Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

First Mover Asia: Bitcoin Could Experience Price Turbulence as $30K Is Tested

CoindeskCoindesk2023/06/27 16:26
By:Sam Reynolds

ALSO: Venture capitalists and others have abandoned blockchain for the seemingly greener pastures of AI, but they may be falling for the hype of a technology that has yet to prove itself substantially.

Good morning. Here’s what’s happening:

Prices: As Asian trading begins, bitcoin maintains above $30,000 despite a minor drop, while Ether trades lower

Insights: For investors and others touching the technology world, AI is the latest shiny object. Is their fascination premature?

Eyes on the Expiry

As Asia opens for trading, bitcoin has still held past the $30K mark at $30,323, flat over the past 24 hours, according to CoinDesk data. Ether, meanwhile, is trading at $1,860, down 1.3%.

Shaun Fernando, Chief Risk Officer at Deribit, told CoinDesk in a note that bitcoin’s ‘max pain’ point, or a part of the market when option holders will experience the most financial loss, while option sellers can be the ones who profit the most, is currently at $26K, which should alleviate some of the downward pricing pressure after the

“With an impressive open interest of over $350 million at the 30k strike, the approaching quarterly expiration promises an exhilarating conclusion, carrying the potential for price turbulence amidst diverse gamma hedging strategies,” Fernando said.

Fernando noted that ether has witnessed substantial institutional selling activity, but its implied volatility remains lower than bitcoin.

Until then, all eyes are on Friday when the

AI's Hype Doesn't Reflect the Reality

Critics of the digital assets industry say it’s buzzword- laden and unsustainable, always chasing the next new trend without much thought to its sustainability.

And for the most part, they are right.

Over the weekend, 8btc, one of China’s first crypto publications, the field entirely and pivoting to primarily covering AI and the metaverse.

Venture Capitalists, seemingly bored of blockchain and crypto, have found a new interest in AI. shows that venture capital funding for crypto is down 80% in the first quarter of 2023, from $12.3 billion to $2.4 billion. PitchBook’s data also shows that this quarter, and another $10 billion in deals have been announced but have yet to close.

For all the hype the AI bulls have for the technology, after putting it through its paces, AI is still somewhere between the peak of inflated expectations and trough of disillusionment on a . Its and 15-20% of what comes out of .

Certainly, there are some similarities between the hype cycles of AI and enterprise blockchain.

Enterprise blockchain was supposed to through efficiencies, but those that , so much so that I because of low revenue, and its Azure-based blockchain cloud services.

Even at the height of blockchain mania, the prelude to the Covid bull market, there wasn’t the same fervor as there is with AI. One would think that given the disappointment of the enterprise blockchain bubble bursting, stakeholders would have learned their lesson about enthusiastically embracing new technology.

But here we are.

Robinhood ends support for Polygon, Cardano and Solana

In case you missed it, here is the most recent episode of on :

BitGo CEO Mike Belshe joined "First Mover" to address why the custodian terminated its acquisition of rival Prime Trust after earlier this month reaching a preliminary agreement to acquire the firm for an undisclosed amount. Meanwhile, bitcoin (BTC) is off to a strong start this week, with the world’s largest digital asset holding above the $30,000 mark. Arca head of research Katie Talati shared her crypto markets analysis. And Johns Hopkins University professor of applied economics and Independent Institute senior fellow Steve Hanke shared his thoughts on the current macroeconomic factors impacting crypto, after Russia briefly faced the threat of an armed insurrection over the weekend.

The exchange had complained that regulators made “misleading” public statements about the Binance’s handling of customer funds.

After the recent release of a proposal for a new "v4" version of the decentralized exchange Uniswap, CoinDesk's Sam Kessler chats with Uniswap Labs CEO Hayden Adams about the case that DeFi is “here to stay” and his position that the U.S. “lags behind” on crypto regulation.

Commingling and misuse of customer funds occurred from the start at FTX, says current CEO John J. Ray III, and senior executives knew of the shortfall as early as August 2022.

Financial stewards including the International Monetary Fund and Bank for International Settlements say tokenization is the future. They’re wrong.

The SEC’s “pre-crime” litigation strategy seemed to annoy Judge Amy Jackson.

Edited by James Rubin.

41

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

What will the Fed’s rate cut mean for the global economy?

Share link:In this post: The Fed is set to cut interest rates for the first time since COVID, which will shake global markets, currencies, and commodities. A stronger dollar has crushed weaker currencies like the Japanese yen and Turkish lira, while central banks scramble to control inflation. Ray Dalio warns that the Fed’s decision could worsen the US debt problem and spark more political chaos ahead of the election.

Cryptopolitan2024/09/17 16:00

VIPBitget VIP Weekly Research Insights

Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.

Bitget2024/09/13 06:30