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Bitcoin Open Interest Remains Elevated Post Dramatic Dip

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Data shows Bitcoin open interest has remained high despite the dramatic sell-off that occurred a few days back due to fud from the new COVID variant.

Bitcoin Open Interest Remains High Following The Sell-Off

As per the latest weekly report from Arcane Research, the BTC open interest hasn’t fallen much in the past few days. This is despite the recent sell-off triggered by fresh fud from the new Omicron COVID variant.

The “open interest” is an indicator that measures the amount of Bitcoin derivative contracts open at the end of a trading day.

High values of the metric can mean there is excessive leverage in the market. This could lead to higher volatility in the price of the cryptocurrency.

On the other hand, low values of the open interest may lead to lesser volatility as there isn’t much leverage in the market.

Now, here is a chart that shows the trend in the value of this Bitcoin indicator over the past year:

Looks like the open interest has been very high recently | Source: The Arcane Research Weekly Update - Week 47

As you can see in the above graph, the value of the Bitcoin open interest has remained quite high recently, despite the crash.

The metric has been trending down when measured in the USD, but it has remained above a certain level when denominated in BTC.

Related Reading | Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Currently, the Bitcoin open interest sits around $22 billion, or 380k BTC. This is a high value when compared historically.

Also, as the chart shows, the indicator’s value has remained above 365k BTC for more than a month now. It’s uncommon that these kind of high values are sustained for such a long time. As the report notes, this could mean the market currently has a lot of excess leverage.

Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery

The graph also has curves showing the share of the major derivatives exchanges out of the total Bitcoin open interest.

Following the launch of the futures-based ETF, CME’s share in the market saw a sizeable drop. However, yesterday the exchange’s share saw a sharp increase, and now its open interest share sits at 20%.

Bybit’s open interest has seen significant growth recently. The report suggests that spikes in this exchange’s share have previously lead to sharp price fluctuations in Bitcoin so it might be worth paying attention to the upcoming trend of the exchange’s open interest.

BTC Price

At the time of writing, Bitcoin’s price floats around $57.3k, up 1.3% in the last seven days. The below chart shows the trend in the price of BTC over the past five days.

Bitcoin Price Chart

BTC's price shows recovery from the crash | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

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DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

Bangalore, India, 17th January, 2022, Chainwire

since its launch in 2021, Unmarshal” rel=”nofollow noopener” target=”_blank”>Unmarshal has continued to look for ways to improve its ecosystem to provide the best services to existing blockchains. Now in 2022, the DeFi network has added a key advisor, Brian D. Evans” rel=”nofollow noopener” target=”_blank”>Brian D. Evans, to the team to strengthen the protocol. 

Brian D. Evans is an Inc. 500 Entrepreneur, Forbes top digital marketer, investor, and blockchain/crypto industry veteran. With his wealth of experience and connections, Evans, who is also a Founder of ReBlock Ventures” rel=”nofollow noopener” target=”_blank”>ReBlock Ventures alongside Kenn.eth” rel=”nofollow noopener” target=”_blank”>Kenn.eth boasts almost 1 million followers on his Twitter” rel=”nofollow noopener” target=”_blank”>his Twitter. Evans and ReBlock will help Unmarshal become industry dominant by suggesting key initiatives, and connecting high level players. 

Speaking on the appointment, Evans said “They’ve managed to recruit top development talent, I can see this platform doing very well. I’m excited to open up my Rolodex and help them achieve large scale industry adoption.”

Unmarshal Boosts Its Query Mechanism for Apps on Solana

Aside from signing Evans, the multi-chain DeFi data network is strengthening its querying support for decentralized applications built using Solana’s API. The added support will provide safe real-time data to DApps.

The Solana Network” rel=”nofollow noopener” target=”_blank”>Solana Network was one of the most deployed chains in 2021 due to its incredible throughput, ultra-low gas fees, and scalability. The chain can process over 50,000 transactions in a second, making it faster than all the blockchains in the industry. All these are made possible due to the network’s Proof of History and Proof of Stake consensus mechanisms. 

The chain hosts over 1000 decentralized apps, including decentralized exchanges, GameFi projects, and NFT marketplaces. The trilemma – speed, scalability, and security led to the growth of the blockchain and its native cryptocurrency SOL. 

With the chain agnostic solution improving its API for Solana, DApps can collect data effectively without creating codes. DeFi projects on Solana can work with our experts to form the correct data response and structure. The network’s data can also be queried. 

API Can Perform a Wide Range of Applications

Aside from enabling a rapid querying support system for DApps on Solana, Unmarshal will add Solana onto the platform’s block explorer Xscan.io. The API will cater to a variety of use cases, such as NFTs, marketplaces, P2E gaming, and any other application on the Solana Network.

This API integration will allow the wallets to provide a clearer picture of token balances and the transfer history of the given asset and the entire wallet on the Solana chain. In addition, customers can get updated with instant alerts on any transactions that occur in their wallets. 

The integration with Solana will also allow wallets to fetch data about transaction hash, status, timestamp, and get details on assets listed on Solana, including their prices. Finally, the API integration will collect data of wallet NFT balances on the chain.

About Unmarshal

Unmarshal” rel=”nofollow noopener” target=”_blank”>Unmarshal is an agnostic chain solution launched in February, 2021. It’s a DeFi network that provides real-time data to dApps deployed on Solana, Binance Smart Chain, Polkadot, Ethereum, and so on. They are making moves to empower DApps on several Layer2 networks to have access to reliable on-chain data. The DeFi protocol offers convenient methods to query network data from supported chains and comprises powerful tools to support DeFi apps on any blockchain.

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Chingari’s $GARI Token To Make Historic Debut On 6 Top Crypto Exchanges

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Chingari’s $GARI Token To Make Historic Debut On 6 Top Crypto Exchanges

Mumbai, India, 17th January, 2022,

Chingari, the leading video sharing app in India, has achieved another first with the historic parallel listing of its native $GARI token on six of the world’s leading centralized cryptocurrency exchanges. 

Breaking new ground yet again, $GARI has become the world’s first cryptocurrency to launch simultaneously on six trading platforms – Huobi Global, FTX, KuCoin, Gate io, OKEx and MEXC Global.

$GARI is the native cryptocurrency token of Chingari, a short-video sharing platform that now ranks as the number one social media application in India on the Google Play store. The $GARI token was launched in October 2021 amid great fanfare by the company’s Bollywood superstar brand ambassador Salman Khan, and followed up with a record-breaking IDO via its Initial DEX offering on the SolRazr launchpad last month.

The $GARI token is built on Solana, an Indian-developed alternative to the Ethereum blockchain that offers the advantage of much faster transaction speeds and lower associated costs. $GARI is a social token that will empower creators on the Chingari platform to set up their own ecommerce spaces, where they can sell physical merchandise, create non-fungible tokens (NFTs) and enable fans to fund their favorite artists.

The aim is to drive a digital economy, in which users will also be able to obtain $GARI tokens for creating or watching content on the platform.

Chingari is the most popular social media app to experiment with cryptocurrency so far. The app has been downloaded more than 100 million times and counts over 32 million active monthly users, meaning $GARI has the key advantage of being able to tap into Chingari’s enormous existing audience. To date, few other cryptocurrency tokens have had such a large potential user base at launch.

$GARI’s listing on some of the world’s leading centralized crypto exchanges will generate yet more buzz around Chingari’s innovative project. Huobi Global, FTX, KuCoin and Gate are all ranked among the world’s top ten exchanges in terms of volume traded, traffic and liquidity, while OKEx ranked in the top 20 and MEXC Global sits in 26th place.

“Chingari is bringing the web3 revolution to the creator economy with its $GARI token,” Chingari CEO Sumit Ghosh said in a statement. “$GARI will enable 30 million monthly active users of the Chingari Short video app to get on-chain. For the first time in the history of blockchain, an app will onboard millions of users on-chain from the day of its launch. The Chingari and $GARI teams and the entire community are super excited about its launch and listing!”

Traders will be able to buy and sell $GARI tokens on Huobi Global, FTX, KuCoin, Gate , OKex and MEXC Global from 13:00 UTC on January 18, 2022.

About Chingari

Chingari is a short video sharing app built to cater to Indian audiences that allows users to create and share videos with incredible filters and games, shop for merchandise, send messages and more. With more than 85 million downloads and 32 million active users, Chingari is one of India’s fastest-growing social media platforms and the most popular app of its kind.

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Cloudname Launches Innovative Platform for Domain Tokenization and Trading

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Cloudname Launches Innovative Platform for Domain Tokenization and Trading

Zürich, Switzerland, 17th January, 2022, Chainwire

Cloudname, a pioneer NFT-based domain investing service, has announced the launch of its new innovative platform for the tokenization and trading of domain names to bring improved liquidity to the market and give the crypto world access to an asset class that is ripe for democratization.

Domain name investing is one of the internet’s oldest money-making machines, with web addresses being resold for thousands of dollars. Consulting firm BCG estimated that dot-com (.com) domain names, on average, sell for around $2,000 in the secondary market. That presents investors with attractive upside potential from the typical retail price of $10 to $16. Still, some high-end web addresses have been resold for millions of dollars. Electric carmaker Tesla Inc. famously bought the tesla.com domain name for roughly $11 million.

Despite the high potential returns, domain investing is popular only among a certain group of internet entrepreneurs because of challenges including liquidity, valuation and high price tags for premium domains. Low liquidity is a result of the reality that it takes domain investors months or years to find suitable buyers. Lack of liquidity generally discourages new entrants because many of them cannot afford to have their money locked in assets that cannot be readily converted to cash.

Democratizing Domain Investing With NFT

“Domains are the real estate of the virtual world and their value grows along with the wider digital economy. Current data suggests that the digital economy is growing rapidly, thanks to the acceleration of digitalization in different industries” Cloudname co-founder and CEO Davide Vicini said. “We are now using NFTs to democratize access market so that anyone can invest in both existing and new domain names, including blockchain domains like ENS and Handshake.”

1642427309 133 Cloudname Launches Innovative Platform for Domain Tokenization and Trading

The Cloudname Domain Trading Platform solves the problem of liquidity and high price tags for premium domains by allowing anybody to invest in a fraction, or the entirety, of a domain portfolio, using NFT. The platform also supports the trading of domains in real-time

Price Discovery for Domain Names

There are currently no standardized ways to determine the value of domains in real-time. The Cloudname Domain Trading Platform solves this problem by providing a suite of price discovery tools. The platform integrates with more than 20 third-party APIs to provide access to all the pricing factors of a domain name, including earlier similar transactions, third-party appraisal, social mentioning and semantic analytics & prediction tools

The Cloudname Domain Trading Platform also features revolutionary analytics and prediction tools for spotting trends that could help generate ideas for potentially high-value domains. The platform uses artificial intelligence to analyze data from different social media channels to find market trends before they become a buzz. 

Domain Investing Across Multiple Blockchains

Cloudname is coming to the market with the goal of democratizing domain investing for everyone. Therefore, the Cloudname Domain Trading Platform was built to run across multiple blockchain networks including Ethereum, Binance Smart Chain (BSC), Polygon and Solana.

About Cloudname

Cloudname is a Web 3.0 marketplace for tokenizing, fractionalizing, investing and trading both traditional and blockchain domain names as NFTs. Cloudname provides simple, yet powerful tools for discovering new domain investment opportunities as well as meaningful data to help domainers make smart decisions.

Website | Telegram | Discord | Twitter 

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