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The broader crypto market has had a very rough weekend indeed. On Sunday, BTC plummeted below the $35K level for the first time since January of this year after a broader sell-off occurred within the U.S. stock markets. As of the time of writing, the largest cryptocurrency by market cap has continued its downwards slide, and is now trading below the $33.5K level after posting a 2.4% loss in the last 24 hours. A key bearish trendline has formed on the BTC hourly chart, with the upper bound sitting near the $34.2K level. The next major support level for BTC sits in the $32.5K zone, and its price may plunge further if said level buckles under the immense selling pressure and increasingly bearish sentiments.
Seemingly unconvinced by the weakening spot price, many leveraged traders are still betting long. The funding rates across major exchanges also experienced an uptrend over the weekend, whilst the BTC futures basis has been treading slightly above its multi-month lows. Within the options market, the volatility level of short-term options has risen significantly on the back of the U.S. Federal Reserve's hawkish rate hikes. In fact, its volatility curve has even surpassed that of the far-month's, indicating a sharp increase in short-term risk aversion.
Three months after Google's parent company Alphabet Inc. announced its plans to foray into the web3 world, Google's cloud computing unit has also established a team dedicated to back-end services for developers creating web3 applications. This move is aimed at tapping into the "tremendous potential" that web3 and crypto-related technologies have demonstrated in recent times, so as to make the Google Cloud Platform the first choice for developers in this field. Moving forward, Google will be devising a system that will render blockchain data more accessible to the masses, whilst also simplifying the process of building and running blockchain nodes.