Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Pro traders are mildly skeptical about Bitcoin’s recent return to $50K

Bitcoin's price finally recaptured the $50,000 level, but data shows that pro traders are somewhat skeptical for a variety of reasons.

The price of Bitcoin (BTC) is back at the $50,000 level, and there's little doubt that the 47% positive rally over the past 30 days has been fueled by whale accumulation, institutional adoption and positive remarks from regulators regarding a possible exchange-traded fund (EFT) approval.

Despite the positive newsflow, the top traders at crypto exchanges and derivatives data appear unmoved by the recent rally to the $50,000 resistance.

Crypto analyst Will Clemente highlighted the accumulation from addresses containing 1,000 to 10,000 BTC.

In other news, JPMorgan Chase and Wells Fargo have partnered with New York Digital Investment Group, a technology and financial services firm, to offer Bitcoin funds for their wealth management clients.

The positive expectations mounted after United States Securities and Exchange Commission Chairman Gary Gensler suggested an openness to approving ETF products exposed to regulated Bitcoin futures contracts under the Investment Company Act of 1940.

A final tidbit of positive news came with Bitcoin's hash rate increasing 5% over the past week to reach 125 exahashes per second. Albeit 30% below mid-May's peak before China's ban took place, it has proved the network's operational resilience.

The futures premium has remained stable

One of the best measures of professional traders' optimism is the futures market's premium. It measures the gap between quarterly contracts and the current spot price levels. A 6% to 14% annualized premium is expected in healthy markets, which is in line with the lending rate of stablecoins.

However, a backwardation scenario occurs during bearish markets because the indicator fades or i turns negative.

OKEx September BTC futures contracts premium. Source: TradingView

Over the past three weeks, the September contract has held a 0.7% premium, which is equivalent to a 7% annualized rate. Although far from the negative range, this shows a lack of confidence, a Bitcoin price rallied 27% over the same period.

Related: $50K BTC price vs. the Fed — 5 things to watch in Bitcoin this week

Options markets confirm the muted sentiment

To exclude externalities specific to the futures instrument, one should also analyze the options markets. Whenever market makers and professional traders lean bullish, they will demand a higher premium on call options. This trend causes a -25% delta skew.

A skew indicator oscillating between -7% and +7% is usually deemed neutral. On the other hand, the metric shifts above this range whenever the downside protection is more costly.

Deribit Bitcoin options 25% delta skew. Source: Laevitas

The 25% delta skew has failed to display significantly higher costs for upside protection, which would have caused the index to move below the -7% threshold.

Both futures instruments predominantly used by whales and arbitrage desks do not reflect the same wild optimism that Crypto Twitter and retail traders displayed when Bitcoin's price breached the "all-important" $50,000 mark.

Consequently, there is strong evidence showing that top traders are not confident in buying at the current levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

https://ift.tt/3kbOL6M
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more