Rich Dad Poor Dad author Robert Kiyosaki says most people should sell bitcoin now that the price of the cryptocurrency is “crashing.” However, he affirmed that he is waiting to buy more bitcoin, emphasizing that “all markets go up and down.” The famous author noted that his strategy is similar to Berkshire Hathaway CEO Warren […]
Bitcoin News
Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?
Shiba Inu whales are on the move again, sparking speculations on what they expect from the meme coin. One whale, in particular, has caught the attention of the SHIB community following a massive withdrawal from the popular crypto and stock trading exchange Robinhood.
Whale Pulls Out Almost Million From Robinhood
The Shiba Inu whale transactions that have got tongues wagging were first picked up on June 20 by the on-chain whale tracking platform Whale Alert. According to the report, the whale had removed a total of 2,2 billion SHIB from the exchange, which was worth approximately million at the time of this transfer.
The whale moved the coins to an unknown wallet, something that could be bullish for the price. This is because when whales move their coins to exchanges, they intend to sell, which might push the price down due to the selling pressure. However, when whales remove their coins from exchanges, it could mean they don’t plan to sell and are holding for better prices.
In this case, the whale has gone the way of the latter, suggesting accumulation rather than selling. Also, given the sheer volume of coins being withdrawn from the Robinhood exchange, it has removed a significant amount of supply from the open market from now.
However, the whale transaction hasn’t had much of an impact on the price. The SHIB price is still trading under .00002 at the time of this writing, although this presents ample opportunity for these investors looking to get in at cheap prices.
Shiba Inu Still Has Legs
Despite the price decline that has rocked the meme coin in recent times, expectations have not waned as analysts forecast another crypto bull market. One of those who still see a bright future for the meme coin is Shiba Inu marketing lead LUCIE.
According to LUCIE, SHIB is still in a position. Sharing a Wall Street Cheat Sheet, she shows that the meme coin is now in the period just before Optimism. Now, the Wall Street Cheat Sheet shows that this is when investors really begin to believe that the rally is real.
From here, the price is expected to keep going up as investors go through the motions of Belief, then Thrill, and finally Euphoria, before prices start to correct. If LUCIE is right, then the real rally is yet to begin and the Shiba Inu price could go so much higher.
At the time of writing, the SHIB price is struggling to reclaim the .000018 support from the bears. However, with the Bitcoin price failing to move upward, the weekend could bring further declines for the market.
Follow The Whales? Arthur Hayes Buys Pendle, Token Soars 25%
Pendle (PENDLE), a cryptocurrency powering a decentralized finance (DeFi) protocol, has experienced a price surge in recent days. This rally comes amidst positive developments within the Pendle ecosystem and a high-profile investment from industry veteran Arthur Hayes. However, concerns regarding token distribution threaten to cast a shadow over Pendle’s long-term prospects.
Hayes Fuels The Fire: Crypto Whale Ignites Investor Confidence
The recent price surge can be partly attributed to a strategic move by Hayes, co-founder of BitMEX and a prominent figure in the crypto space.
Pendle tallied a 25% increase from its lowest point this week to an intraday peak of .21, after Hayes publicly announced his acquisition of Pendle tokens, a move interpreted by many as a sign of confidence in the project.
After Arthur Hayes(@CryptoHayes) tweeted that he is adding $PENDLE and $DOGE to his bags, one of his wallets bought 92,339.6 $PENDLE(4K) through #Wintermute.
He transferred 2.05M $USDC to #Wintermute, then received 280 $ETH(M) and 92,339.6 $PENDLE(4K).… pic.twitter.com/wo2Sl4245B
— Lookonchain (@lookonchain) June 20, 2024
This endorsement from a seasoned investor with a successful track record, like Hayes’ involvement with the fast-growing USDe stablecoin, has undoubtedly bolstered investor sentiment towards Pendle.
Pendle’s Ecosystem Takes Flight: TVL Skyrockets, User Base Expands
Beyond Hayes’ influence, Pendle’s own internal developments are driving the current momentum. The project’s total value locked (TVL), a key metric reflecting the total value of crypto assets deposited within the protocol, has witnessed a significant uptick.
The surge in TVL suggests that more and more people are using Pendle’s DeFi features. These features let users earn impressive yields on their crypto holdings, with some reaching as high as 25%.
That’s significantly better than what most users get from traditional investments like short-term US Treasuries. On top of that, the number of Pendle token holders keeps climbing, which shows a growing and active user base for the protocol.
A Cloud On The Horizon: Token Distribution Raises Concerns
While the current outlook for Pendle appears promising, a potential hurdle lies in the project’s tokenomics: a small number of addresses control a substantial portion of Pendle’s circulating supply.
This concentrated ownership structure could lead to market manipulation in the future. Furthermore, the planned release of additional tokens into circulation raises concerns about potential dilution of existing token value.
Balancing Growth With Sustainability
Pendle’s recent price surge and positive ecosystem developments paint a rosy picture, but the token distribution model presents a significant challenge. Moving forward, the token’s success will hinge on its ability to foster sustainable growth while addressing concerns regarding tokenomics.
Expanding the user base and diversifying token ownership will be crucial steps in securing Pendle’s long-term future.
Featured image from The Economist, chart from TradingView
Crypto Gainers of the Week: Nervos Leads With a 47.1% Jump, Bitget Token and Bittensor Follow
In the recent week, bitcoin and ethereum have regained their pace, with a specific set of nine cryptocurrencies posting significant gains in the double digits. During this period, CKB enjoyed a 47.1% uptick, BGB ascended by 21.6%, and TAO increased by 19.3%. Highlighting the Week’s Crypto Victors and Losers On Monday, April 8, 2024, the […]
Bitcoin News
Ethereum Price Consolidates While Bitcoin Surges, Can ETH Follow BTC Later?
Ethereum price is consolidating gains above ,400. ETH could start a major increase if there is a clear move above the ,460 resistance.
- Ethereum is consolidating gains below the ,460 resistance zone.
- The price is trading above ,400 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support at ,435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a close above the ,460 and ,480 levels.
Ethereum Price Aims Higher
Ethereum price saw a steady increase after it broke the ,350 resistance. ETH climbed above ,400 and tested the ,460 zone. A high was formed near ,463 and the price is now consolidating gains, while Bitcoin extended its increase above the ,000 level.
Ether is trading above the 23.6% Fib retracement level of the recent wave from the ,352 swing low to the ,463 high. There is also a major bullish trend line forming with support at ,435 on the hourly chart of ETH/USD.
Ethereum is now trading above ,400 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price could surge above the ,460 level. On the upside, the first major resistance is near the ,500 level. The next major resistance is near ,550, above which the price might rise and test the ,620 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the ,620 resistance. In the stated case, the price could rise toward the ,700 level.
Another Bearish Wave In ETH?
If Ethereum fails to clear the ,460 resistance, it could start a downside correction. Initial support on the downside is near the ,435 level and the trend line.
The next key support could be the ,400 zone or the 50% Fib retracement level of the recent wave from the ,352 swing low to the ,463 high. A clear move below the ,400 support might send the price toward ,375. The main support could be ,350. Any more losses might send the price toward the ,240 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,400
Major Resistance Level – ,460
2023 Crypto Wealth Surge — Satoshi Nakamoto Tops With $26B Increase, Industry Titans Follow
A recent analysis indicates that Changpeng Zhao, Binance’s former chief, experienced a near billion surge in his estimated wealth in 2023, while Coinbase’s Brian Armstrong enjoyed a .8 billion increase. Yet, topping the list was the elusive Satoshi Nakamoto, whose purported net worth rose by billion this year.
CZ and Nakamoto’s Combined Wealth Increased by Billion This Year
The flourishing crypto market has significantly enhanced the fortunes of numerous executives in the sector, including Binance’s Changpeng Zhao, also known as CZ. On Tuesday, Bloomberg reported that CZ’s fortune swelled by approximately billion throughout the year, a sum that eclipses the penalties his company incurred from various U.S. federal bodies, such as the Department of Justice (DOJ). It’s estimated that CZ’s holdings exceed billion, with the bulk of his wealth linked to his stake in Binance.
Barry Silbert, the boss of Digital Currency Group, witnessed a .5 billion uptick in his net worth, while Gemini’s Winklevoss twins saw their fortunes rise by .4 billion. Concurrently, Coinbase’s Brian Armstrong‘s assets expanded by .8 billion, and co-founder Fred Ehrsam saw a .8 billion elevation in his estimated riches in 2023. However, the most significant beneficiary this year has been the enigmatic founder of Bitcoin, Satoshi Nakamoto.
It’s estimated that Nakamoto holds 1 million bitcoins, initially mined during the currency’s inception between 2009-2010. In 2023, Nakamoto’s fortune experienced an increase of approximately billion more than that of CZ, soaring from .53 billion in December 2022 to a staggering .59 billion. This equates to a .05 billion growth in wealth over the past year. Nakamoto’s net worth now sits squarely between Nike co-founder Phil Knight and MacKenzie Scott, the former spouse of Amazon’s Jeff Bezos, according to the Forbes real-time billionaires list.
Remarkably, since accumulating this wealth, not a single penny or satoshi has been moved from Nakamoto’s collection of BTC wallets, underscoring the enduring intrigue surrounding Bitcoin’s creator, whose identity remains the financial world’s most captivating enigma.
What do you think about the fact that Nakamoto’s net wealth grew by billion this year? Share your thoughts and opinions about this subject in the comments section below.
October’s Inflation Report: Shelter Prices Up, Gasoline Plummets — Mixed Market Reactions Follow
On Tuesday, the U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) remained unchanged in October, following a 0.4% increase in September. Over the past year, the all-items index rose 3.2% before seasonal adjustment, marking a notable trend in consumer pricing.
Steady CPI in October Balances Shelter Rise Against Gasoline Drop; Markets and Crypto React With Mixed Sentiments
The October CPI report highlighted a continuous rise in the shelter index, balancing out a significant 5% drop in the gasoline index. This juxtaposition resulted in an overall unchanged seasonally adjusted index for the month. The broader energy index decreased by 2.5%, further contributing to the stabilization of consumer prices, according to the report.
The U.S. Labor Department noted that the food index saw a modest increase of 0.3% in October, continuing its upward trend from a 0.2% rise in September. Notably, the cost of food at home mirrored this increase, while expenses for food consumed away from home rose slightly higher, at 0.4%.
Looking at the 12-month period ending in October, the all-items index’s 3.2% rise represents a deceleration from the 3.7% increase seen in the previous year’s period. Over the past year, the energy index decreased by 4.5%, contrasting with the food index’s 3.3% increase. After the release of the report, the U.S. stock market presented a varied response, with the Dow Jones Industrial Average and the Russell 2000 Index both noting upward movements.
In the cryptocurrency market, sentiments were similarly mixed on Tuesday in the wake of the report. The overall crypto market value dipped by 0.84% in the last 24 hours. In this period, bitcoin (BTC) saw a decline of 0.69%, and ethereum (ETH) decreased by 0.6%. In contrast, the precious metals market experienced growth, with gold prices increasing by 0.6% and silver surging by over 2%.
Currently, the yield on the 10-year U.S. Treasury note stands at a reduced rate of 4.457%. Investors remained uncertain following the announcement of an unremarkable Consumer Price Index (CPI) report, which showed some slowing down. This uncertainty stems from speculation about the U.S. Federal Reserve’s next steps.
“Despite the deceleration, the Fed will likely continue to speak hawkishly and will keep warning investors not to be complacent about the Fed’s resolve to get inflation down to the long-run 2% target,” stated Jeffrey Roach, Chief Economist at LPL Financial, in a discussion with CNBC on Tuesday following the CPI release.
What do you think about Tuesday’s CPI release? Share your thoughts and opinions about this subject in the comments section below.
NEAR Protocol’s Daily Active Addresses Spike, Will Prices Follow?
In the past month, there have been more daily active addresses on the NEAR Protocol than in Ethereum and its layer-2 protocols, including Arbitrum and OP Mainnet, Artemis data from September 25 reveals.
Artemis, an institutional data platform for digital assets, shows that the number of daily active addresses on NEAR Protocol has been consistently above the 400,000 level in September.
Daily Active Addresses On NEAR Protocol Surging
Looking closer at the data confirms that the number of daily active addresses on Ethereum, the pioneer smart contract platform that hosts most decentralized finance (DeFi) and non-fungible token (NFT) activity, has been dropping.
To illustrate, the number of daily active on Ethereum rose above 1 million in mid-September but has since more than halved to below 400,000. The same trend can be seen in Arbitrum, which dropped from around 200,000 in late June to 150,000 when writing on September 25.
During this time, NEAR Protocol’s daily active addresses have rapidly spiked from around 40,000 in late June to above 400,000, outperforming Ethereum in this metric. With rising daily active addresses, there has been a spike in daily transactions over the past month. According to trackers, the NEAR Protocol processes more transactions than Ethereum.
Public ledgers like NEAR Protocol and Ethereum depend on a community of users who actively transact—moving value or running protocols—or validators- to secure the network. However, the number of daily active addresses can provide valuable insights into the level of adoption, user engagement, and the network’s overall health.
Besides user engagement, rising daily active addresses might also point to changing market sentiment, which could significantly impact prices.
Bears In Control As DEX Trading Volume Remains Relatively Stable
When writing, NEAR, the native token of the NEAR Protocol, is trading at around 2023 lows. Changing hands at .107, the coin is down 61% from 2023 highs and remains under pressure.
The candlestick arrangement in the daily chart points to consolidation and stability above the primary resistance level at . Bears have the upper hand if prices remain below .23, a critical resistance level marking the August 17 highs.
As evidence shows, the network activity and price action diverge. Although the transaction count also rose, the number of unique addresses interacting with NEAR Protocol decentralized exchanges has mostly been stable. Looking at the numbers, DEX volume on the platform is significantly lower than those registered in Ethereum and its popular layer-2 platforms.
Cardano Sees Spike In Development Activity, Can The Price Of ADA Follow?
Cardano (ADA) has been experiencing a persistent downside trend since the start of 2023; the selling pressure has increased in the past week. However, network development continues to grow and could hint at a reversal for the cryptocurrency.
Cardano (ADA) trades at .24 with sideways movement on its weekend price action as of this writing. In the previous seven days, the cryptocurrency recorded a 4%, with the potential for further losses if the price of Bitcoin continues on its current trajectory.
Cardano Price Bound For A Change In Trajectory?
Data shared by Cardano’s leading developer, Input Output Global (IOG), and seen on the chart below, shows that while ADA has been trending to the downside, network activity is on the rise, with 75.3 million transactions processed, 79,182 token policies, and over 1,250 projects currently building on the network.
As seen above, 144 projects have been launched on Cardano with over 8.8 million tokens. This network has been one of the fastest growing in development activity in 2022 and 2023 upon implementing smart contract capabilities via the Hard Fork Combinator event dubbed “Alonzo.”
Currently, IOG is working to launch other core improvements to Cardano, including a fix for its consensus algorithm set to improve performance and scalability. In addition, the IOG team has continued to work on its smart contract platform, Plutus, and in the native crypto wallet, Lace.
Two of the most significant upcoming events for the blockchain are the introduction of Hydra to improve scalability and Mithril. IOG stated the following about the recent developments for these projects:
(…) the team made progress working on the aggregator performance bottleneck that occurs with high client traffic and started creating a new distribution.
The above, and the data provided by IOG, could have an impact on ADA. However, additional data provided by TokenTerminal paints a different picture.
The crypto analytics firm indicates that Cardano experienced a 6% decrease in its circulating market cap and a 35% loss in its annualized fees. Moreover, while the number of developers working on the network has increased by about 6%, the number of core commits is down 29% in 30 days.
As the chart below shows, the correlation between the number of commits to the project and the price of ADA has been decreasing. Yet, the token has seen some positive price action following an uptick in the former metric.
Cover image from Unsplash, chart from Tradingview
Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow?
Despite the less-than-impressive performance over the last few months, Bitcoin investors are still digging their heels deeper into the digital asset. This is evidenced by the continuous rise in wallet activity that has been recorded during this time.
Bitcoin Wallet Activity Hits Highest In 5 Months
In a Tuesday post, on-chain data aggregator Santiment revealed that there has been a significant uptick in Bitcoin wallet activity despite the BTC price downtrend. Apparently, while the market had fluctuated heavily due to regulatory uncertainties, Bitcoin investors held their own, especially in terms of new wallet address activity.
The Santiment reports show fluctuations in this metric over the months. However, the one consistent thing was the tendency to jump back up even after dipping significantly. In September alone, the metric has moved from a low of around 860,000 to over 1.1 million unique daily Bitcoin addresses active.
Interestingly, this figure is the highest this metric has been since April, proving that the BTC price downtrend has not served as a deterrent for Bitcoin investors. Rather, it looks as if investors are using the current low prices as a way to increase their footprint.
The uptick can also be explained by the euphoria triggered by asset manager Franklin Templeton filing for a Spot Bitcoin ETF. While the hype around the filing was short-lived, it triggered a brief uptick in the price of the digital asset, and likely aided the rising wallet activity rate as investors rushed to take advantage of the growth.
Will BTC Price Follow Wallet Activity?
Even though wallet activity is up, the BTC price is still straining below ,000. This could suggest that this metric does not really have much bearing on the price of Bitcoin. Rather, it just points to investors not slowing down usage of the network despite low prices.
Presently, investors are still eagerly awaiting a decision on the numerous Spot BTC ETFs that have been filed by fund managers. The outcome of these filings, whether rejected or accepted, will likely be the defining factor for the Bitcoin price going forward.
For now, there are no big moves to be expected for the digital asset, especially given the fact that it is still ranging below its 50-day and 100-day moving averages. Mounting resistance between ,000-,000 suggests that Bitcoin might continue to trade sideways for the better part of September.
At the time of writing, Bitcoin is treacherously holding above ,000 with meager gains of 0.64% in the last day.