At block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […]
Bitcoin News
Bitcoin Technical Analysis: BTC Traders on Edge as Mixed Signals Keep Market Guessing
As of April 12, 2024, bitcoin’s price exhibits resilience, trading at ,748, with oscillators showing mixed signals while moving averages firmly suggest a bullish trend heading into the weekend. Bitcoin The relative strength index (RSI) on the daily scale sits at a neutral 56, indicating neither overbought nor oversold conditions, suggesting that BTC has room […]
Bitcoin News
Crypto Economy Dips by 4.38% Amidst Mixed Fortunes for Top Coins
As the weekend approaches, the crypto economy experienced a downturn, declining 4.38% in the past 24 hours to a total value of .42 trillion. Bitcoin saw a decrease of 5.5% against the U.S. dollar during this period, while ethereum’s value dropped by 5.3%. In contrast, fantom (FTM) enjoyed a 12% increase, and aptos (APT) rose […]
Bitcoin News
GBTC’s Mixed Fortune: 54% Market Share in ETF Trade Volume Accompanied by $2 Billion BTC Exodus
Over a span of six days in the U.S. market, nine newly launched spot bitcoin exchange-traded funds (ETFs), along with the recently revamped GBTC, collectively saw a trading volume of .53 billion. GBTC, commanding the majority of this trade volume, experienced a substantial reduction in its bitcoin holdings. In just the past 24 hours, the trust shed over 14,300 bitcoin, decreasing its total holdings to 566,973 bitcoin.
Billion in Bitcoin Depart Grayscale’s GBTC Since Jan. 12
GBTC, now recognized as a spot bitcoin ETF, maintains a considerable reserve of bitcoin (BTC). Since transitioning into a publicly traded ETF, the trust has experienced notable outflows. On Thursday, GBTC’s holdings decreased by 10,823.86 BTC, and following the trading sessions on Friday, the fund saw a further reduction of 14,300.52 BTC. Cumulatively, since Jan. 12, 2024, the trust has seen an outflow of 50,106.59 BTC, valued at slightly above billion, from its reserves.
WHEN WILL THE BLEEDING STOP? I don’t know, but this this is some serious daily outflows for The Nine to have to battle every single day.. they’ve done a great job so far but damn its a lot to ask.. pic.twitter.com/LqwPRETrQf
— Eric Balchunas (@EricBalchunas) January 19, 2024
Several factors contribute to the intense selling of GBTC. Initially, GBTC shareholders might have felt constrained when the shares, initially trading at a premium to their net asset value (NAV), abruptly transitioned to a discount. This discount began in February 2021 and persisted almost until the onset of this year. Long-term investors might have been biding their time, waiting for an opportunity to sell once the discount narrowed. Additionally, investors who speculated that the discount would diminish and bought GBTC at a lower price may now be offloading their shares for substantial gains.
Another possible reason for the sell-off is that some investors in GBTC are exploring alternatives with more competitive management fees, given that Grayscale’s GBTC has the highest fees in its category. On the other hand, Grayscale’s bitcoin trust has seen the highest volume out of all nine newly launched ETFs with .97 billion of the .53 billion aggregate. This means GBTC trades accounted for 54.26% of all the trading action spot bitcoin ETFs recorded.
Before the mass approvals on Jan. 11, 2024, the prevailing narrative largely centered on the expected inflows, with little attention paid to potential outflows from GBTC. However, a modest semblance of equilibrium has emerged, as IBIT and FBTC now possess a combined total of 53,479 BTC, slightly surpassing the outflows GBTC experienced since Jan. 12.
Additionally, the cluster of ETFs vying with GBTC, IBIT, and FBTC have also witnessed growth in their BTC reserves, though not even close to a striking extent. Despite IBIT and FBTC holding significant amounts of bitcoin, these funds, along with the seven other ETFs, remain substantially smaller in comparison to GBTC’s vast reserve of hundreds of thousands of bitcoin.
What do you think about the outflow GBTC has seen since Jan. 12? Share your thoughts and opinions about this subject in the comments section below.
Social Media Platform X Halts NFT Profile Service, Stirring Mixed Reactions in Crypto Sphere
The social media platform X has discontinued its non-fungible token (NFT) profile picture service, a feature introduced just last year in January 2022. The crypto community’s response to this move has been notable, with Kraken’s founder, Jesse Powell, labeling it as “a step back for the industry.”
Social Media Giant X Drops NFT Profile Service
Elon Musk’s X social media platform appears to have eliminated its NFT profile feature. Previously, the service enabled X subscribers to use an Ethereum-based NFT as their profile image on X. Back when X was known as Twitter, it began embracing NFTs and bitcoin (BTC) tipping in September 2021. Introduced in January 2022, the NFT profile extension saw an expansion by October 2022, with the social media company unveiling “NFT Tweet Tiles.”
This development sparked mixed reactions within the crypto community, with some individuals appreciating X’s decision to remove the NFT feature, while others expressed disappointment at the move. “The hexagonal NFT profile pics are gone from X. The prices are down 90%+,” the developer Jimmy Song wrote on X. “All those marketers and VCs that were saying how NFTs were this amazing thing with so many use cases 3 years ago, where are they now?” Song asked.
Co-founder of Taproot Wizards, Udi Wertheimer, joined the conversation on the topic and jokingly remarked, “X (Twitter) removes support for legacy Ethereum off-chain pointers.” Kraken’s founder, Jesse Powell also brought up the subject as well. “Discontinued support for NFT profile pics on @X is a step back for the industry. Reduced utility is always a loss,” Powell wrote.
He added:
NFT PFPs weren’t widely used but it was an MVP and never got the treatment it deserved: communities, message signing, and features built around proof of ownership.
The social media firm’s move may prompt a reevaluation of the integration of blockchain technology in social media in general. It also serves as a reminder of the industry’s fluid nature, where innovation is constant, but not all ventures succeed. As the market adjusts, the future of digital collectibles and their role in mainstream platforms remains an open, evolving narrative, potentially leading to more refined and impactful uses of the technology in the digital sphere.
What do you think about X getting rid of NFT profile pictures? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Technical Analysis: ETH Exhibits Mixed Signals; Resilience Amidst Bearish Trends
As of December 11, 2023, ethereum exhibits a blend of neutral and bearish trends. Mirroring bitcoin’s trajectory, ether experienced a pronounced decline during the transition from Sunday’s late-night trading into Monday.
Ethereum
Today, ethereum’s (ETH) value hovers at ,239, fluctuating within a 24-hour span between ,217 and ,376. This fluctuation underscores the notable instability witnessed in the last half-day. The current market value of ethereum, sitting at 9 billion, alongside a 24-hour trading volume of approximately .88 billion, underscores a vigorously active market. This activity suggests that traders and investors are keenly focused on ether’s fluctuating prices.
Oscillator indicators point to a neutral trend, whereas the moving averages (MAs) offer a split perspective, signaling both bearish and bullish tendencies. Detailed scrutiny of the daily and four-hour charts unveils complex patterns, fostering a sense of cautious optimism among traders and investors. Oscillator readings, with the relative strength index (RSI) at 58.2, Stochastic at 77.6, and the commodity channel index (CCI) at 49.6, hover near neutral territory. This equilibrium indicates an absence of clear control by either buyers or sellers.
In contrast, ethereum’s moving averages (MAs) provide a more layered outlook. Short-term indicators such as the ten-day exponential moving average (EMA) and simple moving average (SMA) suggest a negative trend. However, longer-term MAs over 20, 30, 50, 100, and 200 days hint at a more optimistic future, underscoring the multifaceted nature of market sentiment and hinting at possible bullish tendencies in the long run.
A deep dive into ether’s daily chart reveals recent bearish trends, marked by a substantial drop and strong selling pressure. The market has pulled back from a peak of around ,407, signaling a need for caution, as indications of stabilization or a trend reversal remain elusive. The four-hour chart offers further insight, illustrating a significant drop in ether’s value with high trading volumes, indicative of a steep decline and possible panic selling. The value plummeted from approximately ,407 to ,117 — a rapid and decisive shift.
Bull Verdict:
Ethereum’s market status on December 11, 2023, demonstrates resilience amidst fluctuations. The neutral indications from oscillators, combined with the bullish signs from long-term moving averages, suggest an inherent robustness. This, along with Ethereum’s substantial market cap and active trade volume, signals potential for growth.
Bear Verdict:
The bearish indicators in Ethereum’s market as of December 11, 2023, demand attention. Despite the neutral readings from oscillators, the short-term moving averages and recent bearish patterns in the daily and four-hour charts signal a market facing challenges. The abrupt downturns and high-volume sell-offs observed recently paint a picture of caution.
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What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
Crypto Market’s Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
As of this writing, the crypto market is cruising at a value of .42 trillion, with bitcoin (BTC) holding 49.9% of the overall market cap. This past week saw both bitcoin and ethereum experiencing notably stagnant weeks in terms of their percentage changes, while a number of other digital currencies outshone the top two. Standing out this week were the cryptocurrencies BONK and TAO, which soared by 136% and 97.3% respectively.
A Week of Highs and Lows for Cryptocurrencies
This week, the crypto market spotlight shone on BONK, TAO, and KAS, which recorded gains ranging from 70% to 136% over a seven-day period. Trailing slightly behind were skale (SKL) and axelar (AXL), climbing 59% and 58%, respectively.
In total, eight crypto assets surged over 40% against the U.S. dollar this week, with 18 achieving increases of 20% or more. Other significant gainers in the seven-day period included FET, SNX, NEAR, IMX, and AVAX.
Interestingly, roughly 50 crypto assets experienced upward movements exceeding 4% this past week. However, only 27% of cryptocurrencies exhibited positive trends during trading sessions on Monday.
The week also highlighted some notable declines. ZRX, for instance, plummeted by 29%, while RBL dropped 18.9% over the week. LUNA and FIL weren’t spared either, with weekly losses of 17.15% and 12.64% respectively.
In total, seven cryptocurrencies faced double-digit declines this past week. Other coins experiencing notable downturns included SUI, DFI, TWT, IOTX, SNT, and ATOM. On Monday, 50 digital currencies reported losses of 4% or more from the previous week’s trading sessions.
Apart from USDT, BTC, and ETH, high trading volumes were seen in coins like SOL, XRP, AVAX, and LINK, with BNB, DOGE, NEAR, and MATIC also recording significant volumes. This week, while certain tokens flourished in the market, other markets exhibited a less receptive stance.
What do you think about this week’s market gainers and losers? 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.
Stablecoin Market Rises by Over $600M in October Despite Mixed Supply Dynamics
The stablecoin economy experienced growth in October after several consecutive monthly declines. In the last month, a total of 8 million was added to the fiat-pegged token market. Despite the increase, six stablecoins out of the top ten saw supply reductions during the month.
Fiat-Pegged Token Market Grows Modestly in October, With First Digital and Tether Leading the Charge
Last month, tether (USDT), the largest stablecoin by market capitalization, experienced a 1.9% increase in its supply, bringing its current market valuation to approximately .98 billion. At the close of September 30, 2023, the crypto asset’s market cap stood at .22 billion.
Notably, across 456 crypto exchanges that list Tether, the stablecoin recorded .79 billion in global trade volume over the past 24 hours, accounting for more than 27% of the total .77 billion in trades conducted during the same period across the entire ecosystem.
Furthermore, throughout October, the fiat-pegged market grew from 3.05 billion to 3.66 billion, representing a modest uptick of just 0.495%, equivalent to 8 million, in the stablecoin market over the course of the month.
Over the past 30 days, Circle’s usd coin (USDC) witnessed a 3.4% reduction, resulting in its current market valuation of .50 billion. In comparison, Makerdao’s DAI, the third-largest in market valuation, lags significantly behind, standing at .72 billion. DAI also experienced a 3% reduction during October.
Trueusd (TUSD) saw its supply decrease by 3.1% over the course of the month, currently resting at .34 billion. However, the most notable reduction in October was observed in BUSD, with a substantial 13.1% of its supply redeemed.
BUSD’s market valuation has dipped below the billion threshold, now at .95 billion. Meanwhile, the Tron-issued USDD token experienced a slight 0.4% reduction, and FRAX’s supply drop was even lighter, at 0.2%.
October’s standout in the stablecoin landscape was first digital usd (FDUSD), which experienced a 45.1% supply rise. This surge has propelled FDUSD’s total supply to 544.26 million FDUSD tokens, establishing it as the eighth-largest contender in the stablecoin arena.
Among the top ten, pax dollar (USDP) witnessed a 6.7% reduction in supply, while liquity usd (LUSD) faced a 12.6% decrease over the past 30 days. Paypal‘s recently introduced dollar-pegged token has made a swift jump to become the 15th largest stablecoin.
What do you think about October’s stablecoin action? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators
Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high.
The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset.
BTC Addresses In Loss Reaches New Heights
Glassnode’s report reveals earlier today that the number of Bitcoin addresses in loss (seven-day Moving Average) has peaked at roughly 14.043 billion, marking a new one-month high. This supersedes the previous peak of 14.041 billion recorded on July 31, 2023.
Such a trend points towards a section of investors who bought BTC at higher price points and are now in the red due to the recent price fluctuations.
However, it’s important to note that these losses are only ‘unrealized’ and turn ‘real’ only when the Bitcoin is sold. While a high number of addresses in loss might initially signal negativity, they can also indicate potential price recovery as these addresses might be waiting for prices to bounce back.
Bitcoin Addresses With Smaller Holdings On The Rise
In contrast to the increasing number of addresses in loss, Glassnode reports that the number of Bitcoin addresses with 0.01+ coins has attained a new all-time high (ATH) of 12.2 million. This suggests a broadening distribution of Bitcoin among retail investors, perhaps indicative of an increasing acceptance and adoption of the cryptocurrency.
Adding another dimension to the market’s mixed signals, the number of non-zero Bitcoin addresses has also reached an all-time high of 47.9 million. This growth underscores the expanding base of Bitcoin holders, reflecting the coin’s widespread global adoption.
While these trends unravel, BTC’s price has found itself in a rebound after a decline of nearly 5% in the past month. Particularly, the asset has seen a slight increase of 0.2% in the past 24 hours bringing its current price to trade at ,375 after trading below the ,000 mark earlier today.
BTC’s market capitalization has also recorded more than billion in loss in just the past week. The asset market cap has plunged from a high of 5 billion earlier last week to a current cap of 8 billion.
Interestingly, Bitcoin’s trading volume has traced quite a contrasting path over the same period. Instead of following the trend of the recent falling BTC price, trading volume has been on a slight uptrend.
Last week, the trading volume was stuck at billion. However, in stark contrast to the price trend, this volume experienced a surge, peaking at billion in just the past 24 hours. This suggests a heightened market activity, despite the dwindling Bitcoin price.
Featured image from iStock, Chart from TradingView