Bitcoin Crypto News

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

The Bitcoin Mayer Multiple has recently sunk to a lower value than the bottom of the previous cycle. This is the first time in the history of the metric that such a trend has formed. Current Bitcoin Cycle’s Mayer Multiple Low Is Deeper Than Last Cycle’s As per data released from the analytics firm Glassnode, the current value of the BTC Mayer Multiple is around 0.478. Before seeing what the Bitcoin Mayer Multiple does, it’s best to look at a basic explanation of a “moving average” first. A moving average (or MA in short) is an analytical tool that averages out the value of any quantity over a specific period of time. As its name implies, it moves forward along with the quantity, and changes its value accordingly. An MA can be taken over any timespan, whether that be 100 days, 72 hours, or even10 seconds. Related Reading | Why Pain May Not Be Over For Bitcoin Holders Just Yet The bigger MAs are usually quite useful for long-term analysis as they smooth out any irrelevant short-term fluctuations. One popular moving average for Bitcoin is the 200-day MA, which has historically indicated a bear market whenever the price has went below it, and a bull market whenever the price has crossed over it. Now, what the Mayer Multiple does is measure how much the price of the crypto has deviated from this 200-day MA. The below chart shows the trend in the metric over the course of the history of Bitcoin: The value of the metric seems to have been below 0.5 in recent weeks | Source: Glassnode In the graph, the blue line is for the Bitcoin 200-day MA and the green curve represents the points where the Mayer Multiple would have a value of 0.5. As is apparent from the chart, the price of the crypto has sunk below this 0.5 Mayer Multiple line only a few times in the past. Related Reading | Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending? In fact, out of the total 4163 trading days for the cryptocurrency so far, only 87 have been spent below the green line, which comes out to be about only 2%. A pattern that the Mayer Multiple followed before this cycle was that all successive cycles observed higher bottoms than the low of the previous one. In the cycle so far, the metric has already dipped to 0.478, which is less than last cycle’s bottom of about 0.511. This is a first occurrence in the history of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $21.2k, up 3% in the past week. Looks like the value of the crypto has moved sideways recently | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Glassnode.com

Crypto News

Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

The crypto markets are going through a rough phase. Bitcoin has crashed more than 70% in 8 months. Amidst the crash, several companies are laying off their employees, desperately trying to save cash. However, not all companies are facing the hammer of fate. Bit.com, the second-largest crypto options exchange, seeks to double its workforce amidst layoffs. But why? Let’s explore. The Crypto Recession Crypto winter is frequently used in the cryptocurrency, DeFi and blockchain industry to denote the current recession that has hit the industry after it made phenomenal gains in 2021. The global economic condition, post-COVID economic losses and record inflation worldwide have led to mass layoffs in the industry. Coinbase recently trimmed off 18% of its employees to save cash. BlockFi announced the layoff of 400 employees. Crypto.com also wants to lay off a similar number of employees. However, these layoffs also bring an opportunity to hire some of the best minds in the industry. These are talented people suffering at the hands of fate. Bit.com is a full-suite cryptocurrency exchange offering spot, futures, perpetual contracts, options and savings. They are one of the top 3 exchanges for cryptocurrency options . The exchange is launched by Matrixport, which is already a Unicorn With a $1B Valuation in 2021. The exchange has its core principles built around security and risk management features. A top-grade firm, Cactus Custody, handles its security. Jihan Wu founded Matrixport in 2019 and the mining rig manufacturer Bitmain. Recently they have announced to launch USD options within the next few months as a part of their service portfolio. Bit.com hiring amid layoffs Bit.com is hiring because it is a golden opportunity. With so many qualified personnel joining the talent pool and ready to get hired at a moment’s notice, it is a dream come true for many. For example, several exchanges will be desperate to hire Coinbase employees. The reputation gives them a distinct advantage. Bit.com is taking the maximum benefit of this opportunity by hiring the best talents available in the industry. As per media reports, they are seeking to double their workforce, with a majority of the new hires to be engineers. Undoubtedly this workforce will have a majority of highly skilled employees hired at reasonable salary packages due to the ongoing market crisis. “We have experienced the ups and downs, and we also committed to the potential future. Crypto enthusiasts and experienced talents are welcome to join Bit.com” said Lan Yue, COO of Bit.com.  A drawback of such hiring could temporarily affect the company’s finances. But we can safely assume that the executives have thought about this before going on such a hiring spree. As claimed by Lan: ”Bit.com has been hiring and growing aggressively since the beginning of 2022. The recent collapse of the market has no direct impact on our original runway, we have the capacity to stick to our developing and hiring plan. Bear market may bring our users negative sentiment, it also brings us time to strenghten our product and risk management for the next bull market” A few benefits that they might derive from this hiring are, for example, that they can choose from a large, diverse talent pool. Also, they will get experienced candidates from top competitors that are difficult to get otherwise. Lastly, employees could join immediately without any notice or waiting period. Which will give Bit.com a fast push in its talent strategy. However, this could also backfire in several ways, starting from putting stress on finances. There is severe uncertainty in the US economy, a major source of capital funding for cryptocurrencies and a major market. Further, several jurisdictions have a severe regulatory crackdown on cryptocurrency companies, including high taxation (30% in India) while European countries seek a ban on the proof-of-work system. All of this, combined with high inflation, is expected to affect the buying capacity of crypto investors and traders. Conclusion The world’s economic downturn has also had a bad effect on the cryptocurrency and blockchain industry. With layoffs and cost-cutting from several big crypto companies, there is an opportunity for many companies like Bit.com to hire in good numbers. If this activity goes well with hiring, they could highly benefit from having top-of-the-line professionals in their company.

Bitcoin Crypto News

Influencers Intentionally Loot Millions From Crypto Community In Pump And Dump Scam

Two conspiracy theorist influencers have caused a lot of investors to lose crypto funds in a pump-and-dump scheme. They presented a portfolio of cryptocurrencies with dubious claims about authenticity and institutional backings. These claims aimed to create enough hype for the cryptos and raise their prices more than they should be. Given that they have […]

Crypto News

Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

Sandbox has become one of the most important Metaverse cryptocurrencies to keep an eye on this year. Sandbox (SAND) is currently selling at $1.31, an increase of 20% based on data from CoinMarketCap. The rally occurs just days after Microsoft and Meta, among other technology giants, announced the founding of the so-called “Metaverse Standards Forum.” Other facets of virtual reality are also being researched, as the Sandbox environment has expanded into much more than a gaming platform. Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally Sandbox (SAND) Lights Up 7 Straight Green Candles As shown on the SAND chart, the daily time frame chart obtained seven consecutive green candles. Near the $1.11 mark, the SAND price confronts severe supply pressure, with intraday trading volume reaching $386 million, suggesting a 3.22 percent decline. Source: Tradingview Friday night’s bulls blasted over the 10-day horizontal boundary, propelling the price of SAND cryptocurrency well above the bearish’ critical hedging level of $0.90. The recent bottom of the SAND token, on the other hand, has served as a significant support level for the bulls. The Sandbox is an Ethereum-based game in which players can purchase parcels of virtual land. Occasionally, the value of these virtual properties may reach millions of dollars, and everyone could profit greatly if the metaverse becomes as successful as many anticipate. The ‘Metaverse Standards Forum’ Meanwhile, the Sandbox could be on the crosshair of an established tech company planning a takeover, based on rumors circulating on social media. The declared objective of the Metaverse Standards Forum, which was unveiled on Wednesday and is comprised of Sony and Alibaba, is to foster coordination and cooperation among the hundreds of enterprises competing for position on the enormous metaverse landscape. Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem Reuters quotes Nvidia executive Neil Trevett, who is chairing the MSF, as saying any company, including those in the crypto industry, can join the group. A property in Sandbox was recently acquired by HSBC, one of the world’s top banks. HSBC’s interest in Sandbox metaverse lands indicatesthat they appreciate its significance. SAND total market cap at $1.76 billion on the weekend chart | Source: TradingView.com Meta Eyeing Sandbox Buyout? On Sunday, The Sandbox co-founder and COO Sebastien Borget replied to Messari on Twitter if Meta purchasing a virtual world like The Sandbox Game makes him “bullish.” Borget’s response was brief and unequivocal: “This will never happen.” Many Web3 community members remain dubious. Animoca Brands’ founder and executive chairman, Yat Siu, has previously referred to Meta’s goals as “digital colonialism.” Animoca Brands is a $5 billion software and venture capital firm responsible for a variety of metaverse projects, including The Sandbox. Danny Greene, general manager of the Meebits DAO, stated to a crypto news outlet that customers will ultimately battle for a decentralized future and that “these are companies that represent shareholders.” Featured image from Smart Valor, chart from TradingView.com

Altcoins

Ethereum Rival Tumbles As Hackers Drain About $100,000,000 From Its Crypto Bridge

One Ethereum (ETH) competitor is taking a massive hit after hackers drained approximately $100 million worth of crypto from its cross-chain bridge. The Harmony (ONE) team says the breach occurred on the morning of June 24th on the Horizon bridge, which enables users to move crypto assets between Ethereum, Binance Smart Chain and Harmony. “The […]

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Altcoins

Whales Are Piling Into Top Gaming Altcoin – And Letting Go of Three Crypto Assets, According to Analytics Firm

Analytics firm Santiment is looking at crypto’s richest wallets to identify possible entry points amid a long-term downtrend in the markets. First on the firm’s radar is decentralized virtual world The Sandbox (SAND), which Santiment says experienced “eye-opening supply accumulation” despite recent price struggles. “The Sandbox, one of the altcoin darlings from late 2021, has […]

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Sun West CEO Joins ‘Game On’ Event, Morgan Sees Induction Into the Mortgage Hall of Fame

Sun West CEO Joins 'Game On' Event, Morgan Sees Induction Into the Mortgage Hall of Fame

Morgan a newly-induced mortgage technology product developed by Mortgage giant Sun West has been inducted into the Mortgage Hall of Fame as CEO Pavan Agarwal becomes part of the leadership coaching event ‘Game On’. Morgan Joins Mortgage Hall of Fame Sun West Mortgage company is known for its dedication to offering stellar service to its […]