Bitcoin Crypto News

Bitcoin Records Worst Performance For June, Will It Get Better From Here?

Bitcoin performance for the month of June has been nothing short of unremarkable so far. Being a market leader, the other cryptocurrencies in the market have mirrored its movements for the month, leading to massive losses across the board. However, the numbers for June are in and it shows that bitcoin’s performance for the month has been worse in comparison to its altcoin counterparts. Bitcoin Performance Staggers Performance all across the board has been terrible. So far, all of the indexes have come back with double-digits in losses for the month of June, and that is in addition to the subpar performance the market had seen in the prior month. But instead of the expected small cap altcoins returning the worst of the losses, bitcoin has barreled to the forefront to register more losses than any other index. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? The pioneer cryptocurrency saw losses touch as high as -35% as the month draws to an end. This has resulted in a decline in the dominance of bitcoin over the broader market after recovering to 48% in early June. BTC dominance is now sitting at 43.69% according to data from TradingView.com. BTC records wost performance for June | Source: Arcane Research Mostly the losses have stemmed from the liquidations of large players in the space. The losses recorded in bitcoin can however be attributed to the fact that creditors focus their efforts on more liquid coins like bitcoin. Thus the losses are more pronounced in the digital asset. Altcoins Suffer In Tandem Although the altcoins in the space have not recorded as many losses as bitcoin, they have seen high losses too. The large cap index is one that follows bitcoin very closely. Hence, the decline in BTC’s price tends to be more pronounced in these digital assets. It is also due to creditors liquidating these coins first due to their high liquidity. So far, the large cap index is down -33% in the same time period. BTC drops to low $20,000s | Source: BTCUSD on TradingView.com The mid and small cap indexes have done much better compared to their larger counterparts. Their losses still range into double-digits but creditors have held off on liquidating these cryptocurrencies. This is because they tend to be more illiquid and are therefore pushed to the back burner in favor of larger ones such as Bitcoin and Ethereum. The mid and small cap indexes have recorded losses of -24% and -22% for the month of June alone. Related Reading | Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet However, it is not a good prognosis for these small cap altcoins. Given that sell-offs in coins such as bitcoin and Ethereum are nearing an exhaustion point, creditors will turn their attention to smaller altcoins too. And given the fact that they possess less liquidity, liquidations in these digital assets will lead to larger declines in price. Featured image from Film Daily, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Altcoins

Coin Bureau Names Potential ‘Future Gems,’ Including Avalanche (AVAX), Helium (HNT) and Two More Altcoins

A popular analyst known for taking deep dives into crypto projects is revealing a few altcoins that he thinks may soon be the future gems of the next bull market. In a YouTube update, the pseudonymous host of Coin Bureau known as Guy reveals that he plans to ride out the extended bear market cautiously […]

The post Coin Bureau Names Potential ‘Future Gems,’ Including Avalanche (AVAX), Helium (HNT) and Two More Altcoins appeared first on The Daily Hodl.

Altcoins Ethereum

Crypto Venture Capitalist Says Solana (SOL) Going Through Same Bear Phase As Ethereum (ETH) in 2018

One crypto veteran says Solana (SOL) is currently going through a similar phase to what Ethereum (ETH) experienced four years ago. Crypto venture fund Variant co-founder Spencer Noon tells his 112,100 Twitter followers Solana’s current issues won’t matter a few years down the road. “It feels to me like SOL is going through a similar […]

The post Crypto Venture Capitalist Says Solana (SOL) Going Through Same Bear Phase As Ethereum (ETH) in 2018 appeared first on The Daily Hodl.

Bitcoin Crypto News

Tracking Whales, What This Bitcoin Divergence Could Hint About BTC’s Price

Bitcoin is trending downside on lower timeframes and seems to hint at future losses. The number one crypto by market cap records a 3% loss in the past week, but there is a potential sign of hope for the bulls. Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours. As a pseudonym trader pointed out, Bitcoin whales are currently buying into BTC’s price action and could be hinting at a future relief bounce. The trader used data provided by Material Indicators to show what the different investors’ classes are doing while BTC records losses. As seen below, investors with bid orders of about $100,000 (purple in the chart below) have increased their buying pressure as almost every other and smaller investor class sells into this price action. This divergence could hint at a bounce as these BTC whales often anticipate or create price trends. The pseudonym trader explained: Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time. Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC’s current levels. In that sense, Material Indicators records massive bid orders for BTC’s price around this area from $19,900 to $20,000. There are over $20 million in bid order on these levels alone with an additional $6 million at around $19,500, and over $10 from $19,000 to $19,000. In other words, there seems to be enough liquidity for Bitcoin to hold at its current levels for the time being. Can Bitcoin The Bitcoin Bulls Score A Green Monthly Candle At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls’ attempts to save the monthly candle. Analysts from Material Indicators wrote: Bulls are defending the 2017 Top, but with one day to go it’s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon. Related Reading | Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500. Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com/hvs1as44qG — Material Indicators (@MI_Algos) June 28, 2022

Bitcoin Crypto News

Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic

The current streak of extreme fear is already the longest ever in crypto history, and it’s continuing on still. Here’s a recap of the major events responsible for this bottom sentiment. Crypto Fear And Greed Index Continues To Point At “Extreme Fear” The “fear and greed index” is an indicator that tells us about the general market sentiment among crypto investors. The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. All values below the fifty mark imply a fearful market, while those above the threshold mean investors are greedy right now. End values of above 75 and below 25 indicate extreme sentiments of “extreme greed” and “extreme fear,” respectively. Now, here is a chart from the latest weekly report from Arcane Research, that shows the trend in the crypto fear and greed index over the past year: Looks like the value of the indicator has been very low in recent weeks | Source: Arcane Research’s The Weekly Update – Week 25, 2022 As you can see in the above graph, the current value of the crypto fear and greed index is 10, which suggests the market is extremely fearful at the moment. This run of extreme fear has been going on since more than two months now, and it’s the longest ever such streak in the history of the metric. Related Reading | What Is Bitcoin CFD and How Can It Make You a Profit Even before this latest run of extreme fear, the market sentiment wasn’t particularly well during the rest of 2022. However, it wasn’t still quite as rock bottom as the current streak. So, what’s behind this historically low sentiment? There are a number of market conditions that have lead to it and that are continuing to keep it so. The first event of note is the UST collapse in May. A large stablecoin like Tether USD losing its peg put fear and uncertainty into many investors in the market. Another is the looming macro uncertainties over the market like the possibility of FED hiking rates and the various governments around the world tightening regulations. Related Reading | Bitcoin “Reserve Risk” Metric Approaches All-Time Lows These above factors snowballed into a bottom sentiment and lead to larger consequences over the entire crypto market in the form of the crash. A byproduct of the latest crash was the collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund. Another was the lender company Celsius halting withdrawals and potentially heading towards bankruptcy. Such negative news is keeping the fear and greed index from recovering from these historic lows. Like a vicious cycle, bad news is leading to more bad news and further fueling the extreme fear sentiment. BTC Price At the time of writing, Bitcoin’s price floats around $20k, down 1% in the past week. BTC plunges down | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research