What Did The Francophone Bitcoiners Recommend To The Central African Republic?

Remember the francophone Bitcoiners that visited the CAR a couple of weeks ago? Well, they released a “Report from the Bitcoin Delegation in the Central African Republic” and we’re about to summarize what it says. The “Bitcoin Delegation” issued the report in Paris and it addresses President Faustin-Archange Touadéra directly. “This document will also be […]

Crypto News

Cardano TVL Sheds $205 Million Since Hitting All-Time High

Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest. To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022. Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems. Suggested Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply Cardano Loses Over 65% of TVL Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34. Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way. And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL. ADA total market cap at $15.48 billion on the weekend chart | Source: Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges. It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55. On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61. Suggested Reading | ADA Grapples At $0.524; Bullish Trajectory Coming Crypto Market Not Flipping Upwards Overnight In the past few weeks, mixed emotions have provoked the crypto market. Investors have been hesitant to jump the gun, crippled by fear and uncertainty. Yes, there is a lot of pessimism in today’s market. More so, technical indicators seem to support the fact that the crypto market downtrend will not flip overnight. Although it’s always recommended to invest when the market sentiment registers at a low end, the current market conditions may not give you good returns sooner than expected. Featured image from Coincu News, chart from

Bitcoin Crypto News

Bitcoin Mimics Textbook Market Sentiment Cycle, What Happens When Confidence Returns?

Markets are cyclical and go through alternating periods of positive and negative sentiment, with price action following the tone across the market. Although these changes appear to be difficult to predict, Bitcoin price is currently following a textbook market sentiment cycle chart from the book The Nature of Risk. If what follows in the book continues across the cryptocurrency market, a major trend change is due. Take a closer look at the market sentiment cycle chart by Justin Mamis. Is Bitcoin Following A Textbook Market Sentiment Cycle? Markets tend to move in the same way. This is why certain technical analysis chart patterns can yield accurate results with an increased probability. When zoomed out, even market cycles tend to advance in the same five-wave structure, according to Elliott Wave Theory. Those who dive deepest into technical analysis become convinced of its power to not only predict market behavior, but human behavior as well. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 Ralph Nelson Elliott who came up with the theory also wrote a book on the secret of the universe he referred to as “nature’s law.” Another author with plenty of stock market experience, Justin Mamis, also recognized these ties and penned the book The Nature of Risk: Stock Market Survival & the Meaning of Life. The market sentiment cycle chart below can be found within its pages. Bitcoin versus Justin Mamis’ market sentiment cycle chart | Source: BTCUSD on All About Justin Mamis And Market Sentiment Cycles Juxtaposed next to the Bitcoin line chart, is the same chart presented by Justin Mamis that highlights the many phases and emotions felt during a market sentiment cycle. At the height of enthusiasm, buying the dip failing to be effective was a sign a trend change was due. Below the highest support lines breaking down caused the market to enter a stage of disbelief. Disbelief turns into panic, and as the asset bottoms out, the market becomes discouraged at the lack of movement. Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead At aversion, investors even feel a strong sense of dislike toward the asset and might even want to see new lows as a result. It is at this point when confidence begins to return and bearish traders are left in denial. Justin Mamis is the former Assistant Director of the NYSE Floor Department, former Senior Vice President and Chief Market Technician at Hancock, and appeared frequently in Barron’s and The Wall Street Journal. In his own words, Mamis said in a newsletter: A cycle begins with stocks climbing “a wall of worry,” and ends when there is no worry anymore. Even after the rise tops out, investors continue to believe that they should buy the dips…Unwillingness to believe in that change marks the first phase down: “It’s just another buying opportunity.” The second, realistic, phase down is the passage from bullish to bearish sentiment…Selling begins to make sense. It culminates with the third phase: investors, in disgust,…dump right near the eventual low in the conviction that the bad news is never going to stop… Don’t believe the chart represents what could happen in Bitcoin? Well, then do the conditions in sentiment follow what Mamis told investors? Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from

Bitcoin Crypto News

Why NFTs Took Over Crypto Trading Volume While Ether Struggled

The NFTs market had one of its best months yet in January with a record trading volume of $6 billion while cryptocurrencies like Bitcoin and Ether plunged dramatically over the investors’ fear of the Federal Reserve (FED) tightening. Related Reading | TA: Ethereum Breaking This Confluence Resistance Could Spark a Fresh Surge The NFT Space Doesn’t Stop Ether had its worst month in 2 years falling 55% from its all-time high (ATH) at $4,812. On Wednesday, the only all-time high the coin saw was in a 40-day correlation coefficient of 0.65  –the top is 1– with the S&P 500, Bloomberg reported. This indicates Ether could be facing more obstacles as macroeconomics develop. However, NFT traders did not respond with the same fear. In fact, the non-fungible token market soared in trading volume during January with a record high of over $6 billion. The NFT avatar projects are turning out very profitable with huge support from collectors, communities, and celebrities. The popular Bored Ape Yacht Club currently has a floor price of 99.0 ETH, according to OpenSea, and a trading volume of 82,076,32 ETH in the last 30 days. At the moment, the top collection on OpenSea –ranked by volume, floor price, and other statistics– is Azuki, another avatar project. Its floor price is at 10.9 ETH and flipped the Bored Ape Yacht Club‘s trading volume with 92,241.73 ETH in the last 30 days. Besides avatars, in January the non-fungible tokens also saw some creators turn into millionaires overnight when their NFTs got viral, like a young student from Indonesia (Ghozali Everyday) who minted his selfies and became an OpenSea and social media sensation; and a Chinese entrepreneur (IreneDAO) who won the hearts and bucks of the crypto community, reporting a total volume of 2,367.1283 ETH traded in less than a month. Every time these events hit the headlines, the enthusiasm and curiosity of many people cannot help but grow. They used to dream of Hollywood, now they dream of NFTs. But going even bigger, celebrities, musicians, athletes, major brands and companies keep jumping into the NFT industry as they foresee large profits in the future. Furthermore, OpenSea’s rival LooksRare reported trading volumes of $2.25 billion at the end of the month, 50% of OpenSea’s. However, the LooksRare model of sharing profits with traders has been called unsustainable. Some believe their soaring trading volumes are due to ‘wash trading’, which is a form of price manipulation where traders buy and sell assets to increase prices. Related Reading | Indonesia Based Boy Named Ghozali Becomes Millionaire By Selling Selfies On OpenSea As NFTs But Why Do NFTs Keep Soaring? As the price of Ether decreased dramatically last month, NFT traders saw this as an investment opportunity, indicating an inverse correlation between the non-fungible tokens and crypto-assets. Similarly, NFT holders usually prefer not to sell at a loss. The NFT ecosystem tends to involve a lot of emotions, bragging, and fees that can encourage investors not to sell. The non-fungible tokens trade a lot more like art pieces than stocks, so decisions are not taken the same way. Recently, FTX founder Sam Bankman-Fried hinted in an interview with The Block that he was surprised about the NFT market’s outcome during January. He pointed out that “The fact that they’re non-fungible makes them less liquid,” and added that “The whole psychology is also very interesting.” And “psychology” might be a very fitting word for it. These holders usually want to be able to gloat over the NFTs they own, and with the new avatar features from Twitter and Reddit, the bragging is more than encouraged. “But I have also been a bit surprised about how much they’ve been out performing recently. The fact that you’re public about owning one makes it harder to sell because it is a public giving up on something versus a private rebalancing of your portfolio.”