{"id":538233,"date":"2023-06-16T15:30:44","date_gmt":"2023-06-16T15:30:44","guid":{"rendered":"https:\/\/wncen.com\/?p=538233"},"modified":"2024-06-11T09:21:04","modified_gmt":"2024-06-11T09:21:04","slug":"curve-crv-observes-7-bounce-as-short-squeeze-occurs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/curve-crv-observes-7-bounce-as-short-squeeze-occurs\/","title":{"rendered":"Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs"},"content":{"rendered":"

Curve DAO token (CRV) has observed a 7% bounce during the last 24 hours as mass liquidations of short traders have occurred in the market.<\/p>\n

Curve Funding Rates Turned Extremely Negative Following Price Decline<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, an extreme amount of shorts had accumulated on the cryptocurrency exchange Binance recently. The relevant indicator here is the “funding rate<\/a>,” which keeps track of the periodic fee that Curve perpetual contract traders on a specific exchange are paying each other right now.<\/p>\n

When the value of this metric is positive, it means that the long contract holders are willing to pay a premium to the short contract holders in order to keep their position currently. Such a trend implies that bullish sentiment is held by the majority of investors.<\/p>\n

On the other hand, negative values suggest that a bearish mentality is the dominant force in the market at the moment as the shorts are paying a fee to the longs.<\/p>\n

Now, here is a chart that shows the trend in the Curve funding rates on the cryptocurrency exchange Binance over the past month or so:<\/p>\n

\"Curve<\/p>\n

The value of the metric seems to have been quite red not too long ago | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Curve Binance funding rate had assumed negative values recently as the cryptocurrency’s price had continued to head downwards.<\/p>\n
The decline in the asset’s price came in part because of all the FUD in the wider cryptocurrency sector, like the SEC charges<\/a> against Binance and Coinbase, or the Fed interest rates decision<\/a>, while the other factor was CRV-specific uncertainty.<\/p>\n
The root cause of this FUD is the fact that the Curve Finance founder has taken up a large loan against a wallet that currently holds around 30% of the entire circulating supply of the token. As the price of the asset has taken a hit recently, concerns about this position getting liquidated have grown in the market.<\/p>\n
Since the wallet holds such a significant part of the cryptocurrency’s supply (288.7 million tokens to be precise), a potential liquidation could have wide-reaching consequences for the project.<\/p>\n
From the graph, it’s visible that the Binance funding rate had become extremely red as this FUD spread around. This means that the sentiment on the exchange had become quite bearish.<\/p>\n
Related Reading: Bitcoin Holders Show No Panic Loss Selling, What Does It Mean?<\/a><\/div>\n
Historically, whenever the traders have leaned too hard into any particular direction, the market has tended to actually show a sharp move in the opposite direction.<\/p>\n
The reason behind this is an event called a squeeze, which takes place whenever a sudden swing in the price occurs and causes a mass amount of liquidations to go off at once.<\/p>\n
These liquidations only end up fueling said price swing further, leading to even more liquidations happening in the market. In this way, liquidations can sort of waterfall together during a squeeze.<\/p>\n
Related Reading: What Happens To Bitcoin Price If Spot ETF Is Approved? Gold ETF Story Reveals<\/a><\/div>\n
In the graph, it’s visible that after the funding rate had turned very negative, the indicator suddenly started going the other way, and it has now already turned very slightly positive.<\/p>\n
This suggests that a short squeeze has taken place in the market, as the shorts that had accumulated have all been washed away. The Curve price has jumped off this squeeze, registering a rise of about 7%.<\/p>\n
CRV Price<\/h2>\n
At the time of writing, the Curve DAO token is trading around $0.61, down 20% in the last week.<\/p>\n
\"Curve<\/p>\n
Looks like the asset has seen some recovery | Source: CRVUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Curve DAO token (CRV) has observed a 7% bounce during the last 24 hours as mass liquidations of short traders have occurred in the market. Curve Funding Rates Turned Extremely Negative Following Price Decline According to data from the on-chain analytics firm Santiment, an extreme amount of shorts had accumulated on the cryptocurrency exchange Binance recently. The relevant indicator here is the “funding rate,” which keeps track of the periodic fee that Curve perpetual contract traders on a specific exchange are paying each other right now. When the value of this metric is positive, it means that the long contract holders are willing to pay a premium to the short contract holders in order to keep their position currently. Such a trend implies that bullish sentiment is held by the majority of investors. On the other hand, negative values suggest that a bearish mentality is the dominant force in the market at the moment as the shorts are paying a fee to the longs. Now, here is a chart that shows the trend in the Curve funding rates on the cryptocurrency exchange Binance over the past month or so: The value of the metric seems to have been quite red not too long ago | Source: Santiment on Twitter As displayed in the above graph, the Curve Binance funding rate had assumed negative values recently as the cryptocurrency’s price had continued to head downwards. The decline in the asset’s price came in part because of all the FUD in the wider cryptocurrency sector, like the SEC charges against Binance and Coinbase, or the Fed interest rates decision, while the other factor was CRV-specific uncertainty. The root cause of this FUD is the fact that the Curve Finance founder has taken up a large loan against a wallet that currently holds around 30% of the entire circulating supply of the token. As the price of the asset has taken a hit recently, concerns about this position getting liquidated have grown in the market. Since the wallet holds such a significant part of the cryptocurrency’s supply (288.7 million tokens to be precise), a potential liquidation could have wide-reaching consequences for the project. From the graph, it’s visible that the Binance funding rate had become extremely red as this FUD spread around. This means that the sentiment on the exchange had become quite bearish. Related Reading: Bitcoin Holders Show No Panic Loss Selling, What Does It Mean? Historically, whenever the traders have leaned too hard into any particular direction, the market has tended to actually show a sharp move in the opposite direction. The reason behind this is an event called a squeeze, which takes place whenever a sudden swing in the price occurs and causes a mass amount of liquidations to go off at once. These liquidations only end up fueling said price swing further, leading to even more liquidations happening in the market. In this way, liquidations can sort of waterfall together during a squeeze. Related Reading: What Happens To Bitcoin Price If Spot ETF Is Approved? Gold ETF Story Reveals In the graph, it’s visible that after the funding rate had turned very negative, the indicator suddenly started going the other way, and it has now already turned very slightly positive. This suggests that a short squeeze has taken place in the market, as the shorts that had accumulated have all been washed away. The Curve price has jumped off this squeeze, registering a rise of about 7%. CRV Price At the time of writing, the Curve DAO token is trading around $0.61, down 20% in the last week. Looks like the asset has seen some recovery | Source: CRVUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":538242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83432,81093,81092,88433,88432,88431],"class_list":["post-538233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crv","tag-crvusd","tag-curve","tag-curve-funding-rates","tag-curve-short-squeeze","tag-curve-shorts"],"acf":[],"yoast_head":"\nCurve (CRV) Observes 7% Bounce As Short Squeeze Occurs<\/title>\n<meta name=\"description\" content=\"Curve DAO token (CRV) has observed a 7% bounce during the last 24 hours as mass liquidations of short traders has occurred in the market.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs","url":"http:\/\/wncen.com\/news\/curve-crv-observes-7-bounce-as-short-squeeze-occurs\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/curve-crv-observes-7-bounce-as-short-squeeze-occurs\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/iStock-1359416693-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/iStock-1359416693-1.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crv","crvusd","curve","curve funding rates","curve short squeeze","curve shorts"],"dateCreated":"2023-06-16T15:30:44Z","datePublished":"2023-06-16T15:30:44Z","dateModified":"2024-06-11T09:21:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/curve-crv-observes-7-bounce-as-short-squeeze-occurs\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/curve-crv-observes-7-bounce-as-short-squeeze-occurs\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1359416693-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1359416693-1.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crv\",\"crvusd\",\"curve\",\"curve funding rates\",\"curve short squeeze\",\"curve shorts\"],\"dateCreated\":\"2023-06-16T15:30:44Z\",\"datePublished\":\"2023-06-16T15:30:44Z\",\"dateModified\":\"2024-06-11T09:21:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/iStock-1359416693-1.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538233"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=538233"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538242"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=538233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=538233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=538233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}