Daily excerpt of Crypto and Blockchain news – September 24, 2022
The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading More
The Pentagon is spearheading a new program in order to deeply look into different types of cryptocurrencies and find out what kind of risks they could pose to national security and law enforcement, a Friday report published by The Washington Post disclosed. The Defense Advanced Research Projects Agency, the research and development arm of the […]
As per Friday’s announcement through Bloomberg, Singapore state-owned DBS Bank has expanded its crypto trading service to more its 100,000 investors linked with its DBS Treasures section. The DBS’ clients will trade virtual currencies through its member-only decentralized exchange, DDEx. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), […]
There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb. For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. About six additional whales have joined the network, bringing in an additional 620 million DOGE. Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE. Considering this I will scoop a fresh brand new bag of #DOGE pic.twitter.com/0TaysaPIog — Bull.BnB (@bull_bnb) September 23, 2022 In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.” Recent whale activity has come as a huge surprise to DOGE holders and investors. What, then, compelled the whales to seek out DOGE? Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Is This The Time To Purchase The dip? As you may be aware, the present market climate is extremely negative for cryptocurrencies. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets. The USD followed this decline. At the time of publication, the memecoin has fallen 9.94 percent from its September 12 peak. Even if DOGE showed signals of bullishness, it was not enough to prevent a 9.56 percent decline on September 18. This decline may have prompted whales to seek accumulation rather than selling their DOGE supply. Now that whale activity has increased, what does this signify for DOGE? Dogecoin Bullish Behavior DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum. This increase in price can be ascribed to the whales’ recent buying binge in DOGE. A As at the time of writing, DOGE was trading at $0.066041, up 9.4% in the last seven days, data from Coingecko show. This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. But investors and traders must ask whether this is really a flash in the pan or a persistent bull trend. As of the time of writing, the token’s resistance level was tested at the 0% Fib level. This was answered with a lengthy wick of rejection, followed by a red candle. This could be the beginning of a short corrective period for DOGE, which will result in a slight price decline. In the coming days, we can anticipate receiving additional information. Related Reading: How XRP Pulled Off A 33% Rally Over The Past 7 Days DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptory, Chart: TradingView.com
Ahead of ParallelChain mainnet launch, GEM Digital Limited, a digital asset investment, has reportedly invested $50 million into the firm. The investment is targeted at the ParallelChain Lab Layer-1 protocol development project. The blockchain industry keeps growing in strength as more funds enter the industry. The DeFi community is one part of the blockchain industry […]
The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com
While the crypto collapse keeps the market in a bearish state, several coins offer great prospects for traders and crypto asset holders. Big Eyes Coin (BIG) is approaching launch as presale events progress. The token promises to be a stable with its protocols. However, before getting to Big Eyes Coin, let’s review some promising token […]
Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]
These following entrepreneurs have not only scaled significant opportunities in the web2 market but have also transitioned and applied their genius in the web3 and crypto space. Already in just a short few years and months, they have created incredible success and communities. Five of the fastest upcoming names share their insights into web3 and […]
JasmyCoin is a new token that has been gaining attention in the world of digital currencies. It’s the first Japanese blockchain project that provides both…
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OKB is a very interesting crypto project. A utility token of one of the biggest crypto exchanges in the world, it has had great price…
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ETHPoW Price Chart ETHWUSD Rates by TradingView ETHPoW Overview Ethereum Proof Of Work (ETHPoW) Table Prediction ETHPoW Technical Analysis Technical Analysis for ETHWUSD…
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With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset’s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this. Sellers Beginning To Cool Off Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their holdings, had grown incredibly. But had started to decline in recent weeks as the sell-offs had begun to subside. Related Reading: Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million According to Glassnode, the number of addresses that were sending bitcoin to exchanges had fallen to a new 22-month low on Thursday. The number had sat around 4,445.369. But on Friday, another consecutive decline was recorded. This time around, the number of addresses that were sending BTC to exchanges was 4,443.202. Bitcoin falls to mid-$18,000s | Source: BTCUSD on TradingView.com It is a far cry from the more than 6,000 wallets that were sending BTC to centralized exchanges in the middle of 2022. While the increase in wallets sending BTC to exchanges had correlated with the price decline back in Q2 2022, the opposite is now the case, with the decline coinciding with the drop in the price of bitcoin. What This Means For Bitcoin Naturally, data like this points to the fact that there is a growing accumulation trend among investors but not every metric point to this. An example is the HODLer net position change that was recorded by Glassnode on Friday. Instead of being on the rise as would be expected in an accumulation trend, the HODLer net position change continues to decline. It has now reached a new one-month low of 51,997.708. This shows that even if there might be a sell-off fatigue, it is still enough to put pressure on the price of the digital asset. Related Reading: Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works The amount of active bitcoin supply is always on the rise. It has now touched a new one-month high of 718,437.728 BTC. It is up slightly from the previous September 11th high of 717,097.427 BTC, still giving credence to the fact that sell-offs continue. Bitcoin’s price is also succumbing under the sell pressure. The digital asset is currently trading under $19,000 and doesn’t show any indicators of a significant recovery. Featured image from CNBC, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
There may be a Shiba Inu (SHIB) rally coming soon. Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem. SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update. Related Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor? Shiba Inu ‘Eternity’ Excitement A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet. Thank you to all the wonderful #SHIBARMY listeners, participants, and those who asked questions. You rock! See you on Download Day, October 1st/2nd!! 😍😍 #SHIB #Shiboshis #ShibaEternity #SHIBARMYSTRONG https://t.co/TcGVBZIM10 — SHIBQueenie (@SHIBQueenie) September 23, 2022 The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game. According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores. There was consequently a lot of excitement about the coin and the overall ecosystem. There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30. That Much-Needed Scalability Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side. Will this, however, be sufficient for the coin to rally? Currently, the coin’s value is between $0.000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies. Chart: TradingView.com This decline in price, which followed a progressive climb from June to August, is the result of larger market factors. The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10. SHIB Seen Rising To The Occasion Nevertheless, it has risen to the $0.00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally. The last decline at $0.00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level. Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash. If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com Featured image from Coin Culture, Chart: TradingView.com