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“I don’t really see a compelling reason to pause rate hikes,” Fed’s Master said, validating the recent hawkish repricing of interest rate expectations in the U.S.
Bitcoin’s trading range fluctuated between $25,800 and $28,000 over the last week amid increased volatility. The variation was fueled by a prospective debt ceiling agreement, prompting market rallies, increased Bitcoin dominance and trading volumes, and may lead to more market activity due to Asian regulatory changes and Recep Erdogan’s re-election as president of Turkey, K33 said in the report.
VBONE, a groundbreaking community-driven protocol and cryptocurrency, is set to transform the landscape of traditional finance (Tradfi) and decentralized finance (DEFI). With its innovative features and a strong emphasis on community participation, VBONE aims to address the pain points of existing financial systems and provide users with a seamless and rewarding financial experience.
VBONE's core proposition revolves around its deflationary reward token model. By implementing a 10% sell tax, all reflections are automatically distributed to VBONE holders, eliminating the need for intermediaries and enabling users to earn yield on their cryptocurrency holdings. This unique mechanism empowers users to maximize their earnings and take control of their financial future while avoiding the custodial concerns and costs associated with traditional finance.
The protocol leverages a proof of stake (POS) blockchain ecosystem, mitigating the environmental impact typically associated with proof of work (POW) cryptocurrencies. By embracing a sustainable approach, VBONE ensures efficiency and reduces transaction costs, allowing users to transact seamlessly. Additionally, VBONE's token supply is designed to be deflationary, as a portion of the Sell tax is used to burn tokens, creating scarcity and driving long-term value appreciation.
VBONE ensures trust and transparency through its public and verified smart contract. The decentralized exchange (DEX) liquidity is locked, and smart contract ownership is renounced, establishing a trustless ecosystem that operates autonomously and securely.
The success of VBONE is backed by a highly skilled team with extensive experience in the crypto space. Comprising a full-stack developer, two marketing consultants, and a venture capitalist, the team is committed to driving innovation and delivering a unique and user-centric crypto experience.
To foster growth and engage with the community, VBONE has implemented a comprehensive marketing strategy. Boasting a visually stunning website and an extensive collection of engaging memes, VBONE cultivates an environment that encourages community engagement and attracts new members. The project has conducted targeted outreach through sponsored tweets, banner ads, and influential Binance Live AMAs, establishing strong connections within the industry.
Moving forward, VBONE aims to become a preferred payment option for commerce by listing on major crypto payment processors. This strategic move will enhance the utility and adoption of VBONE, allowing users to transact seamlessly within the ecosystem and beyond.
For more information about VBONE and to join the community, please visit the official website at https://vbone.io/.
About VBONE
VBONE is a pioneering community-driven protocol and cryptocurrency project that seeks to revolutionize traditional finance and decentralized finance. With its deflationary reward token model, sustainable blockchain ecosystem, and a strong focus on community involvement, VBONE aims to overcome existing challenges and provide users with a seamless and rewarding financial experience. Led by a team of experienced professionals, VBONE is dedicated to driving innovation and shaping the future of finance.
The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.
“So far, bitcoin has moved in lockstep with liquidity,” Dessislava Ianeva, research analyst at crypto data firm Kaiko, told CoinDesk. Ianeva noted that quantitative tightening (QT), which usually happens when the central bank looks to reduce its balance sheet, “was partially offset by the Treasury spending its cash at the Fed and Bank Term Funding Program, but that push is now exhausted.”
Cryptocurrency exchange Bybit said May 30 that it intends to halt all services and products being offered in Canada until further notice due to the regulatory developments in the country.
Bybit said Canadian nationals and residents of the country would no longer be able to open new accounts with the exchange starting May 31.
“In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
Services to end
Meanwhile, existing customers can continue to use Bybit services and products until July 31, at which point the exchange will end support for all its services in the country.
Customers will not be able to increase their positions after the deadline, but they will still have access to their funds and will be able to withdraw them or reduce their position.
Bybit added that Canadian customers will have until September 30 to wind down their positions, and failure to do so will result in the automatic liquidation of any and all open positions in margin products and derivative contracts.
The Canadian exodus
Bybit is the latest exchange to exit the Canadian market after the country moved to impose new regulations for the crypto industry in February and gave exchanges an ultimatum to comply or leave.
Under the new rules, exchanges are not allowed to offer any form of leverage — including margin or credit. Additionally, exchanges are prohibited from allowing the purchase or deposit of stablecoins without prior written consent from regulators.
The de-facto ban on stablecoins and leverage services is the primary driver behind the exodus of exchanges from the country.
Earlier in May, Binance announced a similar halting of services for Canadian customers and said the regulatory landscape meant operating in the country was no longer “tenable” for the exchange.
Binance said at the time:
“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.”
Similarly, OKX announced it would temporarily cease operations in the Canadian market in March. A month later, in April, dydx and Paxos also announced that they would no longer offer services in Canada.
All three of them cited the new regulatory guidance as the prime reason behind their decision.
Meanwhile, some exchanges are taking the compliance route and have welcomed more regulation for the crypto sector, even if it is restrictive.
Coinbase and Kraken have both reaffirmed their intent to continue operating in Canada and said they would comply with the new regulatory framework despite its drawbacks.
Despite the cuts, the company still has several years of runway as it looks to build a sustainable operation, Svanevik said. The company has raised a total of $88.2 million over four funding rounds over the years, led by crypto investment firms such as L1 Digital and Old Fashion Research, Crunchbase data shows.
In the roaring arena of cryptocurrency, a bullish challenger charges forward. Say hello to Bull Pepe, a ground-breaking meme coin ready to steer the memetic crypto sector by the horns. Inspired by the legendary meme, Pepe, Bull Pepe is here to disrupt the bear market and take the crypto world by storm.
The journey begins with an ambitious presale, aiming to accumulate $100K for the first stage and an additional $200K for the second stage of Bull Pepe's game plan. This isn't the finish line though – rather, it's the starting block. Once these initial stages are successfully completed and a total of $300K is raised, the team's eyes are firmly set on trending at Top #3 on CoinMarketCap, trending on Dextools, and triggering a Twitter storm under the hashtag #BULLPEPE.
Born from the lineage of the successful Pepe token, Bull Pepe arrives with the audacious aim of reaching, if not exceeding, the heights its predecessor soared to. The original Pepe token was an undeniable sensation in the memetic crypto scene, and Bull Pepe is ready to take the legacy even further.
Bull Pepe, the fearless, bullish brother of the original $PEPE, is here to take charge. The bearish market and its traps have reigned for too long – it's time for the green, bullish hero to make a stand. Driven by pure memetic might and bullish resilience, Bull Pepe charges headfirst through market's highs and lows, navigating with bullish strength and bullish stamina. This is the meme that charges through the red and takes no prisoners!
Conceived as a fun, engaging meme coin, Bull Pepe backs its playful exterior with a solid foundation. The project has undergone a rigorous audit, ensuring its robust architecture and security. The Bull Pepe team consists of trusted professionals who are well-known in the industry for their vast experience and expertise.
The potential of Bull Pepe extends beyond its strong fundamentals and leadership. It capitalizes on the cultural phenomenon of the Pepe the Frog meme, and adds its own bullish spin to the narrative. This makes Bull Pepe a symbol of optimism and a bullish stance in the volatile crypto market. This character perfectly encapsulates the team's and investors' belief in the project's success.
With an ambitious marketing campaign, robust tokenomics, and a dedicated community, Bull Pepe has its horns aimed at the moon. As the project gains momentum, the crypto community is encouraged to keep a close watch. This presale offers a golden opportunity for early adopters to be part of a potentially viral phenomenon.
No Bears, No Nonsense. Pure Bullish Power – that's Bull Pepe. As this bull charges, one thing is crystal clear: this will be an exciting ride. In the age of meme coins, Bull Pepe is poised to bring new energy to the cryptoverse, one bullish charge at a time.
The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.
Ethereum open interest for perpetual futures contracts on Deribit, a crypto derivatives exchange, is at a three-year high, Glassnode data on May 30 reveals.
Perpetual futures are a kind of derivative that tracks the performance of an underlying asset, in this case, Ethereum, allowing traders to not only “buy” but also short-using leverage. These financial derivatives allow investors to gain exposure to the underlying without buying or selling it directly.
Ethereum Open Interest On Deribit At A Three-Year High
At $544 million, there are now more open Ethereum perpetual positions, long and short, on Deribit than in the last three years. The expansion in open positions now surpasses $542 million, recorded on April 20, 2023.
Open interest tracks the total number of open positions recorded in a trading platform. These positions or contracts have not been settled, meaning traders have left them open, expecting the price to move in or against their order.
Often, the size of open interest in any crypto derivatives exchange can be used as a sentiment indicator, showing the level of interest in a particular asset.
For instance, increasing open interest in a market that has not been impacted by a turbulent event, such as unfavorable regulations, hacks, or blockchain failures, may indicate bullish sentiment. In that case, traders are opening more long positions, expecting price gains.
While Ethereum’s open interest in Deribit is at a three-year high, the cumulative open interest contracts across all derivatives exchanges, like Binance, Bybit, and OKX, remain within range.
According to Coinalyze data on May 30, there is $5.4 billion in ETH open interest across popular exchanges, representing a 2.6% increase in the last 24 hours.
Out of this, $4.9 billion of the total open interest represents contracts from perpetual futures. Meanwhile, only about $440 million are contracts from Ethereum futures.
Most of these positions are open on Binance, which had $2.2 billion in Ethereum open positions, $1.2 billion in OKX, and $1 billion on Bybit. Deribit, Coinalyze data shows, has $682 million in total Ethereum open interest in the past 24 hours.
Are ETH Bulls Ready?
The slight increment in the Ethereum open interest could suggest that more traders closely watch ETH prices, even positioning themselves for further gains or drops.
At spot rates, ETH prices are up 8% from May lows, increasing closer to $2,000, a critical reaction level. The recovery follows a deep retracement from $2,100, last registered in April 2023. From mid-April to mid-May, prices dropped to as low as $1,760 before flattening and rising to spot rates.
Ethereum Price On May 30| Source: ETHUSDT On Binance, TradingView
Overall, ETH remains within a bullish formation, rising 40% from mid-March 2023. Even so, whether this trend will continue, possibly driving the number of open interest positions, depends on whether bulls add to their longs, forcing Ethereum prices above the psychological $2,000 level.
Bybit has announced that it will be exiting the Canadian market starting as soon as May 31 due to recent regulatory developments in the country, adding to several other exchanges that pulled out from the country.
