has stabilized and is now trading at $18,700+ price levels. …


Welcome to another edition of Qume Market Mondays

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Photo by Alec Favale on Unsplash

Bitcoin

Bitcoin crossed the $18k price mark late-week only the second time in all its history. The last time it went this high was on Dec 19th, 2017 when the price went to $18,984. Currently, it is changing hands at $18,640.

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Source-bitinfocharts.com

In this bull run, the ratio of bitcoin top 100 to the total has declined, indicating a greater dispersion among bitcoin wallets. This ratio has not been this low in many years. With this dispersion, we expect some stability to this bull run.

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Source-bitinfocharts.com

This bull run is not only a treat for bitcoin bull traders but miners as well, who were having a challenging time making money in the $8,000 to $11,000 price range. Bitcoin miners have now increased their mining profitability significantly in the $15,000+ range. …


Hashflow + Qume

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Photo by Pierre Borthiry on Unsplash

Systems of asset custody in traditional finance are built on trust in centralized institutions. Such systems extend to crypto custody as well and suffer from the same principal flaws as any other mode of centralization. It is susceptible to hacks, data theft, mismanagement, lack of transparency and corruption.

For a crypto derivatives exchange, it is paramount to be transparent where allegations of insider trading and market manipulation are the mainstream thought. Crypto exchanges which use custodian services as of now rely mainly on centralized auditors or no auditor at all. …


Bitcoin

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Source -skew.com

Bitcoin has shown sideways movements since our last edition. The asset is currently exchanging hands at $11,700 price levels.

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Source -skew.com

Trading volumes were consistent this week. Aggregate Open interest in bitcoin futures market, despite the BitMEX co-founder’s arrest and OKEx suspending withdrawals, have been consistently around $4B daily.

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Source -bitinfocharts

Welcome to another edition of Qume Market Mondays.

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Photo by NICHOLAS CAPPELLO on Unsplash

Bitcoin did well over the weekend. It had its best week since July even after the U.K Financial Conduct Authority banned retail investors from speculation on Bitcoin. The ban is likely to have little to no effect as the markets are considerably small.

Acrosss the shore, authorities in the US arrested Samuel Reed, one of the co-founders of BitMEX on the first of October on charges of violating sanctions, posing a threat to the national security of the United States. Other owners, Benjamin Dilo, Gregory Dwyer and Arthur Hayes (CEO — BitMEX), remain at large. …


Welcome to another edition of Qume Market Mondays

Crypto:

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source-Skew

Bitcoin is testing just below $11,000 price levels late today. It is up 6.27% from last Monday’s low with low trading volumes in futures markets implying a weak momentum in its recovery.

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source-Skew

Open interest in futures markets has also been steady at around $4B this September. The interest of Bitcoin investors in the meantime has increased in DeFi and options markets.

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source-Skew

Open interest in options markets stood at $2.3B just before almost a billion dollar worth of options expired on the 25th of September. Bitcoin’s market volatility was also low on weekends. …


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Photo by Jason Briscoe on Unsplash

Welcome to another edition of Qume Market Mondays!

Crypto

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Bitcoin was able to test $11,000 price levels before falling to $10,300 late this weekend.
Markets maintain a weak outlook because of weak price rebound and low trading activity.

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Trading volumes in futures markets were low throughout the week and open interest also took a dive. Trading exchanges were short on liquidity with %5mln B/O Spread going up as much as 3% on bitFlyer.

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Bitcoin markets are looking bearish and we expect major sideways movements this week.

DeFi

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Total value of crypto assets locked in Uniswap crossed the $1.5bn mark again this month. The dynamics of Uniswap have supposedly changed after the launch of their token called “UNI”. …


Welcome to another edition of Qume Market Mondays

Bitcoin

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Source-skew.com

Bitcoin is up 8.5% from last Monday’s low, now trading at $10,500+ price levels. Bitcoin futures trading volumes this week were low, its price broke the resistance at $10,500 level and is indicating bullishness, it is expected to reach $12,000 mark soon with bitcoin options market picking up momentum.

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Source-skew.com

Aggregated open interest of bitcoin options has increased late weekend.

DeFi

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Source-skew.com

Uniswap after it meteoric rise in value locked in DeFi fell almost as much as it rose by late mid-week. Volume on the exchange is rising again and by yesterday it is the 4th most valuable DeFi platform by locking of assets worth almost a billion dollars locked-on its platform. …


Welcome to another edition of Qume Market Mondays.

Bitcoin:

Failing to break the resistance at the $12,500 mark, bitcoin has plunged 12.1% to $10,200 levels on Sunday. Bitcoin is starting to lose momentum.

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source-skew.com

On the 2nd and 3rd of September, Bitcoin dumped $800 and $1,200 respectively on BitMEX. This took average hourly liquidations to $94M and $75M on the two days. Open interest of the XBTUSD pair of BitMEX has been falling significantly ever since.

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Source-skew.com

While the crypto industry in CeFi is taking a hit, DeFi continues to boom. There are now 76.428k BTC in DeFi. Of last week that is a 33%+ gain. Bitcoin in DeFi has continued to grow even when bitcoin dumps significantly which implies that high demand of bitcoin in DeFi should not be taken as a bullish indicator for bitcoin. …


Welcome to another edition of Qume Market Mondays

Bitcoin
Bitcoin climbed to $11,700 mark on the weekend after falling from the same price level on late Tuesday. Market volatility has been low despite around $900M+ worth of options expiring on August 28th. This rally has been steady and is expected to continue.

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Source-Defipulse.com

Total Bitcoin deposited on DeFi platforms has increased this week to cross the 50k mark, an all-time high. At the time of writing it is at 55,326 bitcoins.

ETH
Ether is up 7–8% in futures market in last 24 hours. …

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