According to stablecoin transfer volume metrics divided by blockchain, Solana’s daily transfer volume has decreased from a range of billion to 0 billion daily to around billion daily. Additionally, a crypto advocate expressed doubts about the legitimacy of Solana’s previous stablecoin transfer volumes, indicating that the metrics were highly overstated. Stablecoin Metrics Reveal […]
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India’s Digital Rupee Usage Drops Drastically After Initial Surge
India’s central bank digital currency (CBDC), the digital rupee, has experienced a significant decline in usage, decreasing to a tenth of its peak in December 2023, according to sources involved in the pilot project. The Reserve Bank of India (RBI) initially reached 1 million daily retail transactions with the digital rupee by incentivizing banks and […]
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Ethereum Exchange Balances Drop Drastically, What This Means For ETH Price
Ethereum is currently ranging around ,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours.
As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around ,200, this represents a drop of over 8 million worth of ETH in exchange balances.
Ethereum Exchange Supply Plummets
Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout level of around ,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.
ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone, whales bought more than 100,000 ETH worth 0 million.
This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum’s total supply currently sits on exchanges, the lowest it has ever been.
As #Ethereum‘s market value hangs just above ,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https://t.co/Fw7lKcVZan pic.twitter.com/AMFPDL4BXp
— Santiment (@santimentfeed) December 19, 2023
ETH has failed to clear the ,250 price level, falling to ,120 in the late hours of December 19. At the time of writing, ETH is now trading at ,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.
According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between ,150 and ,900 before a breakout to a target of ,500.
#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.
The price range between ,150 and ,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of ,500. pic.twitter.com/6lGZT0ZKgv
— Ali (@ali_charts) December 20, 2023
Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish. According to crypto analyst Altcoin Daily, ETH’s journey to ,000 seems sure at the moment, pending Ethereum Spot ETFs a major catalyst for this price growth.
Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically
Dogecoin, which began as a meme cryptocurrency, has demonstrated that it can compete successfully in the crypto market. Although Dogecoin is still the biggest meme crypto, on-chain data points to the crypto losing steam among whale investors.
According to data from IntoTheBlock, the number of Dogecoin transactions valued at 0,000 or more has declined sharply over the past few months. Data also shows that the number of daily transactions has been on a steady decline since May.
Dogecoin Whale Transactions
Dogecoin seems to be losing interest from whale traders. A deep dive into on-chain data from IntoTheBlock has shown Dogecoin witnessed only 651 whale transactions in the past 24 hours and 4.85k whale transactions throughout the week.
This metric follows transactions above 0,000, but its current level is a pale reflection of Dogecoin’s past performance. At the height of the Dogecoin hype in 2021, whale transactions made up a sizable portion of all Dogecoin transfers, reaching as high as 39.3k transactions in one week.
A metric following the number of overall transactions has shown similar results of low volume. Dogecoin recorded a staggering increase of 8,220% in daily transactions to reach 2.08 million on May 27, but this count has since fallen to just 38,000 transactions in the past 24 hours. When daily active addresses decline this rapidly, it’s usually a sign that interest in the crypto asset is waning.
Dogecoin has been on a downtrend for quite some time, although it is still the 9th largest crypto in terms of market cap. At the time of writing, Doge is trading at .06133, down by 3.59% in a monthly timeframe. The crypto has also witnessed a 22.24% drop in trading volume in the past 24 hours.
Declining Interest In Dogecoin And Other Meme Coins
The value of meme cryptocurrencies is highly dependent on hype and popularity rather than real-world utility. So, declining interest and activity among users and investors can be an issue.
Shiba Inu has taken the attention of the crypto industry in the past few months, as it looks to elevate itself from being just a meme crypto. Other meme coins like Dogecoin and Dogelon Mars have struggled to receive interest from investors. According to on-chain analytics firm Santiment, social media talks about meme coins are now at their lowest level since 2020.
Though the drop in transaction count is worrying, Dogecoin has defied the odds before. There’s a good chance that X (formerly Twitter) could incorporate Dogecoin payments into its platform. If this is implemented, it could serve as the next catalyst for Dogecoin’s growth.
Featured image from Getty Images
Arthur Hayes Says Bitcoin And Ethereum May Not Be Ready To Recover Drastically
The recent crash in the crypto markets took everyone by surprise, especially Bitcoin. Many coins lost value drastically and very fast at that. Even the number one crypto Bitcoin took a big hit when investors kept selling out in panic. While many are hoping for a recovery, the storm is still rising. Also, many speculations abound in the market as investors are thrown in disarray.
Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate
With all the chaos, it’s no surprise that the co-founder of BitMex predicts both Bitcoin and Ethereum bottom levels. According to Hayes, Bitcoin will relax at ,000-000, while Ethereum will remain at 00-00. This is a far cry from what both cryptos were trading some months back.
On his reasons for making the predictions, Hayes pointed out that the sale of 80,000 BTC done recently by Terra has reduced the frenzy to sell Bitcoin.
Another reason for this set bottom is that BTC is lagging while stocks recover. Last week, while Wall Street saw some positives, Bitcoin went lower instead to ,000+ from May 29 to May 30. On May 31 and June 1, the price went up to ,000 but it’s now fluctuating between k – k At press time.
BTC surpasses the k mark | Source: BTCUSD on TradingView.com
The crypto market commenced a downward trend when the Federal Reserve announced increased taxes. While some investors were still undecided about selling or not, the market dived down to the worst as soon as the tax became effective.
The incident caused panic selling, and many investors lost their investments. For instance, Bitcoin that reached the K resistance spiraled downwards and has lost at least 9.40% since then. Apart from the prices of crypto that fell, the global cryptocurrency market also decreased drastically.
Is There Any Hope For Bitcoin and Ethereum Recovery?
According to Hayes, no one can predict a recovery in the nearest future. The increase in rates by the Federal Reserve was to help the fight against inflation. Unfortunately, these conditions are still prevalent, and the rates are still there. So, the market is still not ready to move.
Another reason for the downward trend that went out of control was short-term crypto investors. This group doesn’t believe in waiting it out until profitability returns.
Related Reading | Bitcoin Rests Tentatively Above ,000, Bull Rally Or Trap?
They’re more willing to sell at a lower loss than hold their assets uncertainly for the future rally. Even with that, Hayes believes a recovery might come later. But if it must happen, many sellers have to exit their positions and grab some value.
As for the time to expect the rally, Hayes hinted that it might happen when short-termers sell off their holdings. So, he advised that all investors remain patient and still hope that Ethereum might still hit the ,000 predictions by the year’s end.
Featured image from Pixabay, chart from TradingView.com
NewsBTC
FUN and Games: Altcoin Drastically Pumps And Dumps Against Bitcoin
The Bitcoin bull market is here, the asset is trading at nearly ,000, and an awful year just came to a close – investors are in their right to be celebrating and having a little bit of fun with their profits. But one altcoin that recently was sent skyrocketing immediately was swatted back down, nearly retracing the entire move.
Speculation points to a pump and dump group behind the surprise move, but there could be another factor involved that could act as a dark cloud hanging over altcoins for many months to come.
FUN Is Over: Altcoin Experiences “Brutal” Pump and Dump Against Bitcoin
Bitcoin in 2020 rose from a low of ,800 to end the year at ,000. A bull market is back for the top crypto asset, and investors are eyeing the eventual breakout of altcoins across the rest of the market.
For example, Ethereum trades at roughly 50% of its former all-time high, while Bitcoin is 50% above its. The divergence has some shark-like investors searching for the right opportunity amidst the blood.
Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins
Certain altcoins are exhibiting structures that look ready for a breakout against BTC, and one altcoin from the last bull run did just that.
FunFair (FUN), an altcoin designed for the online casino industry, experienced an enormous surge against Bitcoin. The altcoin spiked as high as 350% against BTC over the course of several hours.
In just one hour, however, the entire rally was retraced, leading the crypto community to speculate over if pump and dump groups have returned to crypto. These groups coordinate efforts to artificially pump a coin’s price, only to dump it once FOMO is sufficiently ignited.
They were extremely popular at the height of the crypto bubble in 2017, and they could be back. Or could it be a sign of something else?
Pump and dump? Or did a whale end all the fun? | Source: FUNBTC on TradingView.com
The Other Side of The Coin: Older Crypto Assets Face Wave Of Sellers On The Way Back Up
While it very well could be fun and games for a pump and dump group, a “whale call” alerting users to a massive sum of FUN tokens being moved could have tipped anyone off about the coming dump.
The fact such a large supply was moved suggests that this wasn’t the action of a pump and dump group, but a whale selling down the first sign of a major rally in the altcoin.
Related Reading | Analyst: Post Bitcoin, Traditional Finance Will Flock To DeFi, Not Ethereum
With altcoins still down so low, and potentially more danger ahead for the asset class as the SEC begins to stiffen regulations, whales could be waiting in the water, ready to liquidate their tokens as soon as they can.
Most altcoin investors who got in around 2017, are still underwater and could be waiting to sell the moment they can, even if just to exchange for Bitcoin. It could be the primary factor behind why no alt season has returned, and the short-lived over the summer was kept to only DeFi tokens and other new alts.
Featured image from Deposit Photos, Charts from TradingView.com
57% Chance of Bitcoin Price Falling Drastically, According to This Indicator
There is a 57 percent chance of Bitcoin undergoing a bearish breakout, according to a standalone indicator.
The warning pops at a time when the cryptocurrency is testing a 2.5-year-old trendline as its primary resistance.
If valid, then the bitcoin price can fall towards ,700.
Bitcoin has confirmed the presence of a standalone technical indicator that could send its price down to ,700.
Dubbed as Diamond Top, the fractal pattern appears when an asset forms “higher peaks and lowers valleys,” eventually trapping the price action in a diamond-shaped area. Discovered first by prominent technical analyst Tom Bulkowski, the indicator is slightly bearish, for its occurrence leads the assets to fall 57 percent of the time.
BTCUSD in a Diamonds Top pattern | Source: TradingView.com, BitStamp
A textbook description of the Diamond Top article highlights successive formations of these characteristics: Uptrend, Shaping, Higher Peaks Lower Valleys, Touches, and Breakout.
Pitting them against Bitcoin’s current price movements paints a similar scenario.
The cryptocurrency was trending upwards (point A to B); it formed the diamond shape (B to C), it touched each trendline at least twice and is now looking to undergo a breakout. 57 percent chance that the next move is to the downside.
Another Resistance
The Diamond Top breakout point is at C, as shown in the chart above. The juncture coincides with a 2.5-year-old Descending Trendline resistance that has capped Bitcoin from extending its upside moves. The cryptocurrency’s seven latest pullbacks occurred owing to the same price ceiling.
BTCUSD test long-term Descending Trendline as resistance | Source: TradingView.com, BitStamp
The Descending Trendline resistance theoretically validates the breakout that could appear out of the Diamond Top pattern. The selling pressure near the confluence would be higher, leading to price falling back to retest its 200-day moving average (orange).
Coincidentally, the support wave also falls near the Diamond Top’s breakout target.
Bitcoin Price Target
Bulkowski states that “the crash site (downtrend end)” following the Diamond Top breakout is “often near the price level of the launch site (uptrend start).”
Diamond Top example | Source: The Pattern Site
That said, bitcoin risks falling back towards point A after its breakout. The said downside target is slightly above ,700 – the same level offered support to Bitcoin’s downtrends in September 2019, October 2019, January 2020, and March 2020.
Meanwhile, there is still a 43 percent chance of Bitcoin rejecting bears. Should that happen, the cryptocurrency would rise by as much as the height of the Diamond Top. That puts its upside breakout target near ,800.
Photo by Joanna Nix on Unsplash
NewsBTC
Bitcoin Mining Energy Consumption Increases Drastically
With all eyes looking at the charts and wondering when Bitcoin will ever stop its upward march over ten thousand dollars, many overlook what is actually involved in creating one. According to reports, the popularity of Bitcoin has created a global surge in energy consumption. Digiconomist’s Bitcoin Consumption Index claims that the current estimated annual electricity consumption is over 30 TWh.
A TeraWatt hour is a pretty big number and equates to 1012 (1 followed by 12 zeros) watts per hour – which is a lot of energy. That is the equivalent of around 0.14% of total global electricity consumption. It doesn’t sound a great deal but Bitcoin mining is currently using more electricity than 159 countries. Almost 10 US households can be powered for one day by the electricity consumed for a single Bitcoin transaction. With a continuous power drain of 3.4GW, the BTC network consumes five times more electricity than is produced by the largest wind farm in Europe.
This colossal amount of energy is used to power the computers and graphics processors which do the number crunching to mine Bitcoin. Mining is the process by which blockchain transactions are verified and added to the public ledger. As the block reward becomes harder to mine more energy is required to carry out the calculations in this computational arms race. If Bitcoin miners were their own country they would rank 61st in the world for electricity consumption. This puts them above Ireland and Nigeria.
According to the report, Bitcoin mining energy consumption has increased by almost 30% in the last month alone. The monumental rise in price has created a flurry of interest as people want to jump on the gravy train. Many are unaware of the mathematical complexities that mining involves and the level of hardware and power required doing it. As much as 80% of the mining is currently done in mega-factories in China where banks of computer rigs and fans stretch away as far as the eye can see. Companies rent these rigs out to individuals who get a cut of the mining action.
In comparison one of Visa’s two US data centers reportedly runs on around 2% of the power required by Bitcoin. Between them, those two servers conduct around 200 million transactions a day while the Bitcoin network handles less than 350,000. With Bitcoin’s price increase over tenfold since the beginning of the year and this unsustainable energy draw in keeping up with it, many speculate that the bubble may soon burst.
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With Its Platform for Data Exchange, Datum Will Drastically Change the Business Model of Data
If you’re like most internet users, you like services that are offered for free. Companies like Google, Facebook, Twitter, and others provide their customers with a variety of service at no cost, and users have embraced it. Over one-fifth of the earth’s population can be counted among the customers of these services. No wonder the companies … Continue reading With Its Platform for Data Exchange, Datum Will Drastically Change the Business Model of Data
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With Its Platform for Data Exchange, Datum Will Drastically Change the Business Model of Data
If you’re like most internet users, you like services that are offered for free. Companies like Google, Facebook, Twitter, and others provide their customers with a variety of service at no cost, and users have embraced it. Over one-fifth of the earth’s population can be counted among the customers of these services. No wonder the companies … Continue reading With Its Platform for Data Exchange, Datum Will Drastically Change the Business Model of Data
The post With Its Platform for Data Exchange, Datum Will Drastically Change the Business Model of Data appeared first on NEWSBTC.