Crypto news

Solana’s futures’ open interest hits record 71.8 million SOL as the market leans bearish.

Crypto analyst Meliketrader has shared a chart on TradingView that’s about as grim as a rainy Tuesday afternoon. It shows the formation of a classic Head and Shoulders pattern on the Ethereum 4-hour chart. The left shoulder was visible back in August, with the head popping up just in time for a dramatic end-of-month entrance. The right shoulder made its appearance in mid-September, adding a certain ‘je ne sais quoi’ to the whole mess.

One ETH trader lost a staggering $36.4M in a single liquidation, bringing total losses to over $45M.

Here’s the secret sauce: they’re trying to blend DeFi with traditional trading. Like, why not? If you can’t beat the banks, just dress like one and trade perpetuals 24/7. Oh, and you can earn yield on your collateral? Genius. Because who *doesn’t* want to trade stocks and crypto while getting paid to hold coins? 🤑

Can ETH, with her delicate steps, break past resistance and ignite a bullish frenzy, or will she stumble once more into the arms of despair?

Take a peek at the 4-hour chart for $ETH, where prices have been adhering to the magical rules of support and resistance as if they were following an ancient tome of financial witchcraft. If the bulls can keep the price above that sweet $4,000 level until the Stochastic RSI can drag itself off the floor and get its act together, we might be partying at the $4,200 resistance. Or at least, we’ll enjoy some mediocre nachos in the meantime. 🥳

In an age where even the most mundane transactions require a PhD in blockchain, Gate has unveiled its own Layer 2 network, which they’ve christened “Gate Layer”-a name so uninspired it could only be the work of a committee of accountants and overpaid consultants. Built on the OP Stack, which is as comprehensible as a sonnet written in hexadecimal, and fully compatible with the Ethereum Virtual Machine, which is a bit like saying your toaster can also boil an egg. It’s all very impressive, if you’re the sort of person who finds the phrase “secure settlement layer” more thrilling than a trip to the seaside.

Circle’s president, the ever-optimistic Heath Tarbert, recently shared his ambitious plans with the Financial Times-a news source renowned for its insight, and also for being very serious about things that might not need to be serious at all. “We’re contemplating whether there’s a possibility of rolling back transactions,” he said. This sentiment sparkles with idealism, while simultaneously resembling a hamster running in a wheel: lots of effort but not going anywhere particularly useful. 🐹💫

Tether, that institution of quiet industry, has been diligently “printing” USDT with an almost frantic energy, pushing its market capitalization to heights previously unimagined. And naturally, where does this abundance of digital currency flow? Straight onto exchanges, naturally! As if preparing for…something.