spot_imgspot_imgspot_img

SEC Targets Trigger Sharp Drop in 8 Altcoin Positions

  • Bitcoin’s value rose to $30,000 a week after a drop to $24,700 following Fed Chairman Powell’s June interest rate decision.
  • Investments in Bitcoin derivative products significantly increased in the second half of June, with open positions in Bitcoin recording a 12% increase in the second quarter, reaching $8 billion.
  • Altcoins, however, have not shown a recovery, with open positions in altcoins, which fell 40% between June 9-14, still hovering at some of the lowest levels in recent years.

Bitcoin Bounces Back After Interest Rate Decision

Following the Federal Reserve Chairman Powell’s decision on interest rates in June, Bitcoin’s value plummeted to $24,700. However, the leading cryptocurrency managed to recover within a week, climbing back to the $30,000 mark. This recovery, however, was not mirrored by altcoins, which struggled to keep pace with Bitcoin’s rebound.

Investments in Bitcoin Derivatives Surge

According to a study by Kaiko, a well-known provider of critical data on cryptocurrencies, investments in Bitcoin derivative products saw a significant uptick in the second half of June. Open positions in Bitcoin, which represent the total number of outstanding derivative contracts, recorded a 12% increase in the second quarter, reaching a total value of $8 billion. This figure is the highest recorded since the FTX crash.

Altcoins Struggle to Recover

Despite the surge in Bitcoin investments, the same study indicated that altcoins have been unable to show a similar recovery. Open positions in altcoins, which experienced a 40% drop between June 9-14, continue to hover at some of the lowest levels seen in recent years. For instance, the total open position value of eight altcoins (ADA, SOL, MATIC, FIL, SAND, MANA, ALGO, and AXS), which were identified as investment contracts in the SEC’s lawsuits against Binance and Coinbase, lost 30% of their value in the second quarter and currently stand at approximately $480 million.

Among these altcoins, ADA, SAND, and ALGO experienced the most significant declines in open positions. The decrease in open positions for these three altcoins was over 40% in the second quarter. Furthermore, many altcoins were unable to match Bitcoin’s sharp upward price movement last night, with tokens continuing to trade at the same levels.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.

Ethereum Dencun Upgrade is Approaching: Which Layer 2 Tokens Stand Out?

With Ethereum's Dencun upgrade approaching, tokens of Layer-2 DeFi platforms on Ethereum have started to gain attention.

A Massive Transfer of XRP Tokens is Occurring: Will XRP Price be Suppressed?

Based on blockchain transactions, more than 400 million XRP tokens were moved today. Will XRP price drop further?
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.