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Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues

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Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues
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On-chain data shows the Bitcoin funding rates have remained at positive values recently as the crypto’s price has continued its recovery.

Bitcoin Funding Rates Have Been Mostly Positive During The Past Month

As pointed out by an analyst in a CryptoQuant post, the BTC funding rates have been green recently, but not as positive as back between July 18th to 22nd yet.

The “funding rate” is an indicator that measures the periodic fee that perpetual futures contract traders are paying each other.

When the value of this metric is greater than zero, it means long traders are paying a premium to the short traders right now in order to hold onto their positions. Such values indicate that a bullish sentiment is more dominant in the market currently.

On the other hand, negative values of the indicator suggest the number of shorts are overwhelming that of the longs right now. This kind of trend naturally hints that the majority sentiment is bearish at the moment.

Now, here is a chart that shows the trend in the Bitcoin funding rates over the past couple of months:

The value of the metric seems to have been above the zero mark in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin funding rates have been positive for quite some time now, with a few spikes down into the red region.

This shows that longs have been the more dominant force on the futures market during these last few weeks. This trend makes sense as green funding rates usually follow in periods of climbing prices, while negative rates appear during downtrends as longs get liquidated.

The quant from the post notes that the few red spikes that have been observed recently have turned out to be reliable buying points ever since the crypto first hit $24k again.

The analyst believes Bitcoin could possibly have further room to grow still as while funding rates have been quite positive recently, they are still not as green as between 18-22 July. Back then, the value of BTC hit a local top above $24k.

BTC Price

At the time of writing, Bitcoin’s price floats around $24.2k, up 1% in the last week. Over the past month, the crypto has gained 18% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the price of the coin has been moving sideways in the last few days | Source: BTCUSD on TradingView
Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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CertiK Uncovers Suspicious $2.4M Payments Into Tornado Cash

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Certik Uncovers Suspicious $2.4M Payments Into Tornado Cash
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  • The money movement is linked to the October 2021 BXH Exchange breach.
  • GitHub reinstated the Tornado Cash code in “read-only” mode.

On Saturday, crypto security company CertiK said that it had uncovered a suspicious $2.4 million payment into the cryptocurrency mixer Tornado Cash. Information suggests the money movement is connected to the October 2021 BXH Exchange breach. It resulted in a loss of $139 million. Although the U.S. Treasury’s Office of Foreign Asset Control (OFAC) has placed sanctions on the crypto mixer. However, the exchange is still being used to move money.

The theft of over 4,000 ETH worth $139 million from the BXH Exchange at the end of October is likely connected to the transfer of funds.

Hackers Defying Sanctions

The address 0x158F5 is held by a third party and used the Binance Smart Chain and Avalanche staking contract’s privileged method to retrieve staked tokens and withdraw cash. The tokens were then transferred to Ethereum using the address.

CertiK reports that the staking contract holding the funds and locations was previously released by a Telegram group formed by persons affected by the BXH Exchange. Tokens with a bridging ERC-20 standard were converted to ETH at the address in question. To date, almost $2.4 million in value has been transferred into Tornado Cash, represented by 1865 ETH tokens.

Even after the Office of Foreign Asset Control at the U.S. Treasury banned suspicious transactions on Tornado Cash in August, the service is still accepting them. The crypto mixer platform has just received a transfer of 500 thousand DAI from EOA 0x0B789. The money transfer was associated with an exploit in DAO Maker.

After receiving confirmation from the Office of Foreign Asset Control of the United States Treasury, GitHub reinstated the Tornado Cash code in “read-only” mode.

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Whale Alert: 270 Million XRP ($130M) Bought by Whales

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Ripple (Xrp) Price Jumps To New Four-Month High
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  • The largest ever buy was on the Bitso crypto market for 54.1 million XRP.
  • XRP prices have increased by around 50% during the last week.

The native XRP token of Ripple has seen the most growth over the previous seven days. While Bitcoin and Ethereum have both had big price declines recently, XRP has seen a sharp increase. The current price increase of XRP may be attributed to a number of factors. Whales hoarding Ripple tokens is one instance.

Tokens worth around $130.2 million in XRP, almost 270M XRP have been transmitted from several cryptocurrency exchanges to many unknown addresses in the past 24 hours, according to data from Whale Alert. The largest ever buy was on the Bitso crypto market for 54.1 million XRP. Approximately $27.5 million worth of XRP coins were purchased by Whale all at once.

High Volatility Expected After Judgement

However, whales have been buying up XRP on the Bitstamp platform to the tune of nearly $84.1 million. To their XRP holdings, whales have just added more than $41.4 million over many trades. Meanwhile, a massive transaction involving 132 million XRP (about $62.1 million) was also spotted by the whale tracker.

Since the SEC and Ripple submitted their summary judgement papers, there has been a dramatic increase in the whale stockpiling of XRP tokens. The current increase was caused by new court documents. It also noted a surge in the number of active addresses holding between 1 and 10 million XRP tokens in late 2022.

On the other hand, XRP prices have increased by around 50% during the last week. Since word of the case’s resolution circulated favorably across the market, this is the result. At this moment, the price of XRP is $0.5015 as per CMC.

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California Governor Vetoes Crypto Regulation Bill

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Following Aftermath Of Recent Slump Bitpanda Announces Workforce Layoff
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