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Bitcoin Pressure Despite of Having a Better Sentiment, Bitcoin Analyze

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Bitcoin Pressure Despite
Bitcoin sentiment is getting better despite profit-taking into July. Bitcoin soak under $34,000 on Thursday as selling pressure grew into July. Although, traders hope for buyers to stay active above $30,000 support as sentiment improves. Positive news can put a limitation on downside moves after a volatile first half of the year.

Worries about regulatory crackdowns look to become slower, mainly as the Bitcoin hash rate is fixed after dropping for 10 straight days. The Bitcoin hash rate reduction was mainly because of China’s shutdown of several cryptocurrency mining operations in the country.
“As miners spread to other locations, they will likely choose places with secure access to cheap energy sources,” said Ulrik Lykke. He is the executive director at digital asset fund ARK36. “As a result, hash rate will start recovering, and the network will become even more stable.”

Bitcoin Bearish sentiment with pressure Despite

Bitcoin’s put-call open interest ratio decreased to a six-month low, showing a descending bearish sentiment.
Based on the data tracked by options analytics platform Skew. This ratio scales the number of open positions or open interest in put options relative to open interest in call options. It fell to 0.60 on Wednesday, a level that was last seen in early January.
The late decrease in the put-call open interest ratio could be fueled at least partly by a pickup in a request for calls or opening of long put positions. This has the meaning of the opening bearish bets.
Another sign of having a better sentiment is the late positive uptick in bitcoin’s funding rate. That it is the cost to fund long positions in the market for bitcoin perpetual changes.
It is a type of derivative in the cryptocurrency markets that looks like futures agreements in traditional markets.
“Funding rates represent traders’ sentiments of which position they bet on in the perpetual swaps market,” tweeted CryptoQuant on June 29. “Positive funding rates imply that many traders are bullish and long traders pay funding to short traders.”

Ethereum move back quickly compare to bitcoin

Ether has had a better performance than bitcoin over the past few days. And also technical charts offer further ascendency is ahead. The ETH/BTC ratio maintained support at the 100-day moving average as charts signaled an oversold situation and improving momentum. The ratio decreased from resistance in May, which preceded the broader crypto sell-off.

Stablecoins’ growth

Analysts are examining the fast growth of stablecoins from a credit perspective.
Tether is the largest stablecoin issuer. Which raised total assets of the dollar-linked stable coin USDT to $62.8 billion on June 28. The company said that it only maintains 26.2% of its reserves in cash fiduciary deposits, reverse repo notes, and government securities, with 49.6% in commercial paper, a kind of short-term corporate debt.
“A sudden mass redemption of USDT could affect the stability of short-term credit markets if it occurred during a period of wider selling pressure in the CP market,” credit rating agency Fitch Ratings wrote in a report. “These figures suggest its CP holdings may be larger than those of most prime money market funds in the U.S.,” as well as in Europe, the Middle East, and Africa.
David Grider, the lead digital asset strategist at the independent research firm Fundstrat, wrote about it on Thursday that pegged stable coins “look a lot more like digital debt than digital dollars.”
“Tether is essentially a big credit fund with a pool of debt assets of their own that they say cover the value,” Grider said. “They say most of their assets are in money market commercial paper, which if true would be relatively low-risk assets.”

Altcoins

DOGE drives Robinhood’s gain: Robinhood, the famous trading app for stock, options, gold, and cryptocurrencies. It prepared for a public offering that could be worth $100 million. A big piece of growth is 34% of the firm’s crypto transaction income in the first quarter was from DOGE (-1.26%). The meme coin increased its popularity this year.
Dogecoin’s fee change: A new fee construction for Dogecoin designed to lessen overall transaction fees as well as incentivize node operators to relay low-fee transactions to miners.
USDC expands to Tron: Circle said that on Thursday the USDC stablecoin was added to Justin Sun’s Tron network. Which will develop the stablecoin’s accessibility to a huge number of users across Asia.
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