Hong Kong continues aggressively promoting virtual asset development and merging financial technology with traditional finance. This vision took a leap forward as the city’s first licensed crypto exchange for retail investors, HashKey, officially launched its trading platform on Monday.
The launch marks a significant milestone in Hong Kong’s emerging Web3 economy. HashKey and OSL recently became the only two platforms to receive Securities and Futures Commission (SFC) approval for upgrading their licenses to serve retail crypto investors. This regulatory green light cements Hong Kong’s intentions to be a global hub for regulated virtual asset innovation.
HashKey’s unveiling follows Hong Kong’s October policy statement outlining the city’s plan to foster a thriving virtual asset industry. It established a new licensing regime requiring crypto platforms targeting local users to be regulated by the SFC and meet custody, AML, and risk management standards.
Crypto exchange licensing has been accelerating since the regime took effect in June. SFC negotiations are reportedly underway with over 100 virtual asset companies to promote Hong Kong’s favorable crypto development environment.
Hong Kong implements greater confidence
The robust regulatory climate gives investors greater confidence in accessing crypto through transparently licensed platforms compared to unregulated alternatives. Industry leaders believe bringing discipline and oversight to exchanges protects retail participants while enabling broader virtual asset adoption.
With other major Asian cities also vying to be crypto hubs, Hong Kong’s head start in regulated infrastructure could help cement its status as the continent’s premier virtual asset marketplace. The SFC estimates crypto exchange registrants represent over 85% of current local trading activity, underscoring the traction already achieved.
As more users migrate trading into the regulated environment, HashKey’s timely market entry leverages this first-mover advantage and the readiness among Hong Kong investors to engage with virtual assets through reputable channels. With more exchanges awaiting SFC approvals, Hong Kong’s vision of becoming a thriving crypto hub appears to be firmly in motion.
Bitcoin closed the previous weekly trade below the bull market support band for the first time since early January. This could be the beginning of a fresh bearish wave, as the bulls are expected to remain passive. Further uncertainty over the impending price movement may prevail. However, a bullish rebound could be expected if the BTC price manages to hold firmly above the major support zone.
Is Bitcoin preparing for a massive bull run? Or does the 2022 bear market seem to remain in action, with the bottoms yet to be reached?
The recent pullback dropped the price below the crucial support levels that it had held since the beginning of the year. Presently, it has dropped below its bull market support band (BMSB), which plays a crucial role in determining the future trend. The time coincides with the pre-halving phase, which begins in August–September and includes a drop in SPX.
While some believe the BTC price may have left its pre-halving path, in reality, pre-halving years get both bulls and bears rekt.
After remaining below the 200-day MA levels throughout 2022, the price surged above these levels in the first few weeks of 2023. Unfortunately, the price plunged hard below these levels after the recent drop, dragging the RSI within the oversold range. In the past, whenever the BTC price has dropped below the 200-day MA levels, it has hit its realized price, which is around $20,600 at the moment.
Will BTC’s price begin with a fresh bearish wave now?
To determine the next price action, Bollinger bands play a significant role. The bands, after the recent drop, have witnessed excess expansion. This usually happens in the case of a bullish breakout or bearish breakdown. The price follows a healthy accumulation at the gains or along the newly reached lows for some time.
Therefore, the Bitcoin (BTC) price is believed to maintain a healthy accumulation between $25,800 to $26,200 for a while before triggering the next price action.
With the launch of Shibarium, an Ethereum layer-2 network, Shiba Inu takes another step to become a serious blockchain project. To provide a real-world use case, Shibarium focuses on DeFi and gaming and will use SHIB tokens as fees.
The launch of the Shibarium network struggles to bring a notable spark in Shiba Inu coin prices in a bearish market. With Bitcoin falling below a consolidation range, the altcoins suffer a similar fate.
The Shiba Inu coin price is falling drastically over the past few days as it reverses from the 50% Fibonacci level at $0.0000106. Following the evening star, the SHIB coin price is down by 14% leading to multiple bearish candles.
As a worst-case scenario mentioned in our last SHIB price analysis, the meme coin tests the 200-day EMA. However, the long tail formation in the daily candle, at press time, displays a lower price rejection. This lights a reversal hope if the prices sustain above the 200-day EMA.
The SHIB coin price currently finds an intraday growth of 1.30% and trades at $0.00000933, closing in on the psychological mark of $0.000010.
The dramatic increase in trading volume adds credibility to the correction phase, and the technical indicators represent the same. The MACD indicator shows a bearish crossover, and the RSI line drops to the halfway line.
If the bullish trend sustains above the 200-day EMA, the reversal rally can reclaim the $0.000010. Moreover, the 50% Fibonacci level breakout will drive an additional 21% gain in the Shiba Inu coin price to reach $0.00001296.
On the flip side, if the SHIB prices fail to rise above the 200-day, the downtrend will test the 50-day EMA. The following downtrend can challenge the bullish dominance of the ascending trendline, marking a deep correction and potential dip to buy.
Shiba Inu, once popular as a meme coin, takes a giant leap into the world of DeFi and metaverse with the launch of Shibarium, its Ethereum Layer-2 network. It is all set to raise the bar with its proof-of-participation (PoP) consensus mechanism and a whopping 21 million wallets created during its beta phase.
This isn’t just another blockchain but a call for a new era of technology, decentralization, and above all, community empowerment. Here’s how they’ve done it:
The Shibarium tokens include BONE, TREAT, SHIB, and LEASH, providing the fuel for applications. As demand grows, these tokens are expected to gain value, building a strong financial ecosystem on the new blockchain.
Shibarium’s emphasis on gaming and the metaverse puts it at the forefront of technological evolution. It’s painting a picture of the future right before our eyes, a world where digital interactions are as real and meaningful as physical ones.
DoggyDAO: The Community’s Best Friend
Democratizing decision-making through DoggyDAO is a revolutionary concept. Token holders can directly impact the development of the network. This model brings decentralization to a new level, erasing the line between developers and users. This could redefine how we think about governance in the blockchain world.
Once a mere meme coin, Shiba Inu has matured into a significant player in decentralized finance. The launch of Shibarium is a bold step forward, promising innovation, scalability, and cost-effective transactions.
Built on proof-of-stake, Shibarium relies on validators and delegators. Through a rewarding system with BONE tokens, it ensures the ecosystem’s security and seamless operation.
The Technology Behind Shibarium
Using the Heimdall validator and Bor block production nodes akin to the Polygon ecosystem, Shibarium brings robustness and interoperability with the Ethereum Virtual Machine. A required lock of 10,000 BONE ensures the quality of validators.
Shibarium is more than a blockchain; it’s a symbol of what’s possible in the world of cryptocurrency. As the SHIB tokens continue to bark, the world seems ready to listen.
In an exhilarating advancement, Sam Altman’s crypto initiative Worldcoin unveiled its WLD token and mainnet, as per their announcement made on Twitter this Monday. Anticipation was sky-high over the weekend after a series of suspenseful tweets, with Semafor first bringing this exciting news to the public.
Users received an interesting message to update their mobile app on Sunday: “It’s time. Join us in the World App. July 24, 2023, 11 am.” The cryptic call promised a thrilling development in the Worldcoin journey.
Open Gate for Developers
Developers are now granted access to Worldcoin’s software development kit (SDK). The beta version of this kit allows the creation of unique tools and apps utilizing the World ID, the project’s innovative identity protocol. To become fully verified, users are required to have their irises scanned by Orb, a custom-made device that generates a unique identifier from human irises without locally processing or storing any related data.
“Beta tokens will get converted and they’ll be able to use those however they wish inside of World App or take them out elsewhere,” said Tiago Sada, head of product, engineering & design at Tools for Humanity. The token is modelled after the Ethereum ERC-20 design.
Asked about whether Worldcoin will be listed on exchanges, Sada commented, “We’ll see what other parties choose to do.” This suggests that the future of Worldcoin’s application lies largely in the hands of the developers who build with the protocol.
Into the Orb
Alongside the launch, Worldcoin is completing its migration to the Optimism network, a Layer 2 scaling solution for Ethereum. The firm is also amplifying the availability of the Orb device globally. Up to now, only 200 Orbs have been made public, scanning over 2 million people. By the end of the year, the firm aims to produce 1,500 Orbs, offering the option for scheduled appointments in addition to pop-ups.
Behind the Scenes
Sam Altman, co-founder of Open AI, heads Worldcoin. Tools for Humanity, the team powering Worldcoin, secured a $115 million Series C in May, with leading players like Blockchain Capital, a16z, Bain Capital Crypto, and Distributed Global backing the project.
“In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized, and maximally inclusive,” stated Worldcoin co-founder Alex Blania. The project’s tokenomics is anticipated to be revealed later on Monday.
With its potential to drastically increase economic opportunity, establish a robust solution for distinguishing humans from AI online, and even pave the way for AI-funded UBI, Worldcoin represents a remarkable experiment at global scale alignment. While the path is challenging and the outcome uncertain, the project brings an inspiring vision to the forefront of our technological age.
The US Federal Reserve is ready to rewrite the rules of the game with the launch of its long-awaited FedNow payment service. The innovative service, which promises to enable real-time fund transfers around the clock, aims to revolutionize the nation’s payment ecosystem. Despite substantial opposition, the service is ready to go live, following the announcement of a July 2023 launch for the pilot program.
FedNow’s inception in 2019 aimed to mitigate the delays in fund transfers, aligning the US with countries like the United Kingdom, India, Brazil, and the European Union, which already have similar systems in place. The service will debut with a robust list of 41 banks and 15 service providers, encompassing everything from community banks to banking behemoths like JPMorgan Chase and Bank of New York Mellon.
While FedNow is poised to compete with private payment systems, some concerns have been voiced. Critics argue that it is a surveillance tool being ushered in ahead of a fully operational Central Bank Digital Currency (CBDC). The debate intensifies among crypto communities, raising questions about a digital dollar’s potential impact on financial freedom and citizen privacy.
Blockchain Firms Left Out… But Why?
Interestingly, blockchain firms have largely been left out of the FedNow initiative, fueling speculation about the future interplay between blockchain and traditional banking systems.
Not all feedback has been negative, though. Anu Somani, Head of Global Payables and Embedded Payments at U.S. Bank, considers FedNow a “wonderful way of expanding reach.” Unlike peer-to-peer payment services, FedNow’s payments will settle directly in central bank accounts, mirroring the FedWire payment system currently used for large-scale corporate payments.
‘Banking’ on Flexibility
To soothe fears of potential bank runs, FedNow is introducing a maximum payment limit of $500,000 at launch. However, individual banks participating in the service can adjust this cap according to their specific needs.
Fednow has no relation with CBDCs
The U.S. Federal Reserve has stated that its upcoming instant fiat payment service, FedNow, is not a central bank digital currency (CBDC). Despite onboarding several institutions for testing, the Fed emphasizes that FedNow operates within the traditional fiat ecosystem and does not signal the imminent introduction of a CBDC.
Mahe, Seychelles – SoftNote, the Ultimate Bitcoin Layer-2 Scaling Solution, is transforming the way transactions occur in the crypto world. Powered by Tectum, SoftNote introduces a fully backed and redeemable cash system, enabling seamless real-world transactions and rewarding users in the process.
SoftNote brings the benefits of digital cash to any blockchain. With SoftNotes representing ownership of Bitcoin wallets, users can now experience lightning-fast, fee-free transfers, unlocking new possibilities for seamless real-world transactions. The SoftNote system offers simplicity, security, and privacy, making it an ideal solution for Bitcoin scaling.
In addition to this groundbreaking solution, SoftNote is pleased to share some significant advancements in its ecosystem. With a focus on enhancing user experience and expanding its ecosystem, SoftNote introduces live staking opportunities, the launch of the Bitcoin SoftNote system, and an ongoing airdrop campaign. Furthermore, $TET had a successful launch on ETH Network and has been listed on UNISWAP.
DEX/CEX $TET Listing Strong, Early Investors Reap Rewards
$TET, the native token of SoftNote, has gained significant traction since its recent launch. With listing on decentralized exchange (DEX), $TET has shown exceptional growth, delivering a 340% return on investment (ROI) to early investors at its all-time high (ATH). Currently valued at a market cap of approximately $2 million, $TET exhibits strong potential for further growth and market reversal.
Live Staking: UniCrypt Staking Pool
SoftNote is delighted to announce that $TET staking is now live. Users can participate in the UniCrypt staking pool, offering attractive rewards for staking their $TET tokens. By staking for a minimum of two months, participants can enjoy a minimum Annual Percentage Yield (APY) of 60% or more. This staking opportunity provides users with a secure and profitable means of engaging with the SoftNote ecosystem.
Bitcoin SoftNote System Goes Live
SoftNote proudly launches the Bitcoin SoftNote system, bringing unprecedented scalability and efficiency to Bitcoin transactions. With SoftNotes representing ownership of Bitcoin wallets, users can now experience lightning-fast, fee-free transfers, unlocking new possibilities for seamless real-world transactions. The Bitcoin SoftNote system is a significant milestone in SoftNote’s mission to revolutionize the use of cryptocurrencies in everyday life.
To reward early adopters and foster engagement within the SoftNote community, an airdrop campaign has been initiated. The campaign includes a pool of 33,000 $TET tokens (equivalent to $100,000) available for distribution. Participants can qualify for the airdrop by filling SoftNotes with liquidity and minting SoftNotes. This presents an excellent opportunity for community members to be rewarded for their active involvement in the SoftNote ecosystem.
“We are thrilled to announce these exciting updates for the SoftNote community,” said Andrew Erikashvili, spokesperson at SoftNote. “The strong $TET listing performance, live staking options, the launch of the Bitcoin SoftNote system, and the ongoing airdrop campaign are all significant milestones that contribute to our vision of making cryptocurrencies more accessible and efficient for real-world transactions. We invite our community members to take part in these initiatives and experience the benefits firsthand.”
Accompanying SoftNote is the Tectum Enumeration Token (TET), a universal store of value that allows for real-time, secure, and fee-free Peer-to-Peer (P2P) and retail transactions. TET, along with the Tectum Enumeration Coin (TEC), SoftNote Minting License, Telegram Bot (@SoftNotebot), Mobile App, and other tools, fosters mass adoption, financial independence, and personal control in the crypto space.
Stay connected with the vibrant SoftNote community and access the latest updates, social platforms, and engaging discussions by visiting our comprehensive link: https://linktr.ee/tectumsoftnote. Join fellow enthusiasts and users as we explore the exciting world of SoftNote and Tectum.
To learn more about SoftNote, its innovative monetary solution, and the recent updates, please visit https://softnote.com/.
SoftNote, powered by Tectum, is the ultimate monetary solution that creates digital cash and unlimited scale for any blockchain. By introducing SoftNotes, digital banknotes representing ownership of Bitcoin wallets, SoftNote enables instant, fee-free transactions, and brings the benefits of digital cash to the world of cryptocurrencies. SoftNote aims to accelerate the adoption of cryptocurrencies by offering a scalable and efficient solution for real-world transactions.
Tectum is a distributed ledger protocol platform that employs a proprietary record change signature management algorithm. With transaction speeds exceeding 1 million per second, Tectum provides instant event status delivery, ownership updates, and different levels of access to functional system modules. Tectum’s technology offers scalability, security, and accessibility, making it suitable for a wide range of applications, including lightweight, high-volume record-keeping and Internet of Things (IoT) use cases.
Bitcoin is currently witnessing a decent rise, as the cryptocurrency attempted to maintain its gains from a recent rally. However, it requires additional catalysts to sustain its upward momentum. Last month, Bitcoin’s rally above the crucial $30,000 level was driven by the news of BlackRock and other companies applying for spot Bitcoin exchange-traded funds (ETFs).
This development raised expectations of increased participation from retail and institutional investors in the cryptocurrency market. Bitcoin managed to surpass the $31,000 mark, reaching its highest level in 13 months. However, the cryptocurrency later hit a reversal. While Bitcoin is struggling with short-term resistance, Ethereum is experiencing a bearish divergence.
According to a new video by Crypto World, Bitcoin, as of the time of writing, is still within a larger multi-month bullish trend. However, a confirmed breakout above a significant resistance level of around $31,000 is required to validate the bullish momentum. To confirm a breakout above $31,000, a weekly candle close above this level is needed. If this occurs, the next target based on Fibonacci extensions would be around $37,000.
However, he said that BTC is currently facing rejection from a resistance level near $31,300. Multiple rejections in the past two weeks suggest that this level is significant. Additionally, an area between $30,800 and $31,000 may also act as short-term resistance based on previous highs. On the support side, the range between $29,900 and $30,100 is important, with $30,000 being a critical level.
Talking about Ethereum, he said that it is still within a larger multi-month bullish trend. Higher lows and higher highs on the larger time frames indicate the ongoing bullish momentum. However, like Bitcoin, Ethereum is experiencing a bearish divergence in the shorter term, signaling reduced bullish momentum.
Court filings from Wednesday reveal that Bittrex Inc., a cryptocurrency exchange, faced accusations of violating several Florida laws by the state’s financial regulator before filing for bankruptcy in May.
Brandon Greenberg, assistant general counsel to the Florida Office of Financial Regulation (OFR), opposed Bittrex Inc.’s request for Automatic Stay, which aimed to block certain creditors from initiating or continuing actions against the bankrupt estate. Greenberg mentioned that the regulator had advised Bittrex Inc., based in the United States, on exploring options to resolve the charges against them.
Among the accusations, the platform was cited for failing to segregate customer assets from the company’s operating capital and not maintaining a surety bond in the appropriate amount consistently. Greenberg argued that the OFR has administrative discretion in determining which violations to charge in their Administrative Complaint.
According to the filing, the OFR collaborated with financial regulators from Texas, Maryland, and Michigan in conducting a multistate examination of Bittrex Inc. between October 2022 and March 2023.
Bittrex announced plans to step down on March 31
On March 31, Bittrex Inc. announced its decision to wind down its operations in the United States, citing an uncertain regulatory and economic environment.
According to the filing submitted on Wednesday, the Office of Financial Regulation (OFR) issued a three-count complaint to the exchange platform on April 17, subsequent to the completion of the investigation.
On the same day, the U.S. Securities and Exchange Commission accused the firm of violating federal laws related to operating as a securities exchange, broker, and clearing agency. The OFR advised Bittrex Inc. to follow administrative procedures if the company desired a substantive discussion and potential avenues for settlement.
Greenberg mentioned that Bittrex Inc. expressed “disappointment” later on when the OFR took enforcement action instead of allowing the company to surrender its license and exit Florida. The platform did not disclose plans to file for bankruptcy at that time, as per Greenberg.
While Bittrex Inc. surrendered its money transmitter license on April 30, the platform’s counsel strongly asserted compliance with Florida law since then, despite acknowledging past regulatory issues.
The future of cryptocurrency in the United States has become a focal point of political discussion. In a recent development, two major figures in the crypto community, John Deaton and Ryan Selkis, have expressed concerns over the political positions of both the current administration and potential future candidates regarding digital assets.
The Democrats’ Stance: A Question of Influence
John Deaton, a pro-XRP lawyer and founder of CryptoLaw US, has voiced his concerns over the Democratic Party’s seemingly anti-crypto stance. Deaton’s worries were triggered by recent remarks made by President Biden about cryptocurrency traders, which Deaton sees as a reflection of Senator Elizabeth Warren’s influence on the administration.
Warren, who is currently running for re-election, has made her anti-crypto stance clear, leaving Deaton to speculate that the Democrats have chosen to position themselves as the “anti-crypto party.”
However, Deaton’s concerns extend beyond the Democratic Party. He points out that if former President Trump, known for his own anti-Bitcoin and anti-crypto position, is the Republican nominee, the leadership of both parties will be against digital assets. Deaton believes this could lead to cryptocurrency becoming a significant topic on the 2024 Presidential Debate stage.
Presidential Policies: A CEO’s Concerns
Ryan Selkis, the Founder and CEO of Messari, a leading cryptocurrency data, and research company, has also chimed in on the matter. Selkis sarcastically noted that at 80 years old, President Biden is one of the few people in Washington D.C. who has lived long enough to read through the massive 70,000-page U.S. tax code.
However, Selkis went on to criticize Biden’s understanding of the crypto industry. He refuted the president’s implication that there are “crypto trader” tax loopholes and argued that Biden’s policies are damaging capital gains.
Crypto Live News : Chinese Liquidity Boost Coincides with Bitcoin’s Rise, Says Prominent Crypto Analyst
Prominent crypto analyst @tedtalksmacro recently took to Twitter to highlight an interesting trend in the world of cryptocurrency. He noted that the increase in Chinese liquidity has coincided with a rise in the price of Bitcoin (BTC), a recurring theme throughout this year.
The actions of the People’s Bank of China (PBoC) are primarily aimed at stimulating the domestic economy. However, they have also indirectly impacted the cryptocurrency market. China’s implementation of “quantitative easing” has shown a correlation with the growth of the total cryptocurrency market capitalization (TOTALCAP) since the beginning of 2023.
Adding to the positive developments, Hong Kong, which is striving to become Asia’s cryptocurrency hub, has released encouraging reports. The region, which falls under the People’s Republic of China, plans to fully legalize the buying, selling, and trading of cryptocurrencies in June. Moreover, it aims to serve as a gateway for mainland Chinese institutions to enter the cryptocurrency space.
PBoC Had a Favorable Impact on BTC
Interestingly, the actions of the People’s Bank of China have had a favorable influence on Bitcoin’s price. @tedtalksmacro, a prominent crypto analyst, regularly tweets about Bitcoin (BTC) and the liquidity injections from the PBoC. His observations reveal that the significant liquidity injection in early 2020 was correlated with the macro bottom of Bitcoin’s price. Similarly, the current injection of cheap cash, which is currently underway, appears to follow shortly after the bottom of the preceding bear market.
As we navigate through an uncertain post-pandemic recovery, it is likely that the PBoC will continue its approach if economic data continues to disappoint. The impact on both the domestic economy and the cryptocurrency market will be worth monitoring as we progress into the rest of the year.
While the relationship between Chinese liquidity and Bitcoin’s price may not be the sole factor influencing the cryptocurrency market, it serves as a notable aspect to consider when analyzing trends and developments in the space. Investors and enthusiasts alike will be watching closely to see how these dynamics unfold in the coming months.
The news comes at a time when the price of Bitcoin has surged in the last seven days. According to CoinMarketCap data, BTC is trading at $30,555, with a 15.7% surge in the last seven days.
Crypto.com has come under scrutiny for its internal trading teams engaged in token trading activities. This development highlights potential conflicts of interest within the digital asset industry.
Sources familiar with the matter reveal that Crypto.com, based in Singapore and ranked among the top 10 global crypto exchanges, operates proprietary trading and market-making teams.
US regulators have recently intensified their crackdown on similar activities within digital asset exchanges. Binance, the world’s largest cryptocurrency exchange, has recently faced significant legal repercussions as the US Securities and Exchange Commission (SEC) filed 13 charges against its CEO, Changpeng Zhao.
The existence of internal trading teams at Crypto.com has remained relatively unknown since the company’s inception in 2016. Insiders reveal that Crypto.com executives provided sworn statements to external trading firms, vehemently denying the company’s involvement in trading activities. Employees were allegedly instructed to deny any internal market-making operations.
In response to inquiries from the Financial Times, Crypto.com denied allegations of instructing employees to deceive other market participants. The company clarified that it operates an internal market maker, treating it no differently from third-party market makers who facilitate tight spreads and efficient markets on their platform.
Crypto.com emphasized that this practice is not controversial and stated that the majority of its revenues originate from its retail trading app, where it acts as a counterparty for customer transactions, following a broker model.
Crypto.com further asserted that its exchange serves institutional traders and operates on a fair and level playing field for all participants. However, sources familiar with the company’s practices reveal that the proprietary trading desk conducts trades on both Crypto.com’s exchange and other venues, solely focused on generating profits rather than facilitating exchange activities. Additionally, the market-making desk at Crypto.com aims to enhance liquidity on the platform.
It remains to be seen how this scrutiny and potential conflicts of interest will impact Crypto.com and the broader digital asset industry, as regulators and market participants seek greater transparency and fair practices in the evolving crypto landscape.
Bitcoin Live News: BTC Price Dips to $26.3K Amidst Weekend Trading as Investors Assess Interest Rate Outlook
As the trading week in Asia commences, Bitcoin and Ether face minor setbacks, with Bitcoin down 0.5% at $26,366 and Ether down 0.2% at $1,724. Despite these fluctuations, the past week has seen relatively stable performance for the two leading digital assets, with Bitcoin recording a 1.6% increase while Ether faced a slight decline of 1.7%.
Joe DiPasquale, CEO of BitBull Capital, a crypto fund manager, believes that the recent decision by the Federal Reserve to leave interest rates unchanged is supportive of a potential crypto asset rally. However, he notes that the market struggled after the Fed indicated that rate cuts were not expected in the near future.
DiPasquale suggests that Bitcoin and other major cryptocurrencies have held up relatively well, presenting a favorable opportunity for mid-to-long-term accumulation. He emphasizes that the focus will remain on Bitcoin, especially as its dominance has increased due to selling pressure on alternative coins. As long as Bitcoin remains within the range of $20k – $22k, bullish sentiment should prevail.
Declining Bitcoin Balance on Exchanges Reflects Growing Uncertainty
Recent data from Glassnode, a blockchain analytics firm, reveals that the amount of Bitcoin held on cryptocurrency exchanges has reached its lowest point in three months. The Bitcoin balance on exchanges dropped to 2,281,978.198 BTC, just below the previous low of 2,282,204.204 BTC recorded on June 17.
This significant decrease in on-exchange reserves could indicate mounting uncertainty among investors following regulatory actions targeting prominent players in the crypto industry.
Regulatory challenges have affected major cryptocurrency exchanges such as Binance and Coinbase, both of which have faced lawsuits from the U.S. Securities and Exchange Commission (SEC). The intensified regulatory scrutiny in the loosely regulated crypto market has instilled anxiety among investors, leading to a shift in Bitcoin holdings away from exchanges, potentially towards private wallets for enhanced security.
Further corroborating this trend, the daily on-chain exchange flow data indicate a net outflow of Bitcoin amounting to $56.3 million. This reinforces the notion that investors are becoming more cautious in light of regulatory pressures. A net outflow suggests that more Bitcoin is being withdrawn from exchanges than deposited into them, indicating a preference for self-custody solutions amid the ongoing regulatory turmoil.
An analyst who accurately predicted the bottom of the 2018 bear market for Bitcoin (BTC) suggests that the ongoing correction for the cryptocurrency is not yet complete.
Analyst Bluntz, anticipates a brief rebound for Bitcoin before it continues its downward trend. The trader points to the bearish chart of Bitcoin as an indication that more negative news could be on the horizon for the crypto market.
Bluntz states, based on the current price action, it seems probable that Bitcoin will drop below $24,000. The four-hour chart shows a sideways-running triangle pattern, with the overall trend currently pointing downward.
While the risk/reward ratio is no longer favorable, he will be monitoring any upward bounce over the next day to initiate short positions. The fact that crypto is showing this behavior while other risk-on assets are surging suggests that there may be more unfavorable news in the near future according to him.
He also acknowledges the possibility of a bullish scenario unfolding in the form of a bull flag on a higher timeframe. However, the analyst believes that Bitcoin will likely reach lower levels before any potential upward movement occurs.
On the other hand, Dave the Wave, another crypto strategist, is focusing on Bitcoin’s monthly chart during the market downturn. Notably, Dave accurately predicted Bitcoin’s collapse in May 2021. He now suggests that Bitcoin appears to be bullish in the long term based on the monthly moving average convergence divergence (MACD) indicator.
“Currently, a stand-off between the BTC monthly MACD and its signal line. In macro terms, reduced volatility/an increasingly stable price. Technically, in the longer timeframe, (MACD) looks poised to move higher from just below the zero line. Bullish and still in the logarithmic growth curve buy zone.”
The crypto market continued to showcase its resilience on Thursday following an increased crackdown on digital asset firms in the United States. The total crypto market cap remains above $1.1 trillion, despite Binance US delisting several altcoin trading pairs. According to the latest crypto market data, Bitcoin traded around $26.4k in the past 24 hours with Binance’s BNB, Cardano (ADA), and Solana (SOL) prices dropping the most among the top ten with about 6.9%, 6.4%, and 8.2% respectively.
Bitcoin Price Analysis
According to a popular crypto analyst on Twitter Captain Faibik (@CryptoFaibik), Bitcoin price recently approved a critical decision point that could either result in a breakout on either side. From the bullish perspective, the analyst noted that Bitcoin price has been supported by a rising logarithmic trend line on the daily time frame. Additionally, the analyst noted that the trading instrument rebounded from a falling trendline and is currently retesting the upper boundary.
“If Bitcoin Maintains its Position above the Trendline and Successfully Breakout from Wedge to the Upside, a Potential Bullish Rally of Approximately +20-25% Can be Anticipated,” the analyst noted.
Nonetheless, the analyst cautioned that Bitcoin price could fall towards $21.5k if the $26k support does not hold in the coming days.
High Impact News Ahead
Meanwhile, the crypto market is expected to remain in intense volatility as high-impact news approaches in the United States amid regulatory crackdown. Notably, the United States CPI and FOMC data is expected on Tuesday and Wednesday respectively next week.
After experiencing a sharp decline of up to $25.4k on Tuesday following the Securities and Exchange Commission’s (SEC) charges against Binance and Coinbase Global, the price of Bitcoin has regained nearly 3 percent, reaching around $26.4k on Wednesday.
Officials from Binance and Coinbase have strongly criticized the top officials of the SEC for attempting to regulate the crypto market through enforcement. In a House Committee hearing on Tuesday, Coinbase’s Chief Legal Officer stated that the exchange will continue to operate as usual, disregarding the recent events.
What Really Transpired With Binance? We’ve covered it in detail: Binance Faces SEC Lawsuit: $700M Withdrawals and Metaverse Tokens Plummet!
What about Coinbase? We never miss a beat. Check it out: SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties
Positive Sentiments Prevail
“Despite today’s complaint we will continue to operate our business as usual,” Grewal noted.
As a result, confidence in the future of the crypto market is much higher compared to yesterday’s shakeout.
Bitcoin: Price Action Analysis & Market Outlook
With more high-impact news expected to unfold, Bitcoin’s volatility is anticipated to remain high in the coming days, further enhancing the speculative nature of the market. A renowned crypto trader on Twitter, @MikyBullCrypto, predicts that Bitcoin’s price is on its way to $35k in the following weeks.
Additionally, the analyst highlighted that Bitcoin’s price demonstrated a quick formation of a bullish engulfing outlook just one day after the SEC’s legal action against Binance and Coinbase. The charges alleged that the majority of the listed digital assets are unregistered securities.
Bitcoin’s liquidity has remained relatively stable, staying within previous levels but below the average. Notably, only 11k Bitcoins have been withdrawn from Binance in the past 24 hours, while Coinbase Pro recorded an increase of approximately 1,900 coins.
In general, there is a possibility of further decline in the Bitcoin price in the coming days. However, a rebound from the current levels cannot be ruled out, driven by short squeezes and vice versa.
Bearish clouds are hovering over the star crypto, Bitcoin, as the bulls fail to regain control over the rally. The price began a minor upside correction from the $26,550 support zone and climbed above the $27,000 resistance along with the 100H SMA levels. However, the bears, who have been extracting very small profits, dragged the price below $27,000 again.
Is there any possibility of a bullish breakout above $28,000?
The bitcoin price has been trading sideways for quite some time and has been consistently failing to sustain above $28,000 resistance. The bulls, on the other hand, are displaying weakness, which suggests a fresh bearish action may be on the horizon.
Bitcoin (BTC) Price Analysis – Short-Term (1H)
The Bitcoin price has been maintaining an incremental trend ever since the last few days of May 2023. Unfortunately, the latest price action compelled the price to pierce through the lower support and plunge hard. The price has now dropped heavily below the ascending trend line, which may make it a little difficult for the price to make a comeback within the ascending triangle.
Considering the present scenario, the BTC price is strongly approaching the immediate lower support at $26,579.50. These levels have flipped the prevailing trend of the BTC price in the near past, and hence a significant rebound is also largely expected in the next few hours after making contact at these levels. However, the technicals point to a diverse trend as the bull-bear power is negative, suggesting the bears are gaining more strength. Besides, ADX is trying for a bullish divergence, which may offer significant strength for the prevailing price movement.
Therefore, the Bitcoin price prediction for the short term is bearish, with huge possibilities of plunging below the crucial support.
Bitcoin (BTC) Price Prediction for Long-Term (1D)
The long-term forecast for the BTC price continues to flash bullish signals, despite the fact that the bears have outpowered the bulls in the short term. Although the price has broken down the rising parallel channel, the trend is believed to remain incremental after a minor pullback. The pullback could offer catapult action, which may raise the price back above $28,000 in the next few days.
With the drop in the BTC price, the ADX is now turning negative, indicating the strength of the rally is waning. This may certainly not drag the price lower but may compel the price to maintain a consolidated trend within very narrow ranges. Besides, the RSI shows some strength as it may rebound from the lower trend line, which may further offer a nice boost for the Bitcoin price to bounce and enter the parallel channel soon.
Hence, the Bitcoin (BTC) price prediction in the long term currently appears misty due to the prevailing sluggish trend. However, a bullish breakout is expected if the price rebounds from the interim support at $24,798. A failure may trigger a fresh bearish move, testing the lower targets one by one.
In a recent analysis by TechnicalRoundup, the current state of Bitcoin (BTC) was discussed. His in-depth review revealed a prolonged market stagnation, with the key resistance and support levels still persisting.
A Prolonged Stagnation in Sight?
Analyst suggests that the month’s close revealed little to no significant changes in market structure. The market seems to be stuck within the $20,000 to $35,000 range with no imminent signs of a breakout.
A visible “spike and close above” argument, which might indicate an upcoming shift, is currently absent from the timeframes. It is anticipated that until the market breaks out from this range, there might not be a substantial recovery.
The analyst also expressed concerns that the market could enter a new range with continuous monthly candles, potentially leading to a prolonged stagnation period. This stagnation, dubbed as “multi-month diddling,” might result in significant losses for traders who are not cautious.
Navigating the ‘Choppy’ Market
Although the cryptocurrency market has historically been volatile, the current situation is described as particularly “choppy”. Even the higher timeframes, such as the weekly and monthly, aren’t spared from this rough trend, making it difficult to establish a directional bias. The prevailing theme seems to be a lack of follow-through on the bearish side, but this hasn’t done much to invigorate the bullish traders.
The current market condition necessitates a careful approach when setting up trades. The $27.5k level was identified as a critical line in the sand for Bitcoin. A close below this could signal a bearish trend, further complicating the already complex market scenario.
Nevertheless, the daily timeframe remains crucial in this choppy market condition. This is where most of the work has to be done, especially as the volatility becomes more constricted. However, the daily timeframe has also presented a number of fakeout signals since the range started at the end of March, requiring traders to remain vigilant.
At press time, BTC was worth $27,166.
Ripple CEO Brad Garlinghouse has expressed optimism about a potential resolution to the long-standing crypto lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). Garlinghouse predicts that the court battle, which commenced in December 2020, could conclude within a few weeks.
On REDeFiNE Tomorrow Virtual Summit, Garlinghouse said, “I am very confident we will see a decision in the courts this year and in fact, I would guess in weeks not months. There were some decisions last week that you may have read about. The judge ruled against the SEC’s effort to redact certain information about a very infamous speech that then director Hinman gave, talking about why ETH is not a security.”
The CEO added, “The courts just ruled last week that the notes and emails associated with that will be made public on June 13. I think that is a huge win for transparency. There hasn’t been clarity despite calls and demands from leaders across the industry. Ripple decided to lean in, fight this fight.”
On May 16, Judge Analisa Torres denied SEC’s request to seal internal documents related to William Hinman’s speech. The judge ruled that the documents were not protected by the deliberative process privilege as they did not pertain to an agency position, decision, or policy. The SEC claimed that the documents should be sealed due to their alleged lack of relevance to the summary judgment motions and the potential prejudice their disclosure could cause to the financial regulator.
In the XRP lawsuit, the U.S. SEC accused Chris Larsen and Garlinghouse of violating securities laws by selling XRP without proper registration. Ripple, on the other hand, argues that XRP is a digital currency and not a security.
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A DEX Mangrove was launched on Polygon’s testnet with programmable order book and has raised $10M from Wintermute and Cumberland, although it decides to go live on mainnet ought to launch in June. DeFi of 2020 has proved that small players can add liquidity to financial markets therefore its tools are improving to advance the space. ‘Advantage Limit Order’ of Mangrove allows code trading and IOU fund release. Verified liquidity enables flexible selling and fixed-price sales with passive yield and collateralized assets for yield, all with possible fields with unfulfilled trades.
Binance, one of the world’s largest crypto exchanges, is facing mounting regulatory obstacles in the United States. With its massive Bitcoin reserves of over 549,000 units worth more than $15 billion, as well as its native coin BNB with a market capitalization exceeding $62 billion, Binance’s influence in the crypto market is undeniable. However, the exchange’s exponential growth is now threatened by intensified scrutiny from US regulators, a consequence of the FTX and Alameda Research collapse in late 2022.
Binance’s Struggles with US Regulators
Since the start of this year, Binance has been embroiled in battles with various United States regulatory bodies. Most recently, the exchange’s attempt to acquire Voyager Digital’s distressed assets, valued at approximately $1 billion, was thwarted when the Securities and Exchange Commission (SEC) raised concerns about potential unregistered securities being offered.
Earlier this year, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, accusing the exchange of operating unlawfully within the country. Furthermore, the Department of Justice (DoJ) implicated Binance as a counterparty to Bitzlato, a crypto exchange whose founder faced money laundering charges.
Binance’s troubles deepened when its backed stablecoin, BUSD, was flagged as an unregistered security. Following an order for Paxos to halt the production of new BUSD coins, the stablecoin’s volume and adoption experienced a significant decline.
Shift in Focus: United Kingdom
In light of its challenges in the United States, Binance has redirected its attention towards the United Kingdom in hopes of securing future growth opportunities. Speaking at the Financial Times’ crypto and digital assets summit, Patrick Hillmann, Binance’s chief strategy officer, expressed the company’s determination to adhere to UK regulations, stating they would do everything necessary to ensure compliance.
Past Regulatory Woes in the UK
It is important to note that Binance faced regulatory action in the United Kingdom in 2021 when the Financial Conduct Authority (FCA) ordered the exchange to halt its operations due to inadequate regulatory compliance.
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.
The Bitcoin market could soon be trapped in a falling downtrend after registering gains of more than 70 percent YTD. On the daily timeframe, the bulls have struggled to maintain a rising uptrend, whereby a head and shoulder (H&S) formation seems imminent. Notably, the H&S formation in this regard depicts sellers en route outpacing the buyers. As a result, $25k in the short haul appears more actionable than a bull rally continuation.
Bitcoin (BTC) Demand Shrinks
According to a recent on-chain update by Glassnode, the total number of new Bitcoin addresses has significantly shrunk since the onset of May. Interestingly, the figure has dropped below the FTX levels, thus insinuating a possible entrenched price correction ahead. Moreover, fewer Bitcoin wallets reciprocate to lower demand, which is a catalyst for the bears to step into the arena.
Bitcoin network is experiencing a decrease in user adoption, which is leading to a contraction in the network. This can be observed through the creation of lower highs and lower lows in the Bitcoin market.
As a result, this can create a potential for a price correction, as there is less demand to support the current price level.
The Bitcoin market experienced more sell pressure in the past few weeks following the rise of new meme coins including Pepe and WOJAK. According to market aggregate data from Coinglass, 88 percent of $30 million liquidated in the Bitcoin market were long traders in the past 24 hours. Essentially, the long traders are easily converted to short traders thus fueling a possible long squeeze.
According to a popular trader with over 39k followers on TradingView, MMBTtrader, Bitcoin price is headed below $26k soon. The analyst noted that Bitcoin short traders are looking at $26k as the daily support and $23.5k as a major Fibonacci support level.
“As we said, a $30K resistance zone is strong enough to dump the price here or to form a range market here. So now we are looking for at least more dump here to support like $26K. Only if the $30K resistance breaks then we can expect a bullish market,” the analyst noted.
Is XRP a security or a commodity? Justin Bons, Founder & CIO of Cyber Capital, has shed light on this, accusing the Ripple Foundation of having complete control over the XRP network. He claims the network is centralized and permission, sparking heated debates within the crypto community.
Bons provides a detailed thread on Twitter, arguing that the consensus mechanism underlying XRP – Unique Node Lists (UNLs) – reveals centralization at its core. He claims that UNLs are controlled by centralized parties, including the foundation itself.
Bill Morgan Defends XRP
But wait, digital asset enthusiast and lawyer Bill Morgan defend XRP, stating that the fate of Ripple in its ongoing battle with the SEC doesn’t rest on the network’s decentralization but on the Howey test that determines whether a financial instrument is a security or not. The role of decentralization in the Howey Test still remains a mystery. This is where regulatory clarity is required.
Proof of Stake – A Savior or Achilles Heel?
Bons suggested that switching to a PoS consensus mechanism can be the solution to XRP’s alleged centralization. However, Morgan counters that SEC Chairman Gary Gensler sees staking and rewards as red flags for securities, which could bring trouble for Ethereum’s future after its transition to PoS. Moreover, the SEC has not provided clarity on Ethereum’s security status following its planned transition to PoS. So, is PoS a savior or Achilles Heel?
The Fate of XRP
The saga of Ripple, XRP’s decentralization, and the SEC lawsuit continues to unfold, with the crypto world watching intently.
Will the Ripple Foundation successfully prove its innocence, or will XRP be deemed a security?
And what does this mean for the broader cryptocurrency landscape? Only time will tell!
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.
Bitcoin price bounced back above $29k on Thursday after the United States Federal Reserve announced the third 25 basis point hike on Wednesday. The banking sector in the United States has been on the receiving end YTD with four banks – including Silvergate Capital, Silicon Valley Bank, Signature Bank, and First Republic Bank – going underwater. While the crisis might be far from over, the large banks including JPMorgan, and Bank of America among others have significantly benefited from large deposits.
Nevertheless, more investors have preferred self-custodial through Bitcoin among other digital assets. Thereby contributing to the recent spike in the value of the top digital assets.
“We expect to see significantly more volatility in the months ahead, especially if there are any further aftershocks in US regional banking or concerns around the state of commercial property loans,” said Tommy Honan, head of market analysis at crypto exchange Swyftx.
$25k or New ATH for Bitcoin this Year?
With macro analysts and economists convinced the global market is headed for a recession before the end of this year, the big question is how Bitcoin and the altcoin market will perform. Meanwhile, Bitcoin price has consolidated between $30k and $27k since mid-March. As more crypto traders jumped into the meme coins wagon, especially PEPE and WOJAK, Bitcoin bulls struggled to push beyond $30k.
The tug-of-war between the bulls and bears has, however, increased the uncertainty of Bitcoin’s next trend. Moreover, there is a solid likelihood of Bitcoin retesting $25k before continuing with the previous bullish outlook. On the other hand, there is a significant chance a breakout toward $33k could happen in the coming days or weeks.
According to a recent on-chain study, Bitcoin whales that entered the market more than a decade ago have started to activate. With the BTC price up by more than 360,000% from its record, concerns of increased sell pressure from these whales could lead to panic selling. However, the entrance of fresh money from new institutional investors is seen as a positive factor that can help absorb any selling pressure in the future.
Potential Sell Pressure from Bitcoin Whales
The activation of veteran Bitcoin whales has caused some concern among crypto traders. However, Ivan on Tech, a renowned blockchain speaker and educator from Sweden, believes there is no need to worry in the long term perspective. It is possible that these coins are being held by a hacker and may forever remain locked with no way to sell on a Centralized Exchange (CEX).
Solana Ecosystem to Dominate In the Next Bull Market
Ivan on Tech also noted that the Solana ecosystem will be one of the best performers in the next bull market due to its economics. Compared to Ethereum or Polygon, Solana offers one of the cheapest options for developers to airdrop NFTs to a global community.
Implications of SEC vs Ripple for the Altcoin Market
The popular crypto content creator with over 495k YouTube subscribers, Ivan on Tech, emphasized the importance of closely watching the SEC vs Ripple case for the prosperity of the industry. The final ruling will have a significant impact on the altcoin market.
Ivan on Tech highlighted that ongoing crypto regulation in Europe, particularly the MiCA, will play a vital role in pushing forward the adoption of genuine blockchain projects.Return of Dormant Bitcoin Whales Raises Concerns Among Traders.
The lawsuit involving Ripple Labs and The Securities And Exchange Commission (SEC) is one of those legal cases that can have ongoing developments and outcomes can change over time. In the latest development, John Deaton had an important update for the XRP holders.
Taking to his Twitter handle, he updated that there will be a hearing related to a class action case filed against Ripple Labs/Zakinov in 2020. The hearing will take place on Wednesday, April 26, 2023, at 1:30 pm PT (4:30 pm ET) in federal court in California. The judge has opened online access to 500 members of the public through a login notice.
The hearing is to hear oral arguments on the question of certifying the class of XRP holders suing Ripple, and the plaintiff Bradley Sostak is asking to be lead plaintiff in the class and to represent all XRP holders who either owned it and sold it at a loss or own it today.
He wrote, “@JohnEDeaton1 filed a motion for leave to file an amicus brief on behalf of 75K+ XRP holders in the case to have their voices heard before the court. His motion hasn’t been ruled on yet.
The argument being made in the lawsuit is that XRP is a security. Whether XRP is considered a security or not could have significant implications for Ripple and for XRP holders.
The outcome of the lawsuit could have significant implications for the cryptocurrency industry as a whole, as it could provide clarity on how cryptocurrencies should be regulated and classified by the SEC. The industry is closely watching this case, and the final decision could have far-reaching effects on the future of cryptocurrencies and blockchain technology.
A slew of dormant addresses that indulged in Bitcoin transactions in its early years is now gradually coming back as they have resumed activity. Lookonchain cited tweets from Whale Alert and has reported that three whales totaling 8,199 BTC worth $225 million have resumed activity during the past five days.
First, after being inactive for 9.3 years, an address having 6071 BTC worth $178.12 million was activated. The BTCs were only worth $3.3 million in 2013. A little while afterward, another address with 1128 BTC worth $31.5 million was reactivated after being inactive for 10.5 years. A after 12-year gap, an address containing 1000 BTC in it, valued at about $27.4 million was also resumed.
However, these activities have sparked concerns among Bitcoin enthusiasts. Ryan Neuner took to his Twitter handle and said, “These old BTC addresses becoming active could be really scary. I hope it’s not a wallet generator that’s been cracked. That could be catastrophic.”
Although it appears that many wallets are becoming active right now, the proportion of supply that has not changed in more than five years is still rising. As reported by Watcher Guru, it reached a new all-time high of 28.626% on Tuesday, April 25, indicating that a good portion of the circulating supply has not changed in at least five years.
Another user tweeted, “I did a bunch of blockchain analysis back in 2015. Most of my focus was on these old bitcoin addresses. What I found then is that, over time, the number of old bitcoin addresses coming to life was decreasing. Nevertheless, it was not unheard of for an old address to occasionally come to life.”