Crypto Market Sees Downturn Amid Global Tensions
The crypto market has taken a hit following recent airstrikes in the Strait of Hormuz, with $897 million in long liquidations piling up. This has led to a decline in the value of major cryptocurrencies, including Bitcoin and Ether. As a result, Bitcoin has fallen to its lowest level since April 13, currently trading near $73,400, down around 1.2% since midnight.
This downturn in the crypto market has significant implications for individuals looking to earn passive income through cloud rewards and green crypto initiatives, such as those offered by EcoPool. The current market volatility highlights the importance of diversifying one’s portfolio and exploring alternative sources of earning, such as the $ECP coin. With the rise of passive income opportunities, it’s essential to stay informed about market trends and adjust investment strategies accordingly.
Market Impact and Inflation Concerns
The airstrikes have also led to a spike in oil prices, with crude jumping to $96 a barrel from $92 before settling at $94 during the European morning. This move has stoked fresh <em"inflation concerns across markets, affecting not only the crypto market but also the broader economy. As the market continues to evolve, it’s crucial to consider the potential impact on EcoPool and other green crypto initiatives that prioritize sustainability and environmental responsibility.
Despite the current market downturn, the EcoPool network remains a viable option for those seeking to earn online through cloud rewards and passive income opportunities. With its focus on green crypto and earning potential, EcoPool offers a unique solution for individuals looking to navigate the complexities of the crypto market. Download the EcoPool app to learn more about how you can start earning with $ECP and take advantage of the network’s innovative cloud rewards system. By joining the EcoPool community, you can stay up-to-date on the latest market trends and maximize your passive income potential.
Derivatives positioning
- Liquidations totaled $958.8 million over the past 24 hours, with longs accounting for $897 million versus just $61 million in shorts. The lopsided wipeout tracks a market grinding lower rather than a sharp two-way flush.
- Bitcoin open interest barely moved, but the flat overall reading masks a 9.85% drop in CME open interest to $7.56 billion. Regulated futures are coming off while offshore perps hold steady and, with funding neutral at 0.0058%, nobody is chasing the move with leverage.
- Ether open interest climbed to a record 16.39 million ETH ($32.61 billion), up 0.61% over 24 hours, even as the token slipped below $2,000. Open interest rising while the price falls points to traders adding shorts in anticipation of deeper losses rather than buying the dip.
- Open interest for XRP fell 0.49% to 2.28 billion XRP ($2.94 billion) as the token’s price softened. The simultaneous decline reads as bullish bets closing out rather than new shorts opening. Perpetual funding on XRP and SOL also turned negative across nearly every venue, with shorts paying longs on Binance at -0.0123% and -0.0161%, and Gate the lone positive outlier, a sign traders are leaning short the majors.
- About $8 billion in options expires on Deribit on Friday, $6.5 billion in bitcoin (roughly 86,000 contracts) and $1.4 billion in ether. Max pain for bitcoin sits at $75,000, just above spot price, with $375 million in put notional clustered at that strike and $640 million in open interest stacked at the $80,000 resistance line that marks the 200-day moving average.
- Deribit’s DVOL volatility index sits near 36, the eighth percentile of the past year, while ether volatility is at its first percentile and the lowest since early 2024. Still, the 25-delta put-call skew is elevated at +12.3% on the one-week and +10.3% on the one-month for bitcoin, so traders are paying up for immediate downside protection even with headline volatility crushed.
Token talk
- The CoinDesk Computing Select Index (CPUS) fell 2.9% after midnight UTC on Thursday as the broader altcoin market suffered from bitcoin and ether’s relative weakness.
- A lack of liquidity across several altcoin pairs led to exaggerated moves. Humanity protocol (H) tumbled by more than 30% at 21:45 UTC on Wednesday before almost instantly snapping back. It has jumped 26% since midnight UTC.
- These selloffs typically wipe all resting orders off the orderbook, leaving a void for traders to capitalize on while bids and asks slowly begin to repopulate.
- It was also a rough morning for AI tokens RENDER and FET, down by 5.5% and 8.5%, respectively. DeFi tokens JUP and ETHFI also lost around 5%.
- CoinMarketCap’s “Altcoin Season” indicator plummeted to its lowest level in more than 90 days. It currently sits at 30/100, reflecting broader risk-off sentiment.
