Ideogram 2.0 steps up its realism and adds features that could vault the company back to the top.
Bitcoin processed $36.6 trillion in transactions last year, far more than payment network giants Mastercard and Visa combined.
The cryptocurrency industry has made no secret of its displeasure with the Biden administration's approach towards regulating digital assets.
Bitcoin crashed below $50,000 on August 5 in a sudden dip that saw many positions liquidated in the crypto market. This sudden dip, which cascaded into other cryptocurrencies, took the market by surprise. As such, Bitcoin fell to its lowest price in six months, and many other altcoins followed suit. Although Bitcoin has since recovered by 20% and now finds itself trading around just below $60,000, many short-term holders are still sitting in unrealized losses. A recent report from Glassnode, a leading blockchain analysis firm, sheds light on the factors contributing to this abrupt market downturn. The report suggests that the crash was largely driven by an overreaction from short-term holders, who were quick to liquidate their positions in the face of the initial decline. Bitcoin Short-Term Holders Quick To Capitulate Short-term holders are typically defined as those investors who hold onto their cryptocurrency assets for a relatively brief period, often around a month or so. As such, they are quickly prone to capitulating during periods of price corrections. This trend has particularly been evident in the latest Bitcoin price correction/consolidation, which has lasted far longer than many investors expected. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price According to Glassnode’s most recent on-chain report, a key metric known as the STH-MVRV (Market Value to Realized Value) ratio has fallen below the critical equilibrium value of 1.0. When the STH-MVRV ratio dips below 1.0, it suggests that, on average, new investors are holding their Bitcoin at a loss rather than a profit. These unrealized losses, often referred to as paper losses, occur when the market value of an asset is lower than the price at which it was acquired, but the asset has not yet been sold. This is different from realized losses, which arise from completed trades. While periods of brief unrealized loss are common during bull markets, they tend to put selling pressure on the price of Bitcoin. This is because sustained periods of STH-MVRV trading below 1.0 often lead to a higher likelihood of panic and capitulation among short-term holders. Notably, this phenomenon contributed to the Bitcoin crash earlier in the month. Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On? Furthermore, Glassnode’s report reveals this correlation and selling pressure might already be taking place, with the STH-SOPR (Spent Output Profit Ratio) also trading below 1.0. The STH-SOPR ratio measures the profitability of spent outputs, indicating whether assets are being sold at a profit or loss. What this essentially means is that many short-term investors are more taking realized losses than profit. This follows the claim that many short-term holders have been overreacting to the price corrections. While short-term holders have carried most of the losses across the recent downturn, long-term holders remain strong. At the time of writing, Bitcoin is trading at $59,540 and is down by 2.15% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
It’s unclear if the Independent presidential candidate will join forces with Donald Trump, but both are scheduled to speak in the same area on the same day.
Tigran Gambaryan, a U.S. citizen who works for Binance, has been held in Nigeria since February.
The pro basketball player agreed to pay $300,000 to alleged Binance victims, while the influencer agreed to a $40,000 settlement.
Prometheum is the only SEC-registered crypto custody provider and already treats ETH as a security.
Binance, the world’s largest cryptocurrency exchange is in hot water once again. The company and its former CEO, Changpeng Zhao also known as CZ, are facing a new class action lawsuit in the U.S. The lawsuit is filed in the Western District of Washington, Seattle. This lawsuit accuses Binance of helping criminals launder stolen cryptocurrency, …
Research indicates we’ll need to develop a secure, biometrically verified digital twin in order for the metaverse to work.
The bank services several crypto-friendly financial technology companies.
Richard Teng, who replaced founder Changpeng "CZ" Zhao in November, is playing the long game.
On-chain data shows the Litecoin transaction volume has more than doubled in the last year, a sign that could be positive for the network. Litecoin Transaction Volume Has Shown Steady Growth Recently In a new post on X, Jay Milla, director at Litecoin Foundation, has discussed about the growth in on-chain activity that LTC has […]
In this week's issue of CoinDesk's newsletter on blockchain technology, we're covering the drama surrounding "wrapped bitcoin" as Tron founder Justin Sun assumes a custody role, signs of upheaval in the Urbit ecosystem and the rise of dark pools on Ethereum.
The most expensive CryptoPunk ever purchased was transferred for an undisclosed amount on Aug. 19, causing speculation about its sale price.
MoonPay’s Keith A. Grossman argues that we are facing a new and insidious form of centralization that’s threatening core civil liberties. But, just as this threat is fueled by emerging technology, it can also be stopped by it.
Splits in the US House and Senate coupled with many expected tight elections could allow crypto interest groups to potentially "tip control of Congress one way or the other."
The spot Bitcoin ETFs have continued to attract inflows, suggesting that the long-term bullish view remains intact.
The independent candidate has scheduled a national address for Friday.
On August 21, 2024, a hacker hijacked one of the biggest fast-food chains McDonald’s Instagram accounts to promote a fake Solana-based meme coin called “GRIMACE.” Within just 30 minutes, the hackers stole over $700,000 in funds, as this fake token skyrocketed and its market capitalization reached $25 million before crashing to $1 million, according to …
Tron (TRX) investors continue to feel bullish even as the market dips after certain on-chain developments help investor sentiment remain high. According to CoinGecko, the token has increased more than 24% since last week, a sign that investors on the platform have held TRX and accumulated to capture more gains. Related Reading: Cardano (ADA) Nears Key Level As Analyst Eyes Over 100% Upside – Details Tron’s developments will help TRX hold against the downward trajectory the market has taken today. However, questions remain about whether the token will continue to go against the broader market or follow the dip. Tron On-chain Developments Drive TRX Sky High With Tron’s focus on stablecoin development made apparent by Tron founder Justin Sun last month, yesterday saw a big win for the platform as Tether minted over $1 billion USDT without paying any gas fees on the platform. This placed Tron in the crosshairs of critics as they questioned the “no gas fee” transaction with an individual pointing out that they are charged a dollar for a simple swap approval. Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves. — H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) July 6, 2024 Despite this, Tron handled a third of Visa’s annual settlement volume while gaining over half a billion dollars in fees in as little as 3 months. This, according to Tron, makes it clear that “blockchain is more than just a buzzword.” TODAY: $1B USDT minted on TRON They paid $0.00 in fees. Wow pic.twitter.com/NuNYRuj1Yc — Arkham (@ArkhamIntel) August 20, 2024 TRX To Face Possible Downturn Soon? The token’s current position is an awkward balance between the bulls attempting to break through the $0.1665 ceiling and the bears also attempting the reverse by eyeing the $0.1583 floor. As it currently stands, TRX is on an untenable position as it forces the bulls to continue buying without regard to the token’s overall momentum. The relative strength index (RSI) supports this as it nears to push the limits of the bullish momentum, with a possible cool-down period in the next couple of days. Accounting the market’s general momentum, we might see TRX stabilize on its current trading range between $0.1583 and $0.1665 in the short term. The RSI’s near maxed-out value indicates a possible retracement to the $0.1532 floor before opening the floodgates to the $0.1665. Related Reading: End Of The Slump? Floki Eyes A 46% Price Surge — Analyst This scenario is possible as TRX will eventually lose its current momentum to follow the consensus dip within the broader market. The dip, although bearish in some regards, will allow the bulls to rest before building up the momentum for bigger gains. With improving macroeconomic conditions also supporting this bullish thesis, we might more gains as capital from private equity flows to more risky investment products like crypto. For now, monitoring the broader market will benefit investors as TRX moves to more sustainable levels. Featured image from Zipmex, chart from TradingView
Customers of Mercado Libre digital bank subsidiary Mercado Pago will be able to buy and sell Meli Dollar with their Brazilian reais balances.
Innovative structures, attractive yields, and stronger risk management capabilities are driving a recovery in institutional crypto lending markets, says Craig Birchall, head of product at Membrane, an institutional loan management software provider for digital asset markets.
Private issuers of stablecoins could extend the lifespan of the US dollar by driving demand for the underlying fiat currency.
With the political environment so finely poised, candidates would be wise to attract crypto voters, says Nonco’s Jeffrey Howard.
Tether, the issuer of biggest stable coin USDT is planning to launch a stablecoin tied to the UAE Dirham. This is a huge step for Tether as they expand their reach into the Middle East, a region that’s quickly embracing blockchain technology. Let’s understand what they are planning and how it affects the crypto community. …
Ripple has been making great strides in expanding the utility of its digital asset, XRP, worldwide. A new report by Tokenicer shows that institutions are now deploying XRP on all seven continents. Related Reading: Crypto Recognition: China Acknowledges Digital Currency In Historic AML Law Overhaul This puts to rest the debate on the robustness, versatility, […]
Dogecoin (DOGE) has long been a favorite among cryptocurrency enthusiasts, known for its strong community and meme-driven appeal. However, as the market continues to evolve, many Dogecoin (DOGE) investors are exploring new opportunities that offer additional profit potential. One of the latest tokens capturing the attention of DOGE holders is Mpeppe (MPEPE). With its innovative […]
As the world’s largest cryptocurrency, Bitcoin (BTC), continues to consolidate between the $58,000 and $60,000 price range with no clear direction, a bullish signal from the derivatives market suggests the potential for sudden and sharp rallies ahead for BTC’s price. Data Shows Aggressive Bitcoin Shorting According to crypto research firm K33 Research, the funding rate for Bitcoin perpetual futures has reached its lowest since March 2023, when the US bank failures rattled investors. This indicates a prevalence of downside bets, or short positions, on the cryptocurrency. K33 analysts Vetle Lunde and David Zimmerman wrote in a note: Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased. This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now – Here’s Why A short squeeze occurs when a sudden and unexpected price increase forces traders with short positions to close their bets, further fueling the rally. This can stoke further price recoveries for Bitcoin as traders rush to cover their bearish positions. In the perpetual market, K33 Research further noted that the notional open interest, or the total value of outstanding contracts, rose by almost 29,000 BTC over the past week. According to the analysts, the seven-day average annualized funding rate on August 20th was a negative 2.5%, a relatively rare backdrop. This combination suggests that traders have been actively building short positions, setting the stage for a potential short squeeze that could push the price above key resistance walls that have not been breached this week as the market struggles with a notable lack of bullish catalysts. Short-Term Bearish Pressure For BTC? According to an Inspo Crypto analysis, the options data suggests that the $60,500 level remains a significant challenge for the bulls, with the potential for heightened volatility around this price point. One key indicator is the Implied Volatility (IV) curve, which shows a spike around the $60,500 level. This suggests that traders expect significant price action around this zone, as evidenced by the elevated delta and gamma values, which measure the sensitivity of option prices to changes in the underlying asset’s price. Related Reading: Here’s What’s Going On With The Shiba Inu Price Further, the market sentiment appears to be a mix of bullish and bearish positions. While the heavy use of bullish strategies like Bull Call Spreads and Reverse Put Calendars suggests a more positive outlook among traders, the increasing skew toward negative values indicates that traders are seeking more downside protection through put options. According to the analyst, this heightened activity suggests that the probability of a failed retest at this level is elevated, and the options market could exacerbate any subsequent price action. It is key for the BTC price to close the week above this crucial level for the potential to continue the recovery over the past two weeks after falling to the $49,000 mark earlier this month. Conversely, lower support levels would be tested with the risk of positioning the largest cryptocurrency on the market in a sharp correction, as seen in the past months after reaching its all-time high of $73,700 in March. At the time of writing, BTC is trading at $59,870, up nearly 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com
In the world of cryptocurrency, where fortunes can be made or lost in a matter of hours, whales—those with the financial clout to influence markets—are always on the lookout for the next big opportunity. Recently, a significant move in the crypto space saw a whale secure $1 million in profits by investing in two of […]