Ethereum Price Stable – Crypto Market May Regain $1 Trillion
After a big drop in early June, cryptocurrencies returned strongly, led by Ethereum. The weekly ETH price increased by more than 13%. The cryptocurrency market was down due to the bear market for a long time. However, the global crypto market is on the verge of returning $1 trillion in market capitalization. The world’s second-largest cryptocurrency is gaining obvious support with a 200-week moving average close to $1,200. ETH trades at 2.16%; Decreases to $16,219; With a market value of $148 billion.
The increase in the value of ETH is taking place against the background of significant short liquidations of the second-largest cryptocurrency in the world. According to statistics, a short liquidation of almost $60 million occurred last Friday. According to Genesis Trading, short-term volatility was eliminated reasonably quickly, Possibly under conditions of unforeseen consistency.
Ethereum and Crypto
After a strong comeback a week earlier, the world’s second-largest cryptocurrency showed signs of revenue. Santiment, a chain data provider, notes that Ethereum had a good weekend. The price of the 2nd market cryptocurrency is currently up + 30% in the last week. The report also says there seems to be much revenue for this semi-growth. Also, the lack of whale activity indicates that this increase does not come through whales.
ETH short holding is declining today, while long positions are rising from the beginning of May amid falling BTC prices. According to Datamish statistics, crypto experts estimate that Bitfinex’s current ETH short position is 19,132.4. Bitfinex ETH Short Holding dropped sharply after May 9, With a total loss of 243,000 ETH. Long-term holding increased even further, with a total profit of 245,000 ETH. It is worth noting that Ethereum is now in a sharp decline since the start of 2022. It is currently below more than 60% year to date.
Coinbase Launches New Product
On Monday, the Coinbase Derivatives Exchange issued Nano Bitcoin Futures (BIT), The firm’s first crypto-manufactured product and one built for retail. On January 12, Coinbase announced that it acquired the aCFTC regulated derivatives exchange, FairX. Consequently, this acquisition was a key step on the path to Coinbase, Offering crypto derivatives to retail and institutional clients in the US. Therefore, this acquisition may close in the first fiscal quarter of Coinbase.
Last Friday, Coinbase published a post saying BIT will be up and running on June 27. Then the details of how BIT futures will initially be available are known. Initially, BIT futures will be available to several leading brokerage brokers, including retail brokers Ironbeam, NinjaTrader, EdgeClear, Optimus Futures, Tradovate, and Stage 5. Also, clearing firms ADMIS, Advantage Futures, ABN AMRO, ED&F Man, and Wedbush.
Once Coinbase receives regulatory approval for its futures commission trading license, It will be able to supply marginal futures contracts directly to clients. This new product is designed for retailers:A BIT Futures contract will have the same benefits, though built with retailers in mind. At 1/100 the size of Bitcoin, this requires less upfront capital than traditional futures products. It, therefore, creates a real opportunity for significant expansion of retail participation in US-regulated crypto futures markets. According to this product newsletter, Coinbase Nano Bitcoin Future is a monthly cash futures contract. This allows participants to manage risk, trade margins, or speculate on the price of Bitcoin.
