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New Yorkers Affected By The Cryptocurrency Crash Requested to Contact Attorney General’s Office

US Post Office Patents A Novel Blockchain-Backed Mail-In Voting System

In a press release dated August 1, 2022, New York Attorney General Letitia James issued an investor alert calling upon New Yorkers who have been deceived or affected by the cryptocurrency crash to contact her office. A statement from the NY Attorney General read: “The recent turbulence and significant losses in the cryptocurrency market are […]

Bitcoin Crypto News

Quant Explains How Bitcoin NUPL Cycles Are Getting Less Volatile With Time

Bitcoin NUPL data suggests that the crypto’s cycles are getting less sharper with time as profit tops and loss bottoms aren’t following a horizontal line. Bitcoin NUPL Didn’t Exceed The 0.75 “Greed” Mark During This Cycle As explained by an analyst in a CryptoQuant post, the BTC profit and loss cycles shouldn’t be treated with horizontal lines. The “Net Unrealized Profit and Loss” (or the NUPL in brief) is an indicator that tells us whether the market as a whole is holding a net profit or a net loss right now. The metric’s value is calculated by taking the difference between the market cap and the realized cap, and dividing it by the market cap. NUPL = (Market Cap – Realized Cap) ÷ Market Cap When the value of this indicator is greater than zero, it means the average investor is currently holding some profits. On the other hand, negative NUPL values imply the overall market is holding a net amount of unrealized loss at the moment. Related Reading: Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k Now, here is a chart that shows the trend in the Bitcoin NUPL over the course of the history of the crypto: Looks like the value of the metric has surged up and turned positive again recently | Source: CryptoQuant As you can see in the above graph, the quant has marked the relevant zones of trend for the Bitcoin NUPL indicator. In the past, many traders used to believe that cycle tops form whenever the metric’s value surges above 0.75, entering into the “greed” zone. Similarly, bottoms were thought to take place when the indicator went below the -0.4 mark, reaching into the “fear” region. Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges However, the analyst from the post argues that horizontal lines like these shouldn’t be used to mark these cycle tops and bottoms. During the previous two cycles, the top that came after was lower than the one before. In the current cycle, the metric never crossed into the greed zone and topped out just around the 0.75 level. This could mean that tops are getting lower and lower with each cycle. Similarly, the last two bottoms also had descending loss amounts. Just a while ago, the NUPL’s value sharply dropped off into negative and subsequently rebounded back up into positive values after forming a potential bottom. However, this low was far from the conventional 0.4 mark. If this low was truly the bottom for this cycle, then it would add further credence to the idea that profit and loss fluctuations in the market are getting less drastic with time. BTC Price At the time of writing, Bitcoin’s price floats around $24.4k, up 5% in the past week. The value of the crypto seems to have been moving sideways recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Crypto News

APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?

ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks. ApeCoin moving erratic in an ascending parallel channel. Price maintains to hold above the key support zone of $6.5. APE/USD pair gearing sideways spotted at 0.000286 Satoshis. The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week. On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days. Related Reading: Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing? APECoin Price Trades at $6.83 According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time. A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel. At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5. A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline. Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening. RSI Shows Retracement; Bears Trying To Claw Their Way In ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel. On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline. APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel.  Related Reading: Filecoin Cruises Near Resistance, Now Attempts For A Breakout APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com Featured image from AirdropAlert, Chart from TradingView.com

Altcoins Bitcoin

Former Goldman Sachs Executive Makes High Conviction Call for Crypto Bottom Amid Shifting Macro Backdrop

Macro guru Raoul Pal says he believes with a high degree of certainty that the bottom for the crypto markets is in. In a new interview with asset management firm Arca, the former Goldman Sachs executive says that the macroeconomic environment that has kept the crypto market bearish for most of the year is beginning […]

The post Former Goldman Sachs Executive Makes High Conviction Call for Crypto Bottom Amid Shifting Macro Backdrop appeared first on The Daily Hodl.

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Crypto Strategist Says One Ethereum Rival Is Preparing for Liftoff, With Bitcoin (BTC) Bottom Likely In

A closely followed crypto analyst is predicting a surge for a popular Ethereum (ETH) challenger while saying that Bitcoin (BTC) may have already printed this cycle’s low. Pseudonymous analyst Cantering Clark tells his 142,300 Twitter followers that smart contract platform Solana (SOL) is gearing up for a move that could trigger a strong rally from […]

The post Crypto Strategist Says One Ethereum Rival Is Preparing for Liftoff, With Bitcoin (BTC) Bottom Likely In appeared first on The Daily Hodl.

Bitcoin Crypto News

India’s Federal Agency ED Froze Crypto Exchange Vauld’s Assets Worth $4.6 Million

India’s Enforcement Directorate (ED) froze assets amounting to $46 Million belonging to Vauld which is a cryptocurrency exchange. In Vauld’s press release, the company stated that it disagreed with the claims made by ED on Vauld’s KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. These assets seized by the ED were found stored in […]