Cointime

Cointime

Download App
iOS & Android
Home / NFT

Bitcoin Cash Struggles to Reclaim $300 Psychological Level as Open Interest Rates Ease Below $500 Million

The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. Bitcoin Cash (BCH) has been struggling to close above $300 since July 2nd, and has failed to reclaim the $300 psychological level.

The altcoin's rally seen at the end of June is dissipating slowly, and bulls are currently preventing a pullback from turning into a downtrend at the $261 support level. Open Interest rates for BCH futures have eased below $500 million, indicating a stagnation in demand amidst Bitcoin consolidation above $30k.

Bitcoin Bitcoin $95,713.96
-2.44%
Bitcoin Cash Rally
Comments

All Comments

Recommended for you

  • CointimeSG ·

    AL #89: Confession: I Barely Use Web3

    This is a weird confession from someone who has worked in the industry since 2018. I barely use crypto and I don't think I'm alone.
    AL #89: Confession: I Barely Use Web3

  • NFT market total sales fell 26.2% to $46 million in June

    On July 8th, Binance Research's latest report showed that the crypto market experienced a significant downward trend in June 2024, with an overall decline of up to 11.4%. Due to the market downturn, the TVL (total locked value) of DeFi decreased by 8.7% in June. The NFT market also continued to be sluggish, with a total sales volume of $46 million in June, a decrease of 26.2% compared to May. The monthly sales volume of DMarket, the in-game item trading platform for Mythos, was the highest at $18.9 million, followed closely by CryptoPunks with sales of $16.1 million. The sales of top-tier ordinal series such as BitcoinPuppets and NodeMonkes decreased significantly, by 40.6% and 41.0%, respectively. BoredApeYachtClub's monthly sales volume slightly decreased, while PudgyPenguins performed better than the market, rising by 68.9%.

  • NFT sales on the Ethereum chain exceeded US$350 million in January, down 2% from December

    According to the latest data from Cryptoslam, the sales of NFTs on the Ethereum blockchain in January reached about $356 million, a decrease of about $7 million from December, a decrease of about 2%. In addition, the transaction volume of NFTs on the Ethereum blockchain in January reached 929,000 transactions.

  • NFT sales on the Bitcoin chain exceeded US$335 million in January, setting the third highest single-month record to date

    According to Cryptoslam data, as reported by Jinse Finance, the Bitcoin blockchain NFT sales in January 2024 exceeded $335 million, with a trading volume of nearly 250,000 transactions, including over 67,000 independent sellers and approximately 78,000 independent buyers. Historical data shows that January 2024 is the third-highest single-month record on the Bitcoin blockchain to date, surpassed only by the highest record of approximately $869 million set in December 2023 and the second-highest record of approximately $376 million in November 2023.

  • CoinGecko: NFT trading volume will drop by $14.5 billion month-on-month in 2023

    According to a report by CoinGecko, NFT transaction volume in 2023 will be less than half of that in 2022, dropping from $26.3 billion to $11.8 billion, a decrease of $14.5 billion. The dashboard of Dune Analytics shows that the transaction volume of OpenSea, the leader in the NFT market, exceeded $2 billion for 9 consecutive months between 2021 and 2022, but shrank to about $170 million in December 2023. Rohan Handa, the NFT director of Mysten Labs, said that the decline in the field was caused by poor macroeconomic conditions and notable collapses, which weakened the public and investors' confidence in the unstable crypto industry.

  • NFT sales on the Bitcoin chain exceeded US$880 million in December 2023, setting the highest single-month record to date

    According to CryptoSlam data, the Bitcoin blockchain's NFT sales in December 2023 reached a record high of $881,223,753.92, with 111,713 buyer addresses and 98,744 seller addresses, both setting new monthly records. As of now, the total NFT sales on the Bitcoin blockchain have reached $1.83 billion, making it the fourth largest blockchain for NFT sales, behind only Ethereum ($42.12 billion), Solana ($4.62 billion), and Ronin ($4.25 billion).

  • NFT Trading Volume Nears $1B in November Amid Bullish Crypto Markets

    According to DappRadar, nonfungible token (NFT) trading has surged with a volume nearing $1 billion in November, indicating a shift in user behavior compared to earlier downturns in NFT trading. NFT sales volumes showed continued weekly increases in October, consistently going up from $56 million to $129 million. Executives in Web3 believe that this trend may continue further in the coming months. Despite a seemingly bearish mood all year, blockchain gaming projects managed to secure $2.3 billion in investments from the start of 2023 up to October.

  • Blur will make an important announcement at 7 am Beijing time on November 20th, which may be related to the Season 2 airdrop.

    Blur has announced that it will release an important announcement at 7 am Beijing time on November 20th to "take Bur to a new level". Previously, it was reported that Blur had planned to launch Season 2 airdrops on November 20th.

  • Some Blue-Chip NFTs on Multiple NFT Lending Platforms Have Entered Liquidation, Including BAYC, Azuki and Other Series

    According to the loan agreement liquidation interfaces of BendDAO, ParaSpace, JPEG'd, and others, some blue-chip NFTs have entered liquidation, including BAYC, Azuki, and others. Currently, the liquidation situation of NFTs on each platform is as follows: BendDAO: includes 2 BAYC, 1 Azuki, 2 Moonbird, and 1 CloneX; ParaSpace: includes 1 BAYC and 1 stakefish validator; JPEG'd: includes 2 Azuki, with starting prices of 2.86 ETH and 2.97 ETH respectively.

  • Mark Cuban and Yuga Labs Condemn OpenSea's Decision to Sunset Creator Royalties

    Mark Cuban and Yuga Labs, creator of Bored Ape Yacht Club, have criticized NFT trading platform OpenSea for its decision to sunset enforcement of creator royalties. Cuban, who is also an OpenSea investor, called the move a "HUGE mistake" that diminishes trust in the platform and hurts the industry. Yuga Labs plans to sunset its compatibility with OpenSea by February 2024 in response to the policy change. Other creators, including Betty of NFT project Deadfellaz, have called for an industry-wide boycott of OpenSea.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company