Over the weekend, the Bitcoin price dropped below $60,000 amid rapid selling by major holders such as the German and US governments. This led to one of the largest drops seen for the pioneer cryptocurrency in the last two years, costing the market billions of dollars. However, despite this, Bitcoin holders are still seeing major gains, with the vast majority of investors currently in profit despite the market crash. Bitcoin Holders Enjoy Massive Gains According to data from the on-chain tracker IntoTheBlock, there are around 53.57 million Bitcoin holders worldwide. Of these investors, a total of 83% are still seeing profit despite the BTC price drop below $60,000, as it currently sits just above $56,000. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins This figure leaves just around 17% of the total BTC holders that are not currently seeing a profit. Out of this figure, 13% are losing money, meaning they bought their BTC coins when the price was higher than the current value, leaving 4% of holders at breakeven. This means that this 4% bought their coins around the current value, so they are neither making nor losing money at the current price. At these percentages, it means that around 44.61 million Bitcoin investors are still enjoying profits in their positions. 6.8 million BTC holders are suffering losses now, and around 2.16 million investors are currently sitting at breakeven. Interestingly, the majority of these investors sitting in profit have their entry prices below $50,000, meaning that even with another 10% crash from here, the vast majority of Bitcoin investors would still be seeing their holdings in profit. BTC Long-Term Holders At Risk Of Losses While the data shows that the vast majority of Bitcoin investors are still seeing profits, there is a growing trend that is particularly affecting long-term holders. According to a Sentiment report, the average returns of Bitcoin long-term holders risk falling into losses for the first time in more than one year. Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When However, this is not a negative thing for the price, given how BTC has responded in the past when the average long-term holder returns fell into the red. As Santiment notes, this is usually a good time to buy, especially when “Bitcoin’s 30-day and 365-day MVRV are in negative territory.” The tracker further added, “This is when there is mathematical validation that you are buying relative to other traders’ pain.” To put how much of a good buying opportunity this is, “If you had bought the last time both of these lines were in negative territory, your return on BTC would be at +132%,” Santiment notes. To put it in plain terms, developments like these can often be a good indicator of where the bottom is and when to start buying. Featured image created with Dall.E, chart from Tradingview.com
Sydney-based asset manager DIGITALX has secured approval from the Australian Securities Exchange (ASX) to introduce a Bitcoin ETF (exchange-traded fund), marking the second such product to receive the green light from Australia’s top stock market. The DigitalX Bitcoin ETF, with the ticker, BTXX, is set to be listed on July 12, according to an official […]
Bitwise CCO Katherine Dowling said spot Ethereum ETFs are “close to the finish line” while noting that the SEC is “quite welcoming” about discussions regarding other products. On July 9, Dowling told Bloomberg that the SEC and ETF issuers are addressing fewer issues in each S-1 amendment, pointing to a close launch. Dowling affirmed SEC […]
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After experiencing a significant price drop of 68% from its all-time high of $20.85 on February 10th, the native token of the modular data availability (DA) network Celestia TIA has experienced a notable price recovery. On Tuesday, it emerged as the market’s top performer with a 16.4% increase in the last 24 hours, currently trading at $6.78. TIA Price Analysis Last Friday, July 5, the TIA token hit an 8-month low of $4.16, influenced by the declining prices of major cryptocurrencies and the cautious sentiment among bullish investors. However, recent developments have reignited interest in Celestia, allowing it to regain key indicators that have prevented a more substantial surge. Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip A significant resistance wall for TIA is its 200-day exponential moving average (EMA) at $7.74, marked by the yellow line on the TIA/USD daily chart below, which will be a crucial milestone for the token in the coming days if the bullish trend continues, with the potential to extend the price surge. However, before reaching this level, Celestia will have to overcome another resistance level at $7.26, which will act as an 8-month threshold for bearish investors to prevent a potential continuation of the current rally. Orderly Network Boosts Celestia Dominance Of On-Chain Perps Market expert and technical analyst DeFiSquared highlights the nature of Celestia’s recent uptrend, noting that despite current market conditions driven by a perceived lack of utility in cryptocurrencies, Celestia stands out as a blockchain infrastructure that facilitates “real and useful activity.” In a recent social media post, the expert noted that a significant portion of the data posted on Celestia comes from the Orderly Network, which provides permissionless liquidity for on-chain perps markets – a sector with consistent and significant demand. The Orderly Network handles a significant portion of the market’s volume, exceeding half a billion daily trades and growing. According to the analyst, the need for a data availability layer to facilitate secure and permissionless liquidity for on-chain perps markets has become apparent. Celestia’s role as a core piece of infrastructure in this context positions it favorably for a strong market bottom. Related Reading: Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO In addition, the ongoing Modular Summit, with Celestia at the forefront, adds to the positive sentiment surrounding the project, as evidenced by a 40% increase in trading volume for the token over the past 24 hours, amounting to $206 million, according to CoinGecko data. DeFiSquared further explained that traders attempting to short the current upward movement, negative funding rates on perpetual trading, and indicators suggesting a potential market bottom contribute to optimism. The analyst also highlighted that insiders cannot sell their holdings due to their vesting cliff being 100+ days away, providing additional stability to the market. Featured image from DALL-E, chart from TradingView.com
Engineers in China have built a computerized canine that could provide a practical alternative to real guide dogs.
Bitcoin is plugging the bleed of last week, stabilizing at spot rates, but still stuck within a bearish formation. Unless there is a conclusive close, ideally above $60,000, sellers will still dominate price action in the short to medium term. Is Bitcoin Preparing To Race Higher? Amid this state of affairs, especially after last week’s […]
Bitcoin (BTC) miner TeraWulf announced it has fully satisfied its debt obligations and plans to scale up its operations. On July 9, the firm said its final debt payment amounted to $77.5 million, including pre-payment fees and accrued interest. TeraWulf completed the repayment ahead of schedule and has no outstanding debt. Scaling up TeraWulf said […]
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On-chain data shows that Bitcoin is forming a pattern in its Total Amount of Holders, which last proved bullish for the cryptocurrency. Bitcoin Has Seen A Fall In Its Total Number of Holders Recently According to data from the on-chain analytics firm Santiment, BTC investors have been liquidating their wallets amid the recent bearish wave in the asset. The indicator of relevance here is the “Total Amount of Holders,” which measures, as its name suggests, the total number of addresses holding some balance on the network. When the value of this metric goes up, it means new investors are joining the network, and old ones who had sold earlier are returning. The trend can also arise due to existing users creating new addresses for privacy purposes. Related Reading: Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals In general, some net adoption occurs when the Total Amount of Holders rises. Adoption is a constructive sign for any cryptocurrency in the long term. On the other hand, the indicator registering a drop implies some investors have decided to exit from the asset as they are completely emptying their wallets. Now, here is a chart that shows the trend in the Total Amount of Holders for five top coins in the sector: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Cardano (ADA), and Chainlink (LINK), since the start of the year: As is visible in the above graph, the total number of holders has recently gone through a drawdown for Bitcoin. This decline in the metric has come as the price of the asset itself has been moving down. In total, 566,000 BTC wallets have emptied themselves during the last three weeks. The timing would suggest that the bearish market has spooked these investors into exiting. Interestingly, Ethereum, Cardano, and XRP have continued to see a net increase in this indicator, implying that adoption has only furthered for these altcoins. While BTC’s decrease does imply that holders are moving away from the network, the fact that FUD is the reason behind this departure may play into the cryptocurrency’s favor. Historically, Bitcoin has tended to show moves in the direction opposite to what the crowd thinks, so the development of FUD has often led to the coin finding a reversal towards the upside. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? From the chart, it’s apparent that the total amount of holders also decreased in January and February, and this trend followed a sharp rally for the coin towards a new all-time high (ATH). “Patient bulls should be pleased with this, as self-liquidating wallets from impatient non-believers is a sign of FUD-causing bottoms, just like we saw in January,” notes Santiment. BTC Price At the time of writing, Bitcoin is trading at around $57,400, down more than 7% over the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
A new report from the global investment firm says generative AI requires too much investment to deliver consistently profitable results in the short term.
The DOJ flagged nearly a thousand Twitter accounts linked to a network that allegedly spread disinformation.
The payment will allow the company to focus on scaling operations rather than keeping up with debt obligations in the post-halving environment.
US Secretary of the Treasury Janet Yellen said the Treasury is not responsible for ‘quarterbacking’ between the CFTC and the SEC regarding their opposing positions toward crypto regulation. Yellen made the statement during a July 9 hearing before the House Financial Services Committee. Opposing positions House Financial Services Committee Chairman French Hill said that the SEC […]
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Crypto analyst Timeless Crypto has made a bullish case for FLOKI, stating why he prefers the meme coin above other blue chip meme coins like Dogecoin (DOGE). The analyst also predicted that FLOKI could end up making a hug run by year-end. Why This Analyst Is Bullish On Floki Timeless Crypto mentioned in an X […]
Analysts say the all-stock deal will transform the Canadian crypto platform into “a smaller version of Galaxy Digital.”
The post Ripple Whale Transfers $305M XRP – Brace for Impact! appeared first on Coinpedia Fintech News
In January 2018, XRP hit an all-time high of $3.317. Since then, it has never come close to that price again. We have been observing for a long time that the SEC vs. Ripple case has halted XRP’s growth. XRP has a lot of community support, but it just needs regulatory backing now. The legal …
Amid chaos in Washington, crypto policy experts say the importance of this week’s vote on SAB 121 is not just practical, but symbolic.
The market will have to absorb between $4-$6 billion worth of bitcoin selling pressure throughout the summer months, weighing on prices, K33 Research said.
The sentencing for senior FTX executives Gary Wang and Nishad Singh is set for later this year, as per a July 9 court docket. Wang, former CTO and co-founder of the defunct exchange will be sentenced on Nov. 30. Meanwhile, former engineering director Singh’s hearing is slated for Oct. 30. Judge Lewis Kaplan, who presided […]
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The Chamber of Progress, a prominent tech industry coalition, urged President Joe Biden to back comprehensive crypto regulation in an open letter sent on July 9. The letter, penned by Chamber of Progress’ Director of Financial Policy Kyle Bligen, emphasized the urgent need for clear and supportive digital asset policies amid growing adoption and regulatory […]
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The Chicago Board Options Exchange (Cboe), known for trading Bitcoin exchange-traded funds (ETFs) approved earlier this year, has thrown its support behind the spot Solana ETF applications filed by asset managers VanEck and 21Shares. On Monday, the Cboe submitted a request to the US Securities and Exchange Commission (SEC) seeking to list ETFs tied to […]
The post Dogecoin And Shiba Inu Face Rising Bearish Threat: Will DOGE And SHIB Price Lose Momentum? appeared first on Coinpedia Fintech News
Following the recent market crash that drove Bitcoin’s price toward a $53K low, meme coins experienced a relatively minor impact. Nonetheless, over the last seven days, the meme coin market capitalization has seen a substantial decrease. This has led to a declining interest from whales in leading meme coins such as Shiba Inu and Dogecoin, …
Bitcoin's tentative stability post-crash raises uncertainty about its ability to maintain current levels, impacting market confidence and future trends.
The post Bitcoin price shows “first signs of stability” after last week’s crash, says trader appeared first on Crypto Briefing.
Ethereum price underperforms BTC on a number of metrics as investors await spot ETH ETF to start trading.
On Monday, professional football player Lionel Messi promoted a Solana-based memecoin to his 504 million Instagram followers. The Argentine player shared a link to Watercoin (WATER), propelling the token by 350%. The crypto community has expressed concern about Messi’s endorsement of the project. Related Reading: Can Solana Hit $160? SOL’s Resilience Sparks Rally Optimism Global Football Stars Promote WATER Lionel Messi, one of the best players in football history, promoted a Solana project named Watercoin. The football player’s Instagram account shared an image of Messi with the project’s logo and a link to its Instagram page. Following the post, the memecoin surged over 350%, going from $0.00032 to $0.0015 in a few hours. WATER’s market capitalization rose by 325%, surpassing the $100 million mark. Quickly, users expressed their concerns and doubts about the posts. Many speculated that Messi was a new victim of hackers who have restlessly targeted public figures’ social media accounts in this cycle. Nonetheless, Messi’s Instagram story has not been deleted as of this writing, and no official report of a hack has been made public, suggesting that the post was authorized. Additionally, several uses pointed out the football player’s previous endorsement of crypto projects. In February, the Inter Miami player announced his partnership with the Real-World Assets (RWA) tokenization platform. At the time, the platform’s token PLANET saw high volatility after soaring by 1,500%. Moreover, the legitimacy of Messi’s promotion seems to be confirmed on Tuesday morning. Earlier today, retired Brazilian sensation Ronaldinho promoted WATER on his Instagram account. The post has the same format as his former teammate’s story, with a picture of the football player and WATER’s logo. Is WATER Another Solana-Based Scam? Regardless of the posts’ legitimacy, the crypto community remains concerned about the project. Many users pointed out that the team behind Watercoin is the same team responsible for another Solana-based memecoin, Beercoin (BEER). As reported by NewsBTC, BEER crashed down last month after whales started selling large sums of the token. Seemingly, team-related wallets started cashing out, which plummeted the price and fueled deep concerns about the project. Since then, BEER has seen a 95% price decline. Like Beercoin, WATER is surrounded by insider trading concerns. Crypto analytics firm Bubblemaps urged users to remain vigilant of the Solana token. Per the post, insiders control 30% of WATER’s total supply. It is worth noting that WATER raised over $40 million in presale and reached a $1 billion market cap after launching last month. However, the token seemingly experienced “significant insider activity,” which plummeted the token’s valuation by 97%. Related Reading: Notcoin Rises 80% Over The Weekend, Is A NOT Explosion Coming? Despite this, some market watchers believe WATER is “starting to look solid” based on its current trading activity. VikingXBT suggested that the token could double its price if it successfully flips the $0.0011 resistance level. At the time of writing, WATER trades at $0.00095, a 198% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Onchain Highlights DEFINITION: The sum liquidated volume (USD Value) from long positions in futures contracts. Over the past month, Bitcoin has experienced notable price fluctuations, with the price dropping from around $60,000 in mid-May to below $55,000 by early July. This period saw spikes in futures long liquidations, suggesting significant volatility in the market. In […]
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Web3 games are much, much better than they used to be. Longtime gamer David Morris ranks the gameplay, graphics and tokenomics of popular franchises like Gods Unchained, Pixels and, yes, Hamster Kombat.
According to the advocacy group, the US president still has an opportunity to counter Donald Trump’s “change of heart on cryptocurrency” by supporting regulation.
The new fund goes up when Coinbase goes down, and also generates passive income for holders.
A hacker reportedly posted to Doja Cat's X account telling fans to "buy $DOJA or else."
Bitcoin price has dropped to a worrying low, leading some traders to throw in the towel and claim the bull run is over.