Crypto fundraising hits $30.3B in H1, outpacing all of 2021: Report

Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week

Bitcoin has come out of the weekend with less than favorable performance but it has not been all bad for the digital asset either. After falling below $20,000, it trended low towards the end of last week. However, the cryptocurrency has been able to hold the $19,000 level despite efforts from the bears to pull it down. This has been due to a number of factors but most importantly is the support that has been forming at this level. Support At $19,000 After struggling to hold above $19,000 for most of last week, the digital asset had subsequently found its footing above $19,000. This price point is important for bitcoin given that it was where its previous cycle peak had occurred. Although it had actually broken below this point multiple times this year already. However, with the recovery above 19,000 once, the bulls look to have found their spot and the support at this level has been growing. Related Reading | Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over? It is propelled forward by bitcoin investors who are taking this as a cue to buy the digital asset for cheap. Mostly, whales have been the most active during this time even amid the extremely low investor sentiment. These whales who are purchasing their tokens on spot continue to fill their bags. Data shows that these wallets that hold more than 1,000 BTC on their balances have added 140,000 BTC per month, which has brought their total holdings to 8.69 million BTC. This means that these bitcoin whales now hold 45.6% of the total circulating supply. BTC continues recovery trend | Source: BTCUSD on TradingView.com The whales are not the only ones buying up bitcoin. Smaller holders with less than 1 BTC have also ramped up their activities by buying at these prices. They have added to their balances at a rate of 36,750 BTC per month, bringing their total holdings to 1.12 million BTC, or 0.2% of the circulating supply. Will Bitcoin Continue To Hold? As of the early hours of Monday, bitcoin had begun another recovery trend that has put the price above $19,300. Although not a significant recovery by any stretch, it has put the digital asset on a green start to the new week. Related Reading | New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000 Nevertheless, the digital asset continues to trade below important technical levels such as the 50-day movie average. Due to this, the chances of bitcoin holding the recovery trend through the rest of the week remain slim as there is not enough demand to offset the coins being dumped by the sellers. This means that while the price will likely recover above $19,500, there may be another downtrend before the day is over. This will put the mounting support at the $19,000 level to the test. But if bitcoin can continue to hold and the market sees a significant spike in demand, the next major resistance awaits the cryptocurrency at $20,500. Featured image from FortuneBuilders, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Weekly Update: LDO Outperforms, MATIC Rises By 65% While Ethereum Gains Momentum

As markets responded to Shadow Fork 9’s announcement, ETH was back in the green. Ethereum is currently regaining ground and progressing due to the favorable market situation.  At the same time, some other altcoins are doing well on the weekly chart, such as Polygon (MATIC) and Lido DAO (LDO), which have seen considerable price increases over the last week and in the previous 24 hours as well. Related Reading |  TA: Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported Only a few of the top 100 cryptocurrencies have been able to generate double-digit gains, and the rest are still suffering from the effects of the merciless crypto storm. One of them is Polygon (MATIC), which demonstrated a sizable gain. Per the CoinGecko statistics, MATIC is currently trading at $0.91, up almost 19.88% over the past 24 hours and a notable 65% gain over the last seven days. After Disney revealed that Polygon (MATIC) had been chosen for its “Accelerator Program,” the price of the coin increased quickly.  The list also includes Lido DAO (LDO), which has experienced a significant gain. The decentralized autonomous organization’s governance token, LDO, outperformed over the last seven days with a remarkable increase of 167%. Its current price is $1.68, with an upward thrust of 6.1%throughout the previous 24 hours. Even though LDO was able to recover its losses from the June decline, in which it fell to a low of roughly $0.432899, it yet hasn’t found the support it needs to climb back to the May high of $3.3816. Ethereum(ETH) Is On A Comeback Rally Ethereum (ETH), the second largest coin, has recently crossed the $1,400 threshold. It has gained 9.31% over the previous 24 hours and is currently trading at $1,482.01. The currency has increased by around 29.32% over the past seven days, according to CoinMarketCap, and is thus gaining momentum. According to nomics data, ETH’s overall market cap increased by 8.78% over the last 24 hours to $179.11 billion. However, the price increase occurred after a week of poor performance and unfavorable market circumstances. Although, the specific cause is unknown. The fact is that the price spike occurred right after the ninth shadow fork’s introduction on July 14. It implies that the price spike may be caused by the rising popularity of Ethereum and its impending “Merge” to Proof-of-Stake. Related Reading | Preference For Ripple XRP Surges Among BSC Whales The Merge was covered during the most recent Consensus Layer Call of the Ethereum Foundation, which took place on Thursday. Tim Beiko, an Ethereum Foundation member, proposed September 19 as a tentative launch date, providing the most unambiguous indication that the Merge would happen soon. The merge upgrade combines Ethereum’s consensus and execution layers to switch the network from Proof-of-Work to Proof-of-Stake. It is anticipated to cut the network’s energy use by 99.95%, but it won’t necessarily result in lower transaction fees (gas). Featured image from Flickr, chart from Tradingview.com

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

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