Crypto Mining

Despite a slight decline in the cryptocurrency market, Bitcoin open interest continues to rise.

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According to some cryptocurrency analysts, open interest has risen to over $1.5 billion and prices are falling, which is a cause for concern.

“OI increased by $1.5 billion, price frozen. High risk situation,” Decentrader founder @filbfilb posted on The founder of Decent Raider also warned, “I don’t remember a situation like this in a long time. Survive.” According to another

Bitcoin open interest (OI) has risen to more than $1.5 billion, but the price is trending downward, leading one cryptocurrency founder to warn that a sudden price correction could be imminent. Image: X/@filbfilb, Coinalyze.

bitcoin It was trading lower in Tuesday morning trading. The world’s largest digital asset by market capitalization has fallen about 3.2% over the past day and was changing hands at $67,18 at 5:44 am. According to E.T. Block’s pricing page.

The Memecoin sector has been underperforming the broader cryptocurrency market.

Mimcoin’s market capitalization has fallen more than 6% in the past 24 hours, underperforming the broader cryptocurrency market, which has fallen 2% over the same period.

CoinGecko The top five memecoins by market capitalization in the memecoin category account for approximately 77% of the total memecoin market cap of $59 billion. All top 5 memecoins The value has decreased in the last 24 hours. The most notable decline was floki, which fell 8% in the past day.

Other top 5 memecoins like dogecoinpepe, shiba inu and dogwifhat deThey increased by 2.7%, 3.6%, 3.3%, and 4%, respectively.

GameStop-inspired memecoins fall further.

The Roaring Kitty themed token coincided with GameStop’s stock price decline and experienced double-digit losses over the same period. Shares of the video game retailer fell more than 49% for the second straight session on Monday, following a 40% drop on Friday.

GameStop’s stock closed trading Monday at $24.83, down 62% from the two-year high of $61 it reached last Thursday. Meanwhile, GME, a Solana-based memecoin with no formal affiliation with the company, fell 20%. According to CoinGecko data, related tokens such as KITTY and ROAR fell 26% and 27%, respectively, over the past day.

Last week, “Roaring Kitty,” also known as Keith Gill, disclosed a $580 million position in GME stock and options, initially boosting the stock price and potentially putting it in a position of billions of dollars of exposure. But those gains were wiped out after GameStop announced plans to sell up to 75 million shares, just days after raising $933 million by selling 45 million shares.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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