The very thing suppressing bitcoin’s price in the short term is exactly what can make it so valuable in the long term.
Entrepreneurs in Nigeria are building on the country’s growing interest in BTC and establishing Bitcoin Village, a safe haven for Africa.
CBDCs are a form of social control, while Bitcoin represents hope for a more equitable human future based on the universal constant of 21 million.
Hodlnaut, a popular crypto lender based in Singapore, has temporarily suspended withdrawals, deposits, and token swaps on its platform. The protocol in a press release […]
Grizzly.fi, a crypto yield farming platform, announced today it has collected $26 million in its so-called ‘Community Fair Launch.’ The raise is the best performing in history on BNB Chain without a launchpad. The project collected four times more than the previous record holder on the Binance BNB Chain, making them the 10th biggest BNB […]
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The crypto winter brought more devastating impacts on some crypto lending platforms. There was a lot of battling by most lending firms to evade liquidation. Their turbulent waves created distrust, loss of hope, and funds for many investors. In the history of the crypto lending space, instability and quaking are connected to the collapse of […]
Hackers from North Korea has reportedly found a new victim in DeBridge Finance, a cross-chain interoperability and liquidity transfer protocol, multiple sources disclose, Saturday. Based on DeBridge’s initial assessment, the attempted cyberattack likely originated from the notorious North Korean hacking syndicate, Lazarus Group. Several DeBridge team members received a faked email containing a PDF file titled “New Salary […]
CME Group will release euro-backed BTC and ETH futures, which is the next step in their strategy. Chicago Mercantile Exchange (CME) Group, the largest provider of financial derivatives, announced plans to launch Bitcoin and Ether Futures for the euro later in August. The business has a lengthy history in the cryptocurrency sector. It introduced micro […]
Shiba Inu (SHIB) is full of surprises up its sleeve. The top dog meme coin’s latest price rally was impressive as the coin was able to showcase the lowest level of daily volatility as seen in the entire crypto trading history. As of this writing, SHIB is up by 2.66% or at $0.00001217. According to the daily chart, SHIB has been consistently darting on a straight line seen in the past few days. In fact, the dog meme coin’s price hasn’t moved a bit for a straight week, which is bizarre especially for a volatile asset such as SHIB. Chart: TradingView.com Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Shiba Inu On A Flatline? It’s uncertain why Shiba Inu has been showing a flatline or sluggishness in performance – but there are some talks coming from investors and traders that the volatility issues of SHIB seems to have cropped up from the decline in the burn rates of the token, which is said to have been fueled by previous Shiba Inu projects lke Shibarium Multiverse. On June 21, SHIB penetrated the descending channel as it rolls down which could have signaled a coin reversal. However, the discrepancy in trading inflows and volume prompted SHIB to roll back to $0.00001. Shibaswap Outperforming BAYC And OpenSea Shiba Inu isn’t just another meme coin you’ve heard of because it’s committed to growing and scaling the network. Shibaswap’s launch and its continuous thrust as the top Ethereum dApps in terms of social signals cements Shiba Inu’s status in the crypto space. Shibaswap was able to rake in an average of $10.8 million in terms of daily volumes. This is an exceptional performance coming from a DEX that was able to outperform both Bored Ape Yacht Club and OpenSea. Notably, there was also an in exchange withdrawals which is quite normal especially at discounted levels. Currently, SHIB trades at a huge discount from its ATH. Related Reading: THORChain (RUNE) Ready For 20% Climb Before Next Correction More so, Shibaswap has had a huge influence on the performance of SHIB. But, its impact isn’t as powerful compared other economic or market forces that may have caused its uncanny price movement or behavior. The Shibaswap ecosystem is expected to grow and expand which may influence more people to stake SHIB, but people just have to wait and see. In other news, while SHIB is no longer a part of the top cryptocurrencies according to market cap, the meme coin is still favored by the crypto space. Shiba Inu is planning to develop a reward token, stablecoin built for its ecosystem, and a collectible card for the metaverse. SHIB total market cap at $384 billion on the weekend chart | Source: TradingView.com Featured image from Slate.com, chart from TradingView.com
There is historical precedent for China’s resistance to bitcoin, a money that enables freedom and individual pursuit of capital.
The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market. Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the way into the 260 days average historical bottoming period. The relevant indicator here is the “Spent Output Profit Ratio” (or SOPR in brief), which tells us about whether the average Bitcoin investor is selling at a profit or at a loss right now. The metric works by looking at the history of each coin being sold on the chain to see what price it was last moved at. If this previous selling price was less than the latest BTC value, then the coin has just been sold at a profit. While if the last value was more than the current one, then that particular coin realized some loss. When the value of the SOPR is greater than one, it means the market as a whole is selling at a profit right now. Related Reading: Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over On the other hand, the indicator being less than one implies the average holder is moving coins at a loss at the moment. The “long-term holders” (LTHs) is the Bitcoin cohort that includes all investors who have held onto their coins for at least 155 days without selling or moving them. Now, here is a chart that shows the trend in the BTC SOPR (20-day MA) specifically for these LTHs over the the last several years: Looks like the value of the metric has been pretty low recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin LTH SOPR (20-day SMA) dipped below the “one” mark a while back. Also, in the chart the quant has marked all the relevant zones of trend for the indicator in relation to the bear market. Related Reading: Here’s What Bitcoin Institutional Inflows Says About The Month Of July It seems like historical bottoming periods have lasted whenever the metric has been stuck below the breakeven point. On average, past bear markets have lasted around 260 days based on the LTH SOPR. In the current cycle, the coin has so far been 86 days into the bottoming zone. This would suggest that if Bitcoin ends this bear market in about the same time as the average, then the crypto is still only one-third of the way through. BTC Price At the time of writing, Bitcoin’s price floats around $23k, down 2% in the last week. Over the past month, the coin has gained 13% in value. The value of the crypto seems to have been moving sideways during the last few days | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Is the Bored Ape Yacht Club secretly racist? We at Bitcoinist studied both sides of the case back in the day, but the rumor persists. In fact, the Internet seems to be even more obsessed now, and a lot has happened since we first analyzed it. For example, all of the BAYC creators were doxxed […]
Crypto exchange Binance has partnered with Mastercard to launch a cryptocurrency power card for customers in Argentina. The card will be useful to spend digital assets in everyday purchases, a press release says, and reduce the gap between crypto and fiat payment rails. Related Reading: BlackRock Offers Crypto To Investors Via Latest Partnership With Coinbase […]
Users of Binance card can earn up to 8% cashback on purchases and bill payments through Mastercard’s vast network of over 90 million merchants worldwide.