Coindesk

Thursday's price pullback in major cryptocurrencies is probably the result of a long squeeze, or unwinding of leveraged bullish plays, rather than an outright bearish stance.The CoinDesk 20 Index (CD20) of the largest, most liquid tokens has lost 6.8% in the past 24 hours, with bitcoin (BTC), the leading cryptocurrency by market value, falling almost 1% having failed to maintain gains above $120,000. Among major altcoins, ether (ETH) dropped 3%, XRP (XRP) 13% and Solana's sol (SOL) 8%. All the declines are consistent with the bearish signals from technical charts. They're also characterized by falling open interest in the offshore perpetual futures market and positive funding rates. For instance, open interest — the number of unsettled contracts in the futures...

Dogecoin posted a sharp decline during the July 23–24 trading session, shedding 11% from $0.26 to $0.24 amid sustained institutional sell pressure and extreme volatility. Trading volumes surged past 2.26 billion tokens during the selloff window, marking one of the highest activity spikes in recent weeks. Analysts cited broader crypto market fragility and profit-taking from large holders as key drivers of the move. Despite a brief bounce off the $0.23 level, DOGE failed to reclaim resistance at $0.25, closing near session lows and raising the risk of continued downside pressure.What to Know• DOGE dropped 11% from $0.26 to $0.24 during the 24-hour session ending July 24 at 05:00 GMT• Intraday range of $0.032 marked 12.06% volatility, driven by intense selling...

New statistical evidence has emerged, suggesting that bitcoin's (BTC) market dynamics are now intricately linked to the ebb and flow on Wall Street.Recently, the 90-day correlation coefficient between bitcoin's 30-day implied volatility indices – Volmex's BVIV and Deribit's DVOL – and the S&P 500 VIX hit a record high of 0.88, according to data source TradingView.A positive correlation of 0.88 indicates that the two variables are closely tied. As of Wednesday, the correlation stood at 0.75. The VIX represents the 30-day implied or expected price turbulence in Wall Street's equity index, the S&P 500.The strengthening correlation suggests that BTC's implied volatility indices are evolving into fear gauges, similar to the VIX, which typically falls during bull runs and rises during...

FTX, the once prominent crypto exchange, will begin the next round of cash redistribution on Sept. 30, the bankrupt firm said in a statement on Wednesday.The firm, which was led by founder Sam Bankman-Fried, started paying back its creditors earlier this year. FTX has repaid nearly $6.2 billion after getting approval for its redistribution plan by the U.S. bankruptcy court. The former crypto giant used to be a mainstay in the digital asset ecosystem till a CoinDesk expose in 2022 resulted in the downfall of Sam Bankman-Fried's empire.In 2023, Bankman-Fried was convicted on seven counts of fraud and conspiracy, and sentenced to 25 years in prison for orchestrating the $11 billion fraud. Although, according to a report, his sentence could...

A sharp pullback across crypto markets on Tuesday triggered nearly $735 million in liquidations with bulls bearing the brunt.Ether (ETH) and XRP tracked futures bets booked larger losses than bitcoin in an unusual move, indicative of the higher interest toward altcoin traders in the past week.CoinGlass data shows ETH traders lost $152.78 million, the largest for any asset, followed by $88.58 million in liquidations for XRP. Bitcoin came in third at $65.29 million, despite its larger market cap and deeper liquidity.While price action across the majors was mostly down by only a few percentage points, the high leverage used by retail traders in altcoins likely amplified their losses. In total, $625.5 million of the liquidations were on long positions, suggesting...