Bitcoin Sellers In Fear As Buyers Knock $28.5K! Will On-chain Data Hold BTC Price?
Buyers are aggressively buying Bitcoin today, causing its price to surge past several Fibonacci levels. At the moment, Bitcoin is gearing up for another significant uptrend, tapping the $28.5K mark, much to the dismay of sellers. On-chain statistics show interesting bullish indicators, putting those in short positions in a trap.
Bitcoin’s Outflow Surges To 1-Month High
It seems that the ‘Uptober’ trend is becoming true as Bitcoin unexpectedly surged past the $28,000 mark today, a level not witnessed since August 17th. This rise has renewed the excitement of crypto enthusiasts and traders. Coinglass data reveals that short-positions worth around $43 million were liquidated over the last 24 hours as BTC price didn’t meet sellers’ expectations near resistance levels.
According to Glassnode, the mean liquidation of short-positions has reached a three-month high of $86,186, suggesting a mood-off among sellers. Moreover, BTC’s bearish pullback chances have been reduced as UTXO in profit touches a 1-month high of 124,953,234.
UTXO represents the unspent Bitcoin after a transaction. If UTXO is in profit, the unspent Bitcoin’s value is higher than its last transaction. A high profitable UTXO suggests many Bitcoin holders are in gain, boosting confidence and reducing the likelihood of panic selling, thus stabilizing the price and decreasing the odds of a sharp downturn.
Moreover, with the surge in exchange outflows, which recently hit a 1-month high of 1,275 BTC, there’s a noticeable reduction in Bitcoin’s availability on trading platforms.
This significant dip in exchange reserves, which are often used for selling purposes, reduces the chances of Bitcoin being offloaded in the market. As a direct consequence, those holding put positions find themselves in a tight spot, while the confidence among buyers is boosted. This renewed trust could very well catalyze an upcoming buying wave for Bitcoin.
What’s Next For BTC Price?
Bitcoin has consistently traded above its moving averages, signaling a bullish trend. After breaking above $28K, BTC price is now attempting to surge above $28,500. As of writing, BTC price is trading at $28,321, surging over 4.45% from yesterday’s rate.
While bears attempt to stop the rally at around $28,500, the bulls are showing confidence, indicating that minor dips are being promptly bought up. This heightens the likelihood of surpassing the $28,500 mark. If achieved, the BTC price might challenge the key resistance at $30,100, where bears might intensify their selling efforts.
If the price sharply drops from $28,000, it could revisit the 20-day exponential moving average, priced at $27,461. A robust rebound from this point could send the price beyond $28,500.
However, this bullish outlook could be short-lived if the price plunges below the EMA20 level. The RSI level on the 4-hour price chart is trading above the overbought region, strengthening the chances of a minor downward correction in the coming hours.
Ethereum’s Options Data Remains Bullish Despite Profit-Booking! Here’s The Next ETH Price Level
Ethereum price has been making a notable surge over the last three days as buyers made a surge in demand near the dip of $1,600. As a result, ETH’s price broke above multiple resistance levels in just a few hours and is now aiming to reach its much-anticipated bullish goal of $2K. Amid this, the ETH price is showing minor profit-booking among short-term traders, creating a change in mood near the resistance level.
Ethereum Flashes Bullish Option Data
Based on information from Coinglass, Ethereum’s Open Interest (OI) has seen a significant increase today, rising by $230 million. This indicates a growing interest among traders in ETH due to its price volatility, strengthening its current price movements below $1,700.
Additionally, there has been a large short liquidation for ETH in the past 24 hours, with over $21 million in short positions being liquidated. This has further weakened ETH’s immediate support levels, leading to increased buying interest at its current price point.
Deribit’s options data for 30 September presents a positive outlook. The data reveals a significant increase in call options within the $1,675-$1,700 bracket. Furthermore, a put/call ratio of 0.69 suggests that bullish traders are actively preparing for a potential rise to $1,700.
The total open interest is recorded at 18,402, carrying a notional value of $30.1 million. Should Ethereum maintain its position around the “max pain” price of $1,650, we might see further upward movement in the upcoming hours. A look at the 24-hour trading analysis indicates that call holders are in a dominant position, hinting at a bullish momentum.
In the last 24 hours, 33.5% of the positions were call options, whereas put options made up nearly half of that, standing at 18.9%. This data brings a buying sentiment among traders and major investors, especially as Ethereum’s price holds below the $1,700 mark.
What’s Next For ETH Price?
Ether seems to be on the path to recovery as buyers are registering massive gains on the price chart. However, ETH price is struggling to hold these gains as sellers create pressure near $1,687. As of writing, ETH price trades at $1,671, surging over 1.3% from yesterday’s rate.
The RSI indicator has surged toward the overbought region, holding concerns of a downward correction for Ethereum from its resistance levels. If buyers can hold the price above the 20-day EMA, the ETH price might initially target the $1,750 resistance level. A breakout and closure above $1,750 will send the ETH price to test its resistance at $1,880.
On the flip side, if the price drops below the 20-day EMA, it implies that the bears have the upper hand. In such a scenario, sellers might attempt to pull the price down past the crucial support level of $1,530. If this occurs, the price could plummet to $1,470.
MicroStrategy’s Bitcoin Holdings : Recent Data Highlights Profitability Concerns
The Bitcoin investment of MicroStrategy has come under scrutiny due to its Dollar Cost Average (DCA) for the entire investment currently standing at approximately $29,000. However, considering that the current value of Bitcoin is around $26,265, it appears that the company is holding its Bitcoin assets at a loss.
MicroStrategy’s Bitcoin Treasure Grows with $147M Investment
On September 25th, Michael Saylor, the co-founder and executive chairman of MicroStrategy, made a significant announcement on X (formerly Twitter). MicroStrategy has recently invested $147.3 million in cash to purchase 5,445 BTC, with each Bitcoin costing an average price of $27,053.
Currently, MicroStrategy possesses Bitcoin holdings valued at approximately $4.68 billion and holds a total of 158,245 BTC. It’s worth mentioning that on December 22, 2022, MicroStrategy sold 704 BTC.
MicroStrategy’s Bitcoin Investment Isn’t Profitable?
However, it is crucial to acknowledge that MicroStrategy’s financial stability has witnessed turmoil due to a persistent decline in the value of bitcoin. Notably, bitcoin recently experienced a phenomenon known as a “death cross,” resulting in a 3.6% drop since reaching its monthly high of $27,700.
The company can utilize a strategy known as Dollar Cost Averaging (DCA). This approach involves purchasing more Bitcoin when prices are low, ultimately reducing the average cost of their investment over time. By consistently employing this method, they may eventually reach a point where financial losses are minimized.
Even though it might look like MicroStrategy’s Bitcoin investment isn’t making money right now, it’s important to remember that this is just a snapshot of time.
Their strong financial position gives them the freedom to plan for the long term, which is not always easy in the fast-moving world of cryptocurrencies.
On-chain Data Reveals Bullish Indicators For Ripple’s XRP Price Amid Selling Pressure At $0.49
Today, the crypto market witnessed a slight sell-off, with Bitcoin slipping below its crucial $26,500 mark, dragging the market into a dip. This downturn was influenced by a shift in funds and growing investor interest in rising altcoins such as ChainLink. Yet, XRP didn’t benefit from this capital influx and dipped under $0.5. Despite this, various on-chain indicators hint at increased bullish momentum, pointing to a potential ‘buy the dip’ opportunity for the altcoin.
XRP Traders Bet Against Price Drop
Amid today’s sell-off, XRP experienced a significant liquidation, struggling to find buying interest above the $0.5 level. This led to many investors closing their long positions, weakening XRP’s resistance level. Data from Coinglass indicates that long positions worth over $2 million were liquidated as XRP’s price dipped below $0.5.
Yet, the sentiment shifted when XRP reached the $0.49 low, indicating a surge in buying interest near this dip. The current long/short ratio stands at 1.16, tilting in favor of bulls who opened positions on the $0.49 dip. The data suggests a bullish sentiment among traders, with long positions making up 53.9% and short positions at 46.1%.
One of the most telling metrics, the Open Interest (OI) – representing the total count of active futures contracts – has witnessed a notable surge, increasing by $17 million. This uptick in OI is a clear sign of increased trading activity, especially as the price trades near the $0.49 mark. Such a trend suggests that traders are actively becoming bullish at this price point, building a robust support level.
The growing activity around this dip could increase the possibility that XRP might initiate a recovery rally in the coming days. If this momentum holds, we could see a comeback in XRP’s price.
What’s Next For XRP Price?
XRP’s price dropped below its EMA lines in recent hours, weakening the hopes of a bullish comeback. However, bulls are strongly defending a decline below the dip of $0.49 as new buyers joined the market. Currently, buyers are aiming to push the price above EMA20 to strengthen long positions. As of writing, XRP price trades at $0.497, declining over 2.6% from yesterday’s rate.
The price is currently testing $0.486, a crucial support level to monitor. If the price rebounds from here, it indicates a shift in market sentiment from selling at highs to purchasing at lowes. This could lead the bulls to push the price past the resistance zone between $0.525 and $0.56.
However, if the support of $0.486 is breached, the altcoin might decline towards the next support of $0.459. It’s vital for the bulls to hold this line, as any drop below it would negate the bullish outlook and plunge the XRP price toward $0.42. As the RSI level has reversed its trend from the oversold region and currently trades around 36, it holds bulls’ confidence.
Lazarus Group Holds $47 Million Cryptocurrency in Bitcoin: Data
A North Korean hacking group, the Lazarus Group, holds around $47 million in cryptocurrency, primarily Bitcoin, according to data collated on Dune Analytics. Surprisingly, the group does not hold any privacy coins, which are much harder to trace. The group has been implicated in a number of attacks, including the Stake.com hack and the CoinEx attack, which resulted in the loss of at least $55 million. However, according to Chainalysis, North Korea-linked hackers will be responsible for 80% fewer crypto thefts in 2023 than in the previous year. US federal authorities recently warned of the “significant risk” of Lazarus Group attacking healthcare and public health sector entities.
Friend.Tech Sees a Surge in User Activity Despite a Data Leak Incident!
Social media crypto trading platform Friend.Tech has witnessed a surge in user activity despite recently being hit by a data leak. Despite decreasing numbers of new daily users, existing users have caused trading volume to rise by billions. According to data from Dune, the number of new daily users has dropped, but Friend.Tech’s cumulative user base has grown from roughly 5,000 in August to 140,000 in September, with a total value of approximately $20 million locked in. The platform has also seen its fee revenue rise from $160,000 in August to over $2 million at press time.
Ripple News: The Most Traded Altcoin: XRP Outpaces Competitors by 4x, Reveals Kaiko Data
XRP, a cryptocurrency, has been remarkably stable at around $0.50 despite market ups and downs. Technical analysis indicates two significant resistance levels: one at $0.5027 (the 50-day EMA) and another at $0.505.
Data from Kaiko, which tracks cryptocurrency trading, shows that XRP had an impressive average trading volume of $462 million last month. This is much higher than other similar digital currencies. XRP is said to be a low-volatile asset and as of now, it showing resilience despite the SEC beating. While Solana’s trading average was only $128 million.
Pull-Up Factors for XRP Breakthrough
With the fear of XRP bottoming out at $0.50, it is still freezing some serious frenzy for the XRP community. There is no doubt that the core reason behind XRP’s strength is its practical use. It’s not just a digital currency; it’s designed to make international money transfers faster and cheaper. This makes it attractive to financial institutions looking for efficient cross-border transactions.
Additionally, XRP is the 5th largest coin and most traded in August 2023 and is backed by some really dedicated community of supporters. This kind of loyal following can lead to consistent trading activity, even when the overall market is not performing well. Bitcoin, Ether, and Cardano all are struck somewhere in the bear cycle and things will improve only after the trend reversal in mid-October if ETFs are approved.
Despite regulatory scrutiny over the past few years, XRP has emerged resilient, with many investors viewing regulatory oversight as a mark of legitimacy. Projections indicate that XRP could reach $10 by the end of 2023.
Floating High on Update? Is XRP Boom Possible?
Looking ahead, there’s anticipation for an update to XRP, version 1.12.0. This update will introduce two important features: the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback specification. These changes aim to enhance returns for liquidity providers and reduce risks associated with market volatility. This could be a game changer for XRP bringing some new investors on the horizon.
The XLS-30 developed by Ripple’s CTO David Schwartz and Aanchal Malhotra, Head of Research at RippleX, aims to help liquidity providers in Automated Market Makers (AMMs) earn more while reducing risks from price swings. It makes participating in AMMs safer and more profitable.
Hence it is clear that XRP is not just surviving; it’s thriving. Its remarkable trading volume, stability, and upcoming improvements set it apart in the crypto space. While other digital currencies may be struggling, XRP is leading the way and shows no signs of slowing down.
Cardano Price Analysis: On-Chain Data Identifies Strong Bullish Signals for ADA Price
Cardano (ADA) has evolved into a thriving smart contract ecosystem, boasting over $15 million in stablecoins and more than 35,000 daily active users on its DeFi protocols. The core Cardano development team has been hard at work building the necessary infrastructure to accommodate a broader user base, with a focus on long-term sustainability.
Impressive Growth in Total Value Locked (TVL)
Market data provided by Defilama reveals that the Cardano network has a total value locked (TVL) of approximately $160.36 million, a substantial increase from January 2023. This surge in TVL has raised expectations for the Cardano network, especially given the growing adoption of blockchain technology and the cryptocurrency market.
Insights from Santiment’s On-Chain Metrics Analysis
Santiment, a crypto market intelligence platform, conducted an on-chain analysis of Cardano’s metrics. Despite ADA’s price remaining relatively suppressed, the network has witnessed a notable increase in on-chain transactions throughout the year. This uptick in on-chain activity suggests a rising demand as traders actively exchange ADA.
As DeFi protocols continue to flourish on the Cardano network, Santiment emphasizes the critical role utility plays in price rebounds. Additionally, Cardano’s social dominance remains higher than in the first quarter, indicating sustained trader interest.
ADA Price Analysis
As of Monday, ADA was trading around 26 cents in the early Asian market. The price has been testing a crucial support zone for the third time this year. Compared to the crypto bear market of the previous year, Cardano’s price has experienced diminished losses, signaling the potential for a long-term rebound that could see the digital asset retesting its all-time high (ATH) of around $3.
However, if Cardano’s bulls fail to defend the support zone around 25 cents, crypto experts believe the price could drop further to approximately 18 cents in the coming weeks.
Cardano’s smart contract ecosystem is thriving, with strong growth in TVL and on-chain activity. While the price faces challenges in the short term, the network’s utility and sustained interest from traders suggest a promising future, including the possibility of a return to its previous ATH.
Bridging the Gap Between Real-World Data
Chainlink and Bitcoin Spark cryptocurrency projects are emerging as pioneers in bridging the gap between real-world data and the digital realm. As the demand for reliable and secure integration of external information into blockchain networks grows, these innovative platforms are forging a path to make this integration seamless and trustworthy.
Bitcoin Spark (BTCS)
Bitcoin Spark is a futuristic cryptocurrency project aiming to revolutionize cryptocurrency mining. It strives to achieve this goal through Proof-Of-Process (PoP), a combination of innovative concepts of PoW and PoS.
BTCS seeks to enhance the accessibility and fairness of cryptocurrency mining through an application designed to engage and empower miners. This unique mechanism combines the security of PoW with the efficiency of PoS, promoting network security, scalability, and decentralization. To encourage participation and strengthen network security, BTCS emphasizes decentralization. The project aims to involve several validators, fostering a more secure and resilient network. Through its Bitcoin Spark application, available on various platforms, including iOS and Android, BTCS enables miners to contribute their device processing power to the network. The non-linear rewards system is designe to ensure fairness among miners.
Beyond mining, BTCS envisions a self-sustaining ecosystem that aligns with environmental and economic considerations. The project strives to offer consistent profitability to miners by combining various income streams, including mining rewards, transaction fees, and revenue from innovative product offerings such as CPU rentals and a novel advertising concept.
Moreover, BTCS has undergone audits and KYC certifications to ensure its infrastructure’s compliance, stability, security, and transparency. BTCS has a running ICO in phase three at $2.00 per token. The project offers bonuses as a reward for early adoption, and holders at launch in November can make 560% ROI.
How does Chainlink work?
Chainlink (LINK) is a decentralized oracle network bridging blockchain-based smart contracts and real-world data. Also, It enables smart contracts to securely interact with external data sources, APIs, and traditional payment systems, providing access to information outside of the blockchain.
Chainlink works via a network of data providers supplying real-world data to the blockchain. These data providers can trusted entities, APIs, or other data sources. They are responsible for delivering accurate and reliable data to smart contracts.
Oracles are software programs acting as intermediaries between smart contracts and external data sources. They fetch data from various sources and feed it into the blockchain, making it accessible to smart contracts. However, Chainlink’s decentralized Oracle network ensures that data is sourced from multiple providers, enhancing security and reliability. The Smart contracts on the blockchain can request specific data from Chainlink oracles and define the conditions under which the data should be retrieved and how it should be used. Once the requested data is received, the smart contract can execute predefined actions based on that data.
Chainlink’s nodes retrieve data from multiple sources and aggregate it to ensure accuracy. In addition, The aggregated data is then validated through consensus mechanisms to prevent incorrect or manipulated data from affecting smart contract execution. Once the aggregated and validated data is available, Chainlink oracles deliver it to the smart contract on the blockchain. The smart contract can then proceed with predefined actions based on the received data. Moreover, Chainlink’s decentralized Oracle network enhances smart contracts’ security, reliability, and trustworthiness by eliminating a single point of failure and reducing the risk of data manipulation.
How to buy Chainlink?
There are many ways of buying LINK; purchasing it through a trusted global exchange is easier. Choose a reputable global exchange for a convenient LINK purchase. Register by providing your email, username, and a strong password. Secure your account. Share your details like name, birthdate, country, and phone number. If using cash, complete identity verification with additional documents. Decide on your payment method. Fund your account using various options based on your location and preference. Deposit cash using the chosen payment method. Finally, with a funded account, you can buy LINK and include it in your investment portfolio.
Read more on BTCS here:
Website: https://bitcoinspark.org/
Blockchain Data Shows Massive Inflow of Dogecoin Into Bitcoin Spark Presale
The Bitcoin Spark presale has caught the attention of crypto enthusiasts and investors since it started on August 1st. As it progresses, on-chain data reveals a massive inflow of Dogecoin (DOGE) investments.
Will Dogecoin go back up?
There are reasons to believe that Dogecoin (DOGE) could go back up. First, it has an active community of supporters who consistently show their commitment to the coin. Additionally, Dogecoin’s low transaction fees and fast transaction times make it a viable option for everyday transactions, which could lead to increased adoption in a favourable crypto market. Moreover, continued endorsements from celebrities could increase its popularity and, subsequently its value. Nonetheless, for Dogecoin to sustain and amplify this resurgence, it requires significant developments to extend its utility beyond P2P transactions.
Will Dogecoin reach $1?
Despite having the potential to recover, Dogecoin (DOGE) is unlikely to hit the $1 mark. DOGE would require a rally of around 1400% to reach $1, and while it has skyrocketed by much more than this in the past, its now large supply and market cap make such high percentage changes nearly impossible. Additionally, Dogecoin has no maximum supply, and 10,000 new tokens are created every minute. And for it to reach $1, demand has to rise faster than supply. However, this seems highly unlikely with no reason to own Dogecoin besides the hope that its price will quickly surge.
What is Bitcoin Spark, and why is its presale gaining traction?
Bitcoin Spark has been revered by the crypto community because of its ability to build on the vision of Satoshi Nakamoto. It has similarities with Bitcoin (BTC), such as a maximum supply of 21 million, but with notable improvements to boost efficiency, scalability, and real-world applicability.
The network will achieve fast transaction speeds while maintaining low transaction costs due to various technical upgrades, including having a reduced block time and a massive number of nodes. Bitcoin Spark will also allow for smart contract development. It will integrate a smart contact layer with separate execution systems that all reach finality on the main network. This design allows for multiple programming languages to be used, encouraging diversity of developers, smart contract styles, and decentralized applications on Bitcoin Spark.
Bitcoin Spark will use a novel consensus mechanism known as Proof-of-Process (PoP). This innovative technology rewards users for confirming blocks and contributing processing power to the network. It’s combined with an algorithm that exponentially decreases rewards per additional power to ensure no one can capture network control. The network’s proprietary application will enable users to participate in network validation by permitting access to their device’s processing unit. The app will be safe, lightweight, and compatible with any Windows, Linux, Mac OS, iOS, and Android device, allowing virtually anyone with a smart device to participate in network validation.
The validators’ processing power will be rented out to trusted businesses and individuals through the Bitcoin Spark network. Those using the network for remote computing will be required to pay with BTCS, which will be distributed to the network validators, providing additional rewards to BTCS minting and transaction fees.
Additionally, the Bitcoin Spark website and application will have small, unobtrusive space for advertisements. Anyone holding BTCS will have an opportunity to vote out an ad that doesn’t fit the community’s criteria and will get incentives for properly doing so. Network participants will also receive 50% of the revenue generated from the ads.
The ability for unlimited devices to provide processing power to the network, coupled with the rising marketing industry, could see members of the Bitcoin Spark community benefit greatly and consistently.
The Bitcoin Spark presale is gaining traction because it offers a chance to get in on the ground floor of this innovative project. The ICO has even been hailed as a great opportunity for those who missed out on BTC. It also comes with various advantages. Investors get BTCS at a discounted price, currently at $2.00, in addition to bonuses (now at 12%). And with BTCS set to launch at $10.00, Phase 3 investors will have attained a 560% profit.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
China Unveils Blockchain Data Exchange at Hangzhou Conference!
Hangzhou unveils a blockchain-based data exchange platform aimed at revolutionizing enterprise IT data trading. Developed by officials in the city’s High-tech Zone, the avant-garde platform is expected to redefine the way businesses handle data. Chen Chun, an academician of the Chinese Academy of Engineering, describes the new platform as a pivotal development for enterprise data trading dynamics. The unveiling of the platform coincided with the 2023 Hangzhou Summit, which showcased the city’s progress in the tech industry.
Twitter fined $350,000 for not handing over Trump’s data!
Social media giant Twitter, now known as X, has been ordered to comply with a sealed search warrant requested by the special counsel and pay a fine of $350,000 for missing a court-ordered deadline by three days. The ruling was made by lower-court judge Beryl A. Howell in March. X is expected to comply with the search warrant, although it’s unclear what the warrant is for and what information the special counsel is trying to obtain. The fine, which X is expected to pay without delay, underscores the critical importance of companies’ compliance with court orders and deadlines.
Crypto Market Braces for Impact as CPI Data Looms: What’s in Store For Bitcoin and Altcoins
Amid global economic unrest, investors and market spectators are bracing for the impact of Consumer Price Index (CPI) data on digital assets such as Bitcoin and altcoins.
Market analyst Matthew Dixon recently voiced his concerns on social media, hinting at a potential cascade of effects if inflation were to rise, including further hikes in interest rates that could significantly impact cryptocurrencies.
Feeling the Heat in the Crypto Market
The current state of the cryptocurrency market is under considerable pressure. All leading cryptocurrencies have recorded declines on both daily and weekly scales, raising concerns among investors.
Cryptocurrencies have traditionally shown sensitivity to periods of economic turmoil. The CPI serves as a tool to assess potential risks or benefits linked to cryptocurrency investments. Like any investment, trading in digital currencies carries inherent risks.
The Impact of Essentials on Crypto
The effect of inflation on necessary commodities like food and energy plays a pivotal role in shaping the crypto market. As these are constant expenditures for consumers, any increase in their prices leaves less disposable income for potential investments in digital assets.
Observations suggest a direct relationship between CPI surges and pressure on cryptocurrency values. Rapid and significant CPI fluctuations often indicate instability in the cryptocurrency market.
While rising CPI numbers generally spells trouble for crypto assets, it doesn’t necessarily translate to losses for crypto traders. Some experts argue that cryptocurrencies can act as an effective buffer against inflation, thanks to their decentralization, accessibility, and limited supply. Much of the turbulence in the crypto market is attributed to its relatively recent introduction into the financial ecosystem.
How the Crypto Market is Doing
At the time of writing this article, the crypto market is experiencing slight decrease. All the top ten cryptocurrencies are in the red on both daily and weekly charts. Friday afternoon witnessed a sell-off in the cryptocurrency markets, coinciding with equity markets erasing their initial profits and ending the day on a downward note.
All eyes are now on the CPI numbers scheduled to be released on August 10th.
CertiK Raises Concerns Over WorldCoin’s Platform Security and User Data!
CertiK, a cybersecurity firm, discovered a vulnerability in WorldCoin’s verification process back in May, which could potentially allow hackers to compromise user data. The WorldCoin team has since confirmed the vulnerability and taken steps to fix it. However, regulators are still expressing concern over the safety of user data on the platform. WorldCoin is a cryptocurrency trading platform that allows users to buy and sell various cryptocurrencies. This incident highlights the importance of proper cybersecurity measures for any platform that handles sensitive user information.
New macOS Malware Realst Steals Cryptocurrency and Data!
The post New macOS Malware Realst Steals Cryptocurrency and Data! appeared first on Coinpedia Fintech News
A new malware called Realst is targeting Apple macOS systems, including the latest macOS 14 Sonoma. The Realst Infostealer is distributed through malicious websites offering fake blockchain games and aims to steal cryptocurrency assets and sensitive information such as passwords. The malware is linked to the earlier Pearland infostealer and each version of the fake blockchain game has its own website, Twitter, and Discord accounts. Users should be vigilant and avoid downloading anything from unknown websites.
AI And Big Data Witness 300% Growth In 2023 – These AI Cryptos Are Set to Explode
AI is the biggest technology that will define 2023. The mass penetration of ChatGPT is just a preview of what’s coming. Now that people have embraced AI, new projects that explore futuristic technologies are taking over the market.
A Dynamic Sector with Fertile Soil
The AI and Big Data sectors have changed how we understand data processing and utilization. The advanced algorithms and machine learning techniques are perplexing, but they have vast possibilities in everyday life.
They can overhaul a wide range of industries in decision-making, shrewd analysis, and of course, automation. The heap of data that multiplies at an exponential rate will change the way we live and work in the next few years.
According to a new report by CoinMarketCap, the AI and Big Data sector has grown by 323% within the niche. In fact, AI & Big Data is the second-fastest growing crypto sector this year.
While metaverse and virtual reality dominated the crypto market from 2021 to 2022, AI has the spotlight this year. It is one of the most thriving sectors in the crypto space and is poised for further growth in the next few months.
Needless to say, the release of OpenAI’s ChatGPT has catalyzed the trend.
Top AI Cryptos Set to Explode Soon
AI is a game-changer in the crypto sector for many reasons. It can transform our financial and social landscapes, with decentralized transactions of data and value at its core. Crypto projects and investors see AI as fertile soil with plenty of possibilities for growth and expansion.
In this article, we look at two emerging AI projects that have caught the market’s attention and why they are positioned for explosive growth this year.
1. yPredict – AI-Driven Curated Price Predictive Models
yPredict is an AI token that has taken the crypto world by storm, even before the token launch. The presale of YPRED tokens, the native cryptocurrency of yPredict has surged past the $3M mark within days of going live to the astonishment of the market.
The fast-growing traction of the token can be attributed to its underlying AI ecosystem tailored to cater to crypto traders, experts, and quants. Being the only cryptocurrency of the AI-based marketplace, YPRED facilitates access to crypto price predictive models carefully crafted by renowned AI experts, quants, and analysts.
It is dedicated to combating the challenges that traders and investors have to deal with every day to maintain a statistical edge in the highly volatile market.
If we look at the current crypto landscape, we will find that bots and algorithms saturate the market. The saturation has led to unpredictability and influenced the price structures of assets like BTC and ETH.
The situation is worsened by manipulative bots that favour specific assets and investors. yPredict emerges as a reliable solution to the problem, offering a renewed sense of certainty to crypto price predictions by leveraging the expertise of industry analysts and AI developers.
yPredict allows you to make near-accurate predictions, as it grants access to industry expert-driven crypto price predictive models through monthly subscriptions. The payments are made in YPRED tokens, which serve as the driving force behind the ecosystem.
Apart from this, it provides AI Signals, Sentiment Analysis, and 25+ Chart Pattern Recognition.
Being an AI-powered utility token, YPRED is distinct from meme coins like Dogecoin, which solely rely on community strength and hype. Instead, the use cases powered by yPredict’s underlying project architecture make it a more sustainable option for investors with a long-term outlook.
The ongoing presale presents the optimal entry point to the project. It is divided into multiple stages, featuring a gradual price hike as it progresses. This presale allows the community to be part of the project’s growth from its inception.
2. Launchpad XYZ – A Web 3.0 Hub for the Masses
Another AI token to draw massive attention over the last few months is LPX, the native cryptocurrency of Launchpad XYZ.
As its name suggests, the platform ushers in the new era of Web 3.0 by lowering its entry barriers. Whether you’re interested in cryptocurrencies, NFTs, or the metaverse, you will find plenty of valuable data and insights on the platform. Its market relevance lies in the fact that the complexities and jargon prevalent in the crypto market are detrimental to its growth.
They turn away traditional investors and users from entering the market and trying their hands on digital assets. That is not a trend to be encouraged. Despite the advanced technology that Web 3.0 makes use of, it needs to lower the technical barrier to penetrate the masses.
This is where Launchpad XYZ steps in as a bridge between crypto enthusiasts and promising crypto projects. The platform enables more individuals to explore the various opportunities in trading, investment, and play-to-earn using its extensive ecosystem. It consists of an NFT marketplace, a play-to-earn gaming hub, a metaverse experience library, a Web3 wallet, an NFT DEX, and a trading terminal to name a few.
But the standout functionality on Launchpad XYZ is Launchpad Quotient (LPQ) – a singular metric that indicates the risk and reward potential of any Web3 Asset. Derived from a wealth of data, it encompasses 400 data points, such as moving averages, sentiment analysis, and trading volume.
As the market is ever-changing, the LPQ value fluctuates based on the latest data and news available.
The insights and data-driven metrics like LPQ create a more accessible and informed environment for crypto enthusiasts and investors.
Although the growing lack of confidence in the traditional financial system has urged an increasing number of people to explore cryptocurrencies, the market doesn’t respond well to the demand.
With a mission to onboard the next 10 million users to Web 3.0, Launchpad XYZ enhances the overall crypto user experience and educates users about the diverse range of yield opportunities available.
The LPX presale is live. It comes with excellent early-bird discounts that give investors a low entry to the AI coin. The platform promises to play a pivotal role in democratizing access to information and opportunities within the crypto market, but it remains to be seen how efficient it is.
But if you have your eyes set on a meme coin
Meme coins are wildly popular now. They don’t have any underlying utility, but they seize the market with three- to four-digit bull runs. If you want to add a volatile asset to your portfolio, Burn Kenny is the latest meme coin sensation.
“Ever wondered how to set fire to your digital assets in a fun and potentially profitable way? Welcome to Burn Kenny, a token so hilariously volatile, you’ll think you’re in an episode of South Park!”
The project launched a discreet presale on 20 July 2023. Don’t be dispirited if you find it already sold out. The token launch is scheduled for 24 July 2023.
Debate Continues as EU’s Data Act Final Draft Includes Smart Contract Kill Switch
The final version of the European Union Data Act has been revealed, raising concerns within the blockchain industry. The new rules, as seen by CoinDesk, do not address the industry’s pleas and could potentially render most smart contracts illegal. The provisions aimed at ensuring the secure termination of automated data-sharing agreements still refer broadly to “smart contracts” and do not limit the scope to privately owned and permission data records as hoped by lobbyists.
Negotiators reached an agreement on the controversial text on June 28, following concerns expressed by blockchain organizations in an open letter. However, the text has only been made public now. The disclosed version of the law still refers to “smart contracts” instead of the industry’s preferred term, “digital contracts.”
Additionally, it places responsibilities on “vendors” of the automated programs, raising fears among lobbyists regarding the potential imposition of perpetual and limitless liabilities in decentralized scenarios where there is no single seller.
Although the text has been modified to apply only to the “automated execution” of data-sharing agreements for smart devices like connected cars and fridges, it fails to specify private or permissioned networks, extending its scope beyond what the lobbyists had requested.
The circulated text, shared privately with member governments by Spain, the current chair of the talks, reflects the law’s updates based on the provisional political agreement reached during a June 27 meeting. The text states that all political issues were resolved, closing the negotiations with lawmakers at the European Parliament.
For the text to become law, it must receive formal approval from the parliament and the Council of the EU, which consists of the governments of the member states.
Bitcoin Confuses Investors With Consolidation Below $31K! Will CPI Data Bring Breakthrough Moment For BTC Price?
As Bitcoin continues to hold the spotlight, it has been causing a stir among investors due to its consolidation below $31,000. With the latest Consumer Price Index (CPI) data now released and falling below expectations, the question arises whether bullish CPI will create a pump moment in the BTC price.
Bullish CPI Sparks Hope Among Bitcoin Investors
Today’s release of the June Consumer Price Index (CPI) data by the Bureau of Labor Statistics has sparked a wave of positivity across the Bitcoin and broader cryptocurrency market. The recent statistics indicate an unexpected slowdown in inflation, fueling optimism for a favorable future outlook.
According to the Bureau of Labor Statistics (BLS), the U.S. inflation rate, as gauged by the Consumer Price Index (CPI), experienced a decline from 4.0% in May to 3.0% in June on a year-over-year basis, contrary to the anticipated dip to 3.1%. In terms of monthly changes, the CPI saw an increase of 0.2% in June, compared to 0.1% in May, albeit falling short of the projected 0.3% rise.
Bitcoin’s price, which has largely been oscillating between $30,000 and $31,000 in recent days, experienced a slight increase to $30,900 following the report’s release and eventually broke above $31K. However, it quickly relinquished this gain, settling just below $30,800.
The report released today indicates a continued downward trend in headline inflation, with June’s rate of 3% marking a decrease from a 2022 peak of 9.1%. Perhaps of greater significance to Federal Reserve policymakers is the shift in the core inflation rate, which dropped to 4.8% from 5.3% after persistently staying above 5% throughout the year.
Bitcoin Touches A Low Near $30.5K
Bitcoin experienced a rebound from the 20-day Exponential Moving Average (EMA) at $30,600 to continue its uptrend. Following the CPI news, Bitcoin experienced a massive swing, with a low formed at $30.5K and a high at $31K. This suggests both bulls and bears are fighting heavily and a quick retest will determine strength.
Currently, Bitcoin is trading at $30,782, with a surge of 0.8% from yesterday’s rate. To avert a potential decline, bulls will need to hold the price above $30,500 and drive it toward the resistance zone, which lies between $31,000 and $31,500. This zone is expected to face significant selling pressure, but if the bulls manage to surpass this hurdle and $32.5K, the price could potentially surge toward the next key resistance at $40,000.
On the flip side, if the price dips below the 20-day EMA, it could prompt numerous short-term bulls to cash in their profits. This could lead the price to drop towards $29,710. A correction of this level would imply that the price might decline further and consolidate at $27,500.
HSBC Trials Advanced Quantum Data Security in the Fight Against Cybercrime
The post HSBC Trials Advanced Quantum Data Security in the Fight Against Cybercrime appeared first on Coinpedia Fintech News
HSBC is leading the way as the first British bank to test an advanced information security system developed by BT Group, Amazon’s AWS cloud, and Toshiba. This cutting-edge system employs quantum keys to protect against cyber attacks, safeguarding billions of dollars in transactions. With the potential obsolescence of current encryption methods due to quantum computers, the finance industry is actively investing in sophisticated cybersecurity measures. HSBC’s Chief Information Security Officer, Richard Cebron, emphasized the bank’s commitment to outsmarting cybercriminals and maintaining a proactive stance against cybercrime.
Bitcoin Shrimps Fuel BTC Price Astonishing Comeback, On-Chain Data Suggests
Bitcoin (BTC) has made an astonishing comeback, reclaiming the crucial $30,000 price level in July. While many attribute this surge to whale accumulation, a lesser-known group of investors, affectionately called the Bitcoin Shrimps, have quietly been making waves in the market. On-chain data now suggests that their increased accumulation might hold the key to understanding the current bull run.
Bitcoin Shrimps Take Charge
In a surprising turn of events, Glassnode data reveals that the Bitcoin Shrimp Cohort, consisting of addresses holding less than 1 BTC, has been on an aggressive accumulation spree. These “shrimps” have managed to acquire an impressive 33,400 BTC in just one month, marking one of the most substantial movements by this group to date. Their determination has propelled the total number of coins held by Shrimp holders to an impressive 1.33 million BTC.
Rising Optimism
However, the on-chain data also helps in painting a positive picture for Bitcoin and the broader crypto market. Notably, the current profit rate for Bitcoin’s circulating supply stands at a staggering 79%, indicating that the majority of holders are now in a profitable position. The recent surge to $30,000 has allowed long-term holders to finally see green in their portfolios, contributing to more optimistic market sentiment.
Shockingly, Glassnode’s report reveals another exciting development: Bitcoin’s realized capitalization is experiencing continuous net capital inflows, soaring to a peak of $396 billion. This suggests a substantial influx of capital into the asset class, contributing to its overall valuation expansion. What’s even more intriguing is that this expansion has been occurring outside the typical parameters of a bull market, potentially signaling a more sustained and powerful market trend.
On-Chain Data Shows Ripple Whales Have Increased XRP Accumulation; What Next For XRP Price?
The XRP market has been in a falling trend since the beginning of June. Trading around 47 cents on Thursday, experts argue that the daily price action is forming a bullish pennant flag in preparation for a breakout.
Moreover, the SEC vs Ripple case ruling is expected to be issued anytime, according to timelines predicted by CEO Brad Garlinghouse. A win on Ripple, which entails XRP is not a security, could result in a bullish outburst towards ATH and vice versa if the SEC wins.
Santiment Shows XRP Whales Are Accumulating More
According to on-chain data analytics platform Santiment, XRP whale accounts holding between 10m and 100m units have exponentially increased their accumulation YTD.
However, the accumulation rate recently spiked to ATH when the XRP price recently dipped about 12 percent to trade around 47 cents. Specifically, between June 22 and 28, XRP whales purchased about 360 million coins worth approximately $170 million.
What Do the Whales Know?
In the past few days, rumors circulated on the internet that Ripple Labs is about to buy back 10 Billion XRP coins. While there was no official communication, the rumors caught the attention of top XRP supporters including lawyer John Deaton.
Notably, the increased whale XRP accumulation could be another speculation of a Ripple win against the SEC in the ongoing lawsuit. Moreover, some lawyers argue only a small section of XRP transactions could be regarded as securities, which involved the ODL sales by Ripple. Otherwise, XRP is traded in many other jurisdictions around the world as a commodity.
Prepare For A Crypto Shakeup: SEC Crackdown, CPI Data, Fed Interest Rates Upcoming
After experiencing a tumultuous trading week due to the U.S. Securities and Exchange Commission (SEC) charging Coinbase Global Inc. (NASDAQ: COIN) and Binance Labs with listing unregistered securities, crypto traders should prepare themselves for more volatility in the coming week. Several high-impact news events are set to fuel market fluctuations.
Among the notable events scheduled in the United States are the Consumer Price Index (CPI) on Tuesday, FOMC economic projections and Federal Funds Rates on Wednesday, and unemployment claims on Thursday. It is worth noting that these events have historically had a significant impact on the crypto market, especially in terms of overall volatility.
Regulatory Pressure and Bearish Outlook Loom
As more countries worldwide move toward regulating the nascent cryptocurrency industry, it is becoming increasingly evident that the crypto market will continue to exist for the long term.
However, experts caution that the coming months could bring a more bearish outlook for the market as the SEC intensifies its regulatory crackdown. This intensified regulatory environment is expected to reduce crypto liquidity through the United States dollar, following Binance US’ recent decision to cease its dollar on/off-ramping services.
Crypto Market Resilience
Despite the recent SEC charges against Binance and Coinbase for operating unregistered securities exchanges, the crypto market has demonstrated its resilience in the past few days. Notably, the total crypto market capitalization has remained above $1.1 trillion. This shows that the market continues to make progress despite regulatory challenges and maintains investor confidence.
Focus on Binance and Coinbase
Currently, all eyes are on Binance and Coinbase as Binance urges SEC Chair Gary Gensler to recuse himself from the litigation due to an alleged conflict of interest. It has been reported that Gensler once applied for an informal advisor position at Binance following a meeting with Changpeng Zhao (CZ) in Japan back in 2019.
This development adds an intriguing dimension to the ongoing legal proceedings between the SEC and the two major exchanges.
Immunify: Revolutionizing Healthcare Data Management
Emerging as a beacon of innovation, Immunify Life leverages the power of decentralised science (DeSci) and Web3 technology to shift the paradigm in healthcare data management. A bridge between traditional healthcare and the future, it is creating an efficient, secure, and self-sustaining healthcare infrastructure, changing the dynamics of the health sector as we know it.
The Problem
For decades, emerging economies have grappled with health management challenges that emanate from an over-reliance on traditional, paper-based systems. Up to 40% of all healthcare resources spent in these countries are lost due to inefficiencies, with the use of paper-based systems being a significant contributing factor. The lack of a comprehensive and interoperable digital system not only impedes progress but hinders the effective and equitable delivery of healthcare. In this backdrop, the need for a digital transformation is more than just an innovation; it’s a necessity.
Immunify’s Innovative Solution
Immunify life stands at the forefront of this digital revolution, offering a secure healthcare ecosystem that incentivises the collection and use of health data. The platform deploys a decentralised smartphone app designed to manage patients’ health status and facilitate the collecting and sharing of health data. Moreover, Immunify is fully operational with a token reward system and data capture tool, paving the way for a future where healthcare is more accessible, efficient, and patient-centric.
Power of Decentralized Science (DeSci)
Immunify life isn’t just about digitising healthcare; it’s about democratising science. Through DeSci and Web3 technologies, Immunify creates a transparent and accessible infrastructure for scientific knowledge – this approach fosters a decentralised research model resistant to censorship and centralised authority. With a focus on transparency and accessibility, DeSci encourages unconventional ideas, leading to groundbreaking research and innovation in the scientific community.
Unleashing the Power of Data
At its core, Immunify life is about data – data that can save lives, improve health outcomes, and drive healthcare policies. By providing individuals with control over their detailed data, Immunify contributes to the creation of massive anonymised datasets. This wealth of information can be used for a plethora of purposes – tracking and managing treatment adherence, providing reliable vaccination certificates, issuing real-time alerts during pandemics, and much more. This data-driven approach brings a level of precision and foresight that is unparalleled in traditional healthcare systems.
Tokenomics and User Benefits
Immunify life operates using the $IMM token, serving as its fee settlement token, and as a tool to incentivise patients to improve their health and share their data. Users can stake $IMM tokens to earn fees from Data Samplers, or users who pay for anonymous licenses. This unique staking model increases the asset base with the provision of more data, essentially making healthcare data the underlying asset of Immunify life.
What’s Ahead
Backed by a team of seasoned professionals, Immunify stands on the brink of a healthcare revolution. Its current projects, ranging from HIV research in Kenya to COVID studies in Zambia, are yielding rich insights that will fuel its future growth. With plans to rapidly expand its footprint, Immunify is set to redefine healthcare data management, setting a new standard for patient empowerment.
By merging the realms of DeSci, Web3 technology, and advanced AI, Immunify life is creating a blueprint for the future of healthcare – this transformative platform is redefining healthcare data management.
On-Chain Data Shows Most Bitcoin Holders are Selling at a Loss
Amidst the backdrop of high global inflation, Bitcoin’s value has been plummeting, prompting crypto investors to seek refuge in stablecoins. Over the past three days, the price of Bitcoin has experienced a significant drop of over $10,000, settling at around $26.2k on Wednesday.
Meanwhile, the demand for stablecoins, particularly Tether USDT, has continued to surge, with the trading volume reaching approximately $32 billion on Thursday.
Bitcoin Holders Seek Safety in CEXs
According to Glassnode, a renowned on-chain crypto insight platform, an increasing number of Bitcoin holders are depositing their coins in centralized exchanges, even if it means suffering losses. Interestingly, Glassnode’s data reveals that short-term holders (STHs) outweigh long-term holders (LTHs) in terms of depositing coins at a loss.
Glassnode Highlights P/L Ratio
Glassnode’s analysis brings forth fascinating insights. The platform’s observations indicate a positive bias of 1.73 among LTHs, indicating profitable inflows for this group. Conversely, STHs exhibit a negative bias of 0.69, similar to the market-wide bias of 0.7, suggesting that STHs are currently dominating exchange inflows.
Glassnode utilizes the profit/loss ratio (bias) of Bitcoin deposit volume to centralized exchanges as the basis for these conclusions.
When assessing the profit/loss ratio (bias) of #Bitcoin deposit volume to exchanges, we note a current negative bias of 0.7, suggesting coins are flowing into exchanges at a loss. pic.twitter.com/6dYAbsFdyg
— glassnode (@glassnode) May 25, 2023
Prepare For More Pain Ahead
Considering the technical aspects, it appears that the crypto market has potentially completed its rebound phase following last year’s bearish outlook. Presently, the market, spearheaded by Bitcoin, seems to be caught in a multi-quarter consolidation phase, awaiting next year’s halving event, which may serve as a catalyst for a new macro bull rally.
BTC Price: Data Shows That Bitcoin is Trading Above Realized Price Amidst Market Panic
The cryptocurrency market has been going through a fair share of trauma with the recent decline in the prices of various assets. The fall in price, which can be attributed to various macroeconomic factors, caused the global market cap to drop by 1.63% in the last 24 hours. According to CoinMarketCap data, the global crypto market cap stood at $1.10 trillion at press time.
Amidst the market chaos, the founder of LookintoBitcoin, Philip Swift, shared some interesting data.
https://twitter.com/PositiveCrypto/status/1661644838411051008
Bitcoin is Trading above the Realized Price
According to the data on price action 140 days after the realized price breakout, the price of Bitcoin is trading above the realized price of $20,167. BTC is trading at $26,256 at press time, which, according to Swift, is a clear breakout for BTC above its realized price. A zoomed-out picture of the chart shows that Bitcoin is performing well and as expected for this stage of the cycle.
Bitcoin and Ethereum have shed 1.98% and 1.72%, respectively, amidst the recent market turmoil. BTC has dropped below the $27,000 level, whereas ETH has plummeted below the $1,800 level.
Amidst the ongoing debt ceiling negotiations in Washington and varying perspectives among Fed officials regarding interest rate hikes, bitcoin has exhibited characteristics of a risk asset once again, diverging from its earlier trend of trading more closely with gold earlier this year.
Both bitcoin and ether are currently experiencing their least favorable month in 2023, with bitcoin down by 12% and ether down by nearly 9.7%, respectively, in 2023.
The trending meme coin, PEPE, has also suffered from market chaos, as it is down by 4% in the last 24 hours. PEPE is also down by 10% in the last seven days. The current market turmoil hasn’t spared any altcoins, as most of them have exhibited single-digit losses.
Bitcoin Price Volatility Spikes Ahead of U.S FOMC Data
The post Bitcoin Price Volatility Spikes Ahead of U.S FOMC Data appeared first on Coinpedia Fintech News
On Wednesday, a few hours before the Fed released the FOMC meeting minutes, Bitcoin price traded precariously at a support level of around $26.6k, which was achieved late last week. Already, crypto traders were highly convinced of choppy crypto markets backed by both technical and fundamental aspects. Moreover, the United States Federal Reserve was expected to release a detailed record of the FOMC’s most recent meeting, which provides comprehensive insights into the economic and financial conditions that influenced their vote on where to set interest rates.
FOMC and Bitcoin Market
From the crypto traders’ standpoint on the United States market, a more hawkish than expected FOMC meeting minutes is definitely good for the U.S. dollar but bearish for Bitcoin. Already, the U.S Dollar Currency Index (DYY) was up slightly during the early New York trading session. According to market data provided by TradingView, the DXY was up about 0.08 percent to trade around 103.594. Bitcoin price, on the other end, had dropped about 3 percent to trade around $26.4k.
Crypto Price Action in Relation to the U.S Economic Data
The mother coin was largely supported by the weekly 200 Moving Average (MA), despite the bleeding on the short time frames. Crypto traders understand the need for Bitcoin price to close Wednesday above $26k to assure a bullish outlook on the relief rally. Moreover, Bitcoin’s dominance has presented a lot of uncertainty in the past few weeks.
PEPE Price Prediction – Santiment Data Hints At Mini Pump For Pepecoin
A recent detailed analysis of Pepe coin by market intelligence platform Santiment studied the behavior of its holders to determine if and when another pump happens. According to the report, traders should closely check the average number of days in which Pepe coins have been sitting in an average wallet. Furthermore, Santiment noted that meme coins are controlled by speculation and crowd expectations.
“One of the most reliable signs that it’s time to take profit on an asset is when the mainstream trading crowd begins to get euphoric and discusses an asset that is on a major rise like PEPE was,” Santiment’s analyst noted.
Social Dominance
On social dominance, data provided by Santiment shows Pepe coins’ social dominance has significantly declined since the meme coin hit ATH. Currently, Santiment data noted that Pepe coins’ social dominance is taking up about 5 percent of discussions compared to the top 100 assets.
In this regard, Santiment concluded that traders should begin to watch for a drop in social dominance towards 1-2 percent, which is a sign of investors fleeing for promising trades.
Address Holdings
On address holdings, Santiment data shows that the number of unique addresses holding Pepe coins has significantly reduced since ATH. As a result, the largest addresses with 100M PEPE or more have also declined as profit-taking intensified in the past few days.
Nevertheless, Santiment expects the Pepe coin price to rebound as soon as the largest addresses begin to accumulate more coins.
Transaction Volume
In regards to transaction volume, the Santiment report noted that Pepe coin demand has begun to rise in the past 24 hours. Nonetheless, the total transaction volume is significantly down from its ATH, which shows a lot of traders have since moved away.
As a result, Santiment concluded Pepe coin could have another pump from the current dip but not as euphoric as the initial one.
Bitcoin Live News: Top Reasons Why BTC Price Dumped Below $28K After CPI Data
The Bitcoin market turned slightly bullish after Wednesday’s CPI data that came below analyst expectations at 4.9 percent. The mother coin rallied above $28k, there attracting more long crypto traders. However, the rally was not sustained as Bitcoin price briefly teased below $27k for the first time since the end of March. As a result, 99.64 percent of Bitmex long traders, accounting for $24.8 million, were liquidated in the past 24 hours.
As the crypto market turned more bearish, on-chain data shows about 6,272 Bitcoins were added on Binance in the past 24 hours. Additionally, the total Bitcoin balance on centralized exchanges significantly spiked to more than 1.9 million, thus signaling a possible dump incoming.
Analyst Highlights Possible Reasons Why Bitcoin Suddenly Dumped
According to a pseudonymous crypto analyst at CryptosRUs with more than 663k subscribers on the YouTube channel, Bitcoin dropped after the CPI data caused by FUD on the inflation report. Additionally, the analyst highlighted that the U.S. sale of Silk Road Bitcoin holding amount to more than 9k caused some fear in the market.
The rise of Milady meme coin (LADYS) pumped more than 126X in the last 24 hours is also a significant contributor to the Bitcoin dump. Moreover, more traders are likely to have jumped into the meme coin frenzy to catch some profits.
Nevertheless, the BTC market held the $27.5 k support after Tether (USDT) announced a Bitcoin reserve of about $1.5 billion. Additionally, the analyst highlighted that the Bitcoin market gained more investors’ confidence after a United States Congressman Brad Sherman admitted the government prints money out of thin air.
“Crypto bros … made over a trillion dollars out of thin air. They’ll accuse the U.S. government of making money out of thin air. Maybe we do, but we’re the U.S. government,” Sherman said during a House hearing.
BTC Live News : Is Bitcoin About to Enter a Bear Market – Here’s What Glassnode Data Predicts
As the world’s most popular cryptocurrency, Bitcoin has been on a wild ride over the past few years. But now, experts are warning that a bear market could be on the horizon, and the culprit might be none other than the U.S. Dollar Index (DXY).
Glassnode, a company that analyzes cryptocurrency trends, has been closely monitoring the DXY’s recent fluctuations. Since January 2021, the DXY has been on the rise, and this could be bad news for risk assets like Bitcoin.
Opposite Directions: DXY and Bitcoin
The value of Bitcoin and the US dollar (measured by the DXY) have generally moved in opposite directions over the past three years. When the DXY goes down, it can have a big positive impact on risk assets like cryptocurrencies. However, when the DXY goes up, it can spell trouble for digital assets.
The DXY’s recent drop in September 2022 was a welcome relief, but it’s now expected to rise again in early May, before dropping drastically within the range of 105-107.
The DXY’s strength can greatly affect the global market, as it impacts other currencies as well. When the DXY goes up, commodities like gold and oil become more expensive for those who don’t use US dollars. This can lead investors to switch to other types of investments, including cryptocurrencies. Hence, digital assets are often seen as riskier, which means investors may sell them when the DXY is strong to lower their risk.
What Could Happen Next?
If the DXY does continue to rise, it could lead to a brief bear market for cryptocurrencies, including Bitcoin. This would be a significant setback for the cryptocurrency market as a whole. When the DXY gets stronger, investors may choose to put their money in the US dollar, which is generally considered to be safer. This makes it harder for people to want to invest in riskier assets like digital currencies.
As a cryptocurrency enthusiast and investor, it’s essential to keep a close eye on the DXY and other global economic indicators. While it’s impossible to predict exactly what will happen next, staying informed can help you make the best investment decisions for your portfolio.
US CPI Data Shows A Slowdown In Inflation! Here’s How The Crypto Market Is Going To React
In recent days, anticipation has been building in the crypto market as investors eagerly awaited the release of crucial Consumer Price Index (CPI) data to determine the future trajectory of major cryptocurrency valuations. That suspense has now come to an end, as the Bureau of Labor Statistics unveiled the March CPI figures today, sparking a frenzy of trading activity across the digital currency landscape.
US Inflation Decreased More Than Anticipated In March
Today, the Bureau of Labor Statistics unveiled the latest US Consumer Price Index (CPI) figures for March, revealing a 5% increase in annual inflation and a modest 0.1% month-on-month price rise. The all-items index, which experienced its smallest 12-month increase since May 2021, climbed 5.0% in the year ending March. Meanwhile, the all-items index, excluding food and energy, saw a 5.6% increase over the past year.
The energy index dipped 6.4% for the 12 months ending March, while the food index surged 8.5% over the same period. These latest inflation figures indicate a more significant slowdown than anticipated, sparking hope that the Federal Reserve’s ongoing monetary tightening measures may soon reach their conclusion.
The US Federal Reserve’s battle against inflation appears to be gaining traction, as recent data reveals a steady decline in the annual inflation rate. Following eight consecutive months of decreases, the rate fell from 6.4% in January to 6% in February 2023. Although this marks a significant drop from its decade-high peak of 9.1%, inflation remains considerably above the central bank’s target rate of 2%.
According to the CME FedWatch Tool, the Federal Open Market Committee (FOMC) might uphold the 25-basis points rate increase during their meeting scheduled for May 2-3, 2023.
Crypto Market To Continue Volatility
In the wake of the surprisingly subdued inflation figures for March 2023, US stock futures experienced an uptick. The cryptocurrency market, on the other hand, demonstrated a muted initial reaction before eventually registering a modest 1.2% increase.
Currently, Bitcoin’s value hovers around $30,189, having surpassed the significant $30,000 threshold on Tuesday for the first time in nearly ten months. Prior to the release of the critical March inflation data, the crypto market saw limited volatility as traders eagerly awaited the new macro information.
In this scenario, investors who sought refuge in cryptocurrencies during periods of high inflation might shift their focus back to traditional assets, such as stocks and bonds, as they regain confidence in the strength of the economy. Consequently, this could result in reduced demand for cryptocurrencies, leading to downward pressure on prices.
However, it is also possible that the continued higher-than-target inflation rate could maintain the appeal of cryptocurrencies as a hedge against inflation. Investors might still consider digital assets a viable alternative to traditional investments, especially if they expect the central bank’s efforts to be insufficient or slow to take effect.