In this episode of Coin Street headlines, we dive into the latest developments in the world of cryptocurrency. After a sharp 20% flash crash, Ether has reclaimed the $4,100 level, but what does this mean for the future? We discuss the implications of the $3.82 billion in leverage-long liquidations and the current funding rate on ETH perpetual futures. Bitcoin is retesting a bullish technical pattern known as the ‘Golden Cross’. We analyze the historical significance of this pattern and what it could mean for bitcoin’s price trajectory, currently hovering around $115,000. As trade tensions between the U.S and China appear to soften, we explore how recent statements from both countries could impact the market and investor sentiment. Crypto.com CEO Kris Marszalek has called for regulators to investigate exchanges following unprecedented liquidations. We discuss the need for a thorough review of trading practices and the role of exchanges during market crashes. Jane King with the latest from the NYSE.
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Ether Price reclaimed the $4100 level on Sunday, easing some of the pain from Friday's sharp 20% flash crash, the $3.82 billion in leveraged long liquidations left a lasting mark on ET derivatives markets, but four factors suggest that Ether's rebound from the $3750 support may have. this short term correction.
Now the funding rate on E perpetual futures plunged to -14%, meaning the short or the barest traders are paying to keep their positions open, an unsustainable condition over extended periods.
This unusual setup likely reflects growing fears that certain market makers or even exchanges could be facing solvency issues.
Well, Bitcoin is retesting.
The Golden Cross, a bullish technical pattern that has historically preceded rallies, according to crypto market analyst Mr.
Crypto.
In a Sunday post on X, the analysts shared a chart noting that Bitcoin's previous Golden Cross led to gains of 2,200% in 2017 and almost 1,200% in 2020, with BTC currently hovering near 115.
He suggested that holding above the level could ignite another parabolic move.
Meanwhile, trade tensions between the US and China appear to be softening as representatives from both countries have issued statements that signaled a willingness to resume trade negotiations, giving analysts hope of a market rebound.
In a translated statement, China's Ministry of Commerce said that it was ready to strengthen dialogue.
With other countries on trade and the recently announced rare earth mineral export controls that inflamed the trade tensions between the US and China, and Crypto.com CEO Chris Marsallek has urged regulators to probe exchanges after $20 billion in liquidations, far outpacing any previous market crash, including FTX.
In a Saturday posts on X, Marsale urged regulators to conduct a Thorough review of fairness of practices asking whether trading platforms had slowed down, mispriced assets, or failed to maintain proper anti-manipulation and compliance controls during the crash on Friday.
Data from Coin Glass shows that hyperliquid led all exchanges in liquidations, recording 10.31 billion and wiped out positions, and that is the latest Coin Street headlines.