Bitcoin (BTC) support at the $30,000 level has proven to be quite resilient amidst the turmoil of the past two weeks with many tokens in the top 100 now showing signs of consolidation after prices bounced off their recent lows.

Fear & Greed Index. Source: Alternative.me

During high volatility and sell-offs, it’s difficult to take a contrarian view and traders might consider putting some distance from all the noise and negative news-flow to focus on their core convictions and reason for originally investing in Bitcoin.

Several data points suggest that Bitcoin could be approaching a bottom which is expected to be followed by a lengthy period of consolidation. Let’s take a look at what experts are saying.

BTC may have already reached “max pain”

The spike in realized losses by Bitcoin holders was touched on by ‘Root’ a pseudonymous analyst who tweeted the following chart and said realized losses are “reaching bear market highs.”

Bitcoin realized profit/loss. Source: Twitter

While previous bear markets have seen a greater level of realized losses than are currently present, they also suggest that the pain could soon begin to subside, which would allow Bitcoin to begin the slow path to recovery.

Analysts have also pointed out that “Bitcoin’s RSI is now entering a period that has historically preceded outsized returns on investment for long-term investors.”

BTC/USD RSI. Source: Twitter

According to Rekt Capital,

“Previous reversals from this area include January 2015, December 2018, and March 2020. All bear market bottoms.”

Strong hands hold firm

Additional on-chain evidence that Bitcoin may soon see a revival was provided by Jurrien Timmer, Global Director of Macro at Fidelity. According to the Bitcoin Dormancy Flow, a metric that displays the dormancy flow for Bitcoin that “roughly speaking is a measure of strong vs. weak hands.”

Bitcoin dormancy flow. Source: Twitter

Timmer said,

“The entity-adjusted dormancy flow from Glassnode is now at the lowest level since the 2014 and 2018 lows.”

One metric that suggests that the weak hands may be nearing capitulation is the Advanced NVT signal, which looks at the Network Value to Transactions Ratio (NVT) and includes standard deviation (SD) bands to identify when Bitcoin is overbought or oversold.

Advanced NVT signal. Source: LookIntoBitcoin

As shown on the chart above, the advanced NVT signal which is highlighted in light blue is now more than 1.2 standard deviations below the mean, suggesting that Bitcoin is currently oversold.

Previous instances of the NVT signal falling below the -1.2 SD level have been followed by increases in the price of BTC, although it can sometimes take several months to manifest.

Related: Bitcoin price predictions abound as traders focus on the next BTC halving cycle

Hash rate hits a new all-time high

Aside from complex on-chain metrics, there are several other factors that suggest Bitcoin could see a boost in momentum in the near future.

Data from Glassnode shows that the hashrate for the Bitcoin network is now at an all-time high, indicating that there has been a substantial increase in investments in mining infrastructure with the most growth happening in the United States.

Bitcoin mean hash rate vs. BTC price. Source: Glassnode

Based on the chart above, the price of BTC has historically trended higher alongside increases in the mean hash rate, suggesting that BTC could soon embark on an uptrend.

One final bit of hope can be found looking at the Google Trends data for Bitcoin, which notes a spike in search interest following the recent market downturn.

Interest in searching for Bitcoin over time. Source: Google Trends

Previous spikes in Google search interest have largely coincided with an increase in the price of Bitcoin, so it’s possible that BTC could at least see a relief bounce in the near future if sidelined investors see this as an opportunity to scoop up some Satoshis at a discount.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By Jordan Finneseth

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Pizza DAO, the decentralized blockchain project seeking to unite the global community of pizza fanatics with the technological potential of Web3, are celebrating Sunday’s Bitcoin Pizza Day in authentic style.

On Sunday, the project will host commemorative events at 100 pizzerias in over 75 countries around the world, including the United States, Argentina, South Korea, Ethiopia, Australia, Canada and the United Kingdom, and more.

Alongside a nonfungible token (NFT) drop and charitable campaign, the events will attract a number of supporters including 13-time World Pizza Champion Tony Gemignani, Seth Green, Steve Aoki, the Dogecoin team, and comedians Cheech and Chong, among others.

Bitcoin Pizza Day has become a permanent fixture and cultural highlight in the crypto calendar since the 2017 bull market resurrected and glorified the tale of misfortune from the blockchain archives.

On May 22, 2010, Laszlo Hanyecz’s published a 153-word post on the Bitcoin Talk message board requesting for someone to either home cook and deliver, or simply pick up two large pizzas from a nearby takeout, stating:

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day […] If you’re interested please let me know and we can work out a deal.”

The Jacksonville, Florida native was very particular about his topping requirements, writing: “I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc., just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.”

User ender_x tried to persuade Hanyecz that his money could be better spent elsewhere, stating: “10,000… That’s quite a bit.. you could sell those on https://www.bitcoinmarket.com/ for $41USD right now..”

But Hanyecz was persistent in his endeavor and finally — seven hours later — successfully traded 10,000 Bitcoin (BTC) for the pizzas. A “great milestone reached” one user replied.

At the time of writing, almost twelve years to the day, that pizza transaction is worth $298 million.

Source: Laszlo Hanyecz

Related: We Have All Had A ‘Pizza Day Moment’ — What’s Yours?

Hanyecz’s story financially epitomizes the parabolic growth of Bitcoin and the entire sector across the past decade, but aside from its entertainment and comedic value, for many market participants, it represents the necessity for humility and appreciation as well as conviction in early adoption. 

Cointelegraph spoke to Snax, the founder of PizzaDAO, for a broader insight into their intentions and ambitions in celebrating the monumental day: 

“Web3 is an opportunity to reinvent our financial realities on planet earth, to build consensus, and to dream big. What better way to practice worldwide teamwork than to throw a global pizza party together?”

PizzaDAO will seek to bring “local independent businesses on-chain” through the utilization of their open-source Pizzanomics crowdfunding model. A generation nonfungible token (NFT) collection denoting different variations of pizza boxes released by Rare Pizzas will fund the events.

The project was recently featured in Cointelegraph’s Market Report by Benton Yaun, the creative lead at CT Studio, as one of the five most prominent decentralized autonomous organizations (DAOs) in the space.

American actor Seth Green, known for starring in movies such as Austin Powers and The Italian Job as well as being the voice of Chris Griffin on Family Guy, among other producing and writing roles, is an advocate of PizzaDAO and will be one of the event’s most influential supporters.

In conversation with Cointelegraph, Green excitedly stated that: “I’m all for things that bring people together, and pizza is one of those things. Helping throw a global pizza party that everyone can share? I’m here for it!” 


Cointelegraph By Tom Farren

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Over the past nine days, Bitcoin’s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Nasdaq Composite stock market index plunged 4.7% on May 18.

Disappointing quarterly results from top United States retailers is amping up recession fears and on May 18, Target (TG) shares dropped 25%, while Walmart (WMT) stock plunged 17% in two days. The prospect of an economic slowdown brought the S&P 500 index to the edge of bear market territory, a 20% contraction from its all-time high.

Moreover, the recent crypto price drop was costly to leverage buyers (longs). According to Coinglass, the aggregate liquidations reached $457 million at derivatives exchanges between May 15 and May 18.

Bulls placed bets at $32,000 and higher

The open interest for the May 20 options expiry is $640 million, but the actual figure will be much lower since bulls were overly-optimistic. Bitcoin’s recent downturn below $32,000 took buyers by surprise and only 20% of the call (buy) options for May 20 have been placed below that price level.

Bitcoin options aggregate open interest for May 20. Source: CoinGlass

The 0.66 call-to-put ratio reflects the dominance of the $385 million put (sell) open interest against the $255 million call (buy) options. However, as Bitcoin stands near $30,000, most put (sell) bets are likely to become worthless, reducing bears’ advantage.

If Bitcoin’s price remains above $29,000 at 8:00 am UTC on May 20, only $160 million worth of these put (sell) options will be available. This difference happens because a right to sell Bitcoin at $30,000 is worthless if BTC trades above that level on expiry.

Sub-$29K BTC would benefit bears

Below are the three most likely scenarios based on the current price action. The number of options contracts available on May 20 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

Between $28,000 and $29,000: 300 calls vs. 7,100 puts. The net result favors the put (bear) instruments by $190 million.Between $29,000 and $30,000: 600 calls vs. 5,550 puts. The net result favors bears by $140 million.Between $30,000 and $32,000: 1,750 calls vs. 3,700 puts. The net result favors the put (bear) instruments by $60 million.

This crude estimate considers the put options used in bearish bets and the call options exclusively in neutral-to-bullish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a put option, effectively gaining positive exposure to Bitcoin above a specific price, but unfortunately, there’s no easy way to estimate this effect.

Bulls have little to gain in the short-term

Bitcoin bears need to pressure the price below $29,000 on Friday to secure a $190 million profit. On the other hand, the bulls’ best case scenario requires a push above $30,000 to minimize the damage.

Considering Bitcoin bulls had $457 million in leverage long positions liquidated between May 15 and May 18, they should have less margin required to drive the price higher. Thus, bears will try to suppress BTC below $29,000 ahead of the May 20 options expiry and this decreases the odds of a short-term price recovery.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.




Cointelegraph By Marcel Pechman

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In a bid to combat illegal activity and “regulatory arbitrage,” a Swiss-based think tank has urged greater international cooperation on cryptocurrency regulation.

On Monday, the Basel Institute of Governance and the International Academy of Financial Crime Litigators released a paper calling for further coordinated action against unlawful crypto-markets. Among the proposed solutions are greater cooperation between jurisdictions, as well as the creation of worldwide standards for cryptocurrency regulation.

According to the paper, investigators who work with cryptocurrency should invest in learning approaches and technologies that are contemporary with evolving criminal organization techniques. Also, it recommended judicial authorities come up with new methods for prosecuting virtual asset-based money laundering.

Crypto regulation has been a contentious issue in the industry, with some arguing that it stifles innovation, while others believe that it is necessary to protect investors and crackdown on crime.

The recommendations follow the comments by U.S. Financial Crimes Enforcement Network (FinCEN) acting director Him Das in early April when he said that the agency’s existing abilities are not appropriate for the types of threats we’re seeing with cryptocurrency.

In the United Kingdom, experts have pointed out that financial regulators are using laws that are more than 20 years old to combat crypto-laundering, as the government promises enhanced financial system protection through the recently introduced Economic Crime Bill.

Related: Crypto needs regulation but should be done right: Report and database

As reported by Cointelegraph, the governors and finance ministers of the Group of Seven, or G7, are reportedly prepared to discuss cryptocurrency regulation. Representatives from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom will most likely address issues relating to a regulatory framework for cryptocurrencies at a meeting in Germany’s Bonn and Königswinter. The U.S. Securities and Exchange Commission (SEC) recently revealed that it will nearly double the number of personnel responsible for protecting investors in cryptocurrency markets.




Cointelegraph By Arnold Kirimi

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Indian crypto businesses are struggling with the new tax policies as trading volumes have dried up and many established crypto firms are looking to relocate to more crypto-friendly jurisdictions.

While many developed countries and even several of its Asian counterparts are actively studying and formulating better crypto regulations, the Indian government has maintained a “blockchain, not crypto” stance.

It might seem like the government is taking a cautionary step to focus on the underlying technology while keeping its distance from the volatile and risky crypto market. However, going by the recent policies and statements from the finance minister as well as sitting parliamentarians, the issue seems to be more of a lack of understanding.

The newly introduced crypto tax laws, for example, are highly motivated by the country’s gambling laws and were introduced and passed hurriedly without any input from the stakeholders in the ecosystem. As many crypto pundits have warned, the harsh tax policy has driven traders away from Indian exchanges.

Many ministers in the ruling government have propagated false narratives against crypto without offering any evidence to back their claims. Sushil Kumar Modi, a member of parliament from the ruling party, has compared crypto to “pure gambling” and called to “impose more tax on it so that the government can get revenue and people can be discouraged from investing in this volatile asset.”

The statement is a clear example not only of a lack of understanding but of a contradiction, in that he is talking about discouraging people from investing in crypto while believing it would bring more revenue to the government.

Sathvik Vishwanath, co-founder and CEO of Indian crypto exchange Unocoin, told Cointelegraph:

“The government continues to see crypto as a betting and gambling alternative due to which they are only ready to support its technology but not tokens on top of it.”

It is important to understand the fact that crypto and blockchain are somewhat inseparable. Crypto tokens play a pivotal role in the functioning of blockchain projects and blockchain-based rewards.

Shivam Thakral, CEO of BuyUcoin, explained that a fundamental lack of understanding is one of the key reasons for such flawed policies and advocated for dialogues with specialized groups. He told Cointelegraph:

“Any attempt to create an isolated policy by any country will defeat the whole purpose of blockchain technology, which is aimed at liberating the financial systems of the world. The Indian government must create specialized groups to discuss and debate finding a more accurate way to regulate the booming crypto sector in India. The time is right for India to take the lead and become the blockchain capital of the world.”

While many blame the government’s lack of understanding of the nascent tech to be the key reason behind its “blockchain, not crypto” stance, others feel that India’s fintech and payments network are mature enough and that a crypto layer wouldn’t really add much utility. Thus, the government is more focused on the core technology.

Trevor Goott, director of Africa and India at Unlimint — a digital financial interface provider — told Cointelegraph:

“The Indian fintech and payments sector is mature and well-serviced, and crypto would just be another layer on top, so the net benefit to India would be less when compared to another country that has a less developed payment sector. Crypto will have its place in India in the medium-term, but the short-term benefits of the other blockchain products must be realized first if a choice has to be made between crypto or blockchain.”

Recent: ‘DeFi in Europe has no lobby,’ says co-founder of Unstoppable Finance

Indian government sees crypto as a threat

The Indian government clearly sees crypto as a threat to its current financial system. The Indian central bank has recently warned against crypto adoption and said it could lead to the dollarization of the economy.

The Reserve Bank of India said, “Crypto will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.”

In the early days of crypto, most countries thought digital assets posed an inherent risk to their fiat ecosystem; however, as the industry matured, it has been proven that cryptocurrencies can co-exist with traditional financial markets.

Siddhartha, founder of Intain — a blockchain solution firm — told Cointelegraph:

“Having spoken with several people in government, they understand blockchain but are reacting in the short term to a surge of marketing dollars and campaigns that have caused a lot of noise on behalf of some crypto exchanges. These campaigns are worrisome due to the broad exposure they create among the general public. It is our view that government officials are generally supportive of blockchain that works in a manner that brings trust and transparency to the financing of non-bank financial companies.”

By approving the use of blockchain, India can use it to create its own centralized cryptocurrency without any competition from other cryptos if it successfully bans other coins. Sukhi Jutla, co-founder of MarketOrders — a blockchain-based online jewelry marketplace — told Cointelegraph:

“I think it’s more about the Indian government wanting to impose greater controls on how this new technology can be used, and they are clearly concerned with how it will impact their current financial system. The more controlling governments are around cryptocurrencies, the more fearful they are of the impact it will cause on their current financial systems.”

Governments can either have a supportive and collaborative approach that allows innovation to occur or they can stifle and shut down progression and innovation if they remain too fearful of this technology, and it seems as though the Indian government may be taking the latter approach.

Popular crypto influencer and trader Scott Melker, who is known by his Twitter name The Wolf Of All Streets, told Cointelegraph:

“As of today, crypto and blockchain are now legal and encouraged in the country, but a 30% tax on all cryptocurrency trading hinders the growth. Following this disastrous tax policy, some exchanges have reported up to a 70% decline in trading activity. For now, it truly seems like India only has an interest in what blockchain can do for the country and not what Bitcoin can do for its citizens.”

India’s struggle with crypto regulations

The Indian finance ministry was first tasked with drafting a crypto bill in 2018, and the first draft copy was introduced in 2019, demanding a complete ban on all activities associated with cryptocurrencies. Since then, the government has changed its stance on crypto on several occasions, going from a blanket ban to regulating the crypto market as an asset class. However, none of the proposals have been finalized or introduced in parliament for discussion.

The crypto ecosystem in India has managed to self-regulate for quite some time now. However, the hesitant stance of the Indian central bank, in addition to regulatory uncertainty, has made many crypto firms reconsider their future in the country.

Recent: Madeira ‘embraces’ Bitcoin, and how its president met Michael Saylor

Nitin Agarwal, founder and chief revenue officer of FV Bank — an international digital bank — told Cointelegraph:

“The job of regulators is difficult and is even more complex in the crypto space due to its inherent nature of being censorship-resistant coupled with grappling with the rapid pace of innovation. Regulators the world over are working hard on creating a regulatory framework that can be applied to digital assets and crypto. The Indian government’s approach is pragmatic in that they don’t want to over-regulate and see all users and companies move to a non-regulated or more lightly regulated jurisdiction.”

He added, “The government is waiting to see a regulatory framework come out of the United States and European Union, which they can imbibe upon and take best practices to apply to the people of India.”

While a majority of ministers in the ruling party have toed the line of the finance ministry, many opposition leaders have called for reconsideration of the flawed tax policy. They have also opposed the idea of banning crypto, claiming it would be similar to banning the internet.


Cointelegraph By Prashant Jha

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Terra’s recent collapse has been repeatedly singled out as the main source of weakness affecting crypto assets, but it’s much more likely that a combination of factors are behind the start of this current bear market.

At the same time that the market was reeling from the Terra saga, the 2-year mark for the next Bitcoin (BTC) halving was also crossed and this is a metric some analysts have used as an indicator for the end of a bull market.

BTC/USD 1-week chart. Source: TradingView

As shown on the chart above, previous cycles have seen BTC hit a peak followed by a price decline that first drops below the 50-day moving average (MA) then a culminating capitulation event that thrusts the price below the 200-day MA.

Many traders were thrown off by the lack of a blow-off top in the most recent bull market cycle because this phenomenon has typically marked the late stage of an exhausted trend.

Traders also questioned the validity of the popular stock-to-flow model after BTC failed to hit $100,000 before the end of 2021.

Bitcoin stock-to-flow model. Source: LookIntoBitcoin

During previous market cycles, BTC was trading well above the S2F model at this stage in its progression with the model variance in the positive. Currently, the model variance is giving a reading of -0.86 while the price of BTC is well below the S2F line.

This lack of a blow-off top has prompted some traders to stand by earlier calls for one final price run-up that will see BTC hit $100,000 before entering an extended bear market, but that remains to be seen.

Maybe the market will bottom in November?

While some still hold out hope for one last hoorah before the bear market really sets in, a more pessimistic view is predicting another 6 months of price decline before the market hits a bottom.

BTC/USD 1-month chart. Source: TradingView

Based on previous cycles, the low in the market came roughly 13 months after the market top, which would suggest a bottom sometime around December of this year if the current trend holds.

This is further validated when looking at the time between a market bottom and the next Bitcoin halving event.

BTC/USD 1-month chart. Source: TradingView

During the previous cycles, each cycle low was hit roughly 17 to18 months before the next halving. The next BTC halving is predicted to occur on May 5, 2024, which would suggest that that the market will bottom in November or December of 2022. 

Related: Bitcoin is discounted near its ‘realized’ price, but analysts say there’s room for deep downside

Traders are still permabulls despite the current price action

As far as price predictions go, there is far less consensus on this matter due to BTC’s underperformance during the last cycle where most traders were expecting $100,000.

Traders continue to call for BTC to the surpass $100,000 mark in the not-too-distant future and a handful are holding on to the penultimate $1 million target.

Bitcoin price prediction chart. Source: LookIntoBitcoin

A general range of possible prices outlined by LookIntoBitcoins’ price prediction tool suggests a BTC high of $238,298, while the delta top indicator indicates a high of $119,886. The terminal price indicator is currently providing a price prediction at $107,801.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By Jordan Finneseth

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The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients.

The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.

Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.

“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”

Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use.

“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it’s exactly the right moment to invest in the long-term potential of digital asset technology.”

The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance.

Rickenbacher was particularly enamored with the potential of the DeFi sector — which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem.

Related: Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance:

“On the other hand, it’s also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.”

The firm will begin to offer advice and research on the cryptocurrency space to its clients while providing access to the space by integrating cryptocurrencies into its wealth management offerings.

Julius Baer also intends to partner with cryptocurrency service providers and entrepreneurs at the intersection between fiat and crypto while ensuring regulatory compliance for its clients.


Cointelegraph By Gareth Jenkinson

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Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”

In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.”  The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs.

In total net Block’s revenues reached $3.96 billion from January to March 2022, down 22% compared to 2022. The group confirms that the drop was “driven by a decrease in Bitcoin revenue.”

Cash App, Block’s Bitcoin retail outlet as well as a mobile payment service, continued to sell Satoshis, although the figures are less promising than the previous quarter:

“Cash App generated $1.73 billion of Bitcoin revenue and $43 million of Bitcoin gross profit during the first quarter of 2022, down 51% and 42% year-over-year, respectively”.

In light of Bitcoin prices struggling to break $30,000 in quarter two, the group will take encouragement from an increase in non-Bitcoin revenues in quarter one. On the march by $44 year on year to $2.23 billion, the Block ecosystem, which also includes Tidal and the group TBD is not wholly dependent on crypto market performance.  

Plus, the Square ecosystem of payment solutions for merchants, including point of sale devices, has performed well. It delivered a “gross profit of $661 million, an increase of 41% year-over-year.”

Related: FTX CEO sees no future in Bitcoin payments, community fires back

The quarterly report made 81 mentions of Bitcoin and zero of cryptocurrency, holding true to Jack Dorsey’s Bitcoin-maxi credentials. Furthermore, the report states that over 10 million Cash App accounts have bought Bitcoin. Cash App does not offer the purchase of popular cryptocurrencies such as Ethereum (ETH) or Dogecoin (DOGE). 

In April, it was announced that its customers in the United States could automatically invest a portion of their direct deposit paychecks into Bitcoin using Cash App, or that their “direct deposits” would automatically convert, says the report.


Cointelegraph By Joseph Hall

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Bitcoin (BTC) may be attempting to flip $30,000 to support on May 19, but for one group of analysts, attention is focused firmly on a fresh drop.

In a tweet on the day, on-chain monitoring resource Whalemap defined the support levels Bitcoin bulls must defend to avoid fresh significant losses.

Whales dictate “do or die” BTC price support

Bitcoin’s current “no man’s land” price behavior has commentators split on whether the next decisive move will be up or down.

While some are calling for $32,000 or more next, many argue that last week’s trip to $23,800 was not the lowest that BTC/USD will manage going forward.

For Whalemap, which analyzes the buying and selling of Bitcoin’s biggest investors, the zone to watch is around $24,000 to $26,000.

This is where larger groups of whales deployed funds, and their presence thus provides considerable on-chain support.

Should sell pressure unravel the zone, the results could be a “much deeper” retracement, Whalemap analysts warn, describing the whale support levels as “do or die.”

In a separate post, however, Whalemap noted that with realized losses now dwarfing gains, Bitcoin could yet be in for a price turnaround.

“Two times more losses than profits were transacted on-chain in the last couple of days,” it commented on May 18. 

“Last times this happened $BTC had a rally up. Lets see what happens this time.”

BTC/USD moving profit/ loss (MPL) annotated chart. Source: Whalemap/ Twitter

Previously, Cointelegraph reported on mounting overall Bitcoin realized losses, these reaching their second-highest daily levels ever last week.

Report predicts “rocky road” ahead

At the time of writing, BTC/USD traded at around $29,400 amid an attempt to crack 24-hour highs.

Related: Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The Wall Street open was primed to unsettle the market once again, however, following the May 18 session, which saw considerable sell-side pressure across equities t then spilled over into crypto.

Given that last week’s ten-month lows coincided with Bitcoin’s overall on-chain realized price, meanwhile, interest remains strong as to whether this fact, in and of itself, will be enough to prevent the market from a new level of capitulation.

“It remains to be seen if a full return to the Realized Price is required to put this bear market to rest, and if so, whether it is for months, weeks, days or just a short a moment,” on-chain analytics firm Glassnode concluded in the latest edition of its weekly newsletter, “The Week On-Chain,” released on May 16.

“Perhaps those days are behind us if the accumulation we observed is indicative of the support the bulls are willing to put up in the $20ks range. Note also, there remains a plethora of macro, inflationary and monetary policy forces acting as headwinds. The road ahead will likely continue to be a rocky one.”

Bitcoin realized price chart. Source: LookIntoBitcoin

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By William Suberg

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As the fall of Terra (LUNA) and TerraUSD (UST) may have a noticeable short-term impact on the decision-making of both retail and institutional investors, it doesn’t pose a risk to the larger crypto ecosystem, according to Du Jun, CEO of Huobi Global CEO. 

In an interview with Cointelegraph, Jun explained that the collapse of Terra will affect the ecosystem by slowing down investor interest in crypto as an asset class. However, Jun noted that this will only be a short-term effect. In the long term, the exchange CEO explained that crypto like Bitcoin’s (BTC) demand as a hedge against fiat inflation will grow along with the advent of new applications for blockchain:

“In the long term, demand for cryptocurrencies as a hedge against fiat inflation will continue to grow, as well as for applications of blockchain technology.”

When asked about critics who are using the Terra collapse as an opportunity to take a dig at the entire crypto market, Jun highlighted that crashes like Terra also happen in many other industries.

“Market crashes and coordinated attacks are not unique to crypto,” said Jun. Citing the Lehman Brothers collapse and the housing market crash, Jun mentioned that “every industry will see its fair share of toppled players.” He further explained that the long-term endurance of an industry always depends on the demand for its services:

“Crypto as a technology and asset class introduces value and innovation that are unique and irreplaceable, and we believe that one bad apple in the short run will not affect long-term demand for crypto assets and the industry as a whole.”

Jun is also optimistic and believes that when the price of BTC recovers, confidence in the market will return and it will lead to more investments coming into the space. Despite the bumps in the road, the CEO trusts that the broader crypto industry will grow continuously.

Related: US congress research agency weighs in on UST crash, notes gaps in regulation

Also, Jun noted that there are flaws exposed by the Terra crash. “The takeaway is that in the future, stablecoins should be backed by less volatile tokens,” he said. He underscored that collateral must be “rebalanced with less volatile tokens.”

Lastly, the Huobi Global CEO said that in summary that “decentralized stablecoins are vital to the development of the entire cryptocurrency ecosystem.” He shared that the community can turn this loss into a win by innovating so that tragic incidents like the Terra crash do not repeat.

Earlier this month, the UST dollar peg crumbled as a whale started to dump UST. This lowered LUNA’s price by 20% only one day after the initial dump. The event then snowballed even as Terra founder Do Kwon shared plans for Terra’s recovery. In the end, the Terra debacle became one of the biggest price meltdowns in the history of crypto. 


Cointelegraph By Ezra Reguerra

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