Crypto News

Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL

Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound. Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood. Whale Move Dogecoin To Robinhood The @DogeWhaleAlert account, which monitors large Dogecoin transfers, has discovered two transactions totaling more than 100 million Dogecoins. The two DOGE lumps had a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made via the renowned Robinhood trading program, which allows users to invest in equities as well as cryptocurrency such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other prominent coins. 🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 139,261,848 $DOGE ($11,625,997 USD) was transferred from an unknown wallet to a #Robinhood wallet. Fee: 0.756 ($0.063 USD) Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews — Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022 Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723. However, the coin has started to recoup some of its losses, climbing 9.47 percent as of press time. DOGE is now trading at $0.0793 on the Binance market. Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales DOGE Plummets Since Musk’s Endorsement DOGE has plummeted 90% since reaching a historic high on May 8 last year. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL). DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView However, the presence of Tesla CEO Elon Musk on American television triggered a large selloff, and the token sank to $0.45 three days later. Musk has long been a supporter of Dogecoin, frequently promoting it in his tweets and boosting its value. However, as time passed, these tweets began to have little or no effect on the Dogecoin price. Tesla, the electric car company, began accepting the meme coin as payment for certain items in its online store in January 2022. Musk responded by saying it was an experiment and that he would see how it went. Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means Featured image from UnSplash, chart from TradingView.com  

Altcoins

Here’s What’s Next for Solana (SOL) and Red-Hot Altcoin STEPN (GMT), According to Crypto Strategist

A closely followed crypto analyst is outlining what’s ahead for Ethereum rival Solana (SOL) and move-to-earn protocol STEPN (GMT). In a strategy session, DonAlt warns holders of smart contract platform Solana that SOL looks bearish on the high timeframe charts after converting weekly support at $140 into resistance. According to DonAlt, the price action suggests […]

The post Here’s What’s Next for Solana (SOL) and Red-Hot Altcoin STEPN (GMT), According to Crypto Strategist appeared first on The Daily Hodl.

Altcoins Ethereum

Whales Are Quiety Accumulating ApeCoin, Loopring and Five Additional Ethereum-Based Altcoins, According to WhaleStats

Ethereum’s richest bagholders have been shuffling their altcoin stacks as ETH and the overall crypto markets teeter. According to data from whale-monitoring platform WhaleStats, Apecoin (APE), a token airdropped to members of the Bored Ape Yacht Club non-fungible token (NFT) community, is the most purchased altcoin among the biggest Ethereum whales at time of writing, […]

The post Whales Are Quiety Accumulating ApeCoin, Loopring and Five Additional Ethereum-Based Altcoins, According to WhaleStats appeared first on The Daily Hodl.

Bitcoin Crypto News Ethereum

Bitcoin Tumbles Below $36K, Altcoins In Red Too

The crypto market has turned red even after the latest FOMC meeting. Bitcoin inches towards the $35,511 mark, and altcoins are getting a beating too. Bitcoin responded to the Federal Reserve’s 50 basis-point interest rate hike by dropping more than 10% in one day, its most significant decline in two months. Related Reading | Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back? Most of the crypto market was up early today, with bitcoin hitting $40,000 after yesterday’s Federal Reserve meeting. Other cryptocurrencies that performed well in the early hours are Cardano, Solana, Polkadot, and Avalanche. The afternoon market dived, and all cryptocurrencies, including Bitcoin, recorded a significant decline. BTC fell 10%, while altcoins also saw a considerable fall.  The second-largest cryptocurrency Ethereum fell by 7.8%; other altcoins also had a major decline. For example, DOGE had dropped 5.4% in the last 24 hours while SAND was down 11.8%. As the cryptocurrency landscape was bearish last week following a rejection at $40,000, it quickly returned below that level and kept losing value. This resulted in an almost two-month low of under $35,511 per coin. Yesterday, it was reported that the asset failed to stay above $39,000 and eventually fell below $38,000 again. Bitcoin was trading at around $38,500 before the FOMC meeting. The Fed Chair Jerome Powell said the institution would raise the interest rates by 50 basis points (instead of the expected 75).  This news caused the stock market to go up. Bitcoin also jumped to an intraday high of $40,000. As per Jarvis Labs: (…) the fair price scanner started showcasing potential local bottoming after alerts last night. However, they predict FOMC/trad-fi is more likely to play along for a market relief current week. Any slight dovishness sign and we might see the follow-up. And if not, then further crab or a drop hard. Volatility could go either way. U.S Stock Market Affecting Bitcoin Price Unfortunately, the stock market could not hold the spike and started a downtrend. Bitcoin also followed the US stock rally and lost more than 10% of its value. This brings its total market cap above $692.6 billion. Cryptocurrencies are being affected by the same trend as stocks. Investors seem to be selling off their stocks, causing a “risk-off” trade. This has caused the market for cryptocurrencies to go down sharply. Despite the several positive news like a DDoS attack against a cryptocurrency busted, Congress is considering allowing companies to include cryptocurrencies in their 401(k) plans; the falling stock market is pulling cryptocurrency values down with it. In addition, the volatility of tokens means that when the stock market goes down, the losses are generally more severe in the crypto market. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up Cryptocurrencies are constantly changing. Thursday’s changes seem regular. People who invest in cryptocurrencies might understand that the value of these investments can go up and down drastically. However, as things stand, what has changed in the last six months is that stock market values have started affecting cryptocurrency values. Featured image from Pixabay and the chart from Tradingview.com

Bitcoin Crypto News

One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

Bitcoin price bounced to the tune of 5% following yesterday’s Federal Reserve meeting. However, the move has almost fully retraced. What’s interesting about the situation, is that traders at one particular platform could have seen this coming a lot more clearly, while others might have suffered a fake out. Here is a closer look at a comparison between BTCUSD spot index price charts and BTC CME Futures that puts a spotlight on the strange discrepancy. We also shed some light on how to possibly take advantage when these instances occur. Why You Can’t Ever Sleep On Crypto Markets The crypto market never sleeps. It trades night and day, 24/7 days a week. Even stock market futures take a break for short periods. But when it comes to CME Group’s BTC futures contracts, it more closely follows the stock market’s trading hours. CME takes a break from Friday to Sunday evening. If Bitcoin price moves substantially during the time the trading desk is offline, it will leave a gap on its chart that regularly becomes a target that gets “filled” in the following days. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Because certain spot market trading days are missing from the CME BTC futures chart, certain technical indicators can produce minor deviations. More often than not, these minor discrepancies are early signs that a fake out is coming. Need proof? In the chart below, we’ve compared the BTCUSD spot price index, BTC CME futures, and SPX futures. Bitcoin’s spot index produced a bullish crossover of the LMACD yesterday, while the CME chart remained bearish. Interestingly, the CME chart more closely mimics the popular US stock market index. BTC CME futures performs more on par with the stock market | Source: BTCUSD on TradingView.com How To Potentially Predict Bitcoin Fake Outs Using Spot Vs CME Comparison The LMACD – the logarithmic version of the Moving Average Convergence Divergence indicator – is considered a lagging indicator. For this reason, bullish or bearish crossovers are typically considered reliable signals to take or close a position. It isn’t clear if the discrepancy above happened naturally due to the missing trading days from the chart, or if something else was at play. The crossover appears to have been used as a bull trap, clearing out any last minute longs. Momentum on the daily is currently bearish again, so there is risk of continued downside until it turns up again. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet Traders need not ditch the indicator altogether, but instead can use such discrepancies between the two indicator’s performance to try and predict when fake outs, stop runs, or other nasty moves will occur. The last time the LMACD produced a false signal on spot exchanges, yet not on the CME BTC chart, was the exact peak in November 2021. Is there a chance this latest fake out is a sign the bottom is in, or is it merely suggesting more downside ahead? The missing bullish crossover called the top in November 2021 | Source: BTCUSD on TradingView.com Bitcoin bulls must push momentum back in their favor on daily timeframes, and follow through with enough strength to force higher timeframes to follow. 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