Tag: Newsbts

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

Posted on By Best Owie

With the market in turmoil, digital assets such as Bitcoin and Ethereum are seeing their prices challenged in ways that have sent shivers down the spines of investors. The downtrend had triggered massive sell-offs that had sent prices towards yearly lows. Despite the volume already being sold off, sellers look to not be done yet. This is evidenced by the volume of Bitcoin and Ethereum that has been making its way to centralized exchanges recently. Bitcoin, Ethereum Rocked By Inflows The inflows had been growing steadily recently and given the volume that has been going into exchanges, this growth is alarming. Top coins Bitcoin and Ethereum usually hold up best when it comes to markets like this, and though they have held up, investors seem unconvinced that they would continue to do so. This is one of the reasons why the inflows have been massive. Data shows that more than $1.4 billion worth of Bitcoin has flowed into centralized exchanges in the last 24 hours alone. Although this is a decline from the previous day when $1.7 billion in BTC had been moved into exchanges, it significantly surpassed the outflow rate compared to the previous day. Related Reading | How The Tether Peg Could Predict Raging Bitcoin Volatility Outflows for bitcoin for the last 24 hours came out to $1.2 billion. What this led to was a positive net flow of $233 million.  Ethereum was not left out of this either. If anything, the second-largest cryptocurrency by market cap has been worse hit by exchange inflows. For the previous day, its inflows had touched $569 million. But unlike Bitcoin, it did not record enough outflows to offset this figure. BTC continues downtrend | Source: BTCUSD on TradingView.com This would continue into the Wednesday market which saw $658.2 million flowing into centralized exchanges. In the same time period, there was $651.1 million flowing out of the exchanges, which left a positive network of $7.2 million. USDT Outflows Spell Selling One way to indicate if investors are selling or buying Bitcoin, Ethereum, and other digital assets is through the stablecoin inflow, and lately, this flow rate has been anything but encouraging. Tuesday saw $1.1 billion USDT flowing into exchanges, marking a significant figure but the outflows came out higher. In total, there was $1.7 billion in USDT leaving exchanges, resulting in a negative $612.1 million net flow. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 What metrics like this show is that investors are likely turning their volatile cryptocurrencies into these stablecoins and moving them out of the exchanges for safekeeping. Mostly to provide shelter from a highly volatile market. Nevertheless, the USDT volumes from the last 24 hours are beginning to paint a slightly better picture. While outflows had reached as high as $738.5 million for the past day, inflows were $871.4 million, a positive net flow of $132.9 million. If this trend continues, then the current selling trend could well be turned around into a buyer’s that would hopefully trigger a recovery in the market.  📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.4B in⬅️ $1.2B out📈 Net flow: +$223.0M#Ethereum $ETH➡️ $658.2M in⬅️ $651.1M out📈 Net flow: +$7.2M#Tether (ERC20) $USDT➡️ $871.4M in⬅️ $738.5M out📈 Net flow: +$132.9Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) May 19, 2022 Featured image from News Central TV, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Digital Currency, News

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

Posted on By Anifowoshe Ibrahim

The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before. Ethereum 2.0 Goes To Testnet Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process. Ropsten testing will be merged on June 8, according to Ethereum client developers. Although there is no official indication on when the Merge will take place on mainnet, it is expected to happen in the second part of this year. On Monday, Ethereum DevOps developer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code, indicating that it is ready for implementation. The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge. Because it has a comparable network structure to the Ethereum Mainnet, this testnet is considered the best replication. Developers may now perform realistic deployment testing before making changes to the mainnet. The Ropsten testnet Merge will combine the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 launch date. It will simulate what will happen when Ethereum and the Beacon Chain merge and the network becomes a PoS network. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. As a result, the Ropsten public testnet is regarded as the most accurate clone of the Ethereum Mainnet, as it uses a similar network structure and allows developers to test their work in a live environment. Online, community developers have expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, an Ethereum core engineer at Prysmatic Labs: Ropsten testnet is getting merged on June 8! Merging Ropsten is a huge testing milestone towards Ethereum’s mainnet merge later this year. 🎉 https://t.co/X7eLIMA72g — prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022 Price Fails To Hold $2K ETH is dropping inside a falling wedge on a daily time frame (in yellow). It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal. As a result, if the bulls can hold the green zone, the price will be more likely to rise towards the $2450 level of static resistance. The price is more likely to begin a protracted regression phase if the bears continue to suppress the market and breach below the green support zone. ETH is trading on dynamic support (in green) against Bitcoin, which has blocked additional price decreases four times in the past. The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022. ETH/USD trades below $2k. Source: TradingView And crypto investors who bought on November 16, 2017, when the Ethereum price was at an all-time high of US$4,892, will have lost just over 60% of their investment. Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Featured image from iStockPhoto, Charts from TradingView.com

Digital Currency, News

Shib Army Burns Nearly 13 Billion SHIB In Last 24 Hours: Report

Posted on By Saeed Hassan

A shocking amount of nearly 13 billion SHIB has already been removed from the systemic circulation supply over the past 24 hours. As tweeted by the Shiba Inu transaction tracker @Shibburn, this is because the coin is being sent to dead-end wallets. The platform also burns Shiba Inu to help keep the supply down. Most of this massive amount of SHIB was destroyed in just one hour. Related Reading | Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation In a tweet on May 18, Shibburn communicated that a truly astonishing 10,028,551,985 Shiba Inu tokens had been shifted to unspendable wallets in six exchanges a few hours earlier. This portion of SHIB is worth $123,551. The tweet reads; In the past hour, there have been a total of 10,028,551,985 $SHIB tokens burned and 6 transactions. An anonymous crypto wallet burned 10 billion SHIB in a single transaction. This was the largest single burn transaction for Shiba Inu so far since the burn started.  The number is staggering, but the platform has made progress in containing it. For example, before the above news, the platform tweeted that about 2,677,017,916 Shib were stuck inside unspendable wallets; these took 92 transactions. Shibburn tweeted; In the past 24 hours, there have been a total of 2,677,017,916 $SHIB tokens burned and 92 transactions. Visit http://shibburn.com to view the overall total of #SHIB tokens burned, circulating supply, and more. The Shibburn project’s website reports that the burn rate of SHIB has increased by 5,189.09%. Dead-end wallets are cryptocurrency addresses that have not had any incoming or outgoing transactions in multiple years. They always contain funds, but most of them will never have any transactions. No Impact Of Burns On SHIB Price According to Shibburn, as of now, the total amount of burned Shiba Inu is 410,355,298,103,517 tokens. However, the Shiba Inu’s price has not yet caught up with the all-time high from last year, which was $0.00008845 per token in October 2021. As the circulating supply of tokens decreases, the cryptocurrency becomes inadequate, and its price is likely to rise. Whales Buy The Dip Some people are trying to remove SHIB tokens from circulation so the price will go up. But whales continue to buy SHIB tokens when the price is low and sell them later when the price goes up. Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday In a tweet, WhaleStats announced that a prominent Ethereum investor with the moniker “BlueWhale0073” had purchased 110,654,459,259 Shib, an equivalent of $1,313,468. On May 14, the BlueWhale0073 already made a bulk purchase an equivalent of $1,408,176 in SHIB – 109,842,128,610 meme coins.   Featured image from Pixabay and the chart from Tradingview.com  

Digital Currency, News

U.S. Mining Stocks Drop Almost 50% Despite Hashrate Increasing

Posted on By Naveed Iqbal

The Cambridge Center for Alternative Finance, a financial research institute affiliated with Cambridge University, has found that the Bitcoin hashrate was up by 4% in August from the previous year, from 35% to 39%. But, still, the mining stocks have seen declines in the last month, with Bitcoin prices going down. The concluded figure involves BTC.com, Via BTC, and Pooling data. Cryptocurrency mining involves verifying and broadcasting the transactions on the relative blockchain ledger. It is a computationally-intensive process that opens doors for validators (who validate transactions) to earn rewards. Validators verify the transaction by guessing a unique hash number associated with each transaction. And it requires computing power more than simple PCs. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Similarly, it needs a more powerful computer when verifying transactions on the Bitcoin network. Because the Bitcoin algorithm creates difficulty when too many validators come online simultaneously. Mining Bitcoin through a home computer was feasible a decade ago. However, considering the problems that arose with the growth of BTC mining, U.S. public companies such as Marathon Digital Holdings, Riot Blockchain, and Core Scientific owned server forms have made this type of work more accessible. Mining Stocks Dropped Nearly 50% The most recent bloodbath in the crypto market, which has seen the collapse of TerraUSD and the price dips of many cryptocurrencies, also caused a slump in the price of the shares of these mining companies. Since April 18, mining stocks of Core Scientific and Marathon have nearly lost 47% of their value. Likewise, Riot’s shares are reduced by its one-half, and Canadian-based Hut 8 Mining Corp has similarly diminished by 41% of the value of its shares. A few crypto traders point out that seeing the last month’s decline of 25% in Bitcoin price and the increasing correlation of crypto with the stock market, investors would now be cautious about cryptocurrency investment. The level of correlation between crypto and stocks has lasted between 0.67 to 0.78, with the BTC falling 10% on the day of peak correlation. Here 0 refers to no relationship, and 1 implies being completely correlated. Richard Craib, chief of the San-Francisco-based hedge fund Numerai, stated that digital assets are now “part of the mainstream financial system, and that’s not good for its viability as an alternative asset class. It’s not serving its original purpose as an uncorrelated asset.”  Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping Analysts say that some traditional investors have ended up their crypto trading. The plummet of tech stocks has become the reason behind the exit of many investors. So they are selling their virtual assets to raise funds.  In addition, the raised concerns about the environmental impacts of mining could also play their role in dropping stock prices. As of now, 160 crypto mining bills are waiting for the consideration of the government authorities in over 30 states. Featured image from Pixabay and chart from TradingView.com

Digital Currency, News

Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over

Posted on By anushsamal

Bitcoin has been getting stable at its crucial support level of $30,000. For over a week now, Bitcoin has been trading near its immediate support level. Over the last week, the coin lost close to 6% of its value and in the last 24 hours, BTC fell by 3%. The past week has been extremely choppy for Bitcoin and also for the altcoin due to continued market weakness. The coin had plunged to a low of $25,000, BTC had last traded about that price level in December 2020. Bitcoin has recovered by $5000, however, a chance of a further downslide cannot be ruled out.  The technical of the coin pointed towards continued selling pressure in the market. Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,100 at the time of writing after the coin was rejected from the $31,000 price level. Immediate resistance for the coin stood at $25,000. A fall beneath the same will send the coin straight to $19,000. On the flip side, if the bulls send a temporary relief then the coin will target moving above the $30,000 price level and trade close to the $31,000 resistance mark. The volume of Bitcoin traded was seen in the red which indicated bearishness on the one day chart. Technical Analysis Bitcoin might have been able to show signs of stability on the chart but further signs show that the coin can soon plummet again. King coin was trading underneath the 20-SMA line which meant that sellers were dominating the price momentum in the market. Support from the buyers can push the coin above the immediate resistance of $30,000. The support from buyers seems like an unlikely situation considering how the coin has formed a bearish flag (yellow). A bearish flag indicates further push from the bears and this could cause the coin to trade below the $20,000 support mark. The coin hadn’t touched the $20,000 price level in over a year now. The Relative Strength Index was below the half-line which indicated that sellers are still in charge as shown by the SMA lines. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping Bitcoin’s bearish flag reflected how the coin continued to fall on the chart after the pattern was formed. The bulls have tired out from the constant battle with sellers. In accordance with the same reading, Awesome Oscillator flashed bearishness. The indicator dictates the price momentum of the market and red histograms underneath the half-line meant a sell signal for the coin. If sellers continue to act on it, $20,000 can soon be on the charts. Chaikin Money Flow is responsible for depicting capital inflows and outflows. The indicator was below the half line because capital outflows were still dominant at press time. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Digital Currency, News

ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally

Posted on By anushsamal

ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally. Bearish sentiments are still present across the whole industry and altcoins have also walked along the same price sentiment. Ever since ATOM revisited its all time high in the month of January this year, the coin has struggled to release itself from the grasp of the bears. At the time of writing, Cosmos (ATOM) was the 28th biggest crypto by market capitalisation as seen on CoinGecko. Bitcoin again slid below the $30,000 mark while Ethereum struggled to trade above the $2000 price level. The global cryptocurrency market cap today was at $1.32 Trillion after a fall of 4.6% in the last 24 hours. ATOM Price Analysis: One Day Chart Cosmos (ATOM) was trading for $10.57 at the time of writing. Gradual push from the bears have caused the digital asset to trade below its resistance lines. At press time, the coin was trading close to its immediate support level because the market received a fall in buying strength. Over the last 24 hours, the altcoin registered a sharp fall by 9% forcing the coin trade near the local support. Immediate resistance for ATOM stood at $13.73 and to trade above the same ATOM would need support of the buyers. Volume of the coin traded depicted bearishness which indicates selling momentum rising in the market. Technical Analysis Cosmos (ATOM) invalidated its 8-month long resistance line and that caused sellers to lose confidence on the asset. The coin was trading below the 20-SMA line which meant that sellers were in control of the price momentum. If the coin continues to remain below the 20-SMA line then a bullish revival remains tough for the altcoin. If buyers find a way back into the market then the coin can attempt to trade near the $13 price mark. A rejection from the aforementioned price level will push the coin beneath the $9.42 support level. The coin traded near the $9.40 level last year in the month of July. The Relative Strength Index displayed an uptick because the indicator was seen above the oversold region. Despite recovery, ATOM continues to remain under heavy selling pressure. Related Reading | How Cosmos Could Outgrow Ethereum, Making The Case Cosmos (ATOM) had staged a brief recovery and following that indicators reflected some bullishness. It is too early to say if the altcoin will continue moving in the same direction. Awesome Oscillator depicts the price momentum in the market. The indicator displayed green histograms underneath the zero-line, this reading signifies a sell signal. If sellers act on the sell signal, price could dip further causing the bears to strengthen. Chaikin Money Flow was under the half-line, although the indicator noted an increase in capital inflows over outflows. Despite increase in capital inflows, ATOM’s capital outflows precede its inflows. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Digital Currency, News

Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation

Posted on By Denis

More than 5,505 Ether of the Ronin Bridge exploitation seems to be transferred through Tornado Cash, a unique privacy crypto exchange. Blockchain data showed that the address associated with the $625 million Ronin Bridge Attack had begun transferring ether tokens valued at over $10 million. This occurred during the Asian morning hours. The data showed that the Ronin hacker had transferred over 5,505 ether to one unknown account this morning. Additionally, the funds were sent from another Ethereum wallet funded by the prominent hacker’s blockchain address. All these took place within the early hours of Wednesday, as the funds were sent in groups of 100 ether each to the Tornado privacy crypto exchange. The Ronin Bridge Ether Exploit Ronin Bridge is an Ethereum-based sidechain for the play-to-earn game Axie Infinity, an NFT game. It was created by Sky Mavis and is running both Ronin Bridge and Axie Infinity. Related Reading | Bitcoin Market Plunges Into Extreme Fear, How Scary Does It Get? On March 23, cybercriminals exploited The Ronin Bridge Network, and the hackers looted over $625 million worth of assets. The assets comprise 25.5 million USDC and over 173,600 ether. A report on their blog revealed this data. The platform realized the attack when one of its users couldn’t withdraw 5,000 Ether from the Ronin Network. Then, they took to Twitter to notify the public of the security breach on the platform. After the hack, the Ronin Bridge temporarily shut down to redevelop the platform. Moreover, even though attackers targeted the hack at Ronin and Axie Infinity, the incident didn’t affect the ‘axie’ tokens. Therefore, the AXS and SLP tokens used to facilitate transactions within the Axie Infinity game are still safe and unaffected. Blockchain Data Reveals Ongoing Ether Fund Transfer Within the early hours of Wednesday, Etherscan, a blockchain tracking platform, revealed that the attackers made about 55 transactions from an address funded by the principal looter. Currently, the wallet holds 3.45 ether, summing to $6,885.84. This step followed the massive selling of looted ether in April when the looters transferred over 21,000 ether via various transfers to the Tornado exchange. The transaction was worth over $65 million then. Tornado Privacy Crypto Exchange Tornado crypto exchange is an advanced crypto exchange that tweaks and breaks through the on-chain for a destination and source address. Thus, enabling hackers to hide their addresses while illegally withdrawing looted funds. The United States Trace the Looting to North Korean Hackers The United States official had previously traced the looter’s address to the “Lazarus” group, an infamous group of hackers sponsored by the North Korean supreme leader Kim Kuk-song. Also, Chainalysis, the blockchain tracking platform, traced and confirmed the transaction between the North Korean Cybercriminal group. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate In a thread on Twitter, the platform even provided proof of the Lazarus group being behind the March exploitation. Sky Mavis Accrues $150 Million In A Funding Round to Regain Ronin Bridge Sky Mavis, the Ronin Bridge, and the Axie Infinity platform raised over $150 million following the massive attack and exploitation. This effort was to regain the Ronin Bridge platform after the previous hit. Among the list of supporters was the world’s biggest cryptocurrency exchange Binance, alongside other crypto entities. Featured image from Pexels, charts from EtherScan and TradingView.com

Digital Currency, News

TerraLabs Sold Over 80,000 BTC To Rescue Its Stablecoin, Luna

Posted on By Naveed Iqbal

The crypto market has experienced many bloodbaths in the past. But last week’s crash had more catastrophic effects on the market than recent bearish trends, mainly on the stablecoins. UST, a stablecoin issued by Terraform Labs, is an example that stunned the crypto world as the coin collapsed and dropped its value from $1 to $0.15 between May 9 to May 14, nearly losing 85% of its value. Afterward, on May 16, the Luna Foundation Guard (LFG) announced on Twitter that they had sold out their Bitcoin (BTC) reserves between May 8 to 10 to rescue its stablecoin. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market It was not the first time a crypto project collapsed. But the previous collapse had not the terrible effects as the stablecoin UST has suffered in the most recent bloodbath. LFG, an organization aimed at supporting the blockchain innovators developing a decentralized economy, revealed its reserves of 80,394 BTC and other digital currencies it held as of May 07, 2022. The Foundation reportedly began converting its assets into reserves against UST on May 8, 2018, when UST’s price fell significantly. It took these steps immediately since it is a non-profit firm with a primary motto to strengthen Terra’s ecosystem.  Similarly, the firm explained it quickly shifted the asset by transferring the digital assets to a counterparty, which does not require short notice to allow large-sized transactions. LFG Strives To Maintain Luna Peg In line with the Master Services Agreement that was inked on January 10, 2022, TerraForm Labs (TFL), on May 10, said it managed to execute all financial, administrative, and operational duties that were needed to back its coin when the value of Terra’s $UST had decreased to $0.75. In its desperate attempt to maintain the value of the peg, TerraLabs, relying on the LFG, had carried out the following BTC exchange besides others. “LFG sold 33,206 $BTC for an aggregate 1,164,018,521 $UST.” Speaking about the remaining 313 BTC in circulation, the Luna Foundation has announced that it plans to distribute them among Terra’s community to reimburse affected users. The LFG revealed in a tweet; The Foundation is looking to use its remaining assets to compensate remaining users of $UST, smallest holders first. We are still debating through various distribution methods; updates to follow soon. Suffering the effect of collapse, the Luna made the deepest dive on Saturday when it sniffed the bottom. Afterward, the volatile token skyrocketed and gained a whopping $720% in just 24 hours, reaching its value at $0.00040154. Likewise, Luna’s trading volume surged 1000% after the TFL restarted its block production after a 9-hour halt. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On As things stand now, it’s hard to speculate whether or not the Terra network can recover from such a huge loss. But, the recent gains give frustrated investors momentary ease. And it remains to see whether the token will have the potential for full-fledged recovery. Featured image from Pixabay and chart from TradingView.com  

Digital Currency, News

The Nightly Mint: Daily NFT Recap

Posted on By Taylor Scott

Are we… are we in an NFT bear market? It’s been a cool temperature of NFT seasonality without question. What lies ahead? It’s likely that NFTs aren’t about to disappear overnight, but the madness over late last year going into the beginning of the year will take some time to build up to again. In the meantime, we’ll keep you updated with all the latest happenings – which today include Robinhood’s intent to offer NFT support and the rising scene around Solana. The Nightly Mint Latest Mint: Robinhood NFT Support Robinhood isn’t exactly a crypto golden child. If anything, it’s been far from the opposite. However, the trading platform is suggesting that NFT support could be included in the firm’s upcoming non-custodial wallet, which reportedly is approaching 2M sign-ups for it’s waiting list. It’s been a long push and pull for Robinhood and crypto, but was by-and-large a major consumer on-boarding for those newer to the space. We’ll see if the same remains true here. Related Reading | Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable Solana NFTs have been booming lately. | Source: SOL-USD on TradingView.com In The Midst Of Quietness, Solana Has Been Shining Despite a middling market at large, the chatter around the NFT community over recent days has undoubtedly had a highlight on Solana, courtesy of projects like Okay Bears which seem to have that “taking over” sort of feel. It’s literally been dubbed “Solana Summer.” The ‘Minty Fresh’ Take If you haven’t been through a crypto bear market, you could certainly be experiencing one now – or maybe the beginning of one. We won’t pretend to know what tomorrow holds. But we don’t see too much fundamental difference around the NFT landscape that exists today relative to 6 months ago in the market. volume is down 93% month to date i have seen this a few times since 2017, sometimes as bad as 99%. we stayed, built and played with our nfts while most left i’ll be here next bull, will you be anon? pic.twitter.com/83tWrDK8Wm — poopie (Jordan Castro) (@poopie) May 17, 2022 Related Reading | This Analyst Believes Ethereum May Lose 80% Of Its Value Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Digital Currency, News

Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

Posted on By Jet Encila

Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried. In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual. This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters. As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days. Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On ADA Heading For A Nosedive Below $0.40 Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon. ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38. On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915. ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com Even though Cardano suffered a massive drop during the past week, it managed to recover and reach $0.613 on May 16. Meanwhile, Cardano is currently shaking it off after its gains of 4%. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? It went through a three-day bounce right there as shown over the weekend. The whale activity was seen for Cardano which signaled a deviation in price direction. Cardano TVL is at around $174.74 million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28. The difference between cardano and the other alts. They pay to do stuff like this. The Cardano Community just does it themselves out of love for the ecosystem and philosophy. We got marketing. It’s three million strong and growing. https://t.co/cRdnmGZPZz — Charles Hoskinson (@IOHK_Charles) May 16, 2022 Cardano Flag On Mount Everest Summit Charles Hoskinson, Cardano Founder, is loud and proud to have reached the Mount Everest summit. He was ecstatic about the raving support of the community. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days. The Cardano CEO is proud to have a strong and dedicated community comprised of 3 million members and still growing. The native tokens of Cardano also went up to 4.7 million. Moreover, Cardano has also managed to get $20 million more in funding since Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours. Featured image from Coinbase, chart from TradingView.com

Digital Currency, News

Solana TVL Sees Sharp Decline, Reaches 2022 Low

Posted on By Saeed Hassan

When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion.  Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern.  To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion. Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi. Reason Behind The Decline in Solana Total Value Locked This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting. For example, the Tulip yield aggregation platform has shed more than 11% of its TVL in the last month. Likewise, the Solend decentralized lending and borrowing platform have also fallen by more than 8% within the same timeframe. With the value of both projects locked up, Staking platform Marinade Finance and decentralized exchange (DEX) protocol Serum have lost more than 48% and 42%, respectively. Saber, Raydium, Orca, Atrix, Quarry, Francium, and Mango Markets are the other dApps caused a decline in the total value locked. Solana is still keeping the fourth position with the most locked value blockchain. Despite plummeting by more than $6 billion in 2022.  Solana still reigns supreme in value locked over Cardano, TRON, Fantom, Polygon, Cronos, Near, Waves, DefiChain, Harmony, and Osmosis. However, Ethereum, BNB, and AVAX sit at the top of their game.  Meta Platforms has announced that Solona will be integrated with Instagram. This means that Solona’s non-fungible tokens (NFTs) will be usable on the social media platform. Other platforms that have been named for this integration are Polygon and Ethereum. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market When SOL opened the year, it was priced at $170.31; by Jan 2nd, the coin reached its yearly high at $179.43. As of May 16, SOL is trading at $ 55.38 per coin. This means that the price has decreased by 67% since the start of the year.   Featured image from Flickr, and the chart from Tradingview  

Digital Currency, News

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

Posted on By Tony Spilotro

Bitcoin broke through support and plunged to the lowest prices seen since 2020. However, despite all the fear the drop has caused, it could be the last low before the top cryptocurrency continues its bull run. Here is why an extremely rare Elliott Wave expanding triangle pattern could be the last hope Bitcoin bulls have for new highs before a bear market. Ralph Nelson Elliott And His Theory On How Markets Move Ask most crypto investors and they would probably agree: we are in a bear market. However, based on the guidelines of Elliott Wave Theory, the last year and a half of mostly sideways could be part of one powerful, confusing, and rare corrective pattern. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up Elliott Wave Principle was first discovered by Ralph Nelson Elliott in the 1930s. The theory believes all markets move in the direction of the primary trend in the same five-wave pattern. Odd-numbered waves move up with the primary trend as well, while even-numbered waves are corrective in nature that move against the trend. Is Bitcoin trading in an expanding triangle? | Source: BTCUSD on TradingView.com In the chart above, BTCUSD could potentially be trading in an expanding triangle. In Elliott Wave Theory, triangles of any kind only appear immediately preceding the final move of a sequence. During the bear market, a triangle appeared in place of the B wave before breaking down to the bear market bottom. Identifying A Bullish Expanding Triangle Pattern Triangles can contract, expand, descend, ascend, and even take on some “irregular” shapes. The expanding triangle pictured above and below should in theory only occur before the final wave five impulse up. If that’s the case, the bull run could continue once the bottom of the E wave is put in. Each subwave is a Zig-zag similar to wave two  | Source: BTCUSD on TradingView.com An expanding triangle is characterized as having five waves that sub-divide into ABCDE corrections. Waves A, C, and E are against the primary trend, while B and D waves are with the primary trend. Each sub-wave further sub-divides into three-wave patterns called a Zig-zag. Zig-zag patterns are sharper, and more commonly appear in wave two corrections. The fact that an expanding triangle has five of these brutal corrections in two different directions makes it especially confusing and frustrating. Expanding triangles only form under the most unusual market conditions. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Extreme uncertainty drives expansive volatility in both directions. Both sides of the trade are repeatedly stopped out of trades, adding to frustration. By the end of the pattern, order books are thin and easily overpowered. Decidedly bearish sentiment squeezes prices up quickly causing an upward breakout of the pattern and continuation of the bull run. The chase and FOMO creates the conditions necessary for wave five. Why Bitcoin Could Still Have Wave Five Ahead The only problem is that there is no telling if this is the correct pattern, or if Bitcoin is in (or possibly just completed) a wave four according to Elliott Wave Theory. Knowing that triangles only appear before the final move of a sequence helps improve the changes of this expanding triangle being valid. However, it is more important to understand the characteristics of each wave. Corrective waves result in ABC or ABCDE corrections (along with some more complex corrections) that move against the primary trend. Between corrections is an impulse wave up, in a five-wave stair-stepping pattern. After the bear market bottom, a new trend emerges starting with wave one. Wave two is often a sharp, Zig-zag style correction that retraces most of wave one. A bear market will move below the zero line on the MACD  | Source: BTCUSD on TradingView.com The lack of a new low creates the confidence for more market participants to join, making wave three the most powerful and extended of all. Wave four typically moves sideways and lacks the same severity of the wave two correction. Elliott said that wave four represents hesitancy in the market before finishing the trend. Both wave two and wave four tend to bring the MACD back down to the zero line before reversing higher – a setup clearly depicted above. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 When the hesitancy ends, wave five typically matches the length and magnitude of wave one. But after such a long and nasty wave four correction, any wave five has the potential to extend similar to wave three. If this were the case, the expanding triangle pattern created the perfect shakeout of both sides of the market. Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony “The Bull” Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend

Posted on By anushsamal

Polkadot has been on a sharp decline over the last week as the broader market extended losses at press time. Bitcoin nosedived to $28,000 and presented a loss of 7% over the last 24 hours. All major altcoins have followed the same path registering losses on the daily chart. Polkadot was trading in a descending trendline, although, DOT tried to recover on charts. The recovery can be stalled if buyers don’t return to the market. The price of the altcoin was trading close to its immediate support of $8.04. DOT was last seen trading around this price last in July 2021. In the last four months, Polkadot displayed rangebound rallies. The price of DOT was sandwiched between $24 and $16 over the last 17 weeks. Although Polkadot staged a revival, it is too early to conclude if the coin will continue to move northbound. Polkadot Price Analysis: One Day Chart Polkadot was trading at $10.64 at the time of writing. In the last 24 hours, DOT lost over 12% and in the past week, the coin lost close to 30% of its market value. Descending trendline depicts bearishness, even though the coin was attempting to rise above the immediate resistance line of $10.80. Moving above the $10.80 price level, the coin could target $13.22. To invalidate the bearish thesis the coin has to trade above the $14 price level. The coin displayed a series of bearish engulfing candlesticks (green arrow) on the one day chart. The bearish engulfing candlesticks mark the onset of bearish price action and the continuation of the same. In case of a price reversal, if the coin manages to stay above the $13.22 price level, then the other two resistance for DOT stands at $16.06 and $17.46, respectively. The trading volume of the coin was seen in the green. This meant that the coin was displaying a change in price direction. Technical Analysis Polkadot was oversold over the past few days, however, the coin started to register an increase in buying strength. The Relative Strength Index noted an uptick on the one day chart. The RSI moved above the oversold zone as buyers started to enter the market. Buying pressure remained low in the market as the coin’s price was still driven by sellers in the market, despite the uptick. The Directional Movement Index depicts the price momentum in the market. DMI was negative on the chart as the -DI was above the +DI line which signified bearish price action. Related Reading | XRP Flashed A Sign Of Revival; Where’s It Headed Next? Polkadot was trying to recover on its chart because the indicators have reflected that price action. Chaikin Money Flow portrays the capital outflows and inflows. On the one day chart, Chaikin Money Flow was seen registering an uptick that points towards increase in capital inflows over outflows. Awesome Oscillator signifies price momentum of the market. The AO continued to flash red histograms underneath the half line which meant that Polkadot was still on a negative price direction. Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

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Bitcoin Whale Breaks 8 Year Long Silence With $30 Million Worth Of BTC Transfer

Posted on By Saeed Hassan

After an eight-year dormancy, a Bitcoin (BTC) Whale unexpectedly moved $30 million worth of BTC. On November 20th, 2013, the exact address received 1,000 BTC worth $567,600 at the time, Blockchair reported.  The Bitcoin remained dormant in one wallet until it was moved as part of a much larger block that sent nearly 2,100 BTC to two other addresses. One address received 2,000 bitcoins, while the second collected above 99.99 bitcoins. Related Readings | Snoop & Gary Vee Got “Ownership” Of A Basketball Team With Ice Cube’s BIG3 NFTs Bitcoin Movements In Dormant Wallets  1,000 BTC were worth $30,090,000. That’s more than 53 times the original price from 2013, when Bitcoin was only $567. The transaction only cost 0.0016 BTC in fees, which is about $47.15 at the time it was executed. During the last eight years, the inactive whale wallet received trace amounts of Bitcoin 23 times, and it appears that those amounts were for dusting attacks.  What are dusting attacks? These involve hackers and scammers sending minuscule amounts of Bitcoin (or other cryptocurrencies) to break wallets’ privacy. The advanced blockchain tracker, Whale Alert, traced the transaction and reported on Twitter as:  A dormant address containing 1,000 #BTC (30,395,186 USD) has just been activated after 8.5 years (worth 468,643 USD in 2013)! Blockchair also identified another wallet that has remained dormant since 2012 and finally transferred 500 BTC on Thursday. The first deposit of one Bitcoin was made back on 5th April 2012.  The wallet then added another 499 BTC on June 3rd of the same year. The Bitcoin price at that time was only $5.25 per coin. However, throughout that period, the wallet received modest sums of BTC, which appears to be dust transactions used by scammers to carry out dusting attacks. Remarks And Contribution of Satoshi Nakamoto The creator of Bitcoin has been silent for years, but people still think they know who it is. As a result, transactions from long-dormant wallets typically drum up media interest. Because they generate chatter speculating that the BTC could be owned by Bitcoin’s secretive creator, Satoshi Nakamoto. Nakamoto launched the genesis block on January 3, 2009. Since then, it has succeeded in mining almost 1,000,000 BTC, according to the assessment of Blockchain analysts. Related Readings | Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High Satoshi confirmed his appearance on the internet in December 2010 when the Bitcoin network’s client software version was 0.3.19, and now Bitcoin’s version is 22.0.   Bitcoin has been showing high volatile movements during the last few months; it was at the price of $ 36,000 before a week and declined to $25,401 last Thursday.  Bitcoin is currently recovering from a market-wide dip. As of the time of writing, it has increased in value by 13.5% from this year’s low and is trading for $29,353.   Featured image from Pixabay, and the chart from Tradingview.com  

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XRP Flashed A Sign Of Revival; Where’s It Headed Next?

Posted on By anushsamal

The price of XRP has nosedived substantially to a level that it last touched almost 70 weeks ago. At the current time, XRP’s price have been trading near its immediate support level of $0.36. Bitcoin continues to be on shaky grounds as the coin tried recovering by moving past the $30,000 mark. At press time, the coin fell back to $29,700. The majority of the industry’s altcoins have continued to extend losses today. The bearish pull remains strong in the market at the time of writing. Over the last 24 hours, the market has bottomed out and that is why a chance of price revival can still be considered. The technical outlook of the coin shows that a relief rally could be on the charts, however, the macro market is still fragile. Strength from the broader market would be needed as well so that sellers don’t outnumber buyers in the market forcing prices to fall again. Price Analysis: XRP One Week Chart XRP was trading at $0.42 at the time of writing. The coin had presented signs of revival because the coin soared by 10% over the last 24 hours. It is still quite uncertain if XRP will manage to trade above its nearest support line of $0.36. A break below which can cause the coin to tumble to a low of $0.13. With buyers returning, XRP might attempt to trade above its immediate resistance of $0.56. XRP also flashed an equal high on the one week chart, this pattern is connected to bullish price action in the market. Toppling over the immediate resistance can push XRP to $0.68, staying above which can help invalidate the bearish thesis in the market. The volume of XRP traded had increased and the bar was red which depicted bearishness. Technical Analysis XRP had attempted to make a price revival but continued selling pressure have tired the bulls out. The same is reflected on the 20-SMA indicator. The price of XRP was seen below the 20-SMA line. This reading signified sellers were driving the price momentum on the market. On the Relative Strength Index, after facing an intense sell-off across the market, buyers re-entered. XRP was no longer seen in the oversold zone on the RSI. After the recovery though, XRP again fell prey to the bears and RSI flashed a downtick signifying increased selling pressure. Related Reading | Crypto Shorts See $240M Flush As Bitcoin Rebounds Back Above $30k With the price revival, XRP’s technicals have displayed an onset of positive price action. It is however too early to say if it is a beginning of a shift in the price action. Moving Average Convergence Divergence underwent a bullish crossover on the four-hour chart. The indicator flashed growing green histograms above the half line and that means bullish momentum for the coin. XRP also could witness a northward push in prices because the Chaikin Money Flow was seen above the zero-line. This indicator displays the number of capital outflows and inflows and according to the above chart, capital inflows exceeded outflows at the time of writing. Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

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Bitcoin Price Takes Deepest Dive Since 2020, Will BTC Bounce?

Posted on By Naveed Iqbal

Suffering the effect of the current bloodbath in the crypto market, Bitcoin’s (BTC) price on May 12 hit its lowest valuation of $26,350 since December 2020. The ongoing bearish trend has remarkable similarity with the previous mid-season bearish trend that lasted from May to June 2021. In both market crashes, Bitcoin’s price broke the resistance level of $30,000. Recently, it had dropped more than it reversed back in June 2021 when the BTC’s valuation stopped losing at $29,800. In contrast, its price in the current market clash has touched the $26,3000 level. Related Reading | Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL Several macroeconomic factors impacted the crypto market in both instances. For example, before 2021’s bearish trend, Chinese banks prevented using crypto by disallowing crypto services for the state’s financial sector. Then Elon Musk added fuel to the fire by reversing his decision to include Bitcoin for Tesla payments. Similarly, the distortion of COVID-19 caused some major countries to step back from the blockchain industry; thereby, the BTC price plummeted dramatically. Likewise, in the most recent downtrend, geopolitical conditions and macroeconomic facts have decided the fate of Bitcoin. First, the Russia-Ukraine conflict immensely affected the crypto price, with regulators imposing strict rules day by day at a time when Bitcoin is starting to grow worldwide. Then legal ambiguity and Fed regulation of digital assets further plunged back Bitcoin price. Bitcoin Holders Rushed To Exit Their Assets Crypto investors have been withdrawing their holdings after the recent slump, and many still hold on to losses and expect crypto prices will rock on again in the future. According to stats, 16,967,726 wallet addresses currently took losses and broke previous records. Crypto history has seen a similar peak on 19 Mach 2020. The unusual behavior of the crypto market compelled investors to liquidate their assets, neglecting the losses they had taken. That’s why the figure for the following metric has decreased. Now, the number of crypto traders holdings 1K+ coins in their wallets has reached a low of 2,234, and most importantly, this figure was recorded on May 11. Again, May 11 set a new record of transactions in the Bitcoin network as crypto holders rushed to exit their investments. It has reached a 4-year new high of traded volume with 175,146.8 BTC. The recent volume of committed transactions has eclipsed previous highs. Related Reading | TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial Considering the present situation of the crypto market, the host of The Wolf of All Streets Podcast, Scott Melker, commented that “the entire market is reeling.” He added: I think that markets are in a full irrational panic. The pendulum has swung to extreme fear, as it always does. This causes people to sell assets at or near the bottom. Featured image from Pixabay and chart from TradingView.com  

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Aave Below Its Long Term Support; What To Expect Now?

Posted on By anushsamal

Aave has been on a downtrend since April amidst intense volatility in the market. Major altcoins have extended losses owing to a major sell off all across the cryptocurrency industry. Over the past week, the coin presented lower lows and displayed intense selling pressure. The altcoin has also experienced high trading volumes which was tied with increased selling pressure. This has also added to the falling market value of the asset on the one day chart. Fall from the current price level would mean Aave could soon eye the support region of $50. Aave has been among the top losers in the industry with a loss of over 51% in the past one week. Aave Price Analysis: One Day Chart Aave was priced at $74.80 at the time of writing. The altcoin traded at this price level a year ago in January. The downtrend for Aave seems strong because the altcoin just broke below its long standing support line of over a year. Chances of a price reversal cannot be ruled out yet because the altcoin has broken below its descending trendline. Often after a sharp fall, prices make a turn around. In case of a price revival, Aave could target $111. Another fall from its present price level would make the altcoin trade near the $61 support line and then hover around the range of $50. As mentioned above, the trading volume rose and was seen in red signifying bearishness in the market. Technical Analysis Aave was in middle of a sharp sell-off, the coin hadn’t registered the same selling pressure in the last one year. This reading shows excessive bearish pressure in the market. On the Relative Strength Index, the indicator stood close to the 20-mark, this meant oversold condition for the coin. Aave last hovered at this point in the month of December 2020. Bollinger Bands that display volatility showed chances of volatility. The bands expanded which are an indication of increased price volatility. Related Reading | TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend Awesome Oscillator depicts the price momentum of the market. On the one day chart, the indicator was seen below the half-line. It displayed amplified red signal bars which was a sign of bearish price action. Only in the case of buyers resurfacing can Aave try to display recovery on charts. The chances of revival over the immediate trading sessions seem weak as strength from the broader market is required. Chaikin Money Flow displays capital outflows and inflows. On the chart, the indicator was seen below the half-line and it continued to move southbound as capital outflows exceeded capital inflows. Related Reading | Bitcoin Exchange Inflows Hit Three-Month High As Market Braces For More Downside Featured image from UnSplash, chart from TradingView.com

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Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL

Posted on By Anifowoshe Ibrahim

Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound. Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood. Whale Move Dogecoin To Robinhood The @DogeWhaleAlert account, which monitors large Dogecoin transfers, has discovered two transactions totaling more than 100 million Dogecoins. The two DOGE lumps had a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made via the renowned Robinhood trading program, which allows users to invest in equities as well as cryptocurrency such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other prominent coins. 🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 139,261,848 $DOGE ($11,625,997 USD) was transferred from an unknown wallet to a #Robinhood wallet. Fee: 0.756 ($0.063 USD) Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews — Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022 Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723. However, the coin has started to recoup some of its losses, climbing 9.47 percent as of press time. DOGE is now trading at $0.0793 on the Binance market. Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales DOGE Plummets Since Musk’s Endorsement DOGE has plummeted 90% since reaching a historic high on May 8 last year. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL). DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView However, the presence of Tesla CEO Elon Musk on American television triggered a large selloff, and the token sank to $0.45 three days later. Musk has long been a supporter of Dogecoin, frequently promoting it in his tweets and boosting its value. However, as time passed, these tweets began to have little or no effect on the Dogecoin price. Tesla, the electric car company, began accepting the meme coin as payment for certain items in its online store in January 2022. Musk responded by saying it was an experiment and that he would see how it went. Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means Featured image from UnSplash, chart from TradingView.com  

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Ethereum Below $2000; Do We See A Relief Rally Soon?

Posted on By anushsamal

Ethereum has bled heavily owing to the aftermath of the crypto crash. Prices of other altcoins followed suit as Bitcoin hangs below the $30,000 price mark. Ethereum’s current price has hit a new low in 2022. The altcoin had tried to pull off a brief recovery a week back but the broader market weakness finally crept in and caused it to dip further. At the time of writing, ETH is seen below its major support line of $2500. Selling pressure had accelerated as the increased fear index drove investors out of the market. From the technical outlook, Ethereum is set to dip further and then could stage a recovery above $2500. Ethereum’s long entry point could be at $2500, with a stop loss at $2400 and profit between the $3000 to $3100 price level, respectively. Ethereum Price Analysis: One Day Chart Ethereum’s price were given support at the $2500 level for 43 weeks before they fell below the same. At press time, ETH was trading at $1907. The coin had last touched this price level in August 2021. A move below the $1900 level could be expected and ETH might find temporary support at the $1700 area before it makes a bounce back. The altcoin displayed a long descending line (yellow), and at press time, ETH broke below the descending line. Chances of price rebounding cannot be ruled out as the coin is heavily discounted. For ETH to have a successful price rebound, it has to reclaim $2500 and then $3000. Over the last 28 hours, ETH lost 8.8% of its market value and in the past week, the coin depreciated by over 30%. Technical Analysis ETH’s price was seen below the 20-SMA which made investors stay away from buying the coin. A reading below the 20-SMA meant sellers were driving the price momentum in the market. Bulls have tired out as ETH dipped below its crucial support of $2500. The Relative Strength Index was nearing the 20-mark which is considered heavily bullish as it marks an intense sell-off in the market. The RSI last hovered around this range in January, which points toward a multi-month low for the indicator. Related Reading | TA: Ethereum Dives 15%, Why Close Below $2K Is The Key Moving Average Convergence Divergence indicated bearish signal on the chart. MACD underwent a bearish crossover because it displayed growing red signal bars highlighting a negative price action for the coin. On the flipside, a resurgence of buyers can help push prices up briefly. Chaikin Money Flow indicates capital outflow and inflows. The indicator was below the halfline and that meant capital outflows were greater than inflows at press time. Capital inflows have been negatively affected because buyers have left the market. Related Reading | TA: Ethereum Nears Breakout Zone, Why ETH Might Start Recovery Featured image from Unsplash, chart from TradingView.com

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Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises

Posted on By Saeed Hassan

The LUNA/UST affair has caused discrepancies in the BTC-stablecoin trading pairs on different global cryptocurrency exchanges. Cryptocurrencies are still feeling the effects of the TerraUSD disaster, with markets continuing to suffer significant losses.  Related Reading | TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend While Tether (USDT) traded under $0.99, showing a sign of stress – Paolo Ardoino, Tether and Bitfinex’s chief technology officer, took to Twitter to assure people that 300 million UDST tokens had been redeemed at their $1 peg over 24 hours. Reminder that tether is honouring USDt redemptions at 1$ via http://tether.to . >300M redeemed in last 24h without a sweat drop. The CTO of Tether has the assurance that the $1 peg remains strong despite recent events. He points out they’ve maintained stability through multiple black swan shifters and highly volatile markets, never refusing redemptions with them either. Ardoino stated;  Tether continues to process redemptions normally amid some expected market panic following yesterday’s market. In spite of that, Tether has not and will not refuse redemptions to any of its customers, which has always been its practice. Differences Between USDT And Algorithmic Stablecoins When the market is uncertain, it can be hard to make decisions. Ardoino offered perspective about the technical differences between USDT and algorithmic stablecoins, which may have helped reduce some of the market’s fear, uncertainty, and doubt. Unlike these algorithmic stablecoins, Tether holds a strong, conservative and liquid portfolio that consists of cash & cash equivalents, such as short-term treasury bills, money market funds and commercial paper holdings from A-2 and above rated issuers. Ardoino believes that stablecoins will continue to be a vital cog in the cryptocurrency space, despite the Terra (LUNA)/UST situation causing some people to lose confidence in their ability to redeem token swaps for their $1.00 peg. He said that he does not think people have lost trust in centralized stablecoins. On the contrary, he believes that people will always use them because they offer a way for traders to interact with the larger crypto ecosystem. Stablecoin UST and LUNA collapse have sent shockwaves through the markets. However, customers could exchange LUNA for 1 UST or vice versa as the relationship was pretty straightforward. When the price of UST fell below its $1.00 peg, a lot of people started trading it for LUNA. This was called arbitrage trading. People were burning UST to get $1.00 worth of LUNA, which they would then sell for a profit. But because so many people were doing this, the value of LUNA kept dropping. Related Reading | LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash The Crypto Fear and Greed index measures how people feel about cryptocurrencies. It is in the “Extreme Fear” range, which means that investors aren’t feeling good about it. Stablecoins have been a keystone for stability in the cryptocurrency world. Still, recent events such as 2020’s bumpy ride and LUNA/UST teamed up to affect other prominent US dollar-pegged coins.   Featured image from Flickr, and chart from Tradingview.com

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How to Get Fit and Earn Crypto with MoveZ

Posted on By NewsBTC

Tokenomics emerged as a popular concept in the crypto space in 2017 as a way to incentivize certain behaviors on blockchains through the use of tokens. The idea is that by aligning the economic incentives of a project with its users, you can more effectively drive adoption and usage. One area where tokenomics have been applied is in the realm of fitness and exercise. The theory goes that if you can reward people for getting in shape and staying active, you can help address the global obesity epidemic. Recent years have seen a number of “move-to-earn” apps emerge, including Sweatcoin and STEPN. MoveZ is the latest entrant into this space, and it’s powered by BlueZilla, a platform that has launched a third of the best performing IDOs. MoveZ has set out to resolve the challenges faced by earlier options with an array of unique features – including the “burn to earn” concept where doing exercise results in the users’ favorite tokens being burnt, and them being rewarded in their favorite tokens. It’s also deflationary, which will help to balance supply with demand. How Much Users can Earn The amount you can earn using MoveZ will depend on your activity level and the quality of your NFTs. The higher your activity level, the more you can earn. And if you have a high-quality NFT, you’ll be able to earn more as well. In practice, this means earnings range from a few bucks to several hundred dollars per day – depending on how active you are and what kind of NFTs you have. On MoveZ, ALL forms of exercise can be rewarded, giving the platform a massive advantage over established platforms who provide limited forms of exercise for users. That could be swimming, cycling, jogging, running, being at the gym, or more. The Potential for Growth With a market cap of just $55,000, MoveZ has a lot of room for potential growth. This is especially true when you consider that BlueZilla has launched one-third of the best performing IDOs of all time – indicating that MoveZ has a lot of potential. Some May Call Them Lucky Some May Call Them Geniuses! 🤓 These Are the Best Performing #IDOs of 2021 🔥 https://t.co/2xfcNuDvuw pic.twitter.com/TrJBoyh8cg — CoinMarketCap (@CoinMarketCap) December 7, 2021 Further, MoveZ’s Twitter and Telegram accounts have ballooned to over 100,000 combined users in just a few days. This demonstrates the strong demand for the app. What’s more, MoveZ has a number of unique selling points that should help it gain traction with users. These include boost zones, organizational accounts, as well as NFT lending and revenue sharing. All of this makes MoveZ an app to watch in the coming months. With its strong team, growing user base, and innovative features, MoveZ is poised to take the move-to-earn space by storm. MoveZ’s IDO will launch on BSCPad, MetaVPad, GameZone, and PolyPad.   Image: Pixabay

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Cardano Struggles Beneath $1, Will It Rest Above Its Crucial Support?

Posted on By anushsamal

Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market. Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry. Cardano Price Analysis: Four Hour Chart ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions. The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40. Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound, which looks quite difficult, ADA could target $0.62. Volume of Cardano displayed a red bar which is indicative of bearishness, it also means that the coin is experiencing sell off at the time of writing. Technical Analysis Cardano had tried to retest its $0.62 level in the past few days but the bears kept dragging the altcoin down. At the time of writing, ADA was trading far below the 20-SMA line. This means that sellers were driving the price momentum of the coin in the market. After breaking from the downward trend, ADA had briefly tried to rally which had made the coin revisit the overbought zone as buyers gained confidence for a brief span of time as seen on the Relative Strength Index. Following this however, ADA barely recovered in terms of buying strength as the coin continued to juggle between the oversold zone and underbought zone. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree Ongoing bearish thesis has dampened the spirit of investors, the coin is currently experiencing a distribution phase owing to a sell-off. The Chaikin Money Flow which determines capital outflows was seen below the halfline. This reading signified that capital outflows were far greater that inflows. Awesome Oscillator that tells the price momentum, indicated amplified red histograms. Red histograms underneath the zero-line means bearish price action for the coin. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over Featured image from UnSplash, chart from TradingView.com

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Bitcoin Remains Fragile, What’s The Next Major Support Area?

Posted on By anushsamal

Bitcoin has shed close to 20% of its market value over the last week. King coin underwent six consecutive weeks of bearish pressure. The coin has retested levels that it touched in August, last year. Price had tried to briefly recover as BTC tried pushing the $32,000 price level over the last 48 hours. Ever since Bitcoin breached the $37,000 level, it has been a free fall for the asset. Bitcoin’s all-time high was $68,000 which it secured in November 2021. The $37,000 price mark had acted as a support level for multiple months. The continued long liquidation spree has made Bitcoin revisit the $30,000 price mark. An upside seems unlikely considering sellers have taken hold of the market at the time of writing. Continued downslide will cause BTC to tumble below $30,000. Bitcoin Price Analysis: One Hour Chart Bitcoin was seen trading at $30,100 at the time of writing. The $30,000 price level has been acting as a strong support level for the coin, however, prices can break below the same with continuous selling pressure. The above support level is also acting as a strong demand zone for the coin and if buyers find their way back, BTC might propel to touch the $37,000 mark again. Panic selling can push BTC to trade near the $22,000 price level. The fear index of the market continues to remain high amid the major sell-off noticed across the industry. Bitcoin displays downward momentum (white) on the one hour time frame, this reading affirms the consistent bearish action action. Volume of Bitcoin traded was seen in green, this could highlight that price of the asset might be trying to present a comeback, however it is unlikely, as BTC trades close to the major support area. Technical Analysis Bitcoin was trading beneath the 20-SMA line, this indicates that sellers were still active in the market. Price momentum was being driven by sellers in the market. At the time of writing, BTC was bordering oversold territories. Push from buyers would help BTC to trade above the 20-SMA line. Interestingly, the Relative Strength Index had something else to say. Price of BTC has caused an influx of selling pressure, however, the chart displayed bullish divergence (white). Bullish divergence on the RSI could mean that BTC can climb north, however, chances are quite slim. Related Reading | TA: Bitcoin Struggles Below $32K, Why Downtrend Could Resume Bitcoin had been forming a bearish flag over the past couple of months. This was a signal that BTC was about to go on a downward price action. Despite forming a falling wedge pattern (yellow), which is considered bullish, a break from within the same caused price of BTC to tumble further. Chances of rebound cannot be ruled out but the bearish pressure seems too intense at the moment. Moving Average Convergence Divergence (MACD) indicates the price momentum and it continues to paint a bearish pressure. Confirming the same, Awesome Oscillator also depicted minimised green signal bars under the zero-line, highlighting negative price movement on charts. Related Reading | TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible Featured image from UnSplash, Charts from TradingView.com

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Bitcoin Market Cap Falls By $315 Billion As Crypto Adoption In 2022 Fails To Materialize

Posted on By Naveed Iqbal

Cryptocurrencies’ values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned. Per the statistics provided by Tradingview.com, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors It means that the Bitcoin market cap has lost more than 35% by outflowing $315 billion since the beginning of the year. The DeFi asset’s drop in price has similarly declined the DeFi market cap. Meanwhile, Bitcoin faced an ever-decreasing price falling from $46,726 on January 1 and trading at $29,865 as of May 11. In other words, the BTC price at the time of writing had lost 35%. Or say the price has decreased by $17,861 compared to its value before the year started.  Crypto Bloodbath Occurs Amidst Bitcoin’s Growing Adoption Bitcoin’s inability to capitalize on the crypto adoption of 2022 across the global industries, became the reason for these year-to-date (YTD) losses. It also encircles the recent adoption of Bitcoin in the Central African Republic (CAR), the second country after El Salvador to make Bitcoin a legal tender. In terms of the adoption, the Bitcoin network has reportedly installed 3,000 ATMs in 2022 where users can buy and sell Bitcoins. The number of such machines is 37,338 as of May 11. Players in the industry put their efforts in 2021 to spread the growth of Bitcoin, installing over 10,000 ATM machines globally.  It is not only Bitcoin that recorded increasing adoption; nearly 700 new cryptocurrencies and 30 crypto exchanges have rolled out solely in March. At the time of writing this news piece, 19,384 cryptocurrencies are circulating in 525 total crypto exchanges. Cryptocurrency Is Now Linked With Stocks Cryptocurrencies’ relationship with stocks has grown up since many financial institutions have adopted blockchain technology over the past year.  Traditional financial markets, alongside the crypto industry, have been seeing a big sell-off due to tightening monetary policies of the Federal Reserve spreading fear. Therefore, Wall Street is having difficulty, and its index has decreased by 3.75%. Related Reading | Bitcoin Long-Term Holders Start Capitulating Amid Panic Bitcoin’s price lastly went below $30,000 in July 2021 when its value reached the $29,301 mark before rebounding. “Bitcoin could perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I’m predicting for $29,000 in the coming weeks or week,” said Wendy O, a crypto analyst, in a new social media video. Many investors called BTC the gold of the digital era and a potential safety investment posing inflation hedge. But, seeing the volatile price actions of cryptocurrencies, the market doesn’t consider virtual assets as a reliable value repository. Featured image from Pixabay and chart from TradingView.com  

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Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?

Posted on By Jet Encila

Shiba Inu is proving that despite the previous weeks’ turmoil in the broader crypto market, it can stand its ground and be unfazed by what’s going on. Following a severe selloff in the previous session, major crypto tokens recovered on Wednesday. However, the increases were modest, indicating sluggish market confidence. Dogecoin and Shiba Inu, commonly known as “meme cryptocurrencies,” have seen the most growth in recent years, but they have also suffered significant losses as a result of this meltdown. Except for Terra’s LUNA and the dollar-pegged Tether, other major crypto tokens saw rises. Shiba Inu was up nearly 10%, followed by Avalanche, Solana, which rose 5%. BNB and XRP both climbed by 3%. Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales The cryptocurrency market showed signs of life on Wednesday, following the previous day’s precipitous drop, during which many of the leading coins lost 10% or more of their value. Shiba Inu is weathering the storm better than its rivals (The Goa Spotlight) Shiba Inu Outperforms Dogecoin Overall, the market is up a couple percentage points today, and when it comes to meme coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin. Despite a 70% collapse in the first three months of 2022, which left the token severely bruised and likely on the verge of extinction, it managed to crawl back up and remain in survival mode. According to CoinMarketCap data, SHIB is up roughly 5% in the last 24 hours as of this writing, and is currently trading at $0.00001615. Dogecoin (DOGE), on the other hand, is currently trading at $0.109833, up less than 1%. Given the influential people behind Dogecoin, it’s likely that its drop was not as worrisome in comparison to other cryptos on the market. In the wake of the broader crypto market upheaval, Shiba Inu struck a seven-month low yesterday, while Dogecoin is down to its lowest point in more than a year — since April 2021. SHIB total market cap at $8.15 billion on the daily chart | Source: TradingView.com LUNA Being Hammered The destabilization of UST caused panic selling of heavyweights such as BTC and ETH, increasing overall market volatility. The recent UST crisis exposed big weaknesses in the algorithm-backed stablecoin system, which will need to be addressed openly in order to regain investor trust. The value of UST’s counterpart, LUNA, has roughly halved in the last 24 hours. It was recently trading at $32 per share. The recovery of LUNA will be dependent on the remedial actions made by the parent network/Luna Guard Foundation, which has amassed a sizable Bitcoin reserve through a series of large-scale BTC acquisitions. … So Does Bitcoin Meanwhile, over the previous week, Bitcoin’s value has dropped by more than 20%. This affects everyone who has money invested in any sort of cryptocurrency, which is why many people are disposing of their holdings at an alarming rate. The exact day and time of when or if this decrease will come to a stop is unknown. Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia

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The Nightly Mint: Daily NFT Recap

Posted on By Taylor Scott

In the midst of crypto chaos, the NFT market is essentially following suit. We’re here through rain, sleet and snow (and sunshine, of course) with our five-day-a-week report quickly covering some of the brief stories each day around all things NFTs. While the markets at large continue to get hammered, Instagram is finally moving their feet, and one NFT project that was practically touching ‘blue chip’ status, is seemingly at it’s death bed. Let’s dive in. The Nightly Mint Latest Mint: Instagram Finally Begins NFT Testing? Meta’s Instagram is finally testing NFT integration, after long speculation and dialogue around when and how we could see non-fungible tokens integrated on the platform. In a tweet announcement, Instagram CEO Adam Mosseri stated that testing would begin with “a handful of US creators and collectors who will be able to share NFTs on Instagram,” adding that “there will be no fees associated with posting or sharing a digital collectible on IG.” Related Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales Facebook’s Meta has long tried to integrate crypto, blockchain, and other ‘Web3’ compatibility, with little to no success to show for it. Could NFTs on Instagram change that? | Source: NASDAQ: FB on TradingView.com Are Azuki’s Done For? NFT Twitter is taking Azuki’s through the mud as chatter spurred across channels that the founder previously created a rugged project, Phunks (and other abandoned projects) – which all started from a blog post from the pseudonymous founder. The floor price practically cut in half – and currently sits around 15 ETH (after averaging double that price earlier this month). Nothing is promised in this space. The ‘Minty Fresh’ Take Stay positive, and remember to only risk in these markets what you can afford to lose – after all, your JPEG isn’t going anywhere. I had this saved. Probably appropriate now to share it. pic.twitter.com/wHKbNkYzMt — Early Adopter NFT 🦊 🟠 (@EarlyAdopterNFT) May 9, 2022 Related Reading | Ethereum Miners Surpass Bitcoin Miner Revenue By $224M Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin Exchange Inflows Hit Three-Month High As Market Braces For More Downside

Posted on By Best Owie

Bitcoin exchange inflows have been on the rise recently. Although there was a period where it had tapered off, it had continued to rise once more. The culmination of this has been a massive inflow into various centralized exchanges, presumably for investors to sell off their coins. Now the inflows have hit a new three-month high, painting a rather grim picture for the future of the digital asset. Inflows Take Over Bitcoin investors have been dumping their holdings since the digital asset started its descent from its $69,000 all-time high. Although outflows had rivaled inflows, the rate at which BTC was flowing into exchanges remained a cause for alarm.  In a chart posted by Glasnode Alerts, it shows how inflows have been moving in relation to price. Following the historical pattern of inflows increasing when the price is down, the market had seen more and more bitcoins moved onto exchanges for sale.  Related Reading | APE Takes A Beating As It Sheds 50% Of Its Price The exchange inflow volume on a 7-day moving average touched a three-month high of 1,729.605 BTC flowing into exchanges. This inflow had ramped up after bitcoin had lost its footing above $36,000, a critical support level. 📈 #Bitcoin $BTC Exchange Inflow Volume (7d MA) just reached a 3-month high of 1,755.021 BTC Previous 3-month high of 1,729.605 BTC was observed on 08 May 2022 View metric:https://t.co/1S6EbDkdOO pic.twitter.com/8kSJPOLJXW — glassnode alerts (@glassnodealerts) May 9, 2022 Whales Exiting Bitcoin Usually, when exchange inflows get this high, it signals that whales are getting out of the digital asset. This is no surprise given the low sentiment that has plagued the market in recent times. Going by the charts, if this does descend into another full-blown bear market, then investors could be dealing with low prices for another year.  Naturally, whales who have a large stake in the market are trying to exit in order to avoid more losses. This is backed by the bitcoin’s relative unrealized profit hitting a new 18-month low of 0.462. This means that investors are taking a profit. Coupled with the number of bitcoin addresses in profit reaching a new 18-month low, it is no surprise that more holders are cashing out their gains. BTC price slips to $33,000 | Source: BTCUSD on TradingView.com Interestingly though, small investors seem to be doubling down on their holdings. The number of addresses holding 0.01 BTC on their balances had touched a new all-time high on May 8th. This number now sits at 9,977,201 bitcoin addresses holding more than 0.01 BTC on their balances.  Related Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K Daily transactions have also held up in the space. Data shows that it continues to trend at a daily average with 233,892 transactions recorded on May 8th. This came out to a dollar figure of about $30 billion which has been the average since the beginning of the year. Nevertheless, the declining price of bitcoin continues to strike fear in the hearts of investors. At the time of this writing, BTC is dangerously close to falling into the $32,000 territory with a trading price of $33,100. Featured image from The Indian Express, chart from TradingView.com

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Ethereum Miners Surpass Bitcoin Miner Revenue By $224M

Posted on By Naveed Iqbal

After the continuous sink in the mining profitability of both digital assets year-on-year, Bitcoin miners have been set back to seats as Ethereum miners consecutively surpassed them in mining revenue and recorded a gap of $224 million in April 2022. This month was not so good for Bitcoin miners as they were able to generate around $1.16 billion only. Notably, this figure is down by $44 million from the previous month’s mining revenue of Bitcoin. The last month saw $1.7 billion in recorded income. Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K Bitcoin miners’ total profitability was down by 31% from April 2021 to the present. In that time, $1.7 billion in revenue was recorded. Similarly, the single-day high of BTC mining revenue in April was 3% low than the peak value of March. As per YCharts, the best-day high in March 2022 lasted at around $47.54 million and $46.01 million in April. And it dropped 23% from the best-day high of January, which saw $60.16 million. Unlike Bitcoin, Ethereum mining revenue in April increased by 3% generating $1.39 billion. While Bitcoin, at the same time, recorded $1.16 billion in mining revenue. Still, the Ethereum mining revenue has decreased yearly from its previous marks recorded till April. The mining revenue of Ethereum in April 2022 is 17% below the previous year’s mining income of April 2021. Last year it was around $1.68 billion. Ethereum Becomes Preferred Choice Of Miners In 2022 Although Bitcoin stands as the largest and most popular digital asset, Ethereum has become the most preferred choice of the miners seeing a higher income generated in 2022. It was not the first time Ethereum outpaced Bitcoin in mining revenue; it surpassed BTC mining by $260 million in January, $190 million in February, and $130 million in March 2022. To understand the reason behind disparities in the mining incomes of two digital assets, first, it needs to consider the fact that mining revenue is calculated per the value of cryptocurrency and earned coins within a specific timeframe. Likely, Ethereum mining revenue increased in March 2022 and traded between $3,000 to $4,000 until most of April. And it traded in the range of $2,900 and $3,400 in March. On the other side, the Bitcoin price in April traded between $37,000 and $44,000. And in March, it had a higher trading value ranging from $43,000 to $48,000. Related Reading | Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold? Crypto mining is the process of verifying and adding new transactions to the blockchain for a cryptocurrency. The miner who wins the competition gets rewards with some amount of the currency and/or transaction fees. Featured image from Pixabay and chart from TradingView.com  

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Crypto Traders Lost $421 Million In Liquidations For The Past 24 Hours

Posted on By Saeed Hassan

The crypto market has been bouncing back and forth in the past few days. Over 124,003 traders saw more than $421 million liquidated in a 24-hour period as prices tumbled wildly throughout yesterday and today. The crypto market is falling to new lows not seen since November. With a total loss of $421 million, Bitcoin (BTC) accounted for most of the losses, followed closely by Ethereum (ETH).  Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K Crypto Traders Liquidations Figure Most of these liquidations occurred on Binance, FTX, and Okex. As a result, Bitcoin traders lost 4,340 BTC worth $144 million, Ethereum traders lost 50,180 ETH worth $121.81 million, and LUNA traders lost 264,350 coins worth $15.99 million. Other major cryptocurrencies showed relatively lower losses. Futures tracking Tron’s TRX saw $8 million in losses, followed by Solana’s SOL at $7.54 million. Dogecoin’s DOGE showed $7.24 million while Stepn’s GMT losses reached $6.93 million. Among other alternative currencies, Ripple (XRP) futures saw a loss of $6.1 million, followed by Appcoin (APE) at $5.95 million. The 12 hours of liquidation figures show the losses of $286 million from all major cryptocurrencies. According to Coinglass data, traders lost 77.5% ($327 million) of the total liquidation amount betting on longs. $129 million liquidations happened on Okex, while traders on FTX lost $107 million. Binance traders are on 3rd, losing $94 million in liquidations. In case anyone isn’t aware of what futures “liquidations” are, it’s best to take a brief look at the workings of margin trading. When an exchange closes a leveraged position, it’s called a liquidation. This happens when there is a partial or total loss of the trader’s initial margin. Liquidations happen mostly in futures trading. Because that only tracks asset prices, unlike spot trading, where traders own the actual assets.   Crypto Market Correlation If we look at cryptocurrency prices from November 2021, they have gone down a lot. The total value of all cryptocurrencies has dropped by almost 50%. In November 2021, the total crypto market capital reached $2.79 trillion while now it is at $1.49 trillion according to Tradingview.  Bitcoin market cap in November 2021 crossed $1.26 trillion, which is about 45% of the total market cap. Related Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K It is unclear what caused the sell-off, but it is happening during a downturn that is affecting all markets, including cryptocurrencies. This suggests that the crypto market is becoming more like traditional markets. The S&P 500 and other big tech firms have been more strongly related to crypto in the past year. That is why the crypto market is more tightly connected to the global economy. Featured image from Pixabay and the chart from tradingview.com  

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