Bitcoin Falls Below $63,000 on Profit Taking as SafePal’s SPF Gets a Point Boost

• Bitcoin fell below $63,000, down 1.4% in 24 hours, driven by profit-taking after a recent rally.

• QCP Capital noted activity in the options market that suggests a generally bullish mood, but not an explosive move higher in the near term.

• SafePal’s SFPlus launch has boosted its SFP token value by up to 8% in the past week, adding rewards to encourage staking.

Bitcoin {{BTC}} fell below $63,000 early Tuesday as profit after a weekend rally extended into a second day and hurt the broader crypto market.

BTC is down 1.4% in 24 hours, CoinGecko data shows, with ether {{ETH}}, BNB Chain’s BNB, Cardano’s ADA and xrp {{XRP}} falling as much as 2%. Dogecoin Memecoin {{DOGE}} led the decliners with a 4% drop, while Ton Network’s TON – hit by the arrest of the closely related Telegram CEO – fell 4% to bring losses of seven days at over 20%.

The CoinDesk Broad-Based 20 (CD20)a liquid index of the largest tokens by market capitalization, fell 1.5%.

QCP Capital, the Singapore-based trading desk, noted an increase in buying with the call spread, while noting the selling of bitcoin calls at the $100,000 level. The strategy suggests a generally bullish mood, but not an explosive move higher in the near term.

A call option gives the buyer the right, but not the obligation, to purchase an asset at a specific price, called the “strike” or “strike price,” on or before a specific date, called the “expiration.” Calls are implicitly bullish. A put option gives the buyer the right to sell an asset at the strike price on or before the expiration date. A call bull spread consists of a long call with a lower strike price and a short call with a higher strike price. Both calls have the same underlying asset, such as bitcoin, in this case.

“Even with higher points, BTC and ETH vols are currently more skewed to puts than calls through October,” QCP said in a Telegram broadcast. “This is surprising given the overwhelmingly upbeat sentiment. It may indicate that the market was well positioned for this move and was quick to take advantage of selling the calls.”

SafePal’s SFP gets a stake boost

A new points feature for crypto wallet provider SafePal’s SFP tokens has boosted prices by up to 8% in the past week, outpacing gains in bitcoin and other major tokens.

The so-called SFPlus update is looking for “genuine” token holders who stake the tokens for the longer term, instead of simply storing them as part of the wallet balance. Holders begin accumulating an online score that increases over time the more SFP is staked. Points can be redeemed for certain rewards.

The story continues

“Bettors can access exclusive benefits such as airdrop rewards, discounts on our hardware wallets and enhanced account levels in our CeDeFi banking gateway, among other features and partnerships we have developed as a seamless wallet suite through the hub- ul SFPlus”, said the CEO and co-founder. Veronica Wong in an interview with CoinDesk.

“This aligns the interests of loyal $SFP holders closer to our wallet users and is part of efforts to address an industry problem where a project’s growth does not necessarily translate to token holders, especially in the long term ”, she. said.

“It’s only been a few days since the launch of SFPlus, but there are already nearly $1.5 million SFP staked from over 100,000 wallets, with steady growth continuing despite uncertain market conditions.”