Bitcoin short-term holders sell BTC at a loss to an extent rarely seen in history — but "diamond hands" contribute just $600,000.
The crypto markets have been shaken by the recent collapse but some of them are using this as a strong buying opportunity. As a result, Bitcoin quickly recovered above $55,000, which has initiated a strong ascending trend among some altcoins, including Solana. Solana has been demonstrating acute strength since the beginning and hence, with a …
ARK Invest took advantage of Monday’s massive market slump to make its first purchases of Coinbase and Robinhood shares in months. Cathie Wood’s investment management firm bought $17.8 million of COIN, its first purchase of the stock since June 6, 2023, when it bought $21.6 million worth. ARK also added $11.2 million of Robinhood shares. …
The crypto market has experienced a severe downturn, with many altcoins dropping 20-50% daily, marking the worst decline since the FTX collapse in 2022. This selloff mirrors a broader global market slump, reflecting a significant trading period for equities. The sharp decline in crypto prices underscores its nature as a “risk-on” asset, which tends to …
Memecoins like PEPE and WIF saw the biggest loss after the $510 billion crypto market sell-off.
The spot ether ETFs recorded net inflows of nearly $49 million on Monday amidst a 20% drop in its price, indicating strong demand. A broader crypto market haircut contributed to the selling pressure, with over $340 million in ETH futures liquidations. While professional investors bought the dip, ETH ETFs traded over $715 million, the highest …
Amid the recent market turmoil that drove Bitcoin to a seven-month low of $49,000, former President Donald Trump engaged with Twitch Streamer Adin Ross in a bid to garner support for a potential re-election campaign in November. Trump Urges US Government To Hold Bitcoin Reserves In his speech, Trump emphasized the importance of the United […]
Ether price is mirroring a fractal pattern from October 2023 that preceded a 178% ETH price rally.
The death cross is known to cause catastrophizing among inexperienced investors. But it's an unreliable indicator.
Binance faces a demand for nearly $92 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban.
On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) ratio has observed a plunge alongside the latest price crash. Bitcoin 30-Day MVRV Ratio Is Now At Lowest Levels Since FTX Collapse As explained by analyst Ali Martinez in a new post on X, the 30-day MVRV ratio has just gone through a sharp drop. The “MVRV ratio” refers to a popular on-chain indicator that, in short, tells us about how the value held by the Bitcoin investors (that is, the market cap) compares against the capital put in by them (the realized cap). When the value of this ratio is greater than 1, it means the investors as a whole are carrying an unrealized profit right now. On the other hand, it being under the mark suggests the dominance of loss in the market. Related Reading: Bitcoin Price Crashes To $49,000: Key Reasons Explained In the context of the current topic, the MVRV ratio for the entire market isn’t of interest, but that of just a segment of it: the investors who bought their coins within the past 30 days. Now, here is a chart that shows the trend in the 30-day Bitcoin MVRV ratio over the past couple of years: Note that the 30-day Bitcoin MVRV ratio here is displayed as a percentage, with the zero mark essentially taking the same role as the 1 value in the normal version. From the graph, it’s visible that the indicator had shot up to high levels earlier in the year as the asset had witnessed a rapid surge to a new all-time high (ATH). In the consolidation period that had followed this ATH, though, the metric had fallen to oscillation about the zero mark. This sideways trajectory, in the price and the indicator, both, has now finally been broken, as the cryptocurrency has observed a crash. The 30-day MVRV ratio has now slumped to sharp negative values of 17%, meaning that the average investor who bought in the past month is 17% in the red right now. As is apparent in the chart, the last time that the indicator plummeted this low was in November 2022, when the Bitcoin price crashed following the collapse of the cryptocurrency exchange FTX. “That period marked a bottom and an excellent buying opportunity,” notes the analyst. Related Reading: Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000? Generally, when investor profits balloon too much, a top can become likely, as the chances of widespread profit-taking become significant. The price ATH earlier in the year also formed when the indicator had a high value. In times of high losses, though, selling could be assumed to have reached a state of exhaustion, meaning that a rebound could be probable. Bitcoin saw this in effect during the FTX crash, but it only remains to be seen whether a similar fate also lies in store for it this time. BTC Price The early signs of a potential rebound may already be here as the Bitcoin price has made recovery to $54,400 from its low under $50,000. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Bitcoin trading volumes reached unprecedented levels amid market turmoil, while crypto hackers capitalized on discounted Ether.
ARK Invest is back to buying the Coinbase stock after a long selling period. On Aug. 5, ARK bagged 28,632 COIN shares for $5.4 million.
ETH bounced over 18% in the past 24 hours to reverse losses from a steep fall on Monday, with some drawing eyes to the blockchain’s fundamentals.
As crypto market is working back to reclaim the $2 Trillion valuation, the demand for altcoins is back. Amid a bullish day after days of bearish action, the AI tokens reveal a V-shaped recovery. As the uptrend chances in the altcoins increase, the opportunity to buy the dip in AI tokens arises. So, let’s look …
Roger Stone, a close aide to Trump, previously denied any involvement of the former president or his son with the TrumpCoin memecoin.
ARK Invest often loads up on shares when their prices slide, usually with a view to offloading them one their prices tick up again.
According to Bloomberg, a wallet linked to a major cryptocurrency heist two years ago swapped $39.75 million worth of the stablecoin DAI to scoop up 16,892 Ethereum (ETH) as the second-largest cryptocurrency plummeted by as much as 23% on Monday. Crypto Hacker Exploits Ethereum Crash Per the report, the hacker behind the 2022 attack on […]
India’s, Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a show cause notice to Binance, demanding a hefty ₹722 crore ($86.88 million) under GST regulations. The notice alleges that Binance, a prominent global cryptocurrency exchange, collected at least Rs 4,000 crore in trading fees from its Indian users without registering under the …
Market Madness! Japanese stocks skyrocketed by over 11% after a dramatic 12% drop on Monday. The Nikkei 225 surged in a major rebound, reflecting the volatile state of global markets. Japanese Stock Market Rebounds The Nikkei 225 stock index jumped by 10.23%, or 3,217 points, marking its biggest one-day rally in points. This came after …
The ongoing plunge in the overall crypto market fairly began back in July where the global crypto market cap initially fell to $2.5 trillion from $2.7 trillion earlier in May. However, despite this downturn recorded in July, Cardano (ADA), the 9th largest crypto by market cap appears to have defied this bearish trend. Particularly, according to the Cardano foundation, the blockchain stands out in July for its notable increase in on-chain activity, despite broader market setbacks. The data provided by the Foundation reveals that the network is not only sustaining but also building momentum, a sign of resilience and growing user engagement. Cardano July Growth Regarding the network’s health, statistics revealed by the foundation show that Cardano saw a modest yet worthy increase in transactions to 94.6 million, up by 1.62% from the previous month. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA This uptick is dissected into varied transaction types, showcasing a diverse usage of the blockchain. Among these, 37% were smart contracts, reflecting the network’s strong capabilities beyond simple transactions, which accounted for 38%. Additionally, 25% involved metadata without smart contracts, highlighting the blockchain’s adaptability and the wide array of applications it supports. The foundation’s data also detailed growth in several other key areas of the Cardano network, underlining the technological advancement and deepening user involvement. Plutus scripts, which are essential for running smart contracts on Cardano, saw a rise of 1.88%, totalling 6,659. This increase is a direct reflection of the growing developer activity and the deployment of more complex applications on the platform. Moreover, the ecosystem saw a growth in native tokens, up by 1% to 10.2 million, and an even more significant rise in policies, which surged 7.6% to reach 150,477. Wallet statistics also paint a picture of broadening participation within the Cardano community. The total number of Cardano wallets increased by 0.71% to 4.84 million, with delegated wallets slightly up by 0.02% to 1.35 million. This marginal growth in delegated wallets suggests a stable interest in staking and governance participation among ADA holders. ADA Current Market Performance Regardless of this notable growth in Cardano’s on-chain activities last month, the blockchain’s native token ADA has joined in on the global crypto market downturn. Over the past 24 hours alone, ADA has recorded a roughly 7.1% decrease in its value. Related Reading: Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto This decline has brought the asset to currently trade at a price of $0.3202, at the time of writing—a slight increase from the price tag of $0.2789 seen earlier today. Interesting, despite this plunge, ADA’s 24-hour trading volume has surge significantly from below $400,000 as of yesterday to roughly above $1.250 million as at the time of writing. Featured image created with DALL-E, Chart from TradingView
The Law Commission's final report urges UK government to reclassify crypto assets, addressing current legal gaps.
The global economic market has now so far shown increasing signs of instability which appears to have impacted the overall crypto investment sector negatively. Recent data from CoinShares has revealed a reversal in the flow of funds, with crypto investment products experiencing significant weekly outflows. As reported by CoinShares, this outflow marks the first time in over a month that the net balance has tipped from “accumulation to liquidation,” highlighting investor anxiety amid recession fears in the United States. Deciphering The Crypto Fund Flows: Was There Any Green? Analyzing the geographical distribution of these outflows presents a nuanced view of the current market stance. The report from CoinShares revealed that US-based funds were the hardest hit, recording net outflows of $531 million. Related Reading: Bitcoin’s Price Potential: Analyst Maps Path To $700,000 And Beyond This figure was heavily influenced by a significant sell-off on Friday, where net outflows totalled $237.4 million, overshadowing any inflows earlier in the week. The bulk of these withdrawals were from Bitcoin-based products, which saw a $400 million exit, ending five weeks of consecutive net inflows. Notably, there was a slight uptick in investments into Short Bitcoin funds, which garnered $1.8 million, marking their first significant inflows since June. Conversely, certain regions displayed resilience or even optimism amidst the downturn. Swiss and Canadian markets bucked the trend by registering net inflows of $28 million and $17 million, respectively. This suggests that some investors are viewing the price declines as buying opportunities, possibly anticipating a market recovery. Ethereum-specific products also mirrored this volatile trend. Globally, Ethereum investment vehicles reported net outflows of $146 million. The US spot Ethereum ETFs were particularly affected, with $169.4 million leaving these funds. However, this was part of a larger narrative where new Ethereum ETFs saw roughly about $433.6 million in net inflows, only to be overshadowed by $603 million in net outflows from Grayscale’s ETHE fund. Behind The Outflows The total of $528 million withdrawn from various crypto asset investment products last week alone comes on the heels of several notable economic pressures. James Butterfill, the Head of Research at CoinShares, particularly attributed this exodus to mounting concerns over what they believe to be “a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes.” This mass withdrawal, according to Butterfill also coincided with a sharp market correction that erased roughly $10 billion from the total Exchange Traded Products (ETP) Assets Under Management (AUM) at the week’s close. Related Reading: Will August Again Be A Drag For Bitcoin? Here’s What Historical Data Says Regardless of this, so far, both Bitcoin and Ethereum appears to currently be seeing a slight rebound in their respective value. Currently, Bitcoin trades at $54,633 more than 2% from its lowest point of $49,221 seen earlier today. Ethereum on the other hand has also reclaimed its price above $2,400 trading at $2,448, at the time of writing. The current trading price marks an increase from its 24-hour low of $2,171. Featured image created with DALL-E, Chart from TradingView
Data shows the Bitcoin Fear & Greed Index is right outside the entrance of the extreme greed territory after the latest crash in BTC’s price. Bitcoin Fear & Greed Index Is Currently Deep Into The Fear Region The “Fear & Greed Index” is an indicator devised by Alternative that basically tells us about the sentiment […]
“I think people will be surprised by how quickly ‘cross-L2 interoperability problems’ stop being problems,” said the Ethereum co-founder.
BTC has dropped over 13% this month, but all is not lost, according to key indicators.
Binance, the world's largest cryptocurrency exchange, has challenged a nearly $86 million tax notice from India's Directorate General of Goods and Services Tax Intelligence (DGGI).
Kautuk Kundan says he sabotaged the leaderboard of Atari’s Base-developed “on-chain” Asteroids game to prove that crypto games should be verifiable on a blockchain.
Bitcoin (BTC) saw a 20% price drop over the weekend, briefly losing the $50,000 support level. The rest of the market followed the flagship cryptocurrency, crashing around 23% in the last three days. Since then, the crypto market has momentarily reclaimed some key levels, but analysts fear the bleeding isn’t over yet. Is The Bitcoin Bottom In? Following Bitcoin’s drop below $50,000, crypto analyst Altcoin Sherpa shared his thoughts on BTC’s performance. To him, the flagship cryptocurrency hit one of its possible bottoms on Monday morning after reaching the $49,000 support zone. Related Reading: Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000? The massive drop to the $49,000-$50,000 area, which represented a 17% fall in less than 24 hours, could be the bottom, said Sherpa. However, he believes lower support levels will likely be tested in the coming days. Per the post, the analyst won’t be “sitting comfortably” until BTC prices test the $40,000-$47,000 area, as these levels “got a lot more support.” Bitcoin’s current price action reminds the analyst of its performance during the 2021 rally. At the time, BTC saw the January consolidation area “be the key focal point for the temporary bottom” during that summer. The summer 2021 violent dump, which resembles the current crash, was followed by a bottom that “formed over several months.” Based on this, Sherpa believes that the January 2024 price range could be the key area to watch. He also reaffirmed his previous forecast for the cycle, which asserted that the market would resume its run during Q4 2024 and continue throughout Q1 2025: What’s going to happen after this dump is anyone’s guess; my personal one is that we chop around for the next several months after this dump is over and then have a great Q4-Q1 of 2025. Survive until then. BTC Sees The Cycle’s Deepest Retrace Yet According to Rekt Capital, the recent Bitcoin crash officially became the deepest retrace of the cycle. BTC saw 23% and 25% drops in May and July, respectively, which have now been surpassed by the 29% drop registered in the last two weeks. Trader and market analyst Crypto Bullet also weighed in on the current BTC performance. To the analyst, Bitcoin’s chart is reminiscent of the COVID-19 crash in 2020, displaying a similar Descending Broadening Wedge pattern. Per the post, the largest cryptocurrency by market capitalization saw a similar dump in March 2020, followed by a price recovery and breakout from the pattern in the coming months. Similarly, BTC tested the lower support levels within the pattern on Monday morning, which could suggest the price is poised to recover soon. Nonetheless, Crypto Jelle believes that Bitcoin’s price is testing key levels on this weekly opening. To him, BTC is “still holding inside the descending broadening wedge and holding sensible area of support.” Due to this performance, Jelle considers that “the higher the day end, the better.” Related Reading: MATIC: Market Nosedive Leads To 30% Wipe In Value Lastly, renowned analyst Ali Martinez stated that Bitcoin must reclaim the $54,000 support level to prevent dropping to the $40,000 mark. Based on BTC’s MVRV Pricing Bands, the analyst believes the flagship cryptocurrency could soon retest the $67,000 resistance level if it holds the current price. As of this writing, BTC has recovered 8.8% from its fall, trading at $54,320. Featured Image from Unsplash.com, Chart from TradingView.com
Asian stocks and futures jumped higher Tuesday, recovering from one of the worst slides in recent years in Monday’s trading session.