"Tether CEO Paolo Ardoino tweeted "Bitcoin black friday" this morning, not a tweet anyone wants to see from such a prominent figure in the industry. While 10/10 was an epic leverage flush and destroyer of altcoins, this move seems more risk oriented as the market has not been overlevered, and had seen some slow declines in open interest over the course of this week. It has felt like thin ice all week, with bad press and general sentiment in the US quite downtrodden."
"Several accounts on X also were claiming that Strategy (NASADQ: MSTR) had transferred thousands of bitcoin to be sold on exchange, and that the "death spiral" was beginning. While Strategy is trading around 1 mNAV or near it, this is not quite the case yet, despite the bears chanting into the void on X with their pitch forks. Michael Saylor confirmed this wasn't true, and that they would be announcing their recent bitcoin purchases on Monday, and that they are "buying a lot of bitcoin"."
Bitcoin failed to hold $98,500 and dropped below $95,000 intraday. A high-profile Tether executive tweeted "Bitcoin black friday," contributing to negative sentiment. The recent decline appears risk-oriented rather than leverage-driven, as open interest had slowly declined during the week. US market sentiment was weakened by bad press. Reports claimed MicroStrategy moved thousands of bitcoin to sell, but Michael Saylor denied the claim and said the company is buying more bitcoin and will announce purchases on Monday. Ethereum briefly touched $3,000 then recovered above $3,100 amid roughly $270m ETF outflows, subdued perpetual funding, and concentrated Deribit options hedging activity.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]