Daily Bits — Bear Trap
We bring you Bybit Daily Bits — A tiny step towards trading the world.
Chart of the Day
Bear trap. The price of BTC experiencing a bit of a Friday fatigue, with an intra-day 8% nosedive that smashed through several key support levels, resulting in a $1.85 billion liquidation in mere hours.
Trading metrics-wise, the outlook isn’t promising — the price plunge drags Bitcoin’s market cap dominance to below 50%, for the first time in three years. However, amid massive leverage unwinding, whale-watching unsurfaced some interesting discoveries — large BTC inflows into whale wallets suggests that aggressive accumulation is taking place above the $50k level.
Talk of the Town
Hammered down. Bridging the worlds of crypto and stocks requires nothing less than vision and a pinch of creativity. However, trailblazers in the crypto space invite skepticism and rigorous investigation. The stock token that tracks Tesla and Coinbase stock performances is now under close scrutiny from various regulators who seek to determine whether the tokens’ compliance with rules dictating transparency and corporate disclosure.