Bitcoin Crypto News

Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated

The latest recovery rally in the price of Bitcoin has now slowed down as on-chain data shows signs of dumping from whales. Bitcoin Exchange Whale Ratio Continues To Be At High Values As pointed out by an analyst in a CryptoQuant post, BTC whales are sending their coins to exchanges at the moment. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten transactions to exchanges and the total Bitcoin exchange inflows. In simpler terms, this metric tells us how the whale transactions (that is, the ten biggest transfers) compare with the total amount going into exchanges. If the value of this ratio is high, it means whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these whales, and thus can be bearish for the crypto’s price. Related Reading | Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K On the other hand, low values of the indicator imply whales are making up a healthy part of the inflows currently. This trend can prove to be either neutral or bullish for the value of BTC. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last few months: The 72-hour MA value of the metric seems to have been high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has stayed at pretty high values in recent days. Generally, the indicator’s value remains less than 0.85 during bull markets, while it stays at higher values than that in bear market periods. Related Reading | Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive The current value of the ratio is above 0.90, which means more than 90% of the exchange inflow is from the ten largest transactions right now. This can be a hint that whales are dumping at the moment. Bitcoin attempted a recovery rally over the last few days after hitting the low below $18k, but the run has now slowed down as the value of the coin now looks to be moving sideways. This halt in the move may possibly be because of selling from whales that the exchange whale ratio is signaling right now. BTC Price At the time of writing, Bitcoin’s price floats around $20.7k, down 2% in the last seven days. Over the past month, the crypto has lost 31% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been consolidating sideways over the past few days | Source: BTCUSD on TradingView Featured image from Fábio Hanashiro on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

Has Bitcoin Hit Bottom Yet? Here’s What On-Chain Data Says

Bitcoin continued to crash down yesterday, with the coin hitting as low as $21k before rebounding to current values. Has the crypto made the bottom yet? Bitcoin NUPL Indicator Assumes Negative Values For First Time Since 2020 As pointed out by an analyst in a CryptoQuant post, the NUPL metric has declined below zero, which could be a sign that the crypto may be approaching a bottom. The Bitcoin “net unrealized profit and loss” (NUPL) is an indicator that’s defined as the difference between the market cap and the realized cap, divided by the market cap. In simpler terms, what this metric tells us is whether the overall market is currently holding an unrealized profit or a loss. When the NUPL’s value is greater than zero, it means the investors as a whole are in a state of profit at the moment. On the other hand, values of the metric less than zero imply the Bitcoin market as a whole is now holding an unrealized loss. Now, here is a chart that shows the trend in the BTC NUPL over the last few years: The value of the indicator seems to have plunged down recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin NUPL has sharply decreased in value over the past couple of days as the price of the crypto has observed a crash. The indicator now has a negative value, suggesting that the overall BTC market is now holding some unrealized loss. Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes The last time the indicator dropped this low was back in March 2020, following the crash caused by the onset of COVID-19. Historically, Bitcoin has approached a bottom whenever the NUPL metric has reached a negative value of around 0.2. This is because as the indicator decreases further in value, investors start going deeper into red, and the motive to sell starts dying down. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? While the Bitcoin NUPL has now gone below zero, the metric’s value is still larger than it was during the previous bottoms. So, if a similar trend as those past instances follows now as well, then BTC may have room to decline further still before the bottom is in. BTC Price At the time of writing, Bitcoin’s price floats around $22k, down 33% in the last seven days. Over the past month, the crypto has lost 27% in value. The below chart shows the trend in the value of the coin over the last five days. The price of BTC has crashed down over the last few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Crypto News

NFTs will Improve the Real Estate Industry

With a market value of over $40 billion, the NFT industry is among the fastest-growing sectors in the world. The industry started with digital artists selling standalone pieces of their art, and today it has grown into an industry swarming with thousands of projects that have the potential to transform the world’s major industries. In a few short years, the NFT market entered a neck-to-neck competition with the global art industry and is on its way to disrupting the gaming, fashion, global supply chain, and metaverse sectors. Even in the realm of finance, financial NFTs are finding creative ways to solve some of the most pressing problems of digital assets. NFTs are now entering and disrupting the $34 trillion global real estate market. With the ability to represent unique ownership and allow immediate transfers, NFTs in real estate are transforming real estate transactions into an open market for worldwide and instantaneous transactions. In this regard, LiquidEarth, is creating the first-of-its-kind real-estate NFT marketplace and peer-to-peer lending platform. How NFTs Transform Real-Estate NFTs are the by-products of blockchain technology, similar to cryptocurrencies, but what makes them unique is their non-fungibility. On Ethereum, NFTs follow the ERC-721 standard and are minted through smart contracts. These smart contracts assign a unique hash code to each NFT that acts as an identifier and cannot be replicated. NFTs can have only one owner at any given time and the hash code makes it possible to trace the owner at all times. It’s these features that are utilized in the LiquidEarth real estate NFT marketplace. LiquidEarth is a platform that tokenizes real-world assets as unique tradable NFTs that represent true ownership of the property, and up to date appraisal value. The platform is among the first in the industry to integrate real estate with NFTs to enable seamless buyer-seller interactions. This integration digitizes property ownership which retains all the legal rights and protections offered by traditional ownership. The issued NFT can then be redeemed for the actual deed and other closing documents of the underlying property. Platform users can buy and sell property instantly using a range of cryptocurrencies including USDC, Ethereum, Algorand, Avalanche, and others. This means the whole process of buying and selling property becomes simpler and faster. Moreover, purchasers who were previously confined to buying real estate within their geographical area can now easily purchase properties across the globe. LiquidEarth has a goal of bringing in over $100 billion into the crypto markets through real-estate NFTs. Over time, buying and selling property in the form of NFTs is also more affordable and sustainable to buyers and sellers. LiquidEarth users can save up to 4% of the property’s value while purchasing it as an NFT. To prevent property theft, loss, or fraud, there are multiple security measures in place in the marketplace including KYC/AML, and a clawback mechanism to return the NFT to the true owner. LiquidEarth is rolling out some innovative features this year. Users will get access to the first-ever real-estate backed NFT leverage platform that allows them to borrow against their NFT or their crypto holdings to buy NFT properties on the marketplace. The company will also introduce staking economics to encourage users to stake their NFTs and earn tokens. Users will be able to sell or trade their NFTs while they are still staked on the platform and accruing value. LiquidEarth is the first of its kind in the real-estate industry and can prove to be the next step in the evolution of the world’s biggest asset class. Market Integration At over $325 trillion, the value of real estate assets across the globe have not been integrated with the crypto industry. With the introduction of NFTs, one of the most valuable and stable asset classes is poised for a complete change of course. Companies like LiquidEarth are opening new dimensions altogether in the real estate market by integrating with the crypto market. By allowing seamless interaction between buyers and sellers, the project aims to change the very makeup of real estate by bringing in new participants via instantaneous real estate transactions. These innovative assets will create new opportunities and a level playing field where buyers, sellers, and agents can buy and sell properties with ease.   Image by Sebastian Wagner from Pixabay

Altcoins

Solana, Dogecoin and This Type of Crypto Asset Are Top Altcoins To Accumulate in Bear Market Bottom, According to Popular Analyst

A closely followed crypto strategist is unveiling his top altcoin picks in preparation for a bear market bottom. In a new strategy session, pseudonymous trader DonAlt warns altcoins can still go down between 50% to 70% from current prices. The trader also says he’s already eyeing a number of crypto assets for when Bitcoin (BTC) […]

The post Solana, Dogecoin and This Type of Crypto Asset Are Top Altcoins To Accumulate in Bear Market Bottom, According to Popular Analyst appeared first on The Daily Hodl.

Crypto News

5 Ways that Blockchain is Reshaping the Betting Business

If there’s one takeaway that society has gained from the betting industry, it’s that traditional casinos are not designed to favor the bettor—the house always ends up winning. At the end of the day, a casino is simply a business, and like any other business, it is designed to ensure profitability. The reality is, traditional casinos have a slew of built-in advantages to ensure that it always comes out on top, not their customers. This is known as the “house edge” and represents the average gross profit the casino expects to make from each game. The more users play, the greater the odds are that the result of their play will match up with the house edge—and that they will lose money. This house edge vastly varies among the different casino games, with blackjack being the lowest and keno the highest. In 2013, The Wall Street Journal gained access to a private casino database, discovering that only 13.5% of bettors end up winning. Bettors getting taken advantage of by casinos is a culture that unfortunately continues to be the reality for traditional betting. However, the emergence of blockchain technology aims to change this by giving the power back to the user. Players who bet on the blockchain can bet against one another in eSports, regular sports, and other games without going against the house. While emerging metaverse casinos hold a lot of similarities to traditional casinos, there are also some notable differences. More options One of the first advantages of metaverse casinos instead of traditional casinos is the range of games available. Bettors will not only be able to bet on blackjack, slots, and roulette. Take the new metaverse casino Planet Maya for example. Planet Maya has raised an undisclosed amount from some of the top players in web3 at a staggering valuation. The platform, which aims to become the world’s first collaborative and decentralized online casino metaverse, hosts over eight categories of games, including hundreds of sub-categories, from poker, binary sports, esports betting, racing, and many more. Endless experiences Not only will metaverse casinos have endless betting opportunities, but they’ll also have a limitless pool of live experiences to immerse themselves in. Planet Maya plans on giving users the option of experiencing live entertainment such as concerts and stand-ups, live sports, esports championships, and boxing matches via the immersive experience of virtual reality. Convenience Not only will the Metaverse make betting more diverse for users, but it will also make the activity simpler. From signing in to playing online games to sitting through betting sessions. The entire experience will be delivered via a virtual headset in an immersive, true-to-life experience where users can walk around without being bound to their chairs. Transparency It’s no secret that online poker allows users an advantage by not being able to display their poker faces. The metaverse allows for reality to set in here since users can move their avatars around and have real-life simulations of body language. This way, it’s much easier for players to gauge their opponents. The transparency of blockchain allows bettors to verify the odds prior to setting bets. Its immutability of it means the odds cannot be rigged or changed mid-bet, unlike most online casinos. Security Within the transparency of blockchain is the power of privacy. Through the anonymity blockchain offers, casino metaverses are able to offer the most privacy users can get. Finally, one of the key differentiators between traditional casinos and metaverse casinos is the payment method. Metaverse casinos mainly cater to cryptocurrency transactions, allowing for much faster, cheaper, and more secure payments to online casinos. No more running to the concierge to convert cash for tokens; betting in the metaverse makes transactions not only more secure but also decentralized and free from a single authority. Up until the dawn of the metaverse, casinos in both real-life and online traditionally have had one goal, to profit from players. The emergence of DeFi and blockchain technology is giving rise to a new form of betting where players can have not only more diverse experiences but also more security, transparency, and choice.

Bitcoin Crypto News

‘Pharma Bro’ Martin Shkreli Traded Crypto Behind Bars – Here Are Some Reactions

Martin Shkreli, the so-called “Pharma Bro” who gained notoriety for jacking up the price of the life-saving medicine Daraprim by more than 5,000 percent, is very optimistic about DeFi. The former hedge fund manager and convicted felon discussed cryptocurrency and the decentralized exchange network Uniswap from a federal jail after his release. Shkreli, affectionately dubbed as […]