Crypto News

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Following the massive dump in the past week, Ripple price regains its stance on a long trend. Moreover, bulls must tower the bears in this current market momentum. Last week wasn’t a good trading week for Ripple buyers, as the XRP token recorded a massive 42% loss. As a result, the week closed below $0.4255. Notably, the entire week had the token’s price steadily following a huge bearish trend, declining to $0.4018 before climbing back to $0.4123 and terminating there for the week. Notably, most indicators have been engrossed in the oversold zone, implying the possibility of a temporary uptrend. However, the token’s price must create a higher low and higher high to validate this momentum reversal. This also means that the bulls must push XRP’s price up to $0.65 before it can create form a bullish trend. What Are The Odds? Due to the massive decline, one can only expect the XRP token to record a bullish momentum, or bullish mean reversal, temporarily. On the other hand, we can expect it to be short-term, given the present market structure. The technical oscillator’s value shows that the token tested the all-time-low (ATL) in the hourly, daily, and weekly charts. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 It’s also worthy to note that the token’s price is still trading below the 50-day & 100-day Exponential Moving Average (EMA). Thus, a rejuvenated buying pressure would force the price to reach the 50-day Exponential Moving Average before testing the psychological $0.50 mark. On the other hand, a decline in the bearish momentum would cause the coin to continue in a steady decline or downtrend. Should XRP break below the current session’s low value, it’d test Friday’s low at $0.40. Technical Indicators Moving Average Convergence Divergence: The MACD trades underneath the midline with steadily growing bullish momentum. Relative Strength Index: The RSI hovers close to the average line, having no stated directional bias. A Brief On Ripple? Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and a payment gateway. Created by the Ripple Labs, the Ripple crypto project enables users to facilitate payments, cryptocurrency lending, and other financial platforms. While Ripple enables worldwide payments, the XRP token allows users to swap between cryptocurrencies. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Notably, Ripple was established in 2012 by Chris Larsen together with Jed McCaleb. Four years after then, the company purchased BitLicense from New York State to increase the integrity of its XRP token. However, following the global cryptocurrency crackdown, Ripple dropped by over 21% and struggled within that zone for a long time. Featured image from Pexels, chart from

Bitcoin Crypto News

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

MicroStrategy has become a major player in the crypto realm since it began purchasing Bitcoin. Its holdings have seen it solidify its place as the public company with the largest bitcoin holdings in the world. A notable fact is that the company had bought a good chunk of its BTC during the bull rallies of 2021. So as the price of the digital asset has begun to decline, there have been speculations regarding whether MicroStrategy plans to begin dumping its BTC. MicroStrategy Will Not Sell BTC MicroStrategy recently appointed a new Chief Financial Officer, Andrew Kang, who so far looks to be committed to the company’s strategy. The firm has revealed in the past that it would hold its BTC for the long term and had no plans to sell. Kang has reiterated this strategy in a recent interview amid many speculations. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 Kang spoke with The Wall Street Journal where he revealed that MicroStrategy was still committed to holding its bitcoin. More importantly, the CFO explained that the company has not been facing any kind of pressure from its shareholders to actually sell off any of its BTC. BTC starts another recovery trend | Source: BTCUSD on Even with its BTC investment currently in the loss, it remains steadfast in its resolve to hold its Bitcoin. This has also been echoed by CEO Michael Saylor who took to Twitter to assure investors that MicroStrategy will not dump any of its BTC even through the bear market. Adding that the firm continues to stand with bitcoin. BTC Will Be Worth Millions CEO Michael Strategy is a bitcoin maximalist whose personal investment had been one of the basis for convincing the board to invest in BTC. Saylor has always been vocal about the fact that he believes the digital asset will be worth a lot of money in the future, putting it at over a million dollars. Saylor revealed in an interview with Yahoo Finance that he sees the pioneer digital asset touching as high as $1 million in the future. He also called it the “currency of the future” while emphasizing its superiority over other cryptocurrencies in the space. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover As for MicroStrategy, the CEO explained that when it comes to buying BTC, there is no “pricing goal”. He believes that the company will continue to buy the coin at its local peaks. Interestingly, the CEO has also said that he sees the market cap of bitcoin reaching as high as $100 trillion one day. MicroStrategy currently holds 129,218 BTC on its balance sheet. The total entry value for all of its bitcoin is $3.97 billion. While the current value of its holdings is $3.924 billion, putting the company at about $46 million in the loss. Featured image from Onewsonline, chart from Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Bitcoin Crypto News

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020. Bitcoin Net Unrealized Profit And Loss Plunged Down Recently As explained by an analyst in a CryptoQuant post, the NUPL past trend may suggest that current values could be favorable for a rebound in the crypto’s price. The “net unrealized profit and loss,” or NUPL in brief, is an indicator that’s defined as the difference between the current Bitcoin market cap and its realized cap, divided by the market cap. The “realized cap” checks what price each coin on the chain was last moved at, and using these prices it calculates the crypto’s capitalization (while the normal market cap takes the sum of all coins’ value at the current price). What this metric tells us is whether the BTC market participants as a whole are holding a profit or a loss at the moment. When the value of the ratio is above zero, it means the overall market is in profit currently. On the other hand, values less than zero imply holders are carrying a loss right now. Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up  Naturally, the metric being exactly equal to zero suggests the investors as a whole are just breaking even currently. Now, here is a chart that shows the trend in the Bitcoin NUPL metric over the last few years: It seems like the value of the metric has touched into the green zone recently | Source: CryptoQuant As you can see in the above graph, the quant has marked the different zones of the Bitcoin NUPL indicator with different colors. It looks like the ratio has observed some decline recently, and its value has now plunged down into the “green” zone for the first time since the COVID-19 crash. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 In the history of the crypto, there have been multiple instances where shortly after the indicator has touched into this zone, the price has seen an upwards turn. However, there is also the example of 2018, where the Bitcoin NUPL kept moving sideways in the green zone for a long while, until finally the value of the coin observed a sharp plummet, taking the market into loss. It now remains to be seen whether this time the crypto will follow the pattern of a rebound, or if it will show a trend similar to that in 2018. BTC Price At the time of writing, Bitcoin’s price floats around $30.2k, down 1% in the past week. Looks like the price of the crypto has been moving sideways around $30k recently | Source: BTCUSD on TradingView Featured image from, charts from,

Bitcoin Crypto News

More Stress For El Salvador As Bitcoin Dips To $29,000

El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year. The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country? El Salvador And Its Bitcoin El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country’s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value. BTC falls to $28,000 | Source: BTCUSD on The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country’s ability to receive international aid in the form of loans. Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.  It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador’s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this. Related Reading | Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents. On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings. Featured image from Coingape, chart from Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Bitcoin Crypto News

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

On-chain data shows the Bitcoin long-term holder SOPR has recently observed spikes, suggesting that this cohort is still continuing to sell. Bitcoin Long-Term Holder SOPR Spiked Up When Price Crossed $30k As pointed out by a CryptoQuant post, selling pressure in the market still looks to be high as long-term holders are also looking to sell. The “spent output profit ratio” is an indicator that tells us whether the overall market is selling Bitcoin at a profit or loss right now. The metric works by checking the on-chain history of each coin being sold to see what price it last moved at. It then divides the current price (that is, the selling price) with the last price. When the value of this ratio is greater than one, it means investors are, on an average, selling at a profit at the moment. On the other hand, values of the indicator less than one imply that the Bitcoin market as a whole is realizing loss currently. A cohort of BTC investors is the “long-term holder” (LTH) group, who hold their coins for at least 155 days before selling. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping The “LTH SOPR” tells us about profit or loss realization from specifically this group. Here is a chart that shows the trend in this indicator (EMA 144) over the past month: It seems like the value of the metric has observed some spikes recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin long-term holder SOPR (EMA 144) had a couple of spikes in the last few days. One took place on 13th May, while the other occurred on the 18th. During both these instances, the price had crossed $30k shortly before. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 This means that LTHs have been feeling pressure in the current market to realize their profits as soon as the price reaches above $30k. Usually, Bitcoin long-term holders are the least likely cohort to sell. So, selling pressure from this group can prove to be bearish for the crypto’s price. BTC Price At the time of writing, Bitcoin’s price floats around $29.4k, up 3% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the crypto has seen some decline over the past two days | Source: BTCUSD on TradingView Over the past week, Bitcoin has mostly consolidated around the $30k mark, failing to gain any ground above the mark. As long as selling at the level continues, the crypto won’t be able to make any real recovery. Featured image from, charts from,

Crypto News

ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally

ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally. Bearish sentiments are still present across the whole industry and altcoins have also walked along the same price sentiment. Ever since ATOM revisited its all time high in the month of January this year, the coin has struggled to release itself from the grasp of the bears. At the time of writing, Cosmos (ATOM) was the 28th biggest crypto by market capitalisation as seen on CoinGecko. Bitcoin again slid below the $30,000 mark while Ethereum struggled to trade above the $2000 price level. The global cryptocurrency market cap today was at $1.32 Trillion after a fall of 4.6% in the last 24 hours. ATOM Price Analysis: One Day Chart Cosmos (ATOM) was trading for $10.57 at the time of writing. Gradual push from the bears have caused the digital asset to trade below its resistance lines. At press time, the coin was trading close to its immediate support level because the market received a fall in buying strength. Over the last 24 hours, the altcoin registered a sharp fall by 9% forcing the coin trade near the local support. Immediate resistance for ATOM stood at $13.73 and to trade above the same ATOM would need support of the buyers. Volume of the coin traded depicted bearishness which indicates selling momentum rising in the market. Technical Analysis Cosmos (ATOM) invalidated its 8-month long resistance line and that caused sellers to lose confidence on the asset. The coin was trading below the 20-SMA line which meant that sellers were in control of the price momentum. If the coin continues to remain below the 20-SMA line then a bullish revival remains tough for the altcoin. If buyers find a way back into the market then the coin can attempt to trade near the $13 price mark. A rejection from the aforementioned price level will push the coin beneath the $9.42 support level. The coin traded near the $9.40 level last year in the month of July. The Relative Strength Index displayed an uptick because the indicator was seen above the oversold region. Despite recovery, ATOM continues to remain under heavy selling pressure. Related Reading | How Cosmos Could Outgrow Ethereum, Making The Case Cosmos (ATOM) had staged a brief recovery and following that indicators reflected some bullishness. It is too early to say if the altcoin will continue moving in the same direction. Awesome Oscillator depicts the price momentum in the market. The indicator displayed green histograms underneath the zero-line, this reading signifies a sell signal. If sellers act on the sell signal, price could dip further causing the bears to strengthen. Chaikin Money Flow was under the half-line, although the indicator noted an increase in capital inflows over outflows. Despite increase in capital inflows, ATOM’s capital outflows precede its inflows. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key


South Korean Politician Demands Parliament To Investigate TerraUSD’s Collapse

The “People Power Party” representative, a South Korean politician Yoon Chang-Hyeon called a parliamentary hearing on TerraUSD (UST) due to its sudden collapse last week. According to a report from South Korean Newschannel “Newspim” on Tuesday, May 17, at a plenary meeting of the National Assembly’s Political Affairs Committee, Yoon Chang-Hyeon stated; We should bring […]

Altcoins Analysis Bitcoin Blockchain

President Bukele Faces Off With Popular Bitcoin Critics As El Salvador’s Stash Suffers A Beat-Down

President Bukele Has Lost Over $11 Million Trading Bitcoin For El Salvador

El Salvador’s president Nayib Bukele was involved in a fierce war on Twitter early Saturday after long-time Bitcoin critic Mr. Whale suggested that Bukele had lost hope in Bitcoin, removing his laser eyes. In the ensuing exchange, Bukele hit back at Mr. Whale, accusing him of trying to mislead his followers and labeling the claims […]

Crypto News

TerraLabs Sold Over 80,000 BTC To Rescue Its Stablecoin, Luna

The crypto market has experienced many bloodbaths in the past. But last week’s crash had more catastrophic effects on the market than recent bearish trends, mainly on the stablecoins. UST, a stablecoin issued by Terraform Labs, is an example that stunned the crypto world as the coin collapsed and dropped its value from $1 to $0.15 between May 9 to May 14, nearly losing 85% of its value. Afterward, on May 16, the Luna Foundation Guard (LFG) announced on Twitter that they had sold out their Bitcoin (BTC) reserves between May 8 to 10 to rescue its stablecoin. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market It was not the first time a crypto project collapsed. But the previous collapse had not the terrible effects as the stablecoin UST has suffered in the most recent bloodbath. LFG, an organization aimed at supporting the blockchain innovators developing a decentralized economy, revealed its reserves of 80,394 BTC and other digital currencies it held as of May 07, 2022. The Foundation reportedly began converting its assets into reserves against UST on May 8, 2018, when UST’s price fell significantly. It took these steps immediately since it is a non-profit firm with a primary motto to strengthen Terra’s ecosystem.  Similarly, the firm explained it quickly shifted the asset by transferring the digital assets to a counterparty, which does not require short notice to allow large-sized transactions. LFG Strives To Maintain Luna Peg In line with the Master Services Agreement that was inked on January 10, 2022, TerraForm Labs (TFL), on May 10, said it managed to execute all financial, administrative, and operational duties that were needed to back its coin when the value of Terra’s $UST had decreased to $0.75. In its desperate attempt to maintain the value of the peg, TerraLabs, relying on the LFG, had carried out the following BTC exchange besides others. “LFG sold 33,206 $BTC for an aggregate 1,164,018,521 $UST.” Speaking about the remaining 313 BTC in circulation, the Luna Foundation has announced that it plans to distribute them among Terra’s community to reimburse affected users. The LFG revealed in a tweet; The Foundation is looking to use its remaining assets to compensate remaining users of $UST, smallest holders first. We are still debating through various distribution methods; updates to follow soon. Suffering the effect of collapse, the Luna made the deepest dive on Saturday when it sniffed the bottom. Afterward, the volatile token skyrocketed and gained a whopping $720% in just 24 hours, reaching its value at $0.00040154. Likewise, Luna’s trading volume surged 1000% after the TFL restarted its block production after a 9-hour halt. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On As things stand now, it’s hard to speculate whether or not the Terra network can recover from such a huge loss. But, the recent gains give frustrated investors momentary ease. And it remains to see whether the token will have the potential for full-fledged recovery. Featured image from Pixabay and chart from