BTC price action slowly headed upward but funding stayed negative, a unique occurrence that analysis said would result in a short squeeze. Bitcoin (BTC) sought to match ten-week highs on Tuesday as market participants bet on a new short squeeze. Key points: Bitcoin is due a fresh short squeeze as funding rates uniquely stay negative as price grinds higher, say market pundits. Read more
Kevin Warsh faced intense questions from Senator Elizabeth Warren and other lawmakers over his more than $100 million financial disclosure ahead of a confirmation hearing. The nominee to lead the US Federal Reserve, Kevin Warsh, on Tuesday faced criticism and backlash from Democrats questioning his financial disclosures and potential conflicts of interest. Heading into today’s Senate Banking Committee confirmation hearing, it was clear that the independence of the Fed remains a key issue for many lawmakers concerned about US President Donald Trump’s influence over any Senate-confirmed candidate. With Jerome Powell’s term as the US Federal Reserve Chair set to expire next month, lawmakers are scrambling replace the long-serving official. Read more
A $517 million rise in spot volume led by Coinbase is helping Bitcoin reclaim $76,000, with steady inflows absorbing the weekend selling pressure. Bitcoin (BTC) rebounded above $76,000 on Tuesday, after the spot market demand on Coinbase exchange saw a second week of bullish volume trends. Net spot buy volume has climbed sharply over the past 15 days, signaling sustained strength from bulls, but will BTC be able to turn the $75,000 level into a long-term support level? The aggregated spot cumulative volume delta (CVD) continues to trend higher, rising to $517 million on Tuesday, up from $55 million on April 17. The broader CVD across spot and futures is above $8.5 billion, with BTC price consolidating just below $77,000 following Monday's recovery. Read more