• Curious news and overcoming of resistance occurred today within the cryptocurrency market. We summarize the most important ones here without any common thread.

Again Accumulation

After Bitcoin's abrupt fall on September 11, it has recovered approximately 5.76% to date. We believe that what drove the price up was the official news from the German bank that it wanted a share in the market.

The truth is that the market still does not show signs of a strong reversal. There is simply a strong supply and demand fight between the median prices of $24523.21 and $26699.41. Losing the support of $26408.79, rest assured that many will want to open short positions instead of joining the rally of long positions.

By other side, Hedera Cryptocurrency takes flight as market sideways. Various announcements propelled Hedera (HBAR) among the week's most profitable cryptocurrencies.

HBAR undertook a rise of up to 15% in the last three days, thus positioning itself among the cryptocurrencies with the highest price rise in this period. Such an increase took it to almost USD 0.53, its highest price in a fortnight.

The rise of HBAR, against the lack of market liquidity reported by CriptoNoticias, occurred in the midst of different announcements made by its ecosystem, Hedera, where it functions as a governance and staking token.

Other Short Curiosities

Friend.tech, which launched on Coinbase layer-2 solution Base last month, is observing a revival in user interest.

Considered to be its most successful run, the platform generated nearly $1.8 million in fees on September 13 & 14.

The platform is expected to resurrect the concept of social tokens, given its recent growth.

Talk related to FTX reached a 5-month high after the exchange received approval to liquidate $3.4 billion worth of crypto.

Ethereum in particular has seen strange onchain activity since then, including yesterday its second biggest day of activity ever.

Bitcoin open interest has outperformed the crypto markets due to increased institutional interest and wash trading on some exchanges, notes the analysis, according to CoinTelegraph.

Ether futures and options have declined significantly in 2023 when compared to previous years, to $14.3 billion per day, a steep decline of almost 50% from the two-year average.

CoinGlass data shows that the funding rate for perpetual swap contracts on crypto exchanges plunged to -21.1% per annum on Sept. 13, indicating a crowding of short orders, according to the last CoinTelegraph report.

The open interest volumes for SOL have increased from $266 million to $327 million over the week, with funding rate data showing that traders have maintained a bearish inclination, opening up the possibility of a short squeeze.

Liquidation heatmap from CoinGlass shows that there is a large number of leveraged positions on both sides of the current SOL price, with the most concentrated at $20.50 and $17.06.

The CPI did not bring volatility and the Daily IV fell accordingly, but the Main Term IV was more stable, which is consistent with yesterday's forecast.

As we head into September, #BTC has fluctuated less than $1,500 and ETH has fluctuated just $100.

While crypto volatility has decreased since April of this year, current low volatility levels for BTC and ETH are only comparable to July, while liquidity and volatility for Altcoins has become even worse.

With sentiment remaining nervous against the backdrop of the current low liquidity, the market environment is very similar to July and downside risks require extra attention.

On September 13, the Ethereum network recorded 1,089,893 active unique wallets, the second highest number in history.

Base registered 1.4M transactions, inching closer to surpassing the August 21 record of 1.42M.

Since launching a DeFi ecosystem this year, Filecoin TVL has been grown rapidly. The total amount deposited passed $60M yesterday, with almost all of this in liquid staking protocols.

😮📊 Ethereum network just saw 1,089,893 unique wallets acting as a sender or receiver of ETH on Wednesday, the 2nd highest amount in the asset's 8+ year history. This historic anomaly could be the capitulation signal needed for prices to rebound.

Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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