First Mover Americas: BTC Struggles to Hold $20.5K and Twitter Shares Dip 6%
Good morning, and welcome to First Mover. I’m Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights.
Price Point: Both bitcoin and Twitter shares are trading down Monday Morning. More news unfolds from 3AC's court documents and traders think BTC could push back further in the short-term.
Market Moves: Omkar Godbole reports an on-chain indicator is suggesting bitcoin could be undervalued. Similar readings have marked bear market bottoms in the past.
Bitcoin (BTC) was down 3.6% over the last 24-hours after trading in a range between $20,000-$21,000 over the weekend.
The world’s largest cryptocurrency by market capitalization began to show signs of resilience last week as it briefly traded above $22,000, registering its highest valuation since mid-June.
Bitcoin liquidations are showing longs to be substantially higher than shorts over the last 24-hours, data from Coinglass shows.
Shorts totaled to $5.79 million and longs to $40.62 million.
“This could trigger sell orders at any time of the day,” said Laurent Kssis, head of Europe at Hashdex.
“We could test $20,000 before pushing back,” added Kssis.
Ether (ETH) is down 3% on the day, at $1,142. The only altcoins trading in the green Monday morning were privacy token Monero and Tezos which were up by 5% and 3% respectively.
Meanwhile, Twitter (TWTR) shares slipped in pre-market trading after Elon Musk decided to scrap his planned $42 billion takeover of the social media platform with fears that legal action could ensue.
TWTR shares on the New York Stock Exchange were down 6.55% trading at 34.40 at the time of writing.
Following the Three Arrows Capital (3AC) debacle, the hedge fund recently got an emergency hearing as founders were failing to ‘cooperate’.
In court documents filed late Friday in New York, lawyers acting on behalf of the creditors said that the founders of the fund “have not yet begun to cooperate with the [proceeding] in any meaningful manner.”
Creditors said that the fund’s remaining assets could be “transferred or otherwise disposed of” before creditors get their share. But first, creditors are requesting the court to compel Three Arrows’ founders to list out the fund’s assets.
Terra developers migrate to Polygon
In other news, more than 48 projects previously on the Terra network have begun migrating to Polygon almost two months after the Terra ecosystem collapsed following the implosion of terraUSD (UST).
Over $20 million had been earmarked to help projects making the move.
Elsewhere, the Financial Stability Board (FSB), an international body that monitors financial systems and proposes rules with the goal of preventing financial crises, plans to present recommendations for regulating crypto in October, according to a Monday statement.
The FSB said it will propose recommendations for stablecoin regulation and submit a report on recommended rules for other crypto assets to the G-20.
|Polygon||MATIC||+2.7%||Smart Contract Platform||Cosmos||ATOM||+2.3%||Smart Contract Platform||Chainlink||LINK||+0.6%||Computing
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