Since the introduction of USDT on the TON blockchain, the supply of this stablecoin has grown by over 70 million within just two weeks, totaling 130 million. While USDT operates across multiple blockchains, its presence on TON has positioned it as the eighth largest in terms of circulating supply. TON Blockchain Sees 70 Million Increase […]
Bitcoin News
Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario
Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue.
Breaking Points And Bearish Signals
Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial ,000 mark.
This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin’s momentum.
At the time of writing, Bitcoin is trading at approximately ,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally.
Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure.
Over the last 24 hours, Bitcoin’s trading volume has dropped from billion to billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn.
Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of 2 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda.
These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of .23 million.
According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as 2 million. GrayscaleETF GBTC had a single-day net outflow of US.2277 million, and the current historical net outflow of GBTC is US.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l
— Wu Blockchain (@WuBlockchain) May 1, 2024
The Bitcoin ETF Conundrum And Market Forecasts
It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to 2 million across all active spot Bitcoin ETFs in the US.
This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape.
As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to ,000 before any sign of recovery.
Monthly close approaching for #Bitcoin and FOMC day tomorrow.
I think we’ll see that sweep beneath K and potentially cascade towards -58K from which we’re finding the low and rotate back upwards.
From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
Featured image from Unsplash, Chart from TradingView
Crypto Market Downturn Hits Coinbase, Microstrategy, and Mining Stocks Hard
During the widespread downturn in the cryptocurrency markets, publicly listed companies within the sector such as Coinbase, Microstrategy, and bitcoin mining enterprises have experienced notable declines in their stock values. Shares of Coinbase have fallen by over 21% since last month, and in the same period, Marathon Digital Holdings’ shares have dropped more than 28% […]
Bitcoin News
Real-World Assets Hits New Peak With $8 Billion Locked, Reports Messari
The total value locked (TVL) in real-world asset (RWA) tokenization protocols has seen a remarkable surge of almost 60% since February, reaching a new high of almost billion as of April 26, according to a report by blockchain analytics and research firm Messari. This growth is attributed to a market preference for debt-based, high-yield […]
Bitcoin News
Solana Memecoin Hits $320 Trillion Market Cap, But There’s A Catch
The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.
Solana Memecoins’ New Strike
Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.
Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.
A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.
The token surpassed the 0 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.
As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn’t move their tokens only after the project’s creator activated the “freeze authority.”
This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to 8 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a 8 trillion market cap at the time of writing.
It’s worth noting that the token isn’t backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it.
When you buy but can't sell. #bonkkiller pic.twitter.com/AjJokgptmw
— Bull.BnB (@bull_bnb) April 30, 2024
Half A Million Stolen By Memecoin Scammer
Unfortunately for investors, the creator didn’t use the freezing authority to boost the token’s market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens.
The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around 0,000. According to Birdeye data, the token is valued at .81 as of This writing.
UPDATE: @solana memecoin BONKKILLER, a scam and honeypot token, has withdrawn liquidity worth over 3,000 $SOL after freezing token sales for users. pic.twitter.com/JO3E3RuXMW
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 30, 2024
Even after the community’s warning, some investors continued to buy the project. In the last 12 hours, investors have spent nearly ,000 on the token. As some X users pointed out, the false market cap might be misleading inexperienced investors into buying the memecoin.
Although it’s not the first scam of this type, the increasing rate of new launches turning fraudulent seems alarming. As reported by NewsBTC, million vanished over the last month after 12 projects were abandoned by their creators.
Ultimately, this incident highlights the importance of thoughtfully researching a project’s background and carefully deciding whether the possibility of massive gains outweighs the risks.
Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving—What’s Next For Miners?
In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community.
Bitcoin’s Latest Halving Sends Hash Price Into Freefall
As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than per PH/s per day.
The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power.
Despite Bitcoin’s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric.
This reduction in potential earnings comes when the overall cryptocurrency market, including Bitcoin, is experiencing volatility.
This downturn in hash price is not isolated but coincides with other declining metrics in BTC. According to TradingView, Bitcoin’s dominance index has also reduced, highlighting a decrease in capitalization relative to the total crypto market.
Bitcoin’s dominance has declined from 57.10% mid-month to approximately 54.69% today. Concurrently, Bitcoin’s market value has also trended downward; over the past week, the cryptocurrency experienced a decrease of about 4.4%.
This downward trend persisted into the past day, with Bitcoin’s price dropping an additional 0.8%.
Signs Of A Bullish Future Amid Bitcoin Current Slump
Despite the downward turns, analysts like those from CryptoQuant suggest that bullish signals might still be on the horizon. They point to the Adjusted Spent Output Profit Ratio (aSOPR), which, despite current market indecisiveness, continues to exhibit bullish trends.
Moreover, expert analysts like Rekt Capital have weighed in with a long-term perspective, suggesting that Bitcoin could see a significant rally as part of this halving cycle, drawing parallels with previous cycles.
Historical data shows that Bitcoin typically reaches a market peak within 500-550 days post-halving. If these patterns hold, Bitcoin could be poised for substantial gains by mid to late 2025, reinforcing the cyclical nature of this leading digital asset’s market movements.
Overall, while the immediate effects of the halving on hash price and market dynamics paint a sad picture, the underlying data indicates a mix of caution and optimism.
Featured image from Unsplash, Chart from TradingView
Cardano Crisis Or Comeback? ADA’s Key Metric Hits Low, What This Means For Investors
Data from analytics platform IntoTheBlock have illuminated a troubling trend within the Cardano (ADA) network, showing a significant dip in ‘profitability’ for its holders.
While cryptocurrencies like Bitcoin and TRX show a high percentage of holders in profit, Cardano stands in stark contrast, with only 35% of its holders currently seeing gains.
This insight into the Cardano ecosystem reveals deeper challenges, as many of ADA’s transactions now appear to be at a loss.
The chart below shows the percentage of holders in profit on several top layer 1 networks
Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4
— IntoTheBlock (@intotheblock) April 24, 2024
Details Into ADA Investors Profitability
The report’s specifics indicate that out of 1.59 million addresses holding 14.07 billion ADA, a substantial amount of these tokens were acquired at higher price points that are not profitable under current market conditions.
In particular, 2.73 million addresses are underwater, holding 20.07 billion ADA purchased at price levels between .5975 and .7265. This significant segment of loss-bearing investments places downward pressure on ADA’s market price, contributing to recent price volatility.
Despite the immediate bearish outlook, ADA has shown resilience with a weekly gain of 4.2%, bringing its price to .4661 at the time of writing. This slight recovery suggests that while short-term pressures are evident, investor confidence remains in the token’s fundamentals.
Notably, the crypto community is buzzing about potential future gains for ADA based on historical data and technical analysis. Prominent crypto analyst Ali has pointed out that ADA’s Market Value to Realized Value (MVRV) ratio is lower than -22%, indicating that the asset is significantly undervalued.
This situation is similar to June 2023, following which ADA experienced a substantial 75% increase in value. Ali forecasts a potential surge in ADA’s price to .80 from these past trends, which would mark a significant recovery and the highest value for the token in over a year.
The last time #Cardano‘s MVRV Ratio dipped below -22%, $ADA‘s price soared by over 75%. With the #ADA MVRV Ratio back under -22%, we could see another impressive rebound! pic.twitter.com/ABf0mp4pR4
— Ali (@ali_charts) April 19, 2024
Cardano Technical Analysis Supports Bullish Predictions
Another analyst, Trend Rider on X, further supported the optimistic projections for ADA and noted that Cardano’s technical indicators signal a potential bull run.
According to Trend Rider, ADA’s Relative Strength Index (RSI) and Simple Moving Average (SMA) crossovers form a pattern that mirrors previous setups, leading to major price increases. For instance, a similar formation was observed before ADA’s monumental rise from .05 to .00.
This confluence of technical and market value analyses presents a compelling case for Cardano’s potential turnaround. While current holder profitability is low, the technical indicators and historical performance suggest that ADA could be on the cusp of a significant upward trajectory.
Featured image from Unsplash, Chart from TradingView
Stablecoin Market Hits $160 Billion, Reaching Heights Not Seen Since Terra’s Crash
This week, the value of the fiat-pegged cryptocurrency economy has climbed to 0 billion, a peak last observed in May 2022, shortly before Terra’s UST detached from its intended parity on May 9, 2022. In the past month, various stablecoins have experienced an increase in supply, with Ethena’s USDE at the forefront, registering a […]
Bitcoin News
Bitcoin Miners Ramp Up Hashrate as Halving Nears, Network Hits 653 EH/s Record
Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s). Bitcoin Hashrate Achieves New High as Halving Approaches Just hours ahead […]
Bitcoin News
Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters
The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.
Decrypting Bitcoin’s Mining Complexity
Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.
This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.
As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.
This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.
Bitcoin Bullish Sentiment Amid Rising Mining Difficulty
The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.
The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.
Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.
As of this writing, Bitcoin trades at ,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.
Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.
Wood forecasted that Bitcoin’s price could skyrocket to .3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly 0 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.
Kathie Wood quarantees Bitcoin will hit .3 million per BTC. Do I believe her? Yes I do. Kathie Wood is very smart. I trust her opinion. Could she be wrong? Yes. She could be. So what? The more important question is “ What do you believe?” What if Kathie is right? What if…
— Robert Kiyosaki (@theRealKiyosaki) April 11, 2024
Featured image from Unsplash, Chart from TradingView