Weekend News Highlights
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Support The Gym That Supports Everyone Else
Nita, the Self Care Lab Boxing Gym founder, has supported her community during these trying times when mental health couldn’t be anymore critical. She has given time, training, and coaching to those who need it.
Now it’s time to give back.
Nita faces the challenge of increasing demand for her services to assist those with mental health conditions by providing coaching and training for them in a new facility.
Bitcoin Turns The ship Around, Setting Sail for Potentially Higher Prices
Over the last 24 hours, Bitcoin rallied to $39,500, powered by an enormous short squeeze within a matter of only a few hours. The pot is boiling over as $40,000 is being tested, and the level of support needed to hold above the current downtrend should be at least $37,000.
Short positions were either retracted or liquidated the moment Bitcoin saw a hint of positive price action, adding to the rally that took place within several hours. The question now is whether this is just a high level of volatility in the short term or if the bull market has returned in full force.
The price action certainly has traders and investors optimistic that this may be a clear sign that the market insists on moving up and to the right on the chart. So be mindful and watch to see where bitcoin seeks support over the week.
FTX Maximum Leverage Limits Drop From 101X to 20X
The man behind the FTX exchange, CEO Sam Bankman-Fried, has dialed back the ability to put your leverage on steroids in an approach to encourage ‘responsible trading.’
FTX currently moves close to $1.5 Billion in daily volume, which has seen an enormous increase with the price rally of Bitcoin within the last day. However, Sam has said that the change will only affect a ‘tiny fraction of activity on the platform,’ also mentioning that not many traders use max leverage levels.
We will likely see more exchanges lower leverage limits in the future, most likely for the sake of the reputation of the exchanges. Leveraged trading is a risky business that can liquidate collateralized funds in an instant.
Wendy’s Whitepaper Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to always remain transparent and impartial to the cryptocurrency community, and therefore, the content of my media is intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as an investment, financial, legal, regulatory, accounting, tax, or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that it is in your own best interests to consult with investment, legal, tax, or similar professionals regarding any specific situations and any prospective transaction decisions.