Bitcoin (BTC) headed toward an "interesting" liquidity area on May 18 as United States stock markets opened with a bearish bang. BTC price nears "interesting" rematch with lows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it broke through the $29,000 support after the Wall Street open. U.S. markets saw a swift reversal of prior gains on the day, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% within the first hour of trading. The big surprise, however, came from grocery giants Walmart and Target, both of which saw the biggest intraday declines since the …

Ether (ETH) price has been trying to establish an ascending channel since the May 12 market-wide crash that sent its price to $1,790. Currently, the altcoin’s support stands at $2,000, but the high correlation to traditional markets is causing traders to be highly skeptical s cryptocurrency market recovery. To date, the Federal Reserve continues to dictate the markets’ performance and uncertainty has been the prevailing sentiment because the central banks of major economies are trying to tame inflation. Considering that the correlation between crypto markets and the S&P 500 index has been above 0.85 since March 29, traders are likely …

Aave (AAVE) has announced a new project called the Lens Protocol, which focuses on helping developers build social networking decentralized applications (DApps) on the Polygon (MATIC) blockchain. Apart from social media DApps, the liquidity market protocol creators aim to use nonfungible token (NFT) technology along with Lens' open-source blockchain tech to allow developers to create marketplaces, recommendation algorithms and other applications. According to Aave, this will allow users to completely own their own data and give creators new monetization opportunities. Lens Protocol allows users to have a single Lens profile that can be used through various DApps within the Lens …

Technical analysis suggests that a recent uptrend in the price of Aave (AAVE) is showing signs of exhaustion based on the early development of a classic bearish reversal pattern. Is AAVE headed to $70? Dubbed a "rising wedge," the pattern surfaces when the price rises inside a range defined by two ascending, converging trendlines. As it happens, the trading volume declines, pointing to a lack of conviction among traders when additional buying is needed for continued upside momentum. Therefore, falling wedges typically result in a bearish breakout where the price breaks below the pattern's lower trendline and falls by as …

Pocket Network, a relay infrastructure middleware protocol, announced a service integration to improve the network bandwidth of NEAR blockchain while enabling faster deployment times for Web3 developers. According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Fuse, Avalanche, Harmony and Polygon. In addition, by having integrations with multiple blockchains, NEAR developers can overcome concerns regarding single points of failure due to bottlenecks or other service disruptions. Pocket Network aims to accomplish 100% up-time for projects via a globally distributed network of over 47,000 full nodes that …

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week's volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining. One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a …

Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization. In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin. Data from Cointelegraph Markets Pro and TradingView shows that as the collapse of Terra …

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under …

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears. While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs and Barclays joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies. After the mayhem and volatility of the last week, crypto prices may attempt a relief rally in the next few days. It is unlikely …

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending channel formation, it’s possible that bulls at least have plans to recover the $30,000 level in the short term. Does derivatives data support reclaiming $30,000, or is Bitcoin potentially heading to another leg down after failing to break above $31,000 on May 16? Bitcoin price falters in the face of regulatory concerns and the Terra debacle One factor placing pressure on BTC price could be the Luna Foundation Guard (LFG) selling 80,081 Bitcoin, or 99.6%, of …

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro factors not supportive, several analysts expect the recovery to be a slow grind. Crypto research firm Delphi Digital said in a recent report that the rally in the United States dollar index (DXY) had pushed its 14-month relative strength index “above 70 for the first time since its late 2014 to 2016 run up.” Historically, 11 out of 14 such instances had resulted in the DXY rising about 5.7% over the following 12 months. If the …

The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of. The Luna Foundation Guard (LFG) also promised to “compensate remaining users of $UST, smallest holders first,” with the remaining assets. In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 $BTC for an aggregate 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve. …