Connect with us
DAPA Banner

Crypto World

Bitcoin breaks key support level as Glassnode warns of further price breakdown

Published

on

Bitcoin breaks key support level as Glassnode warns of further price breakdown

U.S. president Donald Trump’s surprise nomination of former Fed governor Kevin Warsh as the next Federal Reserve chair boosted the dollar, unwound the precious metals rally, and is bringing bitcoin below a key support level.

Onchain data shared by Glassnode shows bitcoin was consolidating just above key structural support around $83.4K, the lower bound of its short-term holder cost basis model.

A breakdown below that zone could open the door to a deeper slide toward $80.7K, the so-called True Market Mean.

That breakdown is occurring. Over the past 7-day period bitcoin lost more than 9.2% of its value and now trades at $81,200.

Advertisement

The broader market, measured via the CoinDesk 20 (CD20) index, lost 12.4% of its value over that period. That has meant the Crypto Fear & Greed Index dropped to “extreme fear” over the week.

Glassnode’s report notes that short-term holder supply held at a loss with BTC above that level remained at 19.5%, well below the 55% capitulation threshold, suggesting some resilience despite downside pressure. However, buyer conviction is being tested as price drifts lower.

On the derivatives side, funding rates remain muted, pointing to cautious speculative appetite. Options markets are pricing in greater demand for downside protection, with dealer gamma flipping negative below $90K. That increases the risk of volatility spikes if support breaks.

Taken together, the data paints a picture of a fragile but not yet broken market. Liquidity remains the key variable.

Advertisement

The crypto market may currently be gripped by fear, but that could be a good signal.

According to crypto analytics platform Santiment, sentiment across various cryptocurrency communities has plunged to extreme lows, levels that have historically preceded price recoveries.

In a report, Santiment highlighted the rise in bearish commentary on social media as a rare bright spot in an otherwise downbeat environment.

“While network fundamentals are stagnant, crowd sentiment has hit extreme negativity levels,” the firm wrote. “Historically, this excessive bearishness is a strong contrarian indicator that a local bottom could be near.”

Advertisement

While prices have been dropping throughout the last few months, long-term bitcoin holders are selling at the fastest pace since August. Crypto prices fell over the week, seemingly over the U.S. dollar’s decline reversing.

Some industry observers say the current mood may be short-lived, however.

Bitwise’s CIO Matt Hougan had recently joined CoinDesk’s Markets Outlook, where he said crypto is in the late stages of a bear-market bottom. Historically, crypto markets have tended to move in the opposite direction of the crowd, the report points out.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Iran turns Strait of Hormuz into $1-per-barrel Bitcoin tollbooth

Published

on

Iran strikes Gulf energy network as oil surges past $110

Iran will charge tankers $1 per barrel in bitcoin to cross the Strait of Hormuz during a two‑week US ceasefire, adding a crypto tax to the world’s key oil chokepoint.

Iran will force every oil tanker transiting the Strait of Hormuz during the new two-week ceasefire with the US to pay a $1-per-barrel toll in cryptocurrency, turning the world’s most sensitive oil chokepoint into a de facto bitcoin paywall. According to the Financial Times, Tehran will demand that shipping companies settle the fee in digital assets, primarily bitcoin, as it seeks hard-to-trace revenues while sanctions bite. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said the system is designed to slow traffic on Iran’s terms and tighten control over what moves through the corridor.

Under the scheme, tankers must first email Iranian authorities with detailed cargo manifests before entering the strait. Hosseini told the Financial Times that once the email is received and Tehran completes its assessment, “vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions.” He added that “everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” underscoring that the stated aim is to prevent weapons shipments during the pause in fighting. With typical crude cargoes ranging from 500,000 to 2 million barrels, a single transit could mean crypto payments of $500,000 to $2,000,000 per voyage.

Advertisement

Ceasefire, crypto and a global oil lifeline

The toll comes as Washington and Tehran test a fragile truce that hinges on a partial reopening of the Strait of Hormuz, which before the war carried roughly a fifth of the world’s seaborne oil. A senior Iranian official told Reuters that Iran could reopen the strait “limited, under Iran’s control” as early as Thursday or Friday, ahead of talks with US officials in Pakistan. Oil markets have already reacted: Brent futures slid about 13% to roughly $94.76 per barrel and US benchmark WTI dropped more than 15% to around $95.79 after President Donald Trump agreed to the two-week ceasefire, conditional on the “immediate and safe” reopening of the strait.

In Washington, Trump has floated turning the tolls themselves into a joint business model. “We’re thinking of doing it as a joint venture,” he told ABC News’s Jonathan Karl, calling it “a way of securing it — also securing it from lots of other people. It’s a beautiful thing.” That suggestion follows earlier musings that the US could impose its own tolling regime on ships using the strait, effectively monetizing a corridor where even a $1-per-barrel surcharge is a small fraction of crude trading in the mid-$90s but represents a new geopolitical tax on a market still reeling from weeks of war-driven price spikes.

Source link

Advertisement
Continue Reading

Crypto World

Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

Published

on

Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

Standard Chartered is reportedly weighing a restructuring of its majority-owned crypto custodian Zodia Custody, as large banks look to bring more digital asset infrastructure inside their core banking operations.

The United Kingdom-based lender plans to fold Zodia’s crypto custody business into a division inside its corporate and investment bank that already offers similar services, while keeping Zodia operating as a standalone Software-as-a-Service (SaaS) platform for digital asset custody, according to Bloomberg on Wednesday, citing people familiar with the matter. An announcement on the restructuring could reportedly come as soon as this month.

It is not yet clear whether Standard Chartered has opened negotiations with Zodia’s minority shareholders, which include Northern Trust, Emirates NBD, National Australia Bank and SBI Holdings.

Standard Chartered has rapidly expanded its own digital asset footprint, reportedly exploring the launch of a crypto prime brokerage platform through its venture arm, SC Ventures, and rolling out institutional crypto trading in summer 2025.

Advertisement

Related: Standard Chartered says faster stablecoin turnover could curb demand

The bank was an early mover into digital assets, setting up Zodia in 2020 with Northern Trust, and the custodian has since raised external capital and grown across seven offices in Europe, Asia and the Middle East.

Zodia Custody Services. Source: Zodia Custody

Cointelegraph reached out to Standard Chartered and Zodia, but had not received a response by publication.

How other big banks are internalizing crypto custody

Standard Chartered’s reported rethink comes as other global banks take digital asset custody directly under regulated banking entities. In February, Morgan Stanley applied for a US de novo national trust bank charter, which would allow it to custody certain digital assets and execute purchases, sales, swaps, transfers and staking services for clients within a bank-regulated framework.

In October 2022, BNY Mellon launched a Digital Asset Custody platform in the US that lets selected clients hold and transfer Bitcoin (BTC) and Ether (ETH) alongside traditional assets on a single platform, positioning the bank as a core provider of both conventional and tokenized asset servicing.

Advertisement

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder