After a brief rise above $18,000, Bitcoin finds itself languishing below $16,800. Derivatives metrics suggest further downside is in store .
the auto loan industry has made investors uncomfortable as the rate of defaults from the lowest-income consumers now exceeds 2019 levels. Concerns emerged after the average monthly payment for a new car reached $718, a 26% increase in three years.
Meanwhile, accounting firm Armanino has also reportedly ended its crypto auditing services. The auditor worked with several crypto trading platforms like OKX, Gate.io and the troubled FTX exchange. Curiously, Armanino was the first accounting firm to establish relationships in the crypto industry, back in 2014.
However, this indicator should not necessarily be viewed as bullish because the stablecoin could have been acquired to protect from downside risks in cryptocurrencies — meaning investors are becoming more bearish.The long-to-short metric excludes externalities that might have solely impacted the stablecoin market.
Lastly, at the OKX exchange, the metric decreased from 1.00 on Dec. 14 to the current 0.98 ratio. So, on average, traders have decreased their leverage-long ratio over the last five days, indicating lesser confidence in the market.The moderate 101.8% stablecoin premium in Asia, paired with the information of top traders' long-to-short indicator decline, tells a story of buyers gradually ceding to pessimism.
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