This weekend, following the first presidential debate of 2024, the prediction market Polymarket, powered by Polygon, saw a shift in the wager regarding whether incumbent President Joe Biden will withdraw from the race. Just two days prior, the odds of Biden stepping down were at 39%, and as of June 30, 2024, the probability has […]
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39% Chance of Dropping Out — Joe Biden’s Debate Stumbles Fuel Prediction Market Betting
Following the initial 2024 U.S. Presidential Debate, prediction market wagers on whether incumbent Joe Biden will withdraw have seen a significant increase in activity. The likelihood of Biden stepping down and being substituted has risen notably. Betting Markets React to Joe Biden’s Unintelligible Statements and Performance On Thursday, CNN broadcasted the 2024 U.S. Presidential Debate […]
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Shiba Inu Sell Pressure Is Dropping – Here’s What It Means For Price
The majority of Shiba Inu investors have been left confused about the crypto’s price trajectory in the past few weeks. While the crypto has experienced a period of stagnation in the past two weeks, recent on-chain data shows that the outlook might be looking bullish again, particularly as selling has slowed dramatically this week. At the same time, Shiba Inu has now crossed a major milestone in the number of addresses, which could mean an increase in the number of holders.
Shiba Inu Sell Pressure Drops
The price of Shiba Inu can easily be moved by selling and buying pressure from investors. Recent on-chain data, however, indicates that the selling pressure is currently decreasing, which could manifest in the price of the SHIB in the coming week. Particularly, IntoTheBlock’s historical active address by profitability shows the yearly average now shifting towards wallet addresses at the money.
Interestingly, this cohort of traders is now at almost 74.6%, meaning they contribute to the majority of the buying and selling action. However, their “at the money status” doesn’t give a clear path to their actions, as they could either be selling or increasing their holdings at the current price.
On the other hand, this metric indicates better action among the active portion of addresses that are “in the money.” Interestingly, these “in the money” addresses have now seen their year-to-date activity average falling below 18%. This cohort of traders, who would normally be selling after reaching profits on their holdings, have failed to conduct a tangible number of transactions. Interestingly, this indicates they might be opting to hold right now in order to increase their unrealized profits.
Similarly, on-chain data shows a substantial amount of SHIB moving out of the hands of short-term holders, contributing to a drop in selling pressure. About 4% of the entire circulating supply of SHIB has moved from short-term holders to mid-term holders in the past week. Mid-term holders hold their assets for more than a month to a year, in contrast to short-term holders, who are known for holding for less than a month before selling.
What’s Next For SHIB?
With decreasing sell pressure and a shift to longer holding times, SHIB is poised for a reversal and continued upward momentum. At the time of writing, SHIB is trading at .00002766, down by 1.1% in the past 24 hours and up by 4.65% in a larger 7-day timeframe.
Shiba Inu recently attained a milestone of 4 million addresses, which could mean an increase in activity is on the horizon. A surge in activity could see SHIB repeating a bullish pattern from the 2021 bull run. According to crypto analyst Bunchhieng, if history were to repeat itself, a repeat of this pattern would see SHIB rising to .0001.
Shiba Inu Bulls On The Horizon? Substantial Selling Pressure Seen Dropping
The price action of Shiba Inu (SHIB) has encountered a significant compression, primarily attributed to substantial selling originating from a prominent institutional market participant.
Data obtained from Lookonchain, a renowned on-chain analytics resource, has shed light on the ongoing selling spree by Voyager, a troubled asset manager currently navigating bankruptcy proceedings.
This selling binge over the past four days has amounted to an astonishing 1.4 trillion SHIB tokens, equivalent to approximately .4 million. The cryptocurrency landscape has witnessed a noteworthy development as Voyager, amidst its financial restructuring, embarked on an extensive liquidation of SHIB tokens.
Voyager’s Unloading Spree And Potential Implications On Shiba Inu
Lookonchain’s data revealed the staggering magnitude of Voyager’s sell-off, raising questions about the motives behind this sizeable divestment. Amid speculation, it’s important to note that the asset manager has now depleted its SHIB holdings, as confirmed by Lookonchain’s report. This intriguing turn of events prompts speculation about the potential impact on SHIB’s trajectory.
Voyager has been selling assets on #Coinbase for the past 4 days and has sold 49 tokens for ~M.
Including:
781 $BTC (M);
9,570 $ETH (.6M);
1.4T $SHIB (.4M);
234,660 $LINK (.74M);
1.87M $MATIC (.27M);
3M $MANA (.1M);
… pic.twitter.com/SUGjjQQvja— Lookonchain (@lookonchain) August 15, 2023
As Voyager completes its selling spree, market watchers are keenly observing the ramifications on SHIB’s value. Notably, SHIB has demonstrated a commendable performance over the last seven days, exhibiting a robust 5.9% rally now trading at .00000998 via CoinGecko. While the cryptocurrency faced a 2.4% slump in the past 24 hours, this transient dip may be attributed to broader market sentiments influenced by seemingly unrelated news.
News circulating about potential downgrades within the banking sector might have inadvertently contributed to the 24-hour slump witnessed by SHIB. It’s worth acknowledging that seemingly unrelated developments can trigger ripples of uncertainty across financial markets, ultimately impacting various asset classes, including cryptocurrencies like SHIB. Such negative sentiments, although momentary, have the potential to trigger short-term pullbacks.
Anticipating Price Rally Amidst Voyager’s Exit
The revelation that Voyager has exhausted its SHIB holdings could potentially pave the way for renewed price momentum. With institutional selling pressure alleviated, the cryptocurrency could be poised to continue its impressive performance from the past week. As SHIB hovers around its current value of .00000998, investors and enthusiasts are cautiously optimistic about the prospects of a sustained price rally.
Despite the recent slump, SHIB’s overall trajectory remains promising, supported by both its recent rally and the depletion of Voyager’s SHIB holdings. While the impact of institutional selling cannot be ignored, SHIB’s future gains may be bolstered by a reduced supply overhang.
SHIB’s upcoming performance will undoubtedly be influenced by a complex interplay of factors, ranging from market sentiment to macroeconomic developments.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from The Currency Analytics
A ‘Two-Tiered Justice System’ — Public Reacts to DOJ Dropping Campaign Finance Charges Against FTX Co-Founder
In a court filing released Wednesday, the U.S. Department of Justice dropped campaign finance charges against disgraced FTX co-founder Sam Bankman-Fried. Prosecutors said the charges were dropped in accordance with U.S. treaty obligations to the Bahamas.
Sam Bankman-Fried Cleared of Campaign Finance Charges
Campaign finance charges against Sam Bankman-Fried, co-founder and former CEO of FTX, have been dropped, according to a court filing released Wednesday. Bankman-Fried was extradited swiftly from the Bahamas to the U.S. last December. His lawyers argued that the U.S. Department of Justice mishandled the extradition process.
In late June, Bankman-Fried’s legal team argued that the extradition process from the Bahamas to the U.S. violated the rule of specialty, as he faced charges beyond those originally specified in the extradition request. “In keeping with its treaty obligations to the Bahamas, the government does not intend to proceed to trial on the campaign contributions count,” states the court filing released Wednesday.
BREAKING: The Department of ‘Justice’ drops charges against Sam Bankman-Fried.
America’s justice system is a joke.
— Kevin Sorbo (@ksorbs) July 27, 2023
On Thursday afternoon, social media platforms such as X were filled with posts about the dropped campaign finance charges against Bankman-Fried. At 2:30 p.m. Eastern time, the trending topic “Sam Bankman-Fried” was being discussed by 51,000 X users. “Sam Bankman-Fried of FTX having a federal campaign contribution charge dropped by the DOJ because it would incriminate too many of their preferred politicians going into the 2024 election is pretty insane,” wrote Autism Capital, an account on X.
“The Department of Justice dropped the campaign finance charge against Sam Bankman-Fried,” the X account Tarabull said on Thursday. “Our two-tier justice system at work. Remember when Sam Bankman-Fried gave 0K to House Committee Members investigating him, including Maxine Waters?” Investigative journalist Glenn Greenwald commented on the charges being dropped as well stating:
Congrats to Sam Bankman-Fried — the Dem Party’s second-largest donor (behind George Soros) — on having his campaign finance fraud charges dropped by the Biden DOJ. Their hilarious claim is that they just couldn’t proceed because the big, powerful Bahamas wouldn’t let them.
SBF is set to face trial in October, with three colleagues expected to testify against him. Recently, he was accused of tampering with witness evidence by allegedly releasing excerpts from the online diary of key witness Caroline Ellison, former CEO of Alameda Research. Prosecutors are seeking to reincarcerate Bankman-Fried on the grounds of this alleged witness tampering.
What do you think about the campaign finance charges against SBF being dropped? Share your thoughts and opinions about this subject in the comments section below.
Polygon (MATIC) At Risk Of Dropping To $1 Despite Mercedes Benz Deepening Partnership
The Polygon (MATIC) price has come under heavy pressure in the last two weeks after showing an extremely bullish performance until mid-February. However, the sentiment in the broader crypto market, a supposed downtime of the Polygon blockchain and the layoff of 20% of all employees at Polygon Labs have hit the price hard.
Currently, there is definitely positive news, but it does not move the price at the moment. With the launch of the zk-EVM on March 27, a groundbreaking development is imminent. This alone could be reason enough to drive the price up in anticipation of it – if it weren’t for the macroeconomic environment, which is taking a heavy toll on the crypto market.
Polygon X Mercedes Benz
Not even a new blog post from Acentrik, a Mercedes-Benz strategic initiative built on Polygon Network, could change the sentiment of the currently slumping MATIC price. In the new post, the project explains that as it moves toward the Gaia-X Web3 ecosystem, it is developing its data marketplace capabilities in line with Gaia-X’s principles of trust, compliance and sovereignty.
Mercedes-Benz’s strategic initiative aims to provide companies with a tool to a scalable and efficient data economy that is decentralized. As announced last August, the automaker intends to use the Acentrik platform to make the buying and selling of data more transparent.
Specifically, Acentrik stores encrypted metadata on the Polygon blockchain, which users can upload and offer via cloud services such as AWS. The platform uses the stablecoin USDC as a payment method. The data is subsequently issued as NFT.
The blog post published today says Acentrik will be widely adopted, “giving control back to the users, and featuring a wide variety of business cases across domains, such as manufacturing, industry 4.0, mobility, real estate, to foster innovation in the European Digital Single Market.”
Creating value out of data exchanges #onPolygon
@Acentrik_io, a strategic initiative by Mercedes-Benz, has deployed on the Polygon Network, building its enterprise-grade data marketplace features in accordance with the principles of @gaiax_aisbl.https://t.co/kGr7KQLVrL pic.twitter.com/KpCZMpmoAg
— Polygon Labs (@0xPolygon) March 8, 2023
MATIC Dropping To ?
At press time, Polygon was trading at .11. Thus, the 38.2% Fibonacci retracement level at .08 is currently providing the most important support for the MATIC price. If the bulls give up this support, it would be a strong sign of weakness.
The consolidation could then extend towards .94 (50% Fibonacci retracement) if the 200-day Exponential Moving Average (EMA) currently at .02 does not provide the much needed support.
This price level also represents the breakout level from the previous month of January, so bulls should defend the level at all costs. However, a medium-term directional decision will come at .94. An abandonment of this area would cloud the chart picture and imply a fall back to .80.
On the upside, a break above the 23.6% Fibonacci level at .27 would be a very bullish sign, which could end the current consolidation phase.
Ebb and Flow of Stablecoin Economy Continues With BUSD’s Market Cap Dropping Below $10 Billion Range
The realm of stablecoins is an ever-evolving landscape and the number of coins in circulation for the stablecoin BUSD has fallen below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the last 30 days, BUSD’s token supply has dropped 40% lower. In contrast, the number of tethers in circulation has increased by 4.7% to 71.11 billion in the last month.
BUSD Slips Below Billion, Tether Supply Rises by 4.7% to Over Billion
In the stablecoin economy, currency supply fluctuations are key drivers of change. As of Friday, March 3, 2023, the stablecoin economy has a valuation of 6 billion, and stablecoins account for billion of the world’s trade volume over the last 24 hours. The supply of BUSD has dropped significantly and now stands at 9.68 billion, representing roughly 0.901% of the entire crypto economy’s net value. In contrast, the top two largest stablecoins by market capitalization, USDT and USDC, have seen increases in terms of coins in circulation over the past 30 days, while BUSD’s supply continues to plummet.
This month, the supply of tether (USDT) has risen 4.7%, surpassing 71 billion coins. Usd coin (USDC) has also seen a 1.7% increase, with 43.16 billion coins in circulation. However, the supply of three other top stablecoins, namely DAI, pax dollar (USDP), and gemini dollar (GUSD), has diminished. DAI’s supply has decreased by 2.1% this month, while USDP has dipped 20.2% lower. Similarly, GUSD’s supply has also slid 2% lower over the last 30 days. In contrast, trueusd’s (TUSD) supply has increased by 22.5% over the last month, reaching 1.16 billion coins.
USDD and FRAX have also experienced increases, with USDD rising slightly by 0.2% over the past month and FRAX climbing by 1.1% compared to the previous month. Together, all nine aforementioned stablecoin assets make up 70.22% of the 24-hour trading volume. Before the Terra stablecoin depegging event, the stablecoin market was more predictable and exhibited steady growth. The declines in recent times, however, demonstrate the current unpredictable nature of the stablecoin market.
What do you think the future holds for stablecoins in light of recent supply fluctuations? Share your thoughts about this subject in the comments section below.
Ethereum Price is Dropping, But It’s Too Early to Say Bulls Have Given Up
Ethereum price extended its decline below the ,520 level against the US Dollar. ETH must clear the ,540 resistance zone to start a decent increase.
- Ethereum remained in a bearish zone below ,550 and ,540.
- The price is now trading below ,540 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near ,515 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the ,540 resistance.
Ethereum Price Faces Resistance
Ethereum price remained in a bearish zone below the ,600, similar to bitcoin. ETH traded below the ,550 and ,540 support levels. It even spiked below the ,500 level.
A new weekly low is formed near ,463 and the price is now consolidating losses. Ether price is struggling below ,540 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near ,515 on the hourly chart of ETH/USD.
Recently, there was a minor upside correction above the ,500 level. The price tested the 50% Fib retracement level of the recent decline from the ,548 swing high to ,463 low.
The next major resistance is near the ,515 level and the trend line, above which the price might test the 100 hourly SMA. The trend line is near the 61.8% Fib retracement level of the recent decline from the ,548 swing high to ,463 low. The main resistance is still near the ,540 zone.
Source: ETHUSD on TradingView.com
An upside break above the ,540 resistance zone could start a steady increase. In the stated case, the price may perhaps rise towards the ,600 resistance.
More Losses in ETH?
If ethereum fails to clear the ,515 resistance or the trend line, it could continue to move down. An initial support on the downside is near the ,475 level.
The next major support is near the ,460 zone. If there is a break below ,460, the price might continue to drop and move towards the ,400 support. Any more losses might call for a test of the ,320 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,460
Major Resistance Level – ,540
Bitcoin Seen Dropping To $10,000, This Asset Management Co-Founder Predicts
Bitcoin returned to the bottom of its current range and might see further downside pressure in the coming days. The cryptocurrency is still recovering from the collapse of FTX, the former second major crypto exchange in the world, and the contagion unleashed in the sector.
As of this writing, Bitcoin has recorded a spike in selling pressure. The cryptocurrency is trading at ,200 with a 2% loss in the last 24 hours. Other assets in the crypto top 10 record similar price action, but the majority preserves profits from last week.
Bitcoin Can Crash To Its 2020 Levels Amid FTX’s Collapse
A report from Bloomberg claims some institutional investors are bearish on Bitcoin. Mark Mobius, experienced fund manager and founder of Mobius Capital, believes Bitcoin might drop to ,000 in the medium term.
The fund manager claims the crypto industry might suffer from more contagion. Since the crypto exchange filed for bankruptcy, several companies halted operations. The Digital Currency Group (DCG) company, Genesis, is a prominent case.
The company stopped accepting withdrawal requests from its customers and is rushing to raise capital to prevent bankruptcy. The situation has led many to speculate about the solvency of DCG. The rumors are contributing to the uncertainty in the crypto market.
In this context, the price of Bitcoin and other assets is trending sideways. BTC will likely follow this trend for the coming weeks. Mobius classified the current environment as “too dangerous” to invest any of his clients’ money.
Despite the current market conditions and FTX’s collapse, the fund manager believes crypto will have a permanent role in global finances, hinting at a long-term bullish bias:
But crypto is here to stay as there are several investors who still have faith in it. It’s amazing how Bitcoin prices have held up.
Bitcoin Options Players Expect Doom For December
Further data provided by Bloomberg, based on the options platform Deribit, indicates a significant open interest leaning toward the put side (sell contracts) for December. By the end of 2022, many investors are expecting Bitcoin to gravitate around ,000.
However, this data can also be interpreted as many investors hedging their spot-long positions. Investors buy Bitcoin on exchanges, and to protect against potential downside pressure, they purchase put contracts.
NewsBTC reported that many investors are aiming for Bitcoin at ,000 by the end of the year. In that sense, the price of Bitcoin might trend higher or lower without impacting these investors’ portfolios. As seen below, the max pain price is ,000; this price could be the December target, most likely.
Bitcoin Seen Dropping To $22K As Bear Market May Linger For A While
As stocks plummet and inflation surges, cryptocurrencies appear to be following suit.
In the past six months, Bitcoin, the largest cryptocurrency by market capitalization, has lost about half of its value.
Currently, Bitcoin is selling at an average price of ,700, and Glassnode has recorded an outflow of almost .3 billion, with a net discharge of nearly 0 million.
Ether, the second-largest cryptocurrency, has lost more than 55 percent of its value. This does not even begin to address the TerraUSD scandal and its repercussions.
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In the past week, crypto fund assets under management (AUM) reached their lowest level since July 2021.
This was a result of the current price drop in cryptocurrencies and equity markets, which has been partially driven by the U.S. Federal Reserve’s decision to begin reducing its balance sheet this month.
Bitcoin At An Inflection Point
A senior market expert at Bloomberg Intelligence has cautioned that Bitcoin is at a so-called “inflection point,” which indicates that the cryptocurrency is positioned on a curve where it may rise or fall.
A portion of the uncertainty leading investors to shun risky assets like cryptocurrencies is undoubtedly attributable to rising interest rates.
With rising interest rates, tech stocks and cryptocurrencies have been severely impacted.
According to Yash Patel, a general partner at Telstra Ventures that invests in crypto businesses, larger institutional players have expanded their trading activity in cryptocurrencies over the past several years.
As interest rates rise, borrowing money to undertake these transactions becomes less desirable.
Currently, cryptocurrency is tied to the markets, which many think is not good for investors in the near term.
BTC total market cap at 5.76 billion on the weekend chart | Source: TradingView.com
‘Very Poor’ Expectations For Crypto
Joseph Edwards, the head of financial strategy at the investment management company Solrise Finance, stated that he has “very poor” expectations for Bitcoin and cryptocurrencies in general.
“There’s not much fresh funding flowing into the markets, which is always a prerequisite for market expansion,” he said.
For her part, the vice chair of the Federal Reserve, Lael Brainard, notes that the market may finally consolidate and decline, which might result in a price retreat of ,000 to ,000 for Bitcoin.
Bear Market Here For A While
Brianard noted that the Bitcoin price may loiter near the price support zone before dropping, indicating that the downward trend may continue.
Meanwhile, blockchain and cryptocurrency industry insiders told CNBC that the latest drop in the digital coin market could help eliminate “bad actors” from the market.
“We are experiencing a bear market,” Bertrand Perez, CEO of the Web3 Foundation, told CNBC at the World Economic Forum in Davos, Switzerland.
“I think that’s a good thing, because it will clear the people who were there for the wrong reasons,” he said.
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Featured image from Cointribune, chart from TradingView.com
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