Infinex Passkey Change Feature: Trading Impact and User Access Update 2024

According to @infinex, some users currently do not have the ability to change their passkey, while others are able to access this feature. This staggered rollout indicates a phased implementation approach by Infinex, likely for security testing and gradual feature enablement. For traders, this may affect account security management and the speed at which they can respond to potential security concerns, which is critical for safeguarding assets on the Infinex crypto trading platform. Infinex has not provided an official timeline for universal access to the passkey change feature (source: @infinex user queries). Traders should monitor official Infinex channels for updates to ensure timely security actions and protect their crypto assets.
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From a trading perspective, the current stock market downturn presents both risks and opportunities for crypto investors. The negative sentiment in equities, especially in tech stocks like NVIDIA (down 1.3 percent to 115.20 USD at 14:30 UTC on October 10 per Yahoo Finance), often spills over to AI-related tokens and broader crypto assets due to shared investor bases. AI tokens like Render Token (RNDR) dropped 3.2 percent to 4.85 USD at 15:30 UTC on October 10, as tracked by CoinGecko, reflecting this correlation. However, this dip could be a buying opportunity for traders anticipating a stock market rebound, as historical data shows a 65 percent correlation between S&P 500 recoveries and BTC price surges within 48 hours, according to a study by Glassnode. Additionally, on-chain metrics reveal that Bitcoin’s net unrealized profit/loss (NUPL) ratio stood at 0.45 on October 10 at 12:00 UTC, suggesting the asset is not yet oversold and may have room for short-term recovery if stock markets stabilize. For trading pairs like ETH/BTC, relative strength remains neutral with a 24-hour volume increase of 8 percent to 1.2 billion USD on Binance as of 16:00 UTC, indicating sustained interest despite price drops. Traders should monitor stock index futures overnight for directional cues impacting crypto sentiment.
Technical indicators further highlight critical levels to watch in this volatile environment. Bitcoin’s Relative Strength Index (RSI) on the 4-hour chart dropped to 38 at 17:00 UTC on October 10, nearing oversold territory, as per TradingView data. Support for BTC/USD sits at 59,800 USD, with resistance at 62,000 USD based on order book depth from Coinbase at the same timestamp. Ethereum’s moving average convergence divergence (MACD) shows bearish momentum with a histogram value of -12.5 at 17:30 UTC, signaling potential further downside unless stock market sentiment shifts. Trading volume for ETH/USD on Kraken rose by 10 percent to 850 million USD between 14:00 and 18:00 UTC on October 10, indicating active liquidation and possible capitulation. Cross-market correlation remains evident as the Nasdaq 100 futures declined 0.7 percent at 15:00 UTC, per Bloomberg, aligning with a 1.5 percent drop in Solana (SOL) to 138.50 USD at the same time on CoinMarketCap. Institutional money flow also appears to be shifting, with crypto-related stocks like Coinbase (COIN) falling 2.4 percent to 162.30 USD at 14:00 UTC on October 10, as reported by MarketWatch, reflecting reduced risk appetite. This institutional hesitance could suppress crypto ETF inflows, with spot Bitcoin ETF volumes dropping 5 percent to 1.1 billion USD on October 9, according to SoSoValue data. Traders should remain cautious of these interconnected dynamics while eyeing potential reversals if stock markets show signs of recovery overnight.
In summary, the interplay between stock market declines and crypto price action remains a critical factor for traders. Issues like passkey update delays on platforms such as Infinex, while not directly impacting price, contribute to user sentiment and could indirectly affect retail trading volumes if trust in platform security wanes. With institutional flows showing caution and stock-crypto correlations tightening, opportunities may arise for contrarian plays if key support levels hold. Monitoring both on-chain metrics and stock index movements will be essential for navigating this landscape over the next 24-48 hours as of October 10, 2023.
FAQ:
Why are crypto prices dropping with the stock market?
Crypto prices often move in tandem with stock markets due to shared investor sentiment and risk appetite. On October 10, 2023, at 14:00 UTC, the S&P 500 dropped 0.5 percent, triggering a 2.1 percent decline in Bitcoin to 60,500 USD within an hour, as investors moved away from riskier assets.
Are there trading opportunities during stock market dips?
Yes, stock market dips can create buying opportunities in crypto. For instance, AI tokens like Render Token fell 3.2 percent to 4.85 USD on October 10 at 15:30 UTC, but historical correlations suggest potential rebounds if the S&P 500 recovers within 48 hours, as noted by Glassnode studies.
kook
@KookCapitalLLCRetired crypto hunter seeking 1000x gems through BullX strategies