Prepare For Altcoin Season Ahead: Here’s What On-Chain Data Suggest
The money flow from fiat currencies to Bitcoin, to large-cap altcoins, to mid-cap altcoins, and small-cap altcoins has significantly caused financial reorganization worldwide. This has led to stress in the traditional banking industry, resulting in some banks capping money flow to crypto exchanges.
However, Bitcoin’s value has continued to rise despite global recession fears, with the cryptocurrency trading around $28.2k on Friday, up 70% YTD, according to TradingView market data. The second-largest digital asset, Ethereum, has also gained 51% YTD.
Altcoin Market Predictions
Although some altcoins like Dogecoin (DOGE) have not made significant gains since January, crypto analysts predict that the money flow will soon enter the mid-cap and small altcoins in the coming weeks, sparking an altcoin season.
According to Santiment, several transactions worth over $40 million have already occurred on the networks of altcoins like $MATIC, $FET, $MANA, $DIA, $IMX, and $SAND, indicating increased market activity.
Crucial Indicators for Upcoming Altcoin Season
As per famous Twitter crypto trader @CryptoTony_, the altcoin season is already underway, marked by the recent 10% pump in Litecoin (LTC), which is now trading at around $95 on Friday. With Bitcoin experiencing resistance at $28k, the analyst expects altcoins to start pumping soon.
The analyst uses the ETH/BTC derivative chart to track the money flow from Bitcoin to the altcoin market.
“We are nearing a pivotal point and a place where I do feel we can bounce hard if we hold. 0.06 – 0.058 is that area to hold,” the analyst stated. The analyst also suggests that Bitcoin price could rise again to $30k before retracing to $25k in the coming weeks.
$4.14M Profit In 48 Hours: On-Chain Data Unveils Shiba Inu (SHIB) Trader’s Lucrative Moves!
USDC, the fifth most popular cryptocurrency coin, and trusted stablecoin, lost its peg to the US dollar on Saturday, March 11, 2023. The coin’s value decreased from $1 to a low of $0.887. The majority of cryptocurrency investors are shocked by this because it hasn’t happened since the first introduction of USDC in 2018. After a 15% loss, the token’s market capitalization fell below $40 billion.
The crypto whales have reported significant losses as a result of these incidents and seem to have started a series of capital flights to safeguard assets. It is reported that the losses amounted to over a billion dollars in stock and deposits.
However, it seems like not everyone took a loss and some have actually profited from it. Here’s how.
Lookonchain Reveals a Smart Address That Made $4.14M Amid USDC Depeg
Lookonchain, an on-chain analyzer, in a recent series of tweets has revealed the specifics of a smart address that profited $4.14 million by trading Ethereum during the USDC de-pegging.
Lookonchain highlighted how smart the user is by pointing out how they sold their ETH before LUNA crashed and how they bought Shiba Inu early and sold it at its peak in May and October 2021. Also, it was noted by the on-chain researchers that the address currently has over $71.72 million.
Lookonchain determined that the 15 addresses that purchased 47,670 ETH for 67.58 million USDC at $1,418 on March 10 were likely owned by the same person. This is due to on-chain data showing that on April 21, 2021, a sizable sum of SHIB was sent to these addresses from the same address. Later, the user sold 47,688 ETH for $1,505 for a total of 71.72 million USD. At a 6% ROI, the user made $4.14 million in just two days.
Some clever SHIB trades were also mentioned. On-chain data indicates that the user was an early Shiba Inu investor and purchased 5.5 trillion at 180 ETH ($400k) before its price increase in May 2021. As the price of SHIB reached its all-time high in May and October 2021, the smart address sold all of the SHIB for 35k ETH.
Prior to the demise of LUNA, the user exchanged ETH for USDC. At the time of publication, the majority of the user’s funds were split among 15 addresses and were in USDT. The price of USDC has increased by 3.47% during the past 24 hours to $0.9892.
To conclude,
At times of uncertainty and upheaval, the user appears to have made some incredibly smart decisions. Profits would result from being able to capitalize on unpredictable moments like these.
Bitcoin Price Makes a New High Above $26K As CPI Data Clocks in at 6%! Is $30K Imminent for BTC?
The last week brought a severe bearish rally for BTC price as the collapse of multiple crypto-friendly banks brought multi-week lows for Bitcoin. However, as the market recovers from its turmoil and USDC repegs to $1, it has sparked a fresh bullish season in the crypto market. Recently, Bitcoin price has broken 2023’s record as it registered a new high above $26K following the release of CPI data. As a result, investors are gaining more confidence to open long positions with an initial target of $30K.
Will BTC Price Sustain Its Rally?
Bitcoin (BTC) has bounced back from the losses it incurred last week, primarily caused by failing banks in the United States. This, in turn, led to a depeg in major US-based stablecoins. Nevertheless, there were indications towards the end of the week that the Federal Reserve would compensate impacted investors, which helped restore confidence and ignite a recovery rally.
Bitcoin’s surge has coincided with a crisis in the banking sector, and widespread bank runs. Today’s release of CPI data, which came in at 6%, has further fuelled Bitcoin’s rally, with BTC rising intraday above $25,000 and eventually reaching $26,000.
According to the U.S. Department of Labor, CPI increased by 0.4% on a seasonally adjusted basis last month, while the all-items index, which indicates inflation, rose by 6% over the past year. Although inflation is still on the rise, the pace has slowed down compared to the previous month. This development could potentially cause the Federal Reserve to consider slowing down or even halting their interest rate hikes scheduled for next week.
As a result, it is anticipated that the ongoing bullish rally in Bitcoin’s price chart will continue to persist. There is even the possibility that investors may witness Bitcoin’s price surging to a new high of $30K by the end of March.
Here’s What to Expect from Bitcoin Next
Bitcoin has reached its highest point in nine months, with its price surging to $26,400 just moments ago. Moreover, the market cap of Bitcoin has regained the $500 billion mark.
As of writing, Bitcoin trades at $26.1K, gaining over 16% in the last 24 hours. After breaking above the crucial resistance of $25.5K, the BTC price has made a new high at $26.4K, signifying intense buying pressure.
From the $26K level, the BTC price is expected to fly to a new high at $30K in the next few days. Furthermore, as the RSI level is trading at 68, it creates more room for Bitcoin to extend its bullish rally as there is no significant resistance level between $26K-$30K. Hence, Bitcoin may soon reach its last year’s June levels before facing a rejection.
Can Bitcoin Price Flip $25k Ahead Of Today’s CPI Data? Here’s What To Expect
The Bitcoin (BTC) market has gained more popularity following the collapse of three United States banks in the past few weeks. The top digital asset by market capitalization has gained over 20 percent in the last five days to trade around $24.3k during the early London trading session. As more investors lose faith in the traditional banking sector, the Bitcoin market continues to register high inflows.
According to a famous economist on Twitter ‘Balaji’, banks are failing due to the Fed’s continued hike in interest rates. Moreover, Balaji noted that banks purchased treasury bonds amid interest hikes in the past year.
As Bitcoin price trades above pre-FTX levels, investors are more confident in its recovery from last year’s logarithmic downtrend. Notably, Bitcoin price is 64 percent lower than its ATH, $69k, which was achieved in late 2021.
Bitcoin’s Price Spike: A Closer Look
Having been adopted globally by institutional investors and retail traders, Bitcoin is highly susceptible to high-impact news, particularly the consumer price index (CPI). Moreover, consumer prices account for a majority of the overall inflation impact. With the FOMC statements on federal funds rates expected on Wednesday next week, Bitcoin volatility is anticipated to spike in the coming days.
According to famous economist Michael van de Poppe, if Bitcoin fails to break through $25.2k, then $23k will be imminent. Ark Invest founder Cathy Woods has called out the Fed for centralizing the banking sector in the United States and the lagging of crucial indicators like CPI.
He also forecasts today’s CPI and the expected impact on Bitcoin.
Circle Begins USDC Redemptions as It Burns 314 million USDC: On-Chain Data
Following the unexpected collapse of Silicon Valley Bank on Friday, there were inquiries regarding the vulnerability of Circle, one of the leading companies in the crypto industry and the issuer of the second-largest stablecoin, USDC. After the firm revealed its $3.3 billion USDC exposure to the collapsed bank, the stablecoin quickly depegged, creating panic this weekend.
However, Circle is now successfully pushing USDC to its dollar peg as it recovers 100% of its reserved fund, and Fed’s $25 billion bailout is bringing back investors’ confidence. According to a report, Circle has begun its redemption by sending 314 million USDC to a null address to stabilize the market.
Circle Prioritizes 1:1 Redeemability Of All USDC In Circulation
On March 13th, the Web 3.0 analytics platform Watchers (0xscope) reported that Circle, the issuer of USDC, had transferred a total of 314.167 million USDC to the Ethereum null address with header 0x00. Typically, this null address is employed for removing tokens from circulation through one-way transactions.
The day before, Circle had declared that all depositors with Silicon Valley Bank (SVB) would be “fully available” following a joint statement by U.S. Treasury Secretary Janet Yellen and other regulators. This move would represent $3.3 billion or 8% of the total USDC reserve and would take effect as soon as U.S. banks open on Monday. Jeremy Allaire, co-founder and CEO of Circle said:
“Trust, safety and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle, even in the face of bank contagion affecting crypto markets. We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system.”
Circle’s USDC Redemptions May Relieve Investors
Circle has started the process of redeeming USDC, meaning that depositors can now get their money back. This move came as a relief to many investors who were worried about the stability of USDC after the collapse of SVB.
The burning of USDC, however, has led to some confusion and speculation about what Circle is doing. Some believe that it is a move to show that Circle is committed to the stability of the USDC, while others speculate that it is a way for the company to remove tokens from circulation and increase the value of the remaining USDC in the market.
Despite the speculation, Circle has not issued any official statement regarding the burning of USDC. However, the move has sparked a debate about the use of stablecoins, their role in the crypto market, and the need for transparency from issuers like Circle.
USD Coin was created to have a 1:1 redeemable value with fiat U.S. dollars. Its tokenomics are managed through the use of fiat collaterals, which are adjusted proportionally to the number of new tokens being minted or burned.
However, on March 10th, the token experienced a depegging from its intended value. This was caused by a bank run on Circle’s custodian bank, SVB, due to a series of failed leveraged long positions on the U.S. Treasury. As a result, federal regulators, including the Federal Deposit Insurance Corporation, were forced to intervene.
PCE Data Shakes Up Crypto Markets: Here’s What You Should Know
The release of the Personal Consumption Expenditures (PCE) data on Friday night had a significant impact on the cryptocurrency market, causing a notable decline in prices.
The PCE data is well-known for capturing inflation and reflecting changes in consumer behavior, making it a crucial factor in the Federal Reserve’s decision-making process for setting interest rates.
Here is everything you need to know about the impact of the PCE data on the crypto markets.
Crypto Markets Respond to PCE Data Release
As expected, the release of the PCE data had a negative impact on the cryptocurrency market. In the 24 hours following the data release, Bitcoin slid 2.35% to $23,849, while Ether fell 1.02% to $1,652. The rest of the top 10 cryptocurrencies also fell on the day, with Polkadot’s Dot and Polygon’s Matic being the most significant losers, both falling over 3%.
Impact on Crypto Market Capitalization
The global cryptocurrency market capitalization decreased by 1.95% to $1.09 trillion in the 24 hours following the PCE data release. The total trading volume was down by 6.33% to $56.02 billion.
These figures indicate a significant negative impact of the PCE data on the crypto market.
The recent decline in the cryptocurrency market reinforces the argument that stocks and digital assets are becoming increasingly correlated, providing little diversification benefit. This means that traders who hold both stocks and cryptocurrencies in their portfolio are exposed to similar risks.
Bitcoin has been experiencing a pullback after failing to break above $25,200, an area that has acted as strong resistance in the past. While the recent pullback could be a temporary pause before the next leg higher, more technical evidence is needed to confirm that the worst in the crypto space is over and that Bitcoin could extend its near-term recovery.
At press time, Bitcoin is worth $23,889 and Ether is at $1,648.
Overall, the release of the PCE data had a significant impact on the cryptocurrency market, causing a decline in prices and market capitalization. The correlation between stocks and cryptocurrencies highlights the risks associated with holding both in a portfolio.
While Bitcoin and Ether may recover in the near future, it remains to be seen whether the worst is over for the crypto market.
XRP and Cardano (ADA) Are Completely utterly Useless – Says CEO of Financial Data Provider Estimize
The XRP and Cardano (ADA) markets have both garnered significant global attention, receiving both praise and criticism. The Ripple-backed XRP currently has a market capitalization of approximately $19,680,679,643 and a 24-hour trading volume of roughly $1,399,622,641, with a current exchange rate of around $0.387522 as of Friday. XRP has risen over 14,318% from its all-time low.
Meanwhile, the Cardano (ADA) ecosystem has a market capitalization of approximately $13,807,664,060, and a 24-hour trading volume of approximately half a billion. Currently ranked sixth and seventh, respectively, the XRP and ADA networks support smart contract technology in an effort to capitalize on the growing DeFi industry.
Cardano has recently updated its blockchain to support multichain communications within its DeFi ecosystem, with the announcement of the Valentine upgrade (SECP) to enhance multi-chain interoperability.
The XRPL network, on the other hand, has implemented several proposals including the XLS30d proposed automated market maker and XLS-20 to enable DeFi and NFT development.
Despite the efforts by these two blockchains to become global DeFi ecosystem hubs, not everyone believes in their future prosperity.
Are XRP and ADA Doomed?
According to Estimize CEO Leigh Drogen, the XRP and ADA markets have a bleak market outlook, despite controlling roughly $34 billion in valuation. Drogen indicates that this $34 billion will eventually flow to other networks that offer better solutions.
While some investors may be wary of the future prospects for XRP and ADA, these sentiments have not been well-received by the ADA and XRP online communities.
These communities remain optimistic and believe that their respective networks are well-positioned to take over the global crypto market, even in light of XRP’s ongoing legal issues following a lawsuit filed by the SEC two years ago.
Here’s How Bitcoin (BTC) Price is Reacting to CPI Data
The price of bitcoin remained below $22,000, slightly extending its slump. Ethereum also posted a dip, barely managing to stay over the $1,500 mark. After the US January inflation statistics, the cryptocurrency market bounced back, however, investors are now alarmed by the reports that US officials are targeting stablecoins.
The US CPI report, which was published yesterday, showed a decrease from 6.5% to 6.4% (YoY). BTC saw swing moves, but eventually, the price was able to begin a recovery wave. As the price of Bitcoin stays above $22K despite the bounce, it is reclaiming territory above the $21,500 support. Over the past week, the price of Bitcoin has fluctuated between $21,500 and $22,000. After recovering, BTC’s price attempted to cross the resistance at $22,000 yesterday.
Markets commentator Holger Zschaepitz wrote on Twitter, “US inflation mixed.”
Speaking of Whales, monitoring resource Material Indicators said,
“#FireCharts shows #Bitcoin whales trying to lure retail in at higher levels ahead of the #CPI as purple whales sell into retail bid liquidity. Also, note that the buy wall has returned to the $24.4k range in 2 levels. If the $6M up top gets hit, I expect the lower $18M to the rug.”
Since Monday, more than $700 million worth of BUSD tokens have been burnt by Paxos, the company that created the $16 billion Binance USD (BUSD) stablecoin. According to blockchain data, Paxos indicated at that time that it would stop issuing the coin due to increasing regulatory pressure. Amid the growing tensions, Bitcoin price is likely to trade in a tight range.
CPI Data Hits 6.4%, But Bitcoin Price Might Soon Hit $25K
Recently, during the FOMC meeting, the Federal Reserve had a soft approach towards interest rate hike as there was only 0.25% interest rate hike instead of 0.50%. Today the traders and investors had hoped that there will be a decreased inflation rate in January.
This positive anticipation had resulted in a slight market recovery as the world’s first cryptocurrency, Bitcoin price had regained its lost $22,000 area. Hence, Bitcoin’s reverse price action influenced other cryptocurrencies as well.
On the contrary, as per the reports, the CPI data for January has hit 6.4% whereas the expected data was 6.2%. Also the JP Morgan analyst had claimed that even if the crypto market rallies after positive CPI data the rally won’t last for a long time. If the market turns out to be as per JP Morgan analysis, it will most probably be another buy the news event.
Bitcoin Trend Reversal Ahead ?
Just before the Consumer Price Index (CPI) data for January month was yet to be released, the crypto market was slightly on an upward movement. Furthermore, due to the expected positive inflation data, even the US Dollar Index (DXY) along with S&P 500 and Nasdaq are trading positive.
Now, the higher than expected CPI data has resulted in Bitcoin fluttering between $21,900 and $22,000 area. However, as per the data Bitcoin is now making an effort to form a bear trap pattern. A bear trap pattern is nothing but a downward movement with an overall bullish move. If this turns out to be true then Bitcoin might soon move towards the $25,000 mark.
Overall, the inflation data is still positive which could result in Bitcoin’s reverse action. If Bitcoin has to move towards its positive trend, then the Bitcoin price has to cross its first major resistance of $22,500 and then $23,000 level. At the time of writing, Bitcoin is selling at $21,994 after a surge of 2.16% in the last 24hrs.
CPI Data Is Here Again! Crypto Traders Buckle Up for More Volatility
Global crypto traders cannot afford to close their eyes on this year’s Valentine’s Day as the United States Bureau of Labor Statistics prepares to release the Consumer Price Index (CPI). Notably, the CPI data has been found to have a huge impact on crypto prices than any other macroeconomic data. Moreover, consumer prices account for a majority of overall inflation, which most crypto assets are fighting to bear in the long term.
For instance, in the last two CPI data on December 13 and January 12, Bitcoin price bumped by a factor of more than 10 percent. A rise in Bitcoin is historically correlated with an uptick in the altcoin market. As such, crypto investors are waiting for today’s CPI data to see if Bitcoin price will invalidate a bearish sentiment.
“….The main result is that Bitcoin is orthogonal to all macro news that we consider except CPI. This is in stark contrast with the other assets that we use for comparison (gold, silver, S&P 500, and various bilateral exchange rates). All other traditional assets respond to macroeconomic news with an economically large and significant coefficient,” the Fed recently noted in a research report.
Closer Look at Today’s CPI Data and Crypto Volatility
Putting all other macro aspects aside, including heightened regulatory scrutiny from the United States and recession fears, today’s CPI data will significantly determine if Bitcoin price will rebound to $24k or continue declining toward $20k. As the Fed continues to tighten its monetary policies to combat high inflation, analysts’ expectations are for 0.5 percent (MoM) and 6.2 percent (annual), and about 0.4 and 5.4 percent for core CPI.
A deviation to the lower end is expected to weaken the dollar further, which crypto investors interpreted as a bullish thesis.
U.S. Regulatory Crackdown on Crypto Market Intensifies Ahead of CPI Data Release
The crypto market is getting tested for its resilience following the heightened regulatory crackdown from key agencies in the United States. With the total crypto market capitalization down approximately 1.3 percent to about $1.05 trillion on Tuesday, over $92.65 million has been liquidated in the past 24 hours. Crypto traders are anticipating heightened volatility in the coming days as key institutions including stablecoins issuers get targeted by regulators.
Furthermore, the United States Securities and Exchange Commission labeled Binance-backed BUSD an unregistered security. The New York Department of Financial Services (NYDFS) had directed Paxos, BUSD issuer, to cease further minting of the stablecoin by February 21, 2023.
Nonetheless, Binance CEO Changpeng Zhao (CZ) has reiterated his commitment to assisting BUSD to succeed in the foreseeable future.
With over $342 million in BUSD redeemed in the past 24 hours according to research firm Nansen, the big question is whether Tether USDT and USDC are next in line. Meanwhile, the Ethereum ecosystem is experiencing uncertainty after the SEC deemed staking programs unregistered securities.
Crypto Liquidity at Stake Ahead of Key Market Data
Later today, the Bureau of Labor Statistics is expected to issue data on the consumer price index (CPI), which significantly accounts for overall inflation. With increased volatility during high-impact news, traders await to see the movement of the stablecoins market.
“Falling stablecoin market capitalization means falling crypto liquidity and leverage. Without new BUSD being created by Paxos, we need to assess whether current holders of BUSD will convert to other stablecoins, having a neutral impact on liquidity, or if concerns over further regulatory actions will reduce overall market demand for stablecoins,” Morgan Stanley strategists including Sheena Shah wrote in a note.
Mind you, Binance recorded its monthly peak in stablecoins outflow on Monday amounting to $587 million.
On-Chain Data Predict Potential Selling Pressure for Bitcoin – What Next For BTC Price?
Bitcoin price has gained approximately 1.52 percent in the past 24 hours to trade around $23,115.25 during the early Asian market on Tuesday. The recent rally has pushed Bitcoin price out of a falling trend that lasted over a year.
However, Glassnode analysts are warning the market has not signaled clear price action for traders to buy in at current levels. Moreover, Glassnode highlighted that Bitcoin miners and holders may be motivated to take some profits after the 2022 bear market.
“The recent price recovery from the December lows to over $23.2k has significantly improved investor profitability across the board,” Glassnode noted.
According to the on-chain analytic firm, the 2022 bear market has portrayed similar attributes to the 2018/2019 one. As such, the firm has noted that Bitcoin price will completely be out of the woods at around $28.3k.
From the holders’ profitability scale, Glassnode noted that the recent rally from $16.9k to $23.1k has increased the supply of traders’ profits from 55 percent to 67 percent. Reportedly, long-term holders are above their break-even price of about $22.6k
“After 6.5 months, the market price has finally recovered above the long-term holders’ cost basis at $22.6k. This denotes that the average LTH is only just above their break-even basis,” the firm noted.
Interestingly, short-term holders and Bitcoin miners are selling part of the bag to take some profits. With a notable recovery in Bitcoin miners’ balance sheet, Glassnode noted that the resulting behavior shift has switched from the accumulation of over 8.5k BTC/month to the distribution of negative 1.6k BTC/month. Reportedly, Bitcoin miners spent approximately -5.6k BTC since January 8 and have experienced a net balance decline YTD.
Bitcoin Remain Uncertain, Here Is What On-Chain Data Claims
The star cryptocurrency, Bitcoin has stunned the crypto space with its spectacular performance since the beginning of 2023. This morning, the King currency had also surpassed the $21,000 area before making a slight drop. Interestingly, Bitcoin has hit 52 in terms of Fear & Greed Index (FGI) during the weekend.
At the time of writing, Bitcoin is selling at $20,841 with a rise of 0.37% over the last 24hrs.
Even though the flagship currency is holding on to its trade above $20K, there are possibilities for minor downfall in the view of investors profit booking. One of the main reasons for Bitcoin’s price jump in the last few days in the Bollinger Bands Squeeze breakout. On the contrary, RSI is suggesting a slight pullback as Bitcoin is in an overbought area after hitting 90 score.
However, as 20-EMA has overtaken 50-EMA there is an indication of a positive price trend.
Bitcoin On Its Next Cycle
Meanwhile, analysts like Michael van de Poppe & Credible are portraying a bullish stance towards Bitcoin. Van de Poppe is of the opinion that before a surge Bitcoin will slightly face a pull back. Credible claims that Bitcoin is already in a 5th wave of Elliott Wave.
Another analyst, Peter Brandt claims Bitcoin to hit $65k by mid of 2023. However, he also says that before BTC captures this level, the currency will drop near $18K.
On the other hand, Glassnode, an on-chain data platform believes that even though analysts are not sure of BTC’s performance, the flagship currency is moving in-line with its historical pattern. This suggests that the Bitcoin bottom has occurred and the next cycle has begun. Hence, investors and traders need to closely observe and research well before making their next move.
Bitcoin Price Rally Above $18 Ahead of Today’s Crucial CPI Data
Bitcoin price has gained approximately 4.14 percent in the past 24 hours to trade around $18,163 during early Asian trading sessions on Thursday. The global crypto market capitalization pumped approximately 3.32 percent to stand at approximately $885.59 billion today. The stock market led by key indexes like Dow, S & P 500, and Nasdaq also rallied ahead of today’s December Consumer Price Index (CPI) report for investors.
The Consumer Price Index (CPI) from the Bureau of Labor Statistics shows how the prices of goods and services changed in a given month. Notably, consumer prices account for a majority of overall economic inflation.
While the United States controls approximately 25 percent of the global economic activities, market strategists believe today’s CPI data is crucial for the entire world including crypto assets. As such, economists polled by Dow Jones expect the December CPI report to show that prices dipped 0.1 percent from the month before.
“What makes [today’s] consumer price index number a big deal? Simple: We’re looking to see if we’re nearing the end of the period where companies can raise prices with impunity,” CNBC’s Mad Money host Jim Cramer noted.
Closer Look at Bitcoin Price and Crypto Market Outlook
Bitcoin price is at a crucial crossroads that could either see the end of the year-long bear market or a continuation. From a technical standpoint, Bitcoin price is retesting last December’s high, and a support level that held since mid-2022 until the FTX implosion. A breakout above this level could invalidate the 2022 bear market, with analysts expecting a consolidation before the onset of the next bull market.
However, a pullback from the current Bitcoin price level could result in a correction toward $15,500. Consequently, the altcoin market could pull back from the ongoing rally. As such, analysts have cautioned crypto traders to be patient with the market in such times.
Moreover, the fear of missing out alias FOMO could result in a huge stop hunt as long traders get liquidated before a pullback in the coming days. Some of the best-performing altcoins in the past 24 hours include Avalanche (AVAX) which has gained approximately 22.43 percent to trade around $15.43 on Wednesday.
Nonetheless, some altcoins lost significantly in the past day including Solana’s latest meme coin BONK exchanged for $0.00000103, down approximately 34 percent.
What To Expect From Bitcoin and Altcoins This Week While All Eyes on CPI Data
On Sunday, Bitcoin soared but was unable to surpass the $17,000 mark; as a result, it is currently trading in a constrained range between $16,900 and $17,000. However, the small uptick resulted in Bitcoin reaching its highest price since December 20, 2022.
Analysts expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone. Crypto Kaleo wrote, “Finally looks like BTC is ready to break out of the $16K – $17K base range it’s been stuck in the past several weeks.”
“The current #BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range.”
However, analyst Michael Van De Poppe emphasized on next week’s Consumer Price Index (CPI). He said,
“The unemployment showed a positive number today, as it came out lower than expected. however, went sub 50 for the first time since 2008 & COVID-19 outbreak. Unemployment will rally in the coming months. Yields will fall of a cliff if CPI is low. A relief rally is close.”
A ‘Euphoric Crowd Sentiment’
After significant sell-offs during the previous year, most cryptocurrencies are currently trading in the green as the first week of 2023 comes to an end. Notably, certain assets seek to expand on the momentum that has propelled a mini-rally as a base for long-term gains.
The market value of all coins in the cryptocurrency market has been “bouncing very much in independent directions,” according to a tweet from market intelligence platform Santiment. As per their analysis, traders are less interested in Bitcoin and Binance Coin due to the “euphoric crowd sentiment” for Ripple, Ethereum, and Cardano.
They wrote, “With #crypto market caps bouncing very much in independent directions, we’re seeing notably euphoric crowd sentiment on $XRP & $ETH. Traders are less interested in $BTC, $BNB, & $ADA. Historically, #bearish sentiment projects perform better on average.”.
Bitcoin Bulls Gear up for New Week, On-Chain Data Suggests BTC Price Hasn’t ‘Bottomed’ Yet
The Bitcoin bulls are fighting to push the price above the $17,000 level but are content with a few small, barely perceptible gains. During the weekend, Bitcoin bulls reached closer to the $17k threshold, and it recently dropped below the $16,900 level.
Getting past the $16,900 price point will open the door to $17,000. On the other hand, if demand is slow to materialize, BTC may retrograde even more and settle at $16,600.
According to data from CryptoQuant, the price hasn’t yet bottomed out as many had expected. Price typically stays higher than the realized price during bullish crypto market cycles. In contrast, when a bear market is on the verge of capitulating completely, the price drops below the realized price, igniting a generalized panic.
Realized Price is a metric reflecting the average price that all market participants paid for their coins, weighted by the supply. It is determined as a realized cap divided by the total coin supply and can be seen as an on-chain support or resistance price.
“During this period, market participants are under much stress and distribute their assets to avoid additional losses and control their exposure to further market fluctuations.”
Will BTC Again Dip Below $16,700?
According to the Stock Flow Reversion of Bitcoin, according to Gigisulivan, a CryptoQuant researcher, during the current bear market, the value of the largest cryptocurrency may go below the $16,700 threshold.
After the publication of favorable Consumer Price Index (CPI) statistics, Gigisulivan predicted that BTC might try to trade in the $20,000–$22,000 price range. “Just a thought, considering 2023 could be worse than 2022 once we know what sort of recession we are getting.”
Yonsei dent, another CryptoQuant analyst, discovered that as Bitcoin’s long-term holders increased their coin distribution, unfavorable sentiment grew. The Support Adjusted Dormancy indicator for BTC has been on an upward trend since the middle of December, according to Yonsei dent.
How To Recover Deleted Data From Your Crypto Wallet
Are you looking for an efficient way to recover deleted data from your crypto wallet? If yes, then this place is just for you.
Many times, crypto wallet data gets deleted for some reason, and you realize later that you need it. At that moment, you feel helpless and clueless about the same. Note that losing data from the crypto wallet is not new. Recently, over $3 billion was stolen in crypt heists. So, it’s not uncommon.
Now, your recovery to crypto wallet data depends on several factors. This includes your recovery seeds. If you have the seeds, your assets are safe. All you need to do is transfer the seeds to a wallet, and you’ll be able to access the funds easily.
If you don’t have the seeds, your data recovery is dependent on the following factors:
Computer Operating System
Computer operating systems, like Windows and OSX, has a lot to do with the data recovery process. While files in Windows are still recoverable, it’s absolutely gone in the case of MAC systems.
This is because Windows systems handle data much differently than OSX. Anything deleted on a Windows system is stored in an unallocated space that you can restore. Sometimes these files get overwritten after just a few minutes or maybe months. Even if it has been years, the files are still recoverable.
On the other hand, files on OSX are hardly recoverable. They are also gone in minutes.
Hard Drive
Files are hard to recover if you are using SSDs. That’s because it works on a feature called TRIM, where the data gets overwritten once you delete it. However, you have some chances if you are using an older HDD. As in that case, the data remains stored on the disk unless overwritten.
Time
If you have deleted the files recently, then there are higher chances of recovery. On the other hand, older files are quite complex to recover.
It’s best to recover your crypto wallet as early as possible. That’s because it’s likely that 2023 will see lower inflation rates.
Best Way to Recover Deleted Data from Crypto Wallet
Now that you know about situations where you can recover data from a crypto wallet, try out some of the ways by which you can do so:
Turn Off Your System
If you have accidentally deleted the data from your crypto wallet, the first thing you should do is turn off your system. When your system is on, it constantly reads and writes the data to the hard drive. This happens even when your system is not being used at all.
So, if you haven’t done it, turn off the system and contact professional data recovery service providers. You shouldn’t turn on the system unless an expert comes to your home.
Let the Professionals Handle the Situation
While choosing certified data recovery service providers, look for professionals that offer a success rate of 95% or above. They should offer round-the-clock services with assistance during emergency situations.
As experts have years of experience in the field, you can stay assured of quick recovery in a hassle-free manner. They follow the below process to ensure a safe data recovery:
Evaluation: Experts start by accessing and evaluating the device at the laboratory. This helps to come up with a proper diagnosis of the issue. It’s also useful to determine whether data recovery is possible or not.
Review and Recovery: After evaluation, they review and recover the data. As their team has qualified engineers, they can quickly check and send you the list of recovered data for review.
They might send you the data for review after the process to rectify whether or not the files are restored. Once you show them the green flag, they will move to the last step.
Receive data: Experts return you a drive filled with all the restored data after recovery. They can do so via secure shipping or through digital means. In many cases, you can track your new data recovery case from the smartphone.
Note: To keep your crypto wallet password and seed words safe, we recommend you not to store them on the hard drive. You should also avoid storing them in backup clouds.
That’s all. We hope now you know the complete process of how to recover deleted data from your crypto wallet.
| Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
Bitcoin (BTC)Price To Remain Bearish For Next Next 6-12 Months: Predicts Santiment Data
Santiment, a blockchain analytics platform, has released an analysis on Bitcoin (BTC) that looks into how whale behavior will affect the price of the king cryptocurrency.
The group of Bitcoin owners who hold between 1,000 and 100,000 BTC is recognized for being a solid indication of the direction that the price will go in the long run. Santiment attempts to have a better understanding of what could be in store for the price by studying their behavior.
Recent data indicates that they have been operating as a net seller, and the price has been moving in tandem with this trend.
“It is with confidence that we can predict sideways or even lower prices for BTC in the next 6-12 months.”
—Santiment
What Next for Bitcoin Price?
According to Santiment’s research, bottoms are often connected with lower levels of whale activity. In prior bottoms, the average number of transactions during a week was between 1,200 and 2,500.
Santiment reports that Bitcoin is still seeing about 10,000 daily transactions. This, according to Santiment, implies that they must wait for the average to decline lower before concluding that even the major players have given up.
Moving on, it’s important to think about potential volume gaps that BTC whales could be interested in. Santiment identifies $14,600 and $12,200 as two key price gaps that investors need to keep a watch on. Track the previously indicated group of whales to determine whether they are engaging in any major transactions in these price bands; this will provide light on whether or not whales are amassing there.
To summarize, it may be worthwhile to keep an eye on the behavior of Bitcoin whales as well as the existence of volume gaps around $14,600 and $12,200. Recent whale action may be summed up as a net selling, which has acted as a drag on the price.
Before determining with absolute certainty whether or not we have reached a bottom, it could be prudent to wait until the number of transactions has decreased, even more, the blockchain insights platform says.
Recent whale action may be summed up as a net selling, which has acted as a drag on the price. Before determining with absolute certainty whether or not we have reached a bottom, Santiment says it could be prudent to wait until the number of transactions has decreased even more.
Is It the Right Time to Accumulate Bitcoin? Here’s What On-Chain Data Says
Bitcoin’s price hiked after the Federal Reserve announced a rate hike that was less significant than those seen at previous meetings and still indicated that continual hikes are possibly warranted. However, the king currency was pulled down as the dollar rallied with the return of risk aversion, which caused investors to have a sentiment that was relatively bearish.
On Wednesday, the Federal Reserve increased its target fed funds rate by 0.5%, bringing it up to a range of between 4.25% and 4.5%.
This move was in accordance with the expectations of Wall Street. According to reports, the members of the Federal Open Market Committee do not anticipate a change from rate rises to rate cuts until the year 2024.
Bitcoin is now trading in a bearish direction, despite having just broken over a crucial level of resistance located around $18,150 Bitcoin’s price, however, plummeted below the $18,000 level after the Fed’s statement that it will raise interest rates.
This points to the possibility that the current pattern of sales will continue. BTC is trading at $17,708 at the time of this writing, which represents a decrease of roughly 1% in the previous 24 hours.
What On-Chain Data is Suggesting?
According to on-chain data, the ‘Bitcoin (BTC) Spent Output Value Bands: All Exchanges’ measure suggests that the quantity of whale deposits on cryptocurrency exchanges is dropping.
Typically, the development of the bottom of the Bitcoin market is caused by whales selling their BTC holdings by transferring them to cryptocurrency exchanges.
After a bear market that lasted for a whole year and witnessed enormous sales by whales and miners, Bitcoin is now starting an accumulation cycle before the next halving.
In point of fact, it is anticipated that institutional investors would discreetly purchase the downturn in a manner similar to the accumulation cycle that occurred in 2019-2020.
Cryptoquant’s analysis says:
“In terms of spending, the continued high level of whale spending is contradictory with a sign that could lead to a market cycle change. An upward sustained price trend is typically accompanied by whales holding their bitcoins.”
In a related development, according to the findings of a survey conducted by a reputable crypto analytics platform, despite the fact that 2018 was a difficult year for the majority of the cryptocurrency market, there does not seem to be a shortage of believers that 2023 would give a chance for recovery.
The cryptocurrency monitoring website CoinMarketCap is now conducting an end-of-year wrap-up survey. Participants were asked to submit their votes according to whether or not they anticipated the next year would be bullish or bearish, and more than eighty percent of the respondents voted ‘bullish.’
Is Now a Good Time to Buy?
Bitcoin traded in a narrow band between $18,500 and $20,000 between September and October. However, after the stunning collapse of the crypto exchange FTX, bitcoin plunged 26% at one point.
For anyone wondering whether this is a good time to purchase Bitcoin, I wouldn’t recommend it. The overall macroeconomics for bitcoin is unfavorable. On-chain/flow numbers for bitcoin are quite bearish.
As a result, if you have a time horizon of two to four weeks, it is certain that now is not the greatest moment to purchase bitcoin. Unless you’re aiming for long-term gain.
As such, you may purchase and then be ready to hold on for dear life for months, when ideally the situation would have become much better.
Bitcoin and Ethereum On-Chain Data Has Some Good News for Traders
A number of cryptocurrencies are currently trading in the red and Bitcoin (BTC) recently hit a two-year low.
In such an exceptional bear market situation, the FTX crisis has only acted as fuel to fire and caused widespread distrust among the crypto participants, making them wary of investing any longer. Bitcoin is getting closer to a critical threshold, which might determine the market’s short-term direction. Despite some bullish signals on the technical charts, it is still too early to say whether a new bullish phase is approaching.
Active Addresses Surge
A highly reliable analytics company– IntoTheBlock- has noticed a stabilization in the number of BTC and ETH active addresses, which suggests that more people are using the top two cryptocurrencies now.
According to IntoTheBlock, one important metric is flashing a bullish signal for Ethereum and Bitcoin. After assets marked their ATH in May 2021, there was a decline in daily addresses for Ethereum and Bitcoin. The active addresses have now quickly stabilized and maintained constant levels ever since.
“We see around a 36% increase in active addresses for Ethereum (327,000 addresses on March 8th, 2020 compared to 514,000 addresses on December 1st, 2022). Bitcoin has seen more modest gains with about [a] 20.6% increase in active addresses (826,000 on March 9th, 2022 compared to 1.04 million on December 1st, 2022).”
The market intelligence company keeps track of daily active addresses, which counts the number of wallets that have completed at least one transaction each day. According to them, wider adoption is indicated by more active addresses. The analytics company also stated that despite the unsettling macroeconomic situations, the number of active addresses for BTC and ETH has remained stable.
Miner’s Holdings Reduce
However, Glassnode data shows that miners’ BTC reserves have dropped by 13K BTC over the past several months; it is now at 1,818,280.032 BTCs, a 14-month low. In October of last year, the price reached a 14-month low of 1,818,778.794. Moreover, due to a reduction in mining activity, Bitcoin’s hash rate has been decreasing as well.
According to on-chain data on short-term inflows and outflows from Miners’ wallets, there were a lot of outflows in November. It can result in a decrease in price or a rise in volatility. Miners sold over 6,000 Bitcoins the previous week and 10,000 this week.
Historical On-chain Data Hints at Bitcoin Bottom! What’s Next For BTC price?
The crypto winter seems to be fading after long tears and tantrums that began in May as the market made a significant bullish season in October. Bitcoin went on to touch its monthly highs as it broke the fundamental resistance level at $20K.
BTC is trying to regain its old glory by showing positive signs of recovery as the digital asset added nearly $30 billion to its market cap and increased its value by 8% in ‘Uptober’.
However, the upcoming Federal Reserve FOMC meeting scheduled for tomorrow may bring some bearish woes for Bitcoin as it may again form a bottom in the price chart.
A Similarity In Bitcoin’s Pattern!
Several prominent crypto analysts around the world have given their speculations about Bitcoin’s future price movements following its historical pattern.
Recently, on-chain data provider and analyst firm, Glassnode has published their weekly on-chain data of Bitcoin, hinting at an extended bearish trend for Bitcoin.
According to Glassnode’s weekly report, specific metrics indicate the in-depth comparison of BTC’s current bottom movement with its previous cycles.
To confirm this bearish analysis, two indicators were utilized: Realized Price and Mayer Multiple, while the former calculates the average acquisition per coin and the latter measures the ratio of the coin’s current price to its 200-day SMA (simple moving average).
The Realized price helps in identifying the unrealized loss of the total market if the spot price trades below the calculated Realized Price, which indicates an overall bearish trend of the specific coin.
The Mayer Multiple presents two market conditions: overbought and oversold. The analyst noted that Bitcoin maintained a Mayer Multiple value below 0.6 in its previous cycle lows.
Glassnode stated, “Remarkably, this pattern has repeated in the current bear market, with the June lows trading below both models for 35 days. The market is currently approaching the underside of the Realized Price at $21,111, where a break above would be a notable sign of strength.”
Looking at 2018’s Bitcoin bear market, it makes similar price trends and patterns in 2022. Bitcoin’s 200-week exponential moving average (200-week EMA) plays a similar game in 2018 and 2022 as BTC initiated a long-consolidated movement after its price traded below the 200week EMA.
Bitcoin’s Current Bearish Trend To Last Longer
To determine the upcoming potential consolidated range of Bitcoin’s bearish market trend, Glassnode conducted another metric which is the Balanced Price, representing the difference between the transferred price and realized price.
According to analysis, BTC may trade in a range between Realized Price’s upper limit at $21.1K and Balanced Price’s lower limit at $16.5k.
Glassnode noted that BTC previously kept its price below 0.6 for 5.5 to 10 months while in a bearish trend.
The current downtrend is only three months old, while in the 2014 and 2015 bear markets, BTC stayed in a range-bound bearish zone for ten months, and in the 2018/2019 bear market, the bearish range lasted for 5.5 months.
Therefore, it is anticipated that the current downtrend will extend further and trade in this range a bit longer before making any bullish reversal.
The UTXO Realized Price Distribution (URPD) represents the total distribution supply of a specific acquisition price. Glassnode analyzed that BTC price registered a UTXO of 22.7% of the total supply when the price made a low below the Realized Price upper limit in 2018-2019.
Comparing this data with the current price movement, BTC is poised to drop more as the UTXO is just 14%. The analysis suggests that “further redistribution is needed”, which will push Bitcoin to new lows in the upcoming months.
Glassnode said, “It does not appear that the bear-to-bull transition has formed as yet, however, there does appear to be seeds planted in the ground.”
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CryptoQuant is Fast Becoming Institutions’ Data Service of Choice
Information is vital for financial institutions managing nine- or ten-figure portfolios on behalf of clients. And CryptoQuant is making all the right moves to become their favorite data provider.
The community-driven on-chain analytics service recently partnered with the CME Group to directly provide its traders with blockchain data. The rapidly expanding service has also aided investigations into money laundering and online sexual abuse cases.
CryptoQuant’s rapid ascent
Public blockchains offer a level of transparency previously absent from financial services. On networks like Bitcoin and Ethereum, every transaction is permanently recorded on a digital ledger that anyone can reference at any time.
Such on-chain data is handy for various applications. For example, it provides actionable information to traders looking for opportune buys and sells and can also help track criminals using cryptocurrency for illicit purposes.
While it is relatively easy to consult a blockchain for individual payments and wallet movements, analyzing the most used networks’ massive volumes of daily transaction data becomes burdensome. That’s where on-chain data providers come in, and CryptoQuant is quickly becoming the service of choice for institutions and law enforcement alike.
CryptoQuant was founded in 2018. It wasn’t long before its patented wallet verification technology found high-profile users in the Korean National Police Agency. The company provided on-chain data that law enforcement used to track and prosecute those behind the 2020 South Korean sexual abuse scandal known as the “Nth Room.”
Inspired by its previous success, CryptoQuant established its now industry-leading data platform the same year. In 2021, the company’s reports were crucial in the US Securities and Exchange Commission’s approval of a second Bitcoin-linked ETF. Fast forward another year, and the service is integral to more than 200 institutional clients’ trading strategies, and serves users in as many countries globally.
CME’s first and only on-chain data provider
Already an established name within crypto circles, the CME Group naming CryptoQuant as its first and only on-chain data supplier in July 2022 cemented the company’s position at the top. The traditional financial institutions and hedge funds at the world’s largest derivatives firm no longer need to purchase data packages from suppliers. Instead, they can source it directly from the CryptoQuant-powered CME Group Datamine service.
As cited in a recent press release, CryptoQuant’s CEO Ki Young Ju believes that better data services can help fuel digital asset adoption. He added:
“Digital asset investment was considered dangerous speculation compared to other assets such as stocks, gold or properties. This bias has formed as there was no reliable information in this industry, and investors were purchasing digital assets without a data-based analysis.”
The CME Group’s blessing has only increased CryptoQuant’s perception among the industry’s institutional newcomers. To meet the surging demand for its on-chain data,
the company is also currently actively recruiting new staff members.
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Omnichain Platform ZetaChain Integrates into the Web3 Credential Data Network Galxe
San Francisco, California Oct 24th, 2022, California-based omnichain smart contract platform ZetaChain (ZETA) announced the partnership with the leading Web3 credential data network, Galxe (previously Project Galaxy)! With over 5 million active users, Galxe is at the forefront of on-chain credentialing with an incredibly intuitive plug-and-play dashboard.
ZetaChain is a protocol-agnostic Layer-1 omnichain smart contract platform that supports generic omnichain smart contracts that connect all blockchains such as Ethereum, Polygon, BNB ( BSC), and even non-smart contract blockchains such as Bitcoin and Dogecoin without using bridges or wrapped tokens. More than 200,000 users have joined ZetaChain native asset cross-chain swap on its recent-launched testnet ZetaLabs to date.
With over 5 million active users, Galxe is the leading web3 data credential network that provides the infrastructure for community members to curate digital credentials and contributes data to the network. Contributors can curate different types of on-chain and off-chain credentials. Credential data can be used for building user experiences, marketing, advertising campaigns, validating work, and many other use cases.
The Glaxe-ZetaChain integration will unlock new cross-chain use cases for ecosystem partners building on Glaxe’s network, such as omnichain NFTs, DAOs, Gamefi, native cross-chain payment omnichain, and much more.
Mission Bring ZETA Home is a campaign designed to help users explore the power of omnichain functionality while earning NFTs and ZETA Points along the way. Users will experience ZetaChain’s native value transfer — with no bridging, wrapping, or locking of assets — to achieve any-to-any token/chain trades. Over the next few months, mission operations will reveal on a rolling basis. Full campaign details here.
ZetaChain and Galxe teams will be hosting a side event together during SF Blockchain Week on November 4th, 2022, where attendees can connect with others in the Web3 space to learn more about this campaign. Register here.
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What Role Will Today’s CPI Data Play In Bitcoin And Altcoin Price ?
The bears have taken control on the overall cryptocurrency market as the global crypto market cap has plunged by 1.50% and is positioned at $909.8 Billion.
This market crash is led by Bitcoin, the first born cryptocurrency where it has lost $19,200 area and is trading at $19,043 with a fall of 0.52% over the last 24hrs. On the other hand, Ethereum is leading the altcoin correction with a drop of 1.10% in the last day and is changing hands at $1,281.
Other altcoins too have fallen prey to this pull back as in the last 24hrs Binance Coin (BNB) has declined by 2.52% while XRP has given up a whooping 6.60%.
The top losers list is led by Cardano as ADA has lost 7.11% over the last 24hrs to trade at $0.365 and it has declined by 15.62% in the last seven days. Solana has been pulled by 3.93% valued at $30.04. Also Polygon MATIc has joined the losers list after the currency had a negative pull off by 6.92% in the last 24hrs.
Even the meme currencies like Dogecoin and Shiba Inu have given up 3.86% and 5.49%, to trade at $0.057 and $0.00000976 respectively.
Crypto Crash On PPI Release
The main reason that is affecting the crypto market revolves around macroeconomic conditions due to the Federal Reserve’s hawkish approach towards financial measures. Yesterday, the Producer Price Index (PPI) data was released which is reading 8.5% Year-on-year. This marking has exceeded the expected one which was at 8.4%. However, the core PPI where food and energy price is not included is flashing 7.2% lesser than the expected marking of 7.3%.
Furthermore, today’s Consumer Price Index (CPI) release is set to impact the crypto market majorly.
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XRP, MKR Outperform Bitcoin Ahead Of Core PCE Data Release
The cryptocurrency market, which had been trading on a bullish note for most of the day, has yet again landed in the red zone. Bitcoin and Ethereum have dropped by 0.25% and 0.52%, respectively, in the last 24hrs. By default, this has caused most of the other large-cap cryptocurrencies to dip as well.
Currently, Bitcoin is valued at $19,439 and Ethereum is selling at $1,331 with a market cap of 373.4 billion and 163.8 billion. However, all hope isn’t lost; if the lead currencies manage to surge above $19,600 and $1,350, there are possibilities for a bull run.
XRP Tops The Charts
The sixth-largest cryptocurrency by market cap, XRP, has emerged as a victor in the crypto space today after the court passed an order against the US Securities and Exchange Commission (SEC) in the XRP lawsuit. The US District Court has ordered SEC to submit the documents that are related to a speech made by former SEC director, William Hinman in 2018.
This move by the court has raised hope among XRP traders and the community members for a quick resolution of the long-running Ripple vs SEC lawsuit. The momentum immediately pushed Ripple’s native currency XRP price up by more than 12% in the last 24hrs and nearly 50% over the last 30 days.
However, with Bitcoin plummeting, XRP has slightly plunged and is trading at $0.47 with a surge of 9.10% over the last 24hrs.
In addition, MKR, the governance token of peer-to-peer lending firm Maker has gained a three-week high level. The bullish action by MKR is seen after Gemini, a crypto exchange’s co-founder Tyler Winklevoss proposed a three-month marketing incentive plan for Maker. This plan will see Gemini paying a fixed annual interest of 1.25% on the overall GUSD balance in MakerDAO.
However, it’s also important to note that the Federal Reserve’s inflation indicator, the Core Personal Consumption Expenditure (Core PCE) for August is scheduled to be published today, i.e., September 30 at 12:30 GMT. The market is expecting the core PCE to increase by 0.5%. If this is true, the market will face tough times yet again.
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Hacks And Data Leaks Are Plaguing Web3 – Is There a Cure?
Expensive Crypto Hacks Are Becoming Part of Web3 Life. In Q2, a total of $308,579,156 has been lost due to flash loan attacks, making it the highest amount lost via flash loan attacks ever recorded. According to the Certik web3 cybersecurity report, there have been $2 billion in losses due to web3 security breaches in 2022 alone. Not long before that, an Axie Infinity bridge hack made it into the headlines of every major media. It would be fair to say that smaller breaches happen almost every month, they just don’t make it into the news (the most recent attack revealed by BlockSec on September 18).
Such an environment (meaning both the web3 security problems and its portrayal in the media) can have a devastating impact on the web3 traction on its way to mass adoption.
The majority of the attacks had been made possible because there was no solution to the security/decentralization tradeoff. Any attempt to create a complex application that would manage large volumes of users’ data while staying true to the decentralization ideals would eventually have to cut corners leaving potential attack angles open.
The current state of the Web3 tech stack forces developers to use a variety of solutions bundled together in order to create high-load applications with complex business logic. Unfortunately, this means higher security risks, as most of the developing tech has vulnerabilities. Not only that, new attack angles can emerge when two or more solutions, which are perfectly safe on their own, are combined.
Up until now, there was no way to process sensitive data in a decentralized, yet impenetrable to attacks way. Super Protocol is here to change that.
Super Protocol leverages the industry-leading security delivered by Intel® Software Guard Extensions (Intel® SGX). Designed specifically to support trusted computation and based on the principle of application and data isolation, Intel® SGX enables developers to partition code into hardened enclaves. Data processed inside an enclave is invisible to other applications, the operating system or hypervisor, and even rogue employees with credential-protected access.
“Built to provide a foundation of confidentiality, Super Protocol is a blockchain-based cloud computing platform with no single point of failure; as a result, it is more resilient than centralized security solutions,” as the Intel Solution Brief concerning Super Protocol puts it “In essence, Super Protocol is a global, decentralized, unstoppable “super cloud” that enables easy deployment of a wide range of workloads—a rich ecosystem of interoperable solutions and services, including databases, web services, ready-to-use applications, confidential data sources, and much more.”
By creating a decentralized network of Intel-certified hardware providers Super Protocol brings confidential computations to web3 and enables others to build in a more secure, protected environment without sacrificing decentralization.
The advantages of Software Guard Extensions by Intel (SGX) are provided via the global IaaS and PaaS provider CloudSigma. As a partner with advanced hybrid hosting solutions, CloudSigma enables bespoke SGX-powered cloud servers with high-performance and local data sovereignty.
“Our unique global network of cloud locations powered by local service providers is an ideal fit for Web 3.0 requirements. We offer truly independent, decentralised local infrastructure options to Super Protocol with a unified service delivery globally.” said Borislav Ivanov, CCO of CloudSigma.
“Perfect provisioning, local data sovereignty, and Intel SGX availability underpin the cost-effectiveness, reliability, and security of Super Protocol’s service offerings.”
Use cases may include:
- Any sophisticated application that works with sensitive personal data: CRM
- Financial applications that want to stay decentralized without making their users’ data and the way it’s handled too transparent: DEX
Any product, project team, or even a single developer that is about to discover the benefits of building a decentralized application and web3 ecosystem can now do that with the familiar convenience and workflow of traditional cloud services.
Start building the future with the Super Protocol Testnet (Phase One invite only)! To receive an invite, please, fill in the application form and we will contact you shortly.
Super Protocol combines blockchain with the market’s most advanced confidential computing technologies to create a universal decentralized cloud computing platform. Super Protocol offers a Web3 alternative to traditional cloud service providers and makes it possible for anyone to contribute to the development of innovative technologies for the Internet of the future.
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CloudSigma is a pure-cloud infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) provider that’s enabling the digital industrial economy through its highly-available, flexible, enterprise-class hybrid cloud servers and cloud hosting solutions in Europe, the U.S., Asia, and Australia. CloudSigma is the most customizable cloud provider on the market, giving customers complete control over their cloud and eliminating restrictions on how users deploy their computing resources.
For more information, please visit CloudSigma.com or find the company on Twitter, Facebook, and LinkedIn. For general inquiries contact: [email protected]
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Bitcoin Death Cross – Historical Data Hints BTC Price To See Worst Case Scenario Dropping This Level – Coinpedia – Fintech & Cryptocurreny News Media
Investors anticipate that the Federal Reserve will increase interest rates once again this week, which has caused significant losses for Bitcoin, Ether, and the overall crypto market. Despite a bullish shift in the market a day earlier, it was unable to reverse the trend.
Rekt Capital, a well-known crypto expert, expects that the price of Bitcoin might drop below $13,900 and reach $11,500 in the worst case scenario.
The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying volatility. The $20,000-$23,350 region will mostly determine bulls and bears in this market.
However, the lackluster price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin are $17,165 and $13,900 if the price of the cryptocurrency falls below $20,000 by month’s end.
After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.
What does death-cross say?
Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.
The drop looks most likely because the price of bitcoin has already fallen below the 200-WMA and the psychological milestone of $20,000.
However, compared to prior eras, there is a significant change in the market cap size, liquidity, and institutional and retail use of Bitcoin now.
In 2015, there were 547 days before the Bitcoin halving, while in 2018, there were 517 days. The bottom will therefore happen in Q4 of this year if Bitcoin is going to reach its lowest point 517–547 days prior to the planned April 2024 halving.
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On-Chain Data Reveals Bitcoin (BTC) Price Can Hit Bottom Anytime Soon
It looks like The cryptocurrency market will continue its weekend bear movements as the world’s first cryptocurrency, Bitcoin, is still hovering around $19,000 price levels. At the time of reporting, Bitcoin is selling at $19,741 with a fall of 0.24% over the last 24hrs.
Meanwhile, to know Bitcoin’s bottom there are two main on-chain indicators that one needs to look into, realized price and MVRV ratio.
Firstly, the realized price indicator is the one through which the average cost of Bitcoin supply for a day that each currency last transacted on-chain. This metric is considered one of the important indicators which help to know the market’s cost basis.
On the other hand, the MVRV ratio is the one that calculates the ratio between Bitcoin supply’s market capitalization along with its realized value. Through this ratio, Bitcoin’s present trade is positioned above or below the fair value and this calculation is used to understand net market profitability.
Whenever the spot price of Bitcoin is trading below that of realized price, the MVRV ratio will definitely trade below 1. This suggests that investors and traders are preserving their holdings below their cost basis and unrealized loss.
Next, when the MVRV has a consistent movement, there is a formation of support and when this is considered along with realized price, it may signal a bottom.
It is observed that even during earlier bear markets Bitcoin price has plunged below the 200-week moving average realized price. Also since 2011, this trade below the realized price is seen till 180 days, but in March 2020 the downfall was only for 7 days.
Now it’s been 79 days for the Bitcoin price positioned below the MVRV ratio since Terra collapsed in May. Though BTC price saw a leg up above the MVRV ratio in August, it’s still not the right time to say that Bitcoin’s bottom has found its end.
Bitcoin Price To Surpass $20,000 Area?
This depicts that $20,000 is the strong resistance area and this area suggests market strength and how low could the price drop in the days to come.
The Glassnode data suggests that in August Bitcoin experienced a significant jump in its relative unrealized loss after a surge at the start of summer. When there is an increase in unrealized loss score, it refers that addresses are still holding on to investment amidst their relative devaluation.
As per previous stats whenever unrealized relative loss has surged, Bitcoin showed higher lows. In the very next cycle, Bitcoin made a move towards the height that its last hit before the bearish cycle but failed.
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Can Traders Expect Crypto Bull Market in Q4-2022? Here’s What On-Chain Data Hints
Since May, post the Terra (LUNA) collapse, the crypto market hasn’t really witnessed a bull rally as the currencies have been fluctuating to a large extent. Bitcoin bottomed around $17,749 in June and hasn’t yet been able to recover; the price continues to hover around $20,000 now.
At the time of publication, Bitcoin is selling at $19,895 after a drop of 0.95% over the last 24hrs. After attaining $20,300, the flagship currency lost that key level and it has been hovering between the $19,000-$20,000 range.
It’s important to note that even the market indicators are not pointing towards a positive price movement. Technical indicators hint that the crypto market is most likely to continue the current bear cycle for a longer while.
Crypto Under Bearish Pressure
Industry experts are of the opinion that the crypto market is currently analyzing the base cost, which indicates that the bears are dominating the space.
The analytic platform, Crypto Quant, claims that the overall crypto market is bearish and there is no confirmation of a breakout for the bulls to mark a valid entry. This is also confirmed by Market Value by Realized Value (MVRV).
This prediction is made after auditing the output profit ratio. This indicator is mainly used to analyze the expenses on-chain and know whether it is a profit or loss, as well as the price movement.
Bitcoin is seeing a downfall of 4.05% almost every week, however, Ethereum’s options market is experiencing huge activity with increased open interest. According to the latest stats, the open interest in ETH options was at $8.20 billion- significantly higher than that of Bitcoin, as BTC was at $5.40 billion.