Bitcoin investors join risk assets in a "rush to the sidelines" amid BTC price lows of under $56,000.
With a massive correction phase in the crypto and US markets, the bears are gaining momentum. Breaking below crucial supports, the altcoins and Bitcoin are struggling in a market freefall. As the long-side liquidations in the crypto market surged to $170 million, the US stock market lost $1.05 trillion on Tuesday. Amid such conditions, will …
According to the CEO of Polygon Labs, POL has evolved into a “hyperproductive” token, enabling the community to engage more effectively in the network’s growth.
The project is being developed with input from a U.S. military general, a lunar scientist, a NASA astronaut, and blockchain industry experts.
On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Z-Score is currently giving a bearish signal for the BTC market. Bitcoin MVRV Z-Score Has Seen A Bearish Crossover Recently In a new post on X, CryptoQuant author Axel Adler Jr has discussed the latest trend in the Bitcoin MVRV Z-Score. The MVRV Z-Score refers to an indicator that keeps track of the difference between the BTC market cap and realized cap, divided by the standard deviation of the market cap. The market cap here is naturally just the simple total valuation of the cryptocurrency at the current spot price. The realized cap, however, is an on-chain model that calculates the coin’s capitalization differently. Related Reading: ‘Paper’ Bitcoin On The Decline: What It Means For BTC Instead of taking the current price as the same value for all coins in circulation, it uses the last price at which each coin moved on the blockchain as its value. Since the last time any coin was transferred was likely the last time it changed hands, the price at its time would denote its current cost basis. Thus, the realized cap is a sum of the cost basis of all circulating tokens. One way to view this sum is as a measure of the investors’ capital into the cryptocurrency. As the MVRV Z-Score compares the market cap, which is nothing but the amount of capital the investors are holding right now, against this initial investment, it tells us about the investor profitability. Below is the chart shared by the analyst that shows the trend in the 30-day and 365-day moving averages (MAs) of this Bitcoin indicator over the last few years. As displayed in the above graph, the 30-day MA of the Bitcoin MVRV Z-Score has been down in recent months, suggesting investor profitability has decreased. With the latest continuation of the decline, this MA has crossed below the 365-day MA, suggesting the MVRV Z-Score’s average value in the past month has been lower than that for the past year. In the chart, the CryptoQuant author highlights some zones for the indicator based on the pattern in these two lines. Historically, the 30-day MA sinking below the 365-day has signaled a bearish phase for Bitcoin (colored in light red). Interestingly, such a bear market signal had also appeared in January 2020, after the market had been cooling down from the 2019 rally. This bearish period was followed by another venture into the bull territory (light green), but the unexpected COVID-19 crash reset the market once more before the bull market kicked off for real. Related Reading: Bitcoin, XRP See Declining Whale Activity: What It Means While it’s possible the latest bear market signal in the MVRV Z-Score could suggest a transition away from a bull market for Bitcoin in the current cycle, it could very well instead go the way the market did in January 2020, with this crossover serving as a healthy reset for a proper bull rally. BTC Price At the time of writing, Bitcoin is trading at around $57,700, down more than 6% over the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Co-founder and former CEO of BitMEX cryptocurrency exchange, Arthur Hayes, recently took to X to explain why he feels the highly-anticipated interest rate cuts by the US Federal Reserve might not have the expected impact on Bitcoin’s price. Interest Rate Cuts Not The Silver Bullet For Higher BTC Price Hayes stated on X that despite […]
Today’s market crash has yet again raised concern about crypto assets movement in the coming months since it is expected that the market will break out in Q4. However, the relief is not on sight, especially in September. Altcoin Buzz’s latest video analysis highlights a concerning trend among major cryptocurrencies as Bitcoin, Ethereum, and XRP …
After a recent market drop, the largest crypto by market cap Bitcoin (BTC) price has plunged to $56,092, marking a 4% decline over the past week after struggling to break past the $58,000 level. While some traders are hopeful for a bounce back, popular chart analyst Ali Martinez has raised concerns about a potential further …
As Bitcoin ATM scams surge, particularly targeting older adults, the FTC and industry leaders stress the importance of caution and preventive measures.
Against the popular expectation that the proposed US Fed interest rate cut would push the Bitcoin price today up, cryptocurrency analysts have predicted a sharp fall in the BTC price post the said rate cut. Can that be the truth? Fed Rate Cut & Bitfinex Analysts’ Prediction Recently, Fed Chair Jerome Powell hinted that an …
Reportedly, Floki Inu’s Valhalla which is a play-to-earn blockchain game has signed up with OG Esports. Through this partnership, Valhalla will be showcased at OG Esport events. And fans will receive exclusive content. The partnership aims to merge esports with blockchain by offering its fans an upgraded gaming experience and achieving new highs. Notably, Valhalla …
Miners earned an average of $43,600 per exahash a second in daily block rewards last month, the lowest rate on record, the report said.
Howard Lutnick was picked by Donald Trump to chair his presidential transition team last month.
The RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and Ethereum blockchain.
With the total crypto market back under the $2 trillion valuation, the Bitcoin and Altcoin prices are witnessing a massive crash. The altcoin segment has dropped under the $850 billion market cap, and the meme coins and the trending AI tokens are on a downside roll. Amid such increased sell-off pressure, here are some gem …
Donald Trump on August 29, posted a video about the World Liberty Financial project. However, as the excitement builds around this project, there are alot of concerns rising. This follows the bizarre hacking of Trump family X accounts and promoting a fake WLFI project. The Trump Family’s Crypto Adventure For weeks, Donald Trump and his …
The Bitcoin price has been unable to break out of its current downtrend after losing the $60,000 mark this week, trading as low as $57,790 on Tuesday. However, one indicator is pointing to further price corrections for the largest cryptocurrency on the market that could send the coin well below current levels. Bitcoin Faces Major Risks In a recent social media post, crypto analyst Ali Martinez has pointed to the Stochastic Relative Strength Index (RSI) on Bitcoin’s 2-month chart, which has recently indicated a trend reversal from bullish to bearish. This is noteworthy because historical patterns over the past decade show that similar signals have often preceded significant price corrections of 84%, 59%, and an average of 75.5%. Related Reading: Crypto Firm Galois Capital Faces $200K Fine From US SEC For ‘Investor Violations’ The Stochastic RSI is a momentum oscillator that measures the level of a security’s closing price relative to its price range over a specific period. When it indicates a bearish trend, it suggests that the asset may be overbought and due for a price drop. Interestingly, the last notable trend reversal occurred in 2022 when Bitcoin was trading around $60,000. Following that signal, the cryptocurrency plummeted to a cycle low of approximately $16,000 before embarking on a recovery that culminated in new all-time highs of $73,700 in March of this year. If the current bearish trend holds, Bitcoin could face a dramatic decline. Should a 75% correction materialize from its current trading level of $57,000, the largest cryptocurrency could potentially drop to around $14,200 per coin. Such a significant downturn would likely dampen bullish expectations for the market, especially in a year marked by the Halving event that took place in April, which historically has been a catalyst for price increases. Can BTC Bounce Back After September? In addition to the bearish sentiment in the market, which could spell short-term trouble for BTC, the leading cryptocurrency faces a challenging September, historically known as its worst performing month. Market expert Alex Thorn emphasizes that over the past decade, Bitcoin has experienced declines in seven of the last ten Septembers, with losses ranging from 5% to as much as 18%. Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments – Details However, Thorn points out that October tends to provide a stark contrast to September’s declines. Historically, October has been Bitcoin’s best month, with the cryptocurrency often rebounding significantly. Gains in October have typically ranged from 20% to 52%, making it a critical month for bullish investors. If Bitcoin can maintain lower support levels and successfully navigate September’s challenges, the market could be poised for a robust performance in October. Featured image from DALL-E, chart from TradingView.com
On Tuesday, the governor of the Bank of Japan declared that should the economy and price show expected performance, the central bank would boost the key interest rates even further. Rising around 146 against the US dollar, the Japanese yen recovered from a two-week slump under a hawkish view on the BOJ’s monetary policy. Related […]
The migration from POL to MATIC will also bring in some tokenomics changes with a new emission rate of 2%.
The new index will help traders guage expected SOL price turbulence over two weeks.
Ripple's RLUSD stablecoin launch could significantly impact the stablecoin market, challenging existing leaders and enhancing payment solutions.
The post Ripple will soon debut its RLUSD stablecoin, says Brad Garlinghouse appeared first on Crypto Briefing.
According to analyst Miles Deutscher, Bitcoin is nearing the end of it’s destructive ‘capitulation phase.’ However, he also said that BTC might trade sideways for a few more weeks before establishing a clear uptrend. During this phase, the analyst said that any major pullback would create an opportunity to accumulate various altcoins. In his latest …
XRP’s sideways drift continues after Monday’s 4.35% Surge to $0.5681. What next? Crypto analyst Cryptoinsightuk, in his X post, has chimed into the XRP movement in the coming days. The market is rejoicing with the legal outcome of the Ripple vs. SEC case and expects a breakout within the next few months. Here’s the key insight! Will …
A “decentralized governance” body could decide the fate of frozen USDS if the stablecoin goes ahead with a freeze feature, says Sky co-founder Rune Christensen.
Japan's Financial Services Agency has released plans to overhaul the nation's tax code which could see the tax rate for crypto assets lowered in 2025.
Following its renewed peak above $73,000 back in March, Bitcoin has been experiencing a prolonged period of price stagnation ever since, leaving many investors wondering about the potential for future movements. According to a recent analysis by a CryptoQuant analyst under the pseudonym ‘Avocado,’ this stagnation may bear a resemblance to a similar pattern observed in 2019. Related Reading: Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst Why Is Bitcoin Price Still Below $60,000? In the report uploaded on the CryptoQuant QuickTake platform, the analyst suggests that the lack of volatility in Bitcoin’s price is largely due to the increased prevalence of over-the-counter (OTC) trading compared to exchange-based trading, which has reduced the frequency and intensity of price fluctuations. This conclusion was made after the analyst assessed one of Bitcoin’s key metrics—lifespan of UTXOs (Unspent Transaction Outputs)—which is used to analyze investor behavior. By examining UTXOs held for less than six months, the analyst classifies these holders as new investors and compares their behavior to similar periods in previous market cycles. The data reveals a small peak in UTXOs under six months, which closely mirrors a structure seen in 2019. These new investors likely entered the market around March of this year when Bitcoin’s price peaked, according to the analyst. However, as the price has remained stagnant, many of these investors may have exited the market due to losses, while others have transitioned into the six-month-and-above holding category, the analyst added. The 2019 Pattern And What It Signals For Current Market The analyst, Avocado, further explained that this similar pattern, which was also observed in 2019, occurred around the time of the halving event, which eventually led to a new all-time high (ATH) for Bitcoin. However, it took approximately 490 days for Bitcoin to reach this ATH, a timeline that was also influenced by the onset of the COVID-19 pandemic. With Bitcoin’s price stuck in a large range for more than six months, the current situation raises questions about the potential for a similar outcome. Related Reading: Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections The analyst remains confident in the long-term upward trend of Bitcoin but advises caution in the short term. Avocado noted: Currently, Bitcoin’s price has been stuck in a large range for more than six months, with no clear trigger for a breakout. While I have no doubt about the long-term upward trend, in the short term, I believe it’s wise to temper expectations and closely monitor the market. Historically, the influx of capital from new investors has been a critical condition for Bitcoin’s price increases. Featured image created with DALL-E, Chart from TradingView
The devastating impact of the August 5 stock market crash on the crypto industry is still fresh in most traders. The mixed reactions to the anticipated interest rate cuts in the United States on September 18 are evident in the crypto and stock industries. Furthermore, historical data reveals that September is a choppy month for …
Bitcoin active addresses are declining due to a large amount of the market being “gobbled up” by institutional cash, says one analyst.
The crypto market is down 4.82% in 24 hours and drops below the $2 trillion market cap, with the BTC price below $57,000. A significant loss leads to a death cross event in the crypto total market cap chart between the 50 and 200-day EMA. With the next support at the $1.87 trillion mark, the …