The Giving Block and Shift4 have partnered for a Caring With Crypto nonprofit donation campaign to support Miami-based nonprofits.
Widely followed crypto strategist Michaël van de Poppe is calling rallies for a trio of altcoins, including decentralized oracle platform Chainlink (LINK) and virtual reality platform Decentraland (MANA). Van de Poppe tells his 604,200 Twitter followers Chainlink is potentially setting up for a bounce after losing over 86% of its value from its all-time high […]
The price of Bitcoin hit its lowest since 2020 on 12th May 2022 and crashed to $26000. This major crypto crash has hit Metaverse coins […]
Terraform Labs co-founder and CEO Do Kwon has finally listened to suggestions to burn most of LUNA’s hyperinflated circulating supply of over 6.5 trillion tokens. While he’s still against the idea, Kwon has…
The storage of crypto assets is a big challenge for most people, including veterans who have been in the game for several years. As it stands, a majority of crypto holders have stored their assets with centralized custodians such as exchanges and yield generation platforms. However, there is a gradual paradigm shift with more investors […]
DAI tops it off as the strongest stablecoin to date despite Terra’s plunge. USDT and UST may have plummeted – but not DAI. It’s been a brutal two weeks in the crypto space especially with the devastating collapse of Terra’s stablecoin UST, which is currently trading at a little below 6 cents. Suggested Reading | […]
Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is trading at $0.00013 per coin. The coin has gained 1% in the last 24 hours and 75% last week. Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up It’s worth noting that even though the price of this cryptocurrency had fallen dramatically over the past few days and South Korean officials were looking into penalizing its inventor for $78 million in tax avoidance, we see the coin trending higher than ever before. The South Korean authorities are investigating why the value of Terra’s dollar-pegged stablecoin, UST lost its peg on May 9. The market for this coin quickly melted down within four days. As a result, the stablecoin lost $18 billion. This affected not only the stablecoin UST but also all networks built upon it, such as LUNA, whose price plummetted from $62 per coin down to a fraction of a penny. Tax Authorities Fined LUNA Founder For Avoiding Taxes In order to investigate, both South Korean regulatory bodies, the Financial Supervisory Service and the Financial Services Commission called the local cryptocurrency exchanges to submit the transactions data. The information requested from the local exchanges includes trade volumes for LUNA and UST as well the number of investors who have suffered losses because their investments declined during this time period. On the data request, a local exchange operator, Yonhap, said; It seems that they collected this information in order to minimize damage to investors in the future. The Korean National Tax Service has found that Terra’s parent firms have avoided paying corporate and income taxes. The company moved LUNA from its software firm, Terraform Labs, to Singapore’s Luna Foundation Guard (LFG) to avoid paying taxes. Do Kwon was fined $78 million by the tax department for acquiring and selling $3 billion in Bitcoin LFG. In addition, the Terra inventor could face further fines from the tax department. The NTS requested that Do Kwon and Daniel Shin pay $100 million in taxes in December. However, the two men declined since their company, Terraform Labs, is domiciled in Singapore. The NTS argues that all of Terraform Lab’s operations are controlled from South Korea, but the two men maintain that their business is conducted primarily in Singapore. Related Reading | Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022 In addition, only a few days before Terra collapsed, Do Kwon attempted to dissolve Terra’s Korean entities. There is speculation among onlookers about how long before the chain crumbled, Do Kwon had been prepared for Terra’s downfall. The founder of Terra is being sued by 200,000 people in Korea who invested in either LUNA or UST. Featured image from Flickr, and chart from Tradingview.com
On examination, fiat and shitcoins share the same trick of getting people to give up real value for promises.
The next bull market in Bitcoin is now building a bottom. As a result, bears continue to rule the market, sending the price of bitcoin below $29,000 in the last 24 hours. Traders expecting the bear market to conclude may have to wait longer due to unfavorable conditions. Will Bitcoin Retrace? Bitcoin is no stranger to retracements of higher than 20%. More substantial corrections have occurred in Bitcoin’s history than this current one. Those who have been around long enough to recall previous meltdowns of more than 50% in less than a month can attest that this is just another hiccup. Since Bitcoin’s inception, there have been around seven price corrections, with the price dropping by half. Bitcoin has always bounced back after each of these corrections. Bitcoin fell by 83% in a short period of time in April 2013. When China first outlawed Bitcoin in December of that year, it dropped another 50%. BTC/USD slides below $30k. Source: TradingView 2018 was a difficult year. Although it reached an all-time high of about $20,000 in December 2017, it was only worth about $3,000 in December 2018. More recent investors will recall the March 2020 meltdown, when Bitcoin dropped 50% in a few of days. In May of 2021, the same event happened. Related reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Despite this, markets are in chaos today, with Bitcoin down more than 20% in the previous week and more than 50% from its all-time high in November 2021. The 200 week moving average(WMA) is probably the most dependable and straightforward chart to provide some information on Bitcoin’s present position . It usually rebounds back rapidly from the 200 WMA. Only twice in history has Bitcoin fallen below the 200 WMA, and both times it was only for a short time. For more than a month, it has never been below the 200 WMA. Bitcoin’s 200 WMA is now about $22,000. With a current price of roughly $29,000, it may probably go lower or even trade sideways for a while, but the worst is likely behind it. Bloomberg Analyst Believes BTC Will Plummet Despite a recent 15% rally from the lows reached last week, Bloomberg analysts believe the flagship cryptocurrency will continue to fall. BTC now appears to be more fragile than previously. According to the article, Bitcoin’s recent rally has resulted in the formation of a “saucer-top” pattern on an hourly BTC chart. A Head and Shoulders pattern has emerged within it, indicating a trend change from bullish to bearish. Source: Bloomberg After BTC dipped beneath the formation’s neckline, the pattern was activated. In order to avoid a further drop, the Bitcoin price must now surge over $30,800. Santiment’s Bitcoin statistics shows a lackluster market sentiment as traders remain indifferent. On May 18, the S&P 500 fell more than 3%, dragging Bitcoin down with it. Indeed, since the beginning of 2022, the correlation between Nasdaq-100 and Bitcoin has remained tight, making it a good indication for anticipating Bitcoin price movement. Bitcoin-U.S. Equity Market Correlation. Source: Santiment Nasdaq-100 futures and other U.S. index futures are down about 1.5 percent at the time of writing. It suggests that the Bitcoin price may continue to fall. In fact, Asian and European stock markets are down more than 2% today. Whales, on the other hand, appear to be anticipating a bottom in order to continue accumulating. According to Rekt Capital, Bitcoin’s RSI has now reached the level where long-term investors have historically gained the most. Related reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 Featured Image by Pixabay | Charts by TradingView
It could be “do or die” for Bitcoin bulls if BTC/USD returns under $27,000, Whalemap argues.
Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term. Bitcoin started a fresh decline from the $30,500 resistance zone. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a clear move below the $28,500 support zone. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to clear the $30,500 resistance zone and started a fresh increase. There was a clear move below the $29,500 and $29,000 support levels. Besides, there was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair. The pair is now trading below $30,000 and the 100 hourly simple moving average. It tested the $28,500 support zone. A low is formed near $28,589 and the price is now consolidating losses. An immediate resistance is near the $29,100 level. It is near the 23.6% Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. Source: BTCUSD on TradingView.com The next major resistance is near the $29,650 level. It is near the 50 Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. A clear move above the $29,500 and $29,650 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $30,500 level, above which the price might rise towards $31,200. More Losses in BTC? If bitcoin fails to gain pace above the $29,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,800 level. The next major support is near the $28,500 level. A downside break and close below the $28,500 support might start a major decline. In the stated case, the price could drop towards the $27,500 level. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $28,800, followed by $28,500. Major Resistance Levels – $29,650, $30,000 and $30,500.
Algorand Price Prediction – May 18The current trading outlook reveals that the ALGO market is downing slowly against the market worth of the US fiat […]
The current crypto market climate has seen bitcoin on-chain activity light up like a Christmas tree. All across the board, on-chain activity is surging. This is a result of the recent dips and recovery that has investors scampering to move their coins around to either avoid losses or make a profit and that has seen […]
The Australian Taxation Office (ATO) has announced its plan to start focusing on cryptocurrency taxation. The tax body said it would require Australians dealing in […]
Damage to our soil and ongoing misguided environmentalism are symptomatic of fiat’s shortsightedness. Bitcoin offers a chance for Renaissance.