BNB heavily shorted in First Mover Americas

BNB heavily shorted in First Mover Americas

The Blockchain Industry: A Comprehensive Overview

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Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts. Data tracked by Coinglass show open interest and volume-weighted funding rates in perpetual futures have slipped to -0.18%, the lowest since late April. Those numbers mean shorts, or positions that profit from a price drop, are dominant, and are willing to pay longs to keep their bearish bets open. Funding rates are charged every eight hours. “BNB is being heavily shorted,” Huff Haus, co-founder of Pear Protocol, said, referring to the deeply negative funding rates.

The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% early Monday before giving back most of the gains. Trading volume hit $597 million, its highest level since October 2021. At press time, 1INCH was higher by about 10% over the past 24 hours. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions have been liquidated over the past 24 hours, according to CoinGlass. While there was no immediate catalyst evident, 1inch’s rally appears to be a continuation of the uptrend begun following XRP’s supposed legal victory against the U.S. Securities and Exchange Commission (SEC) last week. XRP nearly doubled that day, leading a rally in the altcoin sector that included sizable gains for tokens like Solana’s (SOL), Cardano’s (ADA), and Polygon’s (MATIC).

The Bitcoin hashrate continues to hit all-time highs as competition between miners escalates ahead of the next halving event, JPMorgan (JPM) said in a research report Thursday. Expected to take place in the second quarter of 2024, the halving will reduce issuance rewards to 3.125 BTC from 6.25 BTC, implying a reduction in miners’ revenues, effectively increasing Bitcoin’s production cost at the same time. While Bitcoin halving is seen as having a positive effect on the bitcoin price given the production cost acted historically as a floor, it poses a challenge for bitcoin miners, analysts led by Nikolaos Panigirtzoglou wrote.

Chart of the Day

Chart of the Day
  • CELO, the native token of the EVM-compatible blockchain Celo, rose more than 7% early Monday, reaching a two-week high of $0.59.

  • Over the weekend, cLabs, the core developer of Celo blockchain, submitted a proposal to transition from an independent layer-1 blockchain to an Ethereum layer 2 solution.

  • The move would simplify liquidity sharing between Celo and Ethereum while boosting security and facilitating a seamless developer experience, the proposal said.

  • Post transition, CELO token will remain the native cryptocurrency and will be used to pay gas fees.

  • Source: TradingView

  • Omkar Godbole

  • SEC Launches Review of Latest Bitcoin ETF Applications
  • Gnosis Lets Crypto Users Make Everyday Purchases From Wallets With Visa
  • EU’s Data Act Final Draft Still Contains Controversial Smart Contract Kill Switch

Edited by Stephen Alpher.


The blockchain industry continues to captivate investors and enthusiasts alike with its ever-evolving landscape. In this article, we will delve into the latest developments in the industry, exploring key stories, significant price movements, and trending topics. Join us as we explore the intricacies of the blockchain industry and shed light on its fascinating dynamics.

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Market movements play a crucial role in the blockchain industry, and it is essential to stay informed about the latest prices. As depicted in the chart below, the market has experienced fluctuations, impacting various cryptocurrencies.

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Top Stories

Bearish Sentiment Surrounding BNB Token

Traders in the perpetual futures market tied to the BNB token are currently leaning bearish. Open interest and volume-weighted funding rates in perpetual futures have reached their lowest point since late April, indicating the dominance of short positions. These traders are willing to pay longs to maintain their bearish bets open, as deeply negative funding rates suggest. This challenging environment poses a significant hurdle for the embattled BNB cryptocurrency.

1inch Token Rally

The native token of decentralized exchange (DEX) aggregator 1inch, known as 1INCH, witnessed a surge of over 58% early Monday, only to retrace most of its gains later. This rally was accompanied by a spike in trading volume, which reached $597 million, marking its highest level since October 2021. In the past 24 hours, 1INCH has seen a 10% increase in value. Moreover, leveraged 1inch short positions worth $3.37 million were liquidated during this period. While the exact catalyst for this rally remains unclear, it could be linked to the positive sentiment generated by XRP’s supposed legal victory against the U.S. Securities and Exchange Commission (SEC) last week. The subsequent rally in the altcoin sector, including tokens like Solana’s (SOL), Cardano’s (ADA), and Polygon’s (MATIC), further supports this hypothesis.

Bitcoin Hashrate and Halving Event

Competition among miners in the Bitcoin network has intensified, leading to all-time highs in the hashrate. JPMorgan’s research report highlights the upcoming halving event, expected to take place in the second quarter of 2024. The halving will reduce issuance rewards from 6.25 BTC to 3.125 BTC, potentially impacting miners’ revenues. While the halving has historically been viewed as a positive factor for the Bitcoin price due to increased production costs, it presents a challenge for miners. The report emphasizes the importance of understanding the implications of this event and its potential impact on the industry.

Chart of the Day

Chart of the Day

Today’s chart highlights the performance of CELO, the native token of the EVM-compatible blockchain Celo. CELO experienced a rise of over 7% early Monday, reaching a two-week high of $0.59. Over the weekend, cLabs, the core developer of the Celo blockchain, proposed transitioning from an independent layer-1 blockchain to an Ethereum layer 2 solution. This transition aims to simplify liquidity sharing between Celo and Ethereum, enhance security, and provide a seamless developer experience. Despite the transition, CELO will remain the native cryptocurrency and will still be used to pay gas fees.

Stay up to date with the latest industry news and trends from the following posts:

  • SEC Launches Review of Latest Bitcoin ETF Applications
  • Gnosis Lets Crypto Users Make Everyday Purchases From Wallets With Visa
  • EU’s Data Act Final Draft Still Contains Controversial Smart Contract Kill Switch

With these insights into the blockchain industry, you are now equipped with a deeper understanding of the latest developments, price movements, and trending topics. The industry’s dynamics continue to evolve, presenting both challenges and opportunities. Stay tuned for further updates as we explore the fascinating world of blockchain technology.