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Bitcoin Crypto Market Daily DeFi Ethereum NFT

Tether blacklists another address, OpenSea raises $300 million

2022.01.05 Adam James

Many eyes are watching BTC as both longs and shorts are in danger of potentially getting squeezed.

The wider cryptocurrency market retraced yesterday’s losses and is up 1% over the past 24 hours. Though the price of leading cryptocurrency BTC is only up 0.5% during that span, ETH is up nearly 2%. Cosmos’ ATOM, meanwhile, is up 5%.

The wider cryptocurrency market retraced yesterday’s losses. Source: COIN360

Leading headlines in the industry today is the news that Tether, the issuer of the most popular stablecoin, has frozen more than 1 million USDT from a single address. The “AddedBlacklist” function can be seen in this transaction, and the address in question may be found here. The action took place on Dec. 30 but only caught the industry’s attention yesterday.

Though the owner of the affected address is currently unknown, it is safe to assume that the blacklisting is a regulatory action. To date, Tether has blocked more than 500 Ethereum addresses.

NFT Snapshot: OpenSea raises $300 million

OpenSea has closed a Series C funding round worth $300 million, bringing the leading nonfungible token marketplace’s valuation up to $13 billion. Notably, major crypto fund Paradigm participated in the round.

The raise comes amid increasing pressure from market participants, many of whom are eager for OpenSea to launch its own token or interested in moving to a decentralized competitor.

Top altcoin gainers and losers: LINK leads large caps

  • ALCX/USDT +17.27%
  • DEVT/USDT +13.76%
  • PICKLE/USDT +12.95%
  • TOWN/USDT -9.08%
  • MXT/USDT -8.63%
  • KOL/USDT -4.61%

Though Alchemix’s ALCX is leading all altcoins on OKEx today — per the exchange’s default time settings — LINK is the top-performing altcoin with a market capitalization greater than $1 billion.

LINK is the top-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: Long or short squeeze?

The price of BTC continues to hold at a buy-wall of support, represented by the lower bounds of a possible descending triangle formation (blue) — though the upper boundary of the triangle hasn’t been tested particularly often. The ribbon of exponential moving averages on the six-hour timeframe continues to provide some resistance, in confluence with a major Fibonacci retracement level. 

Many are expecting volatility in the near term, as both longs and shorts are in danger of getting squeezed.

OKEx’s BTC/USDT 6h chart — 1/5. Source: OKEx, TradingView

ETH technical analysis: Buyers looking to take control against BTC

As expected, the price of ETH tested a key point-of-control (blue) against BTC after finding some momentum and support at the six-hour EMA ribbon — which buyers will hope continues to act as support in an effort to firmly overcome the point-of-control.

OKEx’s ETH/BTC 4h chart — 1/5. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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