As the value of the cryptocurrency market edges closer to the $3 trillion mark, a significant upswing puts pressure on short positions, especially in futures trading. Bitcoin reaches a staggering $87,400, forcing liquidations of short positions totaling $557.79 million, with significant losses in BTC and ETH contracts.
What Drives ETF Inflows and Market Stability?
Recent enthusiasm is fueled primarily by capital influx from the United States. SoSoValue data indicates that spot ETFs attracted over $1.9 billion within 24 hours, led by Bitcoin with $1.36 billion. Solana, Ethereum, and XRP followed with substantial entries, while HYPE soared to new heights.
Bitcoin maintains stability in the mid-$85,000 range. Meanwhile, the market observed temporary pressure on Binance’s USDe token, which dipped to $0.92. This phenomenon is attributed to local liquidity constraints ahead of a wallet update.
Why Is Binance Delisting Certain Trading Pairs?
Binance announces its plan to remove 19 USDC trading pairs from its spot and margin markets. This move coincides with a significant $100 million equity stake in Circle. The U.S. Securities and Exchange Commission filing disclosed Binance’s purchase of Circle’s shares at $80.84 each.
Starting September 25, trading for select USDC assets like AIXBT and DOLO will cease. Additionally, cross and isolated margin pairs for assets like MANTA and BANANA will be removed the same day. Note that isolated margin borrowing will conclude on September 23, with outstanding positions liquidated by the exchange.
Binance clarifies that the delisting impacts only the specified trading pairs, and these assets will continue trading against USDT, FDUSD, and BTC.
Amidst a focus on technical levels and liquidity flows, investor behavior is under scrutiny. The rapid transformation of internet trends into significant gains reflects the evolving landscape. Notably, a trade in Niu Lai highlights a remarkable rise from a $99 initial investment to approximately $370,000. Platforms like Fomo App offer comprehensive tracking of meme token dynamics, enabling seamless discovery and trading experiences.
Can XRP Sustain Its Breakout?
XRP has successfully broken out of a five-week symmetrical triangle pattern on the weekly chart. It surged by 5.5% to reach $1.57 before stabilizing between $1.51 and $1.54. Buyers pushed past the psychological $1.50 barrier, now challenging resistance at $1.55 to $1.56.
Peter Brandt of The Factor Report hints at a long-term target of $5.40 for XRP while emphasizing his preference for investing solely in Bitcoin.
Macro investor Raoul Pal underscores the distinction between technical analysis and guaranteed returns. Should XRP close above $1.55 on a weekly basis, support could shift to the upper band of the formation. Conversely, a retest down to $1.40 might occur.
In the Shiba Inu market, a Bull Combo pattern on the weekly chart showcases resilience, driven by RSI divergence and the return above the 23-week moving average. Despite an 8.61% rise, the upward momentum pauses at the 50-week moving average. Breaking this level introduces the 200-week moving average as the next significant hurdle. Data reveals accumulation by large wallets amid local dips.
