Objections and Counterarguments to the Search for Extraterrestrial Life

Humanity has no official evidence of the existence of extraterrestrial life, but the thought of the possibility of making contact with intelligent aliens definitely excites the mind.

However, in parallel, our archaic fear of the dark, of something unknown, is awakening. Therefore, we have objections when we hear that scientists are engaged in a targeted search for “brothers in mind.”

Here are four of the most common objections to finding aliens and valid counterarguments to them.

It’s insanely expensive

This statement is completely untrue. The annual maintenance of a small radio telescope equipped with the latest technology will cost less than the creation of an average attack helicopter.

What is the most expensive attack helicopter? Similar to what you have read earlier, the most expensive attack helicopter is the Boeing AH-64 Apache. It carries a price tag of $52 million.

Of course, for an ordinary person, such an amount is large, but large countries are engaged in the search for aliens and for them such an amount is not cosmic.

Aliens don’t use radio communications, and if they do, we still won’t understand them

If the aliens are intelligent and are studying the universe, then they have discovered many natural radio sources, which led to the emergence of radio physics, radio astronomy and radio transmission technologies.

Yes, brothers in mind can be incredibly progressive, but it is unlikely that this will cause a complete rejection of convenient and cheap radio communications.

The universe is miraculously homogeneous, the laws of nature are the same everywhere, so science will become the natural language of communication.

One and zero will always be one and zero, even if they have some strange names. In other words, it will be easier to decipher an alien message than to receive it.

If we find very advanced aliens, it will be humiliating to know that we are primitive

Undoubtedly, pride will suffer, but it has suffered before, when it was proved that the Earth revolves around the Sun, and not vice versa, and indeed the solar system is not the center of the universe.

In a few centuries, all our achievements and inventions will be considered, to put it mildly, primitive, but do not forget that the goal of modern science is to surpass itself.

Acquaintance with progressive aliens can give a powerful impetus to the development of mankind, which will leave behind racial, religious, political, economic and other conflicts. We can become much better.

They will destroy us or devour us!

We think aliens will be belligerent and violent because we think they are like us. Therefore, guided by the subconscious fear of the majority, scientists are trying to receive signals, and not transmit them into space.

Even if we assume that aliens are the same as us, then making an incredibly expensive, long and dangerous flight to start a war is the height of madness.

For example, Seth Shostak , an American astronomer and employee of the SETI Institute (search for extraterrestrial life), is sure that if aliens decide to fly to us, then only with good intentions.

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Deribit hackers move stolen Ether to Tornado Cash crypto mixer

The Deribit hot wallet hacker has transferred 1,610 ETH (over $2.5 million) to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

In the aftermath of the $28 million Deribit hack, the unknown exploiter is moving stolen funds using the decentralized cryptocurrency mixer, Tornado Cash.

The Deribit hot wallet hacker has transferred a total of 1,610 Ether (ETH), or around $2.5 million, to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

The funds were transferred in 17 transactions, with the first outgoing transaction occurring on Nov. 5 —just a few days after Deribit suffered the hack.

The amount of funds moved to Tornado Cash is just a fraction of all stolen ETH on the hacker’s address, as its balance amounts to 7,501 ETH ($11.8 million) at the time of writing. The hacker initially sent 9,080 ETH to the address on Nov. 2.

The blockchain analytics platform PeckShield initially reported on the outgoing Tornado Cash transactions on Nov. 5. At the time, the amount of funds leaving the hacker’s ETH wallet was just about $350,000.

Deribit officially announced that its platform suffered a hot wallet hack on Nov. 2, losing a total of $28 million in several cryptocurrencies, including Bitcoin (BTC), ETH and USD Coin (USDC). The exchange had to halt all withdrawals in order to ensure proper security in the aftermath of the hack, promising to cover all the losses.

The platform subsequently resumed regular withdrawals for BTC, ETH and USDC on Nov. 2, migrating all hot wallets to the digital asset security platform Fireblocks. Deribit stressed that users should not send funds to their previous BTC, ETH and USDC addresses and use new Fireblocks deposit addresses instead.

Related: Fireblocks records $100M+ revenue in subscriptions amid bear market

The news comes amid the ongoing uncertainty over Tornado Cash and other cryptocurrency mixers after authorities in the United States restricted the mixer. The Office of Foreign Assets Control of the U.S. Department of the Treasury blacklisted Tornado Cash in August 2022, making it illegal for citizens, residents and companies to receive or send money through the service.

In October, the crypto advocacy group Coin Center filed a complaint against OFAC, Treasury Secretary Janet Yellen and OFAC Director Andrea Gacki, alleging that sanctioning Tornado Cash was “unprecedented and unlawful.”


Gala token exploit ‘not a white hat act’: Huobi Global

Huobi claimed that calling the incident a white hat move was only pNetwork’s excuse to avoid legal sanctions.

Disclaimer: This article is updated with pNetwork’s official response to Huobi.

Days after GameFi project Gala Games and decentralized finance (DeFi) protocol pNetwork assured its community that everything was fine, crypto exchange Huobi Global came out with its version of the story, accusing pNetwork of earning a $4.5 million profit from the recent pGALA crash. 

On Nov. 3, a suspected attacker minted $2 billion worth of Gala tokens (GALA) on the Binance Smart Chain and dumped a portion of the tokens on PancakeSwap, earning a total of 12,977 Binance Coin (BNB), which was worth around $4.5 million at the time. This drained a PancakeSwap pool and caused a drop in the token price. 

According to a crypto analytics account called Lookonchain, some traders took advantage of the situation, buying GALA from PancakeSwap and dumping the tokens on Huobi, causing a price crash from $0.04 to $0.0003 on the crypto exchange. 

With the community in fear of a potential multi-billion dollar hack, the Gala Games president for blockchain Jason Brink took to Twitter to explain that everything is fine and that the activity observed is part of pNetwork’s efforts to safeguard its liquidity pool from vulnerabilities.

However, in a recent announcement by Huobi Global, the crypto exchange made allegations against pNetwork, claiming that the protocol’s recent behavior was not a white hat move. According to Huobi, the recent incident was a scheme for malicious profit. Additionally, the crypto exchange also alleged that calling the activity a white hat attack was only an excuse by the pNetwork team “to avoid legal consequences.”

Related: Huobi Global reportedly plans relocation to the Caribbean

Furthermore, Huobi also made claims that the incident caused massive losses for its users. The exchange underscored that it is ready to represent the users who sustained damages from the incident and threatened to take legal action against pNetwork. However, if the alleged attackers are willing to return the proceeds from the attack, Huobi said that it will provide a $1 million bounty and will not pursue its legal responsibilities.

In response to the allegations made by Huobi, pNetwork officially responded deeming Huobi’s allegations as untruthful. The DeFi protocol highlighted that they have definitive proof that pNetwork acted in good faith and all actions were in done in collaboration with Gala Games. The firm also explained that it will seek legal action against Huobi for its allegations.  


Pentagon says most UFOs are Chinese drones and weather balloons

The US government has officially begun to explain some of the known UFO encounters over the past decade. According to them, the main culprits are China and weather balloons.

The US intelligence agencies have spent the last few years analyzing videos of hundreds of recent UFO sightings, and they want the American people to know they are not aliens.

Many recent UFO sightings, or unidentified aerial phenomena (UAPs) as the government calls them, are likely simply sightings of foreign operations, such as weather balloons, according to several US Department of Defense (DoD) officials.

Several UAP incidents have been officially identified as “relatively common” Chinese surveillance drones, according to anonymous officials. China allegedly previously stole plans for modern American fighter jets and is interested in how the US trains its pilots, DoD officials added.

Other UAP sightings recorded by military aircraft that appear to show aerial objects moving seemingly against the laws of physics are likely the result of optical illusions.

The new report adds new details to the cases described in a document that officials released in June 2021, describing 144 alleged UAP incidents reported by US government officials between 2004 and 2021.

A 2021 report states that due to a lack of high quality data, most of the alleged UAP collisions cannot be definitively explained. However, the report offers several general explanations for UAP in general, including “technologies applied by China, Russia, another country or non-governmental organization”, as well as “airborne interference” such as birds and weather balloons.

Aliens were not mentioned anywhere in the report, however, this did not stop conspiracy theories from springing up, due in part to a general lack of transparency on the part of the government regarding UAP incidents.

As the Department of Defense continues to investigate UAP sightings, NASA has also established an independent UAP investigation team that will operate from October 2022 through mid-2023.

The team will focus on collecting and analyzing large amounts of UAP data to develop new methods for identifying unidentified objects in the skies over the United States, NASA said.

According to officials most of UFOs/UAPs are weather balloons. Nothing new.

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Crypto no more in top 10 most-cited potential risks: US central bank report

The U.S.-China tensions, the Russia-Ukraine war, higher energy prices, rising inflation, the COVID-19 pandemic and cyberattacks came out as some of the most pressing financial risk concerns.

While proponents of traditional finance remain keen on dismissing Bitcoin (BTC) and the crypto ecosystem as financial risks, a survey conducted by the Federal Reserve Bank of New York — one of the 12 federal reserve banks of the United States — revealed 11 factors that overshadow crypto in terms of risk in 2022.

Geopolitical tensions, foreign divestments, COVID-19 and high energy prices were found to be some of the most-cited potential risks for the US economy, according to a central bank survey published by the Federal Reserve System.

Federal Reserve Bank of New York survey results. Source: Federal Reserve System

Out of the 14 factors that pose a financial risk, crypto stands at the 11th position — revealing a change in investor mindset owing to the continued efforts of crypto entrepreneurs to educate the masses.

Some of the pressing risk concerns raised by the respondents were related to the power struggle of global economies, which includes the U.S.-China tensions, the Russia-Ukraine war, higher energy prices, rising inflation, the COVID-19 pandemic and cyberattacks, to name a few.

However, the U.S central maintains its anti-cryptoposition when it comes to evaluating the risks in crypto investment. It pointed out in the report that selected cryptocurrencies — including BTC, Ether (ETH), Binance Coin (BNB), Cardano (ADA) and XRP — are down about 69 percent in value compared to the Nov. 2021 peak, adding that:

“Speculation and risk appetite appear to be the primary driving forces of crypto-asset prices, which have recorded big swings in recent years.”

The central bank also cited the collapse of the Terra (LUNA) ecosystem, highlighting that entities that had direct exposure to the in-house stable TerraUSD (UST) found themselves in financial distress, sometimes leading to bankruptcy.”

Related: Joe Biden unhappy with Elon Musk for buying a platform that “spews lies”

On the other side of the world, India launched its home-grown central bank digital currency (CBDC) for the wholesale segment.

While the country is still opposed to the idea of mainstreaming cryptocurrencies, the pilot project saw the involvement of nine local traditional banks, which include the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.

Related reports suggested that India’s central bank — the Reserve Bank of India (RBI) — plans to launch the digital rupee for the retail segment within a month in select locations.


FTX Token price risks 30% plunge as a 23M FTT ‘part’ moves to Binance

Alameda Research reportedly obtained $2.2 billion worth of loans using FTT as collateral, a token created by cryptocurrency exchange FTX.

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators.

FTT could plunge 30%

From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement.

On Nov. 6, FTT broke below the pattern’s support line near $22.50, accompanied by a volume spike. The FTX exchange token’s selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months.

FTT/USD daily price chart featuring inverse-cup-and-handle pattern. Source: TradingView

As a rule of technical analysis, the inverse-cup-and-handle breakdown can push the price down by the length equal to the distance between the pattern’s support and peak level. That puts FTT’s breakdown price target at around $16, down roughly 30% from the current price.

The bearish technical setup came as Changpeng Zhao (CZ), the CEO of crypto exchange Binance, said his company would liquidate its entire FTT holdings in the coming months, on fears that the token might collapse in the same manner as Terra (LUNA) in May 2021.

Binance was an early investor in FTX.

Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.

— CZ Binance (@cz_binance) November 6, 2022

Raising selloff risks, the announcement followed a large transfer of roughly 23 million FTT tokens worth $530 million to Binance, which CZ confirmed was a “part” earmarked for liquidation. 

Yes, this is part of it.

— CZ Binance (@cz_binance) November 6, 2022

This also coincided with a spike in individual transactions worth more than $100,000.

Number of FTT transactions worth $100,000 or more. Source: Santiment

Alameda Research faces insolvency allegations

Binance’s decision took cues from allegations that Alameda Research,a crypto-focused hedge fund founded by FTX exchange’s Sam Bankman-Fried, could turn insolvent from its exposure to illiquid altcoins, including FTT.

Notably, Alameda Research had $14.6 billion on its balance sheet as of June 30, with FTT being the largest holding at $5.8 billion, making up 88% of its net equity. In addition, the firm held $1.2 billion in Solana (SOL), $3.37 billion in unidentified cryptocurrency, $2 billion in “equity securities,” and other assets.

On the other hand, Alameda Research reportedly had liabilities worth $8 billion, including $2.2 billion worth of loans collateralized by FTT. That, coupled with the firm’s alleged exposure to illiquid altcoins, prompted some analysts to predict its insolvency in the future. 

“Alameda will never be able to cash in a significant portion of FTT to pay back its debts,” wrote Mike Burgersburg, an independent market analyst, for the Dirty Bubble Media Substack, noting:

“There are few buyers, and the largest buyer appears to be the very company which Alameda is most closely tied to […] the fair market value of their FTT in the event of large sales would rapidly approach $0.”

Interestingly, on-chain data trackers detected wallets associated with Alameda Research sending nearly $66 million worth of stablecoin tokens to FTX addresses on Nov. 6, potentially to absorb the token’s sell-side pressure.

93% of FTT tokens in circulation are owned by 10 addresses. Source: Etherscan

Damage control

Alameda Research CEO Caroline Ellison countered these allegations, noting that the firm had more than $10 billion worth of assets and had returned most of its loans due to the tightening in the crypto credit space in 2022.

A few notes on the balance sheet info that has been circulating recently:
– that specific balance sheet is for a subset of our corporate entities, we have > $10b of assets that aren’t reflected there

— Caroline (@carolinecapital) November 6, 2022

Bankman-Fried called the rumors “unfounded,” assuring followers that FTX keeps audited financials.

Related: FTX in talks with investors to raise $1B for further acquisitions

However, FTX traders appear to be taking the cautious route, reflected by a 95% drop in the exchange’s stablecoin reserves in the last two weeks. As of Nov. 7, FTX held $26.141 million worth of dollar-pegged tokens, its lowest in a year.

All stablecoin reserves on the FTX exchange. Source: CryptoQuant

Meanwhile, investors have been selling their FTT holdings at a loss amid the ongoing Alameda Research fiasco, per EtherScan data. For instance, a small whale reportedly took a 65% loss on its FTT investment

Still, independent market analyst Satoshi Flipper sees a potential FTT price rebound ahead as it retests a long-standing support range visible on the weekly chart below.

FTT/USD weekly price chart. Source: TradingView/Satoshi Flipper

“Too much FUD so I’m long here @ $22.95,” the analyst wrote.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China

The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on NFTs hasn’t been very clear.

The Chinese city of Wuhan had reportedly shelved its aspirational nonfungible tokens (NFTs) plans amid growing regulatory uncertainty around the crypto and Web3 technologies in the country.

Wuhan first announced its plans to support metaverse and NFTs in the aftermath of the coronavirus breakout as a measure to boost its economy ruined by the pandemic. The city was the epicenter of the COVID-19 breakout.

The Wuhan government’s draft industrial plan for the city’s metaverse economy development included a line about NFTs. However, that part has now been omitted from the latest version, according to a report by South China Morning Post. The report noted that the revised version still encourages businesses to focus on decentralized tech and Web3 but makes no mention of NFTs.

Under the newly revised plan, Wuhan aims to foster more than 200 metaverse companies and build at least two metaverse industrial estates by 2025.

Looking at the revised version of the draft, the Chinese government seems to do away with anything that involves the exchange of tokens or digital properties. The stance has been clear over the years as the government development plans have included metaverse-related technologies. For example, several Chinese cities, including the capital city of Beijing and Shanghai, have announced metaverse innovation plans, but any private business or tech giants involved with NFTs have faced government hostility.

Related: NFT platforms in China grow 5X in four months despite government warnings

At the start of the year, China was aiming to separate NFTs from cryptocurrencies in a bid to help the nascent industry grow despite a blanket ban on the latter. This resulted in a peak of interest among Chinese communities as NFT marketplace Opensea was flooded with listings from Shanghai during COVID lockdowns.

However, with the rise in popularity, the number of fraudulent activities rose as well, leading to several government warnings to investors against NFT trade.

China was very clear with its stance on crypto use in the country and eventually imposed a blanket ban in 2021 after several years of numerous restrictions. However, the government’s stance on emerging Web3 technologies, especially those that involve the exchange of tokens or digital collectibles (NFTs), seems far from clear at the moment.


The British Wild Man: A Strange and Paranormal, Hairy Human

Over the years I have written various articles on the matter of what has become known as the “British Bigfoot.” In these cases, we’re talking about ape-like animals. Some of them are the “Man-Monkey,” the “Bolam Beast,” and the “Shug Monkey.” There’s no doubt these creatures are paranormal in nature. There is, however, another category too this controversy. It’s the “Wild Man.” It, too, is clearly paranormal, but it has an appearance that is human-like, rather than ape-like. It’s this “wild” group I’m going to talk about today. Let’s take a look at some of these  strange, forever elusive, things. The well-known Cornwall-based anomalies researcher, writer, and blogger, Elizabeth Randall, has spent many a lot of time seeking out the truth behind the Woodwose legends and says of the creature that it “…is usually shown as a complete, part human, figure carrying a club with the limbs being leafy. It also often shows a thick beard and wears a cap. The Woodwose may also be shown holding the club in different positions. Sometimes this is on its side and sometimes it is raised. There is a theory that a raised club depicts the figure before it was converted to Christianity, but it’s probably more correct to believe that it was raised to ward off evil spirits.”


Tunnel to Tomb of Cleopatra May Have Been Found

Archeologists are notorious for making announcements that they are ‘close’ to finding some long-lost location, tomb, artifact or other historical legend which has defied all previous searches. Unfortunately, their purpose is often one of need – archeology missions are funded by museums, government, rich donors and the like who must be coddled when the search takes longer than anticipated, and motivated when the mission runs over budget. One such mission is the search for the burial site of Cleopatra VII – the queen and last ruler of the Ptolemaic Kingdom of Egypt from 51 to 30 BCE until her legendary death, first said to be suicide by a poisonous asp but most likely was by poison. Her tomb and that of her suicidal lover Marc Antony were lost due to the political turmoil of her reign and death and many archeologists have attempted to find it. Another “we’re so close” announcement came this week from an archeologist who has been searching for the tomb of Cleopatra since 2005. Is this finally the real tomb?


Funding rates hit 6-month high before CPI — 5 things to know in Bitcoin this week

Signs that market optimism is running away with itself come ahead of the U.S. midterm elections and key economic data.

Bitcoin (BTC) starts the second week of November battling some familiar FUD — how will BTC price action react?

The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 — an impressive multi-week high — but remains fixed in a sticky trading range.

Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so.

Nov. 10 will see key United States inflation data for October released, while jobless claims and multiple speeches from Federal Reserve officials may also impact risk asset volatility.

An unexpected twist from within the crypto realm comes in the form of turmoil involving exchange FTX, Alameda Research and Binance.

Concerns over liquidity have escalated as Binance CEO, Changpeng Zhao, reveals a plan to sell off his platform’s entire stash of FTX’s proprietary token, FTT.

Bitcoin reacted in line with market sentiment overnight, but going forward, will the debacle prove any more than classic crypto FUD?

Cointelegraph takes a look at some of the major factors set to influence BTC price action in the coming days.

FTX worries disrupt weekly close

While falling into the weekly close, BTC/USD still managed to post its highest such weekly candle close since mid-September.

Data from Cointelegraph Markets Pro and TradingView shows the week to Nov. 6 being capped at $20,900 on Bitstamp.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

With that, Bitcoin defends its trading range and avoids any noticeable break of its current paradigm — lurching between $19,000 and $22,800 since August.

While heading nearer the top of the range, the FTX news involving Binance appeared to dampen the mood significantly, ultimately costing Bitcoin the $21,000 mark.

“As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT),” Binance CEO, Changpeng Zhao (also known as “CZ”) wrote in a Twitter thread.

“Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.”

Zhao added that divesting itself of its FTX holdings would take Binance “a few months,” acknowledging that markets could be impacted throughout.

In his own thread, Sam Bankman-Fried, CEO of FTX, meanwhile referenced what he called “unfounded rumors” regarding liquidity issues.

“We’re grateful to those who stay; and when this blows over we’ll welcome everyone else back,” he wrote in one optimistic post to followers overnight.

The market reaction has so far been less positive; a look at the top ten cryptocurrencies by market cap shows 24-hour losses on some tokens nearing 10% at the time of writing.

For Bitcoin traders, it is time to take advantage of the retracement in a week they believe should result in further upside.

“Lost lower time frame support. Nice little pullback. Will be looking to re-long when it finds it’s next support,” popular trading account IncomeSharks wrote in an update.

A separate post focused on potential cross-crypto gains.

“Total marketcap looking great on the daily. Bull or bear, I think there’s enough people still sitting on cash to push up to 1.5 trillion,” it read.

Total crypto market cap 1-day candle chart. Source: TradingView

Michaël van de Poppe, founder and CEO of trading firm Eight, also said that he would be looking for “buy the dip opportunities” across crypto in the short term.

A classic counter-perspective came from fellow trader Il Capo of Crypto, who argued that $21,500 will mark the high point in a downtrend set to continue.

“Seeing whales wanting to fill asks at 21500. A very quick scam pump to this level would be the perfect end of the party. ETH to 1700s,” part of a tweet stated.

CPI and U.S. midterms in focus

The Federal Reserve dominated the last week of October when it came to crypto-asset performance thanks to its decision to raise interest rates by another 0.75%.

As this is implemented, markets will be watching another key figure this week — Consumer Price Index (CPI) data for October.

Estimates put year-on-year inflation at 7.9%, as per economists surveyed by Bloomberg, down 0.3% versus September.

Any lower-than-expected CPI readout could be a boon for crypto and riskassets, as it notionally increases the chances of the Fed pulling back on rate hikes sooner.

Before CPI and jobless claims, however, there is the issue of the U.S. midterm elections to deal with — a potential source of volatility in and of itself.

“Personally, I am in no rush just yet to start buying,” well-known social media personality @CryptoGodJohn told followers.

“CZ vs SBF drama, Midterm elections Tuesday, CPI Thursday. This will be the biggest week of crypto that will set the tune for the end of the year.”

The rate hike announcement was something of a fake tone-setter, having sparked volatility which canceled itself out within days.

Fellow commentator Capital Hungry meanwhile warned of the impact of stronger CPI inflation:

“If US CPI this week is still high we are going to see that upside on gold reversed, USD strength back and Equities bears back in play.”

The U.S. dollar index (DXY) was making up for lost ground at the time of writing, having seen a dramatic 2% daily decline on Nov. 4.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Funding rates run hot

In a warning signal to bulls — and particularly late longs — Bitcoin funding rates are surging on derivatives exchanges.

As noted by Maartunn, a contributor to on-chain analytics platform CryptoQuant, funding rates are now at their highs in six months.

Funding rates are a mechanism used in perpetual contracts to keep their price close to the Bitcoin spot price.

Highly positive funding rates suggest that the market expects BTC/USD to go higher and traders are paying for the privilege to go increasingly long BTC.

The effect can be detrimental, as a price decrease ends up liquidating large numbers of overly bullish positions.

“And at this moment, Funding Rates are very high. Traders are betting on higher prices and are willing to pay a serious amount of interest,” Maartunn explained alongside CryptoQuant data.

“That doesn’t have to be bearish perse, but when price start to move against them they might be forced to get out their position or it will be liquidated.”Bitcoin funding rates annotated chart. Source: Maartunn/ Twitter

As Cointelegraph reported, last month saw record liquidations for 2022 as Bitcoin made its way to $21,000.

Maartunn added that funding was “something to keep an eye on in the coming days.”

Miners miss out on difficulty readjustment

Bitcoin’s network fundamentals remain in an interesting, if not wholly bullish state.

The latest data from on-chain monitoring resource confirms that network difficulty decreased by 0.2% on Nov. 7 — far less than previously estimated.

Bitcoin network fundamentals overview (screenshot). Source:

The result has implications for miners, who have seen profits squeezed even as hash rate hits new all-time highs.

A major difficulty decrease would have helped level the playing field for some, and its absence keeps up pressure on certain players.

Even Bitcoin’s largest public miners are “underperforming BTC heavily” in the current environment, Sam Rule, market analyst at UTXO Management, revealed last week.

As Cointelegraph reported, the combination of high hash rate and low miner profitability is nonetheless a potential cause for classifying Bitcoin as undervalued.

The Bitcoin Yardstick continues to edge further into its “cheap” zone this month, having seen rare lows.

Bitcoin Yardstick chart. Source: Glassnode

Sentiment gauge hits three-month high

It might not all be doom and gloom for crypto market sentiment.

Related: Buying Bitcoin ‘will quickly vanish’ when CBDCs launch — Arthur Hayes

According to the Crypto Fear & Greed Index, cold feet are getting shaken off in Bitcoin’s run to its highest since September.

Fear & Greed, which measures sentiment with a normalized score of 0-100 using a basket of factors and offers various labels — extreme greed, greed, neutral, fear and extreme fear — to categorize them, reached its highest since mid-August at the weekend.

At 40/100, the optimism proved unsustainable thanks to the market retracement into the new week, and as of Nov. 7, 33/100 is in place — firmly within the “fear” bracket.

Crypto Fear & Greed Index (screenshot). Source:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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