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Circle plans to only support Ethereum PoS chain after Merge is complete

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“USDC as an Ethereum asset can only exist as a single valid ‘version,‘” said the team at Circle. On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as More

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Crypto News

CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting

Celsius (CEL) has been rallying in recent times. The native token of the now bankrupt Celsius Network had taken a nosedive when the company had first filed for bankruptcy, but it seems the time is changing with the recent recovery. As Celsius continues with its proceedings, the price of CEL has shot up over the last week, reaching as high as $2. What Is Behind CEL Recovery? The recovery in CEL’s price has obviously come as a surprise to the market. The altcoin had struggled tremendously before finding its footing once more. But the rally that followed has exceeded expectations on all fronts. After struggling below $1 for the better part of last month, the digital asset has now found some much-needed reprieve. Related Reading: What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours? CEL’s price soared about 50% in the last 7 days alone, causing it to touch as high as $2 in the early hours of Tuesday. It has since retraced back down to around $1.80, but the bull trend continues to hold and has triggered speculations around what was causing the increase in price. However, the reason behind the CEL run-up is a simple one of supply and demand. Since Celsius had begun bankruptcy proceedings, it has locked up a large amount of crypto on its platform. Now, the majority of that crypto was being held on the exchange to earn CEL rewards, which is how new supply was introduced into the market. Since all of the cryptos are now frozen, CEL inclusive, and there is no new supply being pumped into the market, it has led to a supply squeeze. CEL price at $1.85 | Source: CELUSD on TradingView.com Simply put, there is now more demand for CEL than there is supply. Celsius is not allowed to put new tokens into the market, which means that the only available tokens are the supply currently in the market. Short sellers are also being forced to close their positions, else, they lose a lot of money in the short squeeze, leaving only the long-term traders and CEL bulls to dominate the market. Related Reading: Number Of Crypto ATMs Installed Worldwide Reaches New Milestone This singular reason alone has rewritten a bullish part for the digital asset. Bankruptcy proceedings are known to take years, an example is the Mt Gox case, and with most liquid CEL supply being frozen on the platform for years, it is expected that this will be a prolonged short squeeze. However, not a lot of optimistic price predictions are now emerging for the altcoin due to this reason. Price Estimates from Coinmarketcap show that investors expect the digital asset to hit as low as $0.77 in the month of September. Featured image from The Coin Republic, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently

Data released by Glassnode suggests Bitcoin long-term holder behavior has shifted from accumulation to distribution recently. Bitcoin Long-Term Holders Have Shed 222k Coins Off Their Stack Since May As per a new report from Glassnode, the BTC long-term holders have been spending up to 47k BTC per month in recent days. The “long-term holders” (or LTH in short) refer to the cohort of Bitcoin investors that have been holding onto their coins since at least 155 days ago, without selling or moving them. The “LTH net position change” is an indicator that measures the net number of coins that these HODLers have been selling or buying recently. Related Reading: Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down When the value of this metric is positive, it means LTHs are accumulating right now. On the other hand, the indicator being less than zero implies this group is distributing at the moment. Now, here is a chart that shows the trend in the Bitcoin LTH net position change over the past year: Looks like the metric’s value has been red in recent days | Source: Glassnode’s Market Pulse, 2022-08-05 As you can see in the above graph, the Bitcoin long-term holders started showing deep distribution behavior following the month of May. However, around three weeks ago, the LTH net position change flipped as these holders began to accumulate. At the peak of this green phase, these investors were hodling at a rate of 79k BTC per month. Related Reading: This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market But this buying spree didn’t last too long. Soon after, the LTHs again shifted back to a trend of distribution, where they sold at a rate of up to 47k BTC per month. In the past week, the selling has reduced a lot, but the metric’s values still remain red. Because of all the selling since May, the long-term holder supply has lost around 222k BTC (as of three days ago, when the report released). The below chart shows how the Bitcoin supply held by LTHs has changed during the last couple of years: The value of the metric seems to have slid down in recent months | Source: Glassnode’s Market Pulse, 2022-08-05 At their all-time high in May, the LTHs held 13.559 million BTC. Since then, their supply has come down by 1.6%. It remains to be seen what consequences the new shift towards distribution may have for the crypto. The current bullish momentum may not last too long if the selling trend from LTHs continues. BTC Price At the time of writing, Bitcoin’s price floats around $24k, up 4% in the last week. The value of BTC has jumped over the last day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

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Has Bitcoin Price Found Support At A Decade-Long Trend Line?

After a volatile first half, Bitcoin price action has been grinding sideways, seeking to find some type of reliable support. Although there has yet to be a clear sign of a reversal, the top cryptocurrency by market cap might have finally found support at a ten-year-long trend line. Complicated Technical Analysis Or This One Simple Trend Line Trick? Technical analysis is the study of chart patterns, trading indicators, Japanese candlesticks, and other data points in an attempt to predict future price action. The very basis of most technical drawings and chart patterns begins with a simple trend line. And while it isn’t uncommon to see analysts with a kitchen-sink worth of technical tools turned on, sometimes less is more when it comes to getting a good read on the market. Related Reading: How Weekly RSI Could Suggest The Bitcoin Bottom Is In Using only one trend line, it is easy to see why Bitcoin price might have finally found some support. With nothing more than the trend line to go by, buying low and selling high has historically yielded miraculous results. Will this nearly ten year long trend line hold? | Source: BTCUSD on TradingView.com Has Bitcoin Price Finally Found Support At A Decade-Long Trend Line? Bitcoin price first claimed the trend line in April 2013, just as Mt. Gox took its exchange offline to give the market time to “cooldown.” From there, each subsequent bear market in Bitcoin returned to the same trend line drawn in red. The trend line was touched in early 2015, and again in 2016 prior to the legendary 2017 Bitcoin bull run. Although the 2018 bear market found support before it ever reached the trend line, the March 2020 Black Thursday collapse took Bitcoin price precisely to the same trend line that is still holding today. Related Reading: Why Hidden Bitcoin Bulls Could Be Ready To Charge Fast forward to June 2022 and BTC once again touched down on this trend line. July once again tapped the line, yet held strong for a second month in a row. Thus far, August hasn’t made an attempt to try again, and after two failed attempts to break below in a row, it might be time for bulls to rally. Past rallies from the trend line have resulted in 2,200% ROI, 9,700% ROI, and 1,500% ROI, respectively.  Losing it could be catastrophic for crypto, so it is worth paying attention to, as simple as it may seem to the naked eye.  Will this decade-long trend line produce a rally, or will it finally be lost? 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 TradingView.com

Crypto News

Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?

Dogecoin (DOGE) has been recently pushed aside by Polkadot (DOT) from the top cryptocurrencies list as it is now the 11th biggest crypto in terms of market cap. DOGE’s market value is currently at $9.28 billion after it sadly had to let go of its position which is now held by Polkadot with a market value of $9.62 billion. According to CoinMarketCap, the DOGE price is 1.09% down or at 0.06899 as of this writing. DOGE price remained the same despite the positive sentiment in the crypto space spiked by the support of Elon Musk, among other things. Michi Lumin, Developer of Dogecoin, has recently announced the release of a C library of DOGE building blocks coined as Libdogecoin. This library allows Dogecoin to integrate into different platforms. Related Reading: TRON (TRX) TVL Accelerates To Nearly $2 Billion Last Month Elon Musk Says DOGE Has Real Value In one of his appearances on the podcast “Full Send”, Elon Musk, billionaire entrepreneur and CEO of Tesla, once again pressed on with his unrelenting support for DOGE.   “I’m mainly supporting Doge, frankly,” Musk said. Musk reiterated that Dogecoin isn’t just a dog meme coin; it is not a joke because it has real utility value. He also said that in comparison to Bitcoin, DOGE has a much bigger transaction volume. Since early August, the price of DOGE hasn’t moved significantly because it’s been hindered by $0.075. The crypto market seems to be in a coma as it is being bombed by a lot of macroeconomic problems. But, as other meme projects have no utility value and the token prices are mostly impacted by social media or a popularity vote from influencers and other celebrities, investors aren’t so sure if they should invest long-term in these dog meme coins. Dogecoin Lags Behind DOGE is lagging behind in terms of growth. At the beginning of July, the DOGE price is at $0.066. SHIB grew by 17% but DOGE price only registered a growth of 1.4%. DOGE token market cap only increased a bit from $8.77 billion to just $9.06 billion. On July 31, DOGE had 73,800 active addresses that grew by as much as 13% or around 105,000 addresses at one point on July 28. DOGE was able to close July with a plunge in transaction volume by 96% or 1.53 DOGE. The social dominance of DOGE increased by 8.49% after the price racked up to $0.75. DOGE price plunged by 61% as social dominance nosedived by 3.3%. DOGE’s social volume further declined by as much as 63%. Developmental transactions within the Dogecoin network grew by 80% despite the lack of ecosystem updates. Related Reading: Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline? DOGE total market cap at $9.24 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, chart from TradingView.com

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LBank Exchange Embarks on Global Educational Campaign

LBank Exchange Embarks on Global Educational Campaign

LBank went on a global grassroots educational campaign in July. The campaign was taken to the LBank community globally and, apart from being alluring, interactional, and most importantly, educational, also became an avenue for philanthropic work that helped the less privileged. LBank Labs, LBank’s investment division, has been working hard to identify new businesses worth […]

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Consumer Sentiment Relatively Strong Amongst US Crypto Owners, Despite Fall In Prices: Report

Fear, Greed, and Uncertainty: Here are Some Major Sentiments Driving Cryptocurrency Prices Right Now

As of May 2022 data, new crypto adoption in the US was primarily driven by high-income earners, millennials and Generation Z adults. Baby Boomers remained largely disinterested in cryptocurrency. This is as per the July 2022 Morning Consult crypto report “Our Analysts on the State of Cryptocurrency.” The report showed that crypto owners in the […]

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Popular Crypto Trader Forecasts What’s Next for Bitcoin (BTC), ApeCoin (APE) and Two Ethereum-Based Altcoins

A widely followed crypto trader is sharing his outlook for Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of potential recovery for the crypto market. As Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa tells his 180,700 Twitter followers that the leading virtual asset needs to hold […]

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