One of the leaders in the augmented reality industry, Magic Leap, announced on May 30 that it had partnered with Google to enhance the potential of augmented reality technologies. This new collaboration aims to release unique product offerings while further expanding the longstanding relationship between the two companies. Magic Leap’s Optics Expertise Combined With Google’s […]
Bitcoin News
Peter Schiff Declares Bitcoin in Bear Market Amid US Economy’s Stagflation Reality
Economist and gold advocate Peter Schiff has declared bitcoin to be in a bear market, despite the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). Additionally, he cautioned that economic data provides conclusive evidence that stagflation is not merely a future prospect for the U.S. economy, “but already a current reality.” Peter Schiff […]
Bitcoin News
ETF Analyst Comments on ARKB Outflows: A Reality Check for Crypto’s Hodler Class
In a modest yet positive development, U.S. spot bitcoin exchange-traded funds (ETFs) saw a net inflow of .5 million, even as the ETF ARKB experienced a substantial outflow of .5 million. Despite ARKB’s significant outflow surpassing that of GBTC, Grayscale’s Bitcoin Trust also faced a reduction, with approximately .9 million being pulled from its funds. […]
Bitcoin News
Reality Check: MATIC Investors Count Losses – More Headaches Ahead?
Polygon’s native token, MATIC, finds itself at a crossroads as it grapples with price volatility amidst an impending network upgrade and challenges surrounding Total Value Locked (TVL). In the past week, MATIC has witnessed a notable downturn in price, slipping by 4.44% according to data from CoinMarketCap. Despite earlier optimism that drove MATIC close to the mark, the token has encountered resistance at the level, with bullish momentum struggling to gain traction amidst prevailing market conditions.
MATIC Investors Feel The Pinch
Data analysis from IntoTheBlock paints a mixed picture for MATIC holders, revealing that 51% are currently facing losses, while 43% are enjoying profits, leaving a mere 5% at the break-even point. This volatility serves as a stark reminder of the inherent risks associated with investments in the cryptocurrency market.
However, amidst the market turbulence, a ray of hope emerges for MATIC holders in the form of Polygon’s recently announced “Napoli upgrade.” This upgrade, designed to bolster the network’s consensus mechanisms, is set to introduce enhancements in parallel execution and incorporate novel operational codes for the Ethereum Virtual Machine (EVM). Analysts speculate that the Napoli upgrade could inject renewed buying pressure into the market, with projections hinting at a potential price rise towards .30 if bullish sentiment prevails.
Despite the anticipation surrounding the Napoli upgrade, Polygon faces challenges on other fronts, notably concerning its Total Value Locked (TVL). In a remarkable turnaround from its peak in 2021, TVL has plummeted to billion, according to data from DeFiLlama. This decline reflects a waning participation in liquidity provision, raising concerns about the protocol’s health and resilience.
The Road Ahead For Polygon
Polygon’s leadership remains optimistic about the project’s future, emphasizing its resilience amidst market fluctuations. They believe that the Napoli upgrade, coupled with strategic initiatives aimed at addressing challenges such as TVL, will fortify Polygon’s position for sustained success in the dynamic cryptocurrency landscape.
As investors and industry observers closely monitor developments within the Polygon ecosystem, navigating the delicate balance between the potential catalyst of the Napoli upgrade and the headwinds posed by declining TVL, the road ahead for MATIC remains uncertain. The cryptocurrency’s ability to weather market volatility and regain momentum in the face of recent setbacks will be pivotal in shaping its trajectory in the coming weeks and months.
MATIC’s recent price gyrations, punctuated by the announcement of the Napoli upgrade and challenges surrounding TVL, underscore the complexities inherent in navigating the cryptocurrency market. As Polygon continues to chart its course, adaptation and innovation will be key drivers in determining its long-term viability amidst an ever-evolving landscape.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
House of Streams Presents First-Ever Live Interactive Reality Show With Bitcoin Prize, Global Streamers, and Live Fan Engagement Set to Redefine Reality TV
PRESS RELEASE. MALTA – March 28th, 2024 – At the forefront of entertainment innovation, Stream House Media Productions™, at https://www.shrimp.co/, announces the release date for its reality docuseries, slated to premiere in the spring of 2024. This production marks a one-of-a-kind venture, bringing together eight globally recognized streaming content creators for an unprecedented month of […]
Bitcoin News
Ethereum Price Tops $3,000, But ‘Is Completely Detached From Reality’: Expert
The Ethereum (ETH) price has crossed the ,000 threshold for the first time since April 2022 yesterday. However, amidst the celebratory fireworks in the crypto community, Fred Krueger, a renowned Bitcoin ETF expert, has voiced a starkly contrasting opinion. Krueger, a Wall Street veteran and prop trader, took to X (formerly Twitter) to express his skepticism about the current valuation of ETH, stating, “ETH is completely detached from reality.”
Why Ethereum Is “Completely Detached From Reality”
Krueger’s comments come at a time when the crypto market is witnessing a resurgence in investor interest, with Ethereum at the forefront due to its recent price rally. Despite this, Krueger points out a concerning trend in the usage of the Ethereum blockchain.
ETH is completely detached from reality. A deep dive.———————————————————
ETH is at ,000. Surely this must mean that a ton of people are using ETH, and that this number is only going up, right?
Nope.
Eth, the chain has dropped from 120K… pic.twitter.com/141GwtB0yz
— Fred Krueger (@dotkrueger) February 21, 2024
“ETH is at ,000. Surely this must mean that a ton of people are using ETH, right? Nope. Eth, the chain has dropped from 120K active daily users in 2021, to just 66K over the last year. The top app, Uniswap V3 is only getting 16K DAUs. I remember, back in 2020 this number was 60K or more,” he noted, emphasizing a decline in the platform’s direct utility and engagement.
The Bitcoin ETF expert further criticized the valuation of Ethereum, drawing parallels to meme coins like Shiba Inu due to its inflated market cap, which stands at 1 billion despite the fall in active users. “It really has become a type of meme coin, similar to Shiba Inu,” Krueger remarked, pointing to the stark contrast between Ethereum’s high market cap and its diminishing direct use.
Krueger argues that Ethereum is not only overvalued but also faces stiff competition from other blockchains that outperform it in terms of transaction costs and speed. “It’s not particularly cheap (.50 per transaction), or fast. If you are just interested in reward points for games, or casino-style DeFi apps — Solana, Avalanche, Near etc.. all crush it.”
Krueger also expressed skepticism about the future regulatory landscape for Ethereum, particularly concerning the potential for an ETH exchange-traded fund (ETF). “Finally, I don’t think Gensler is going to allow an ETH ETF… I just don’t think Gary wants to make his second ETF a massive pre-mine. Sets a very bad precedent,” he stated, reflecting on the challenges Ethereum faces in gaining mainstream financial acceptance.
The Crypto Community Reacts
In response to Krueger’s critical take, the crypto community on X provided mixed reactions. One user challenged Krueger’s analysis by pointing to Ethereum’s rollup-centric roadmap and the misleading nature of using mainnet daily active users (DAU) as a metric for the platform’s health. Krueger, however, remained unconvinced, stating, “Even L2s like Arbitrum have been in decline for the last 12 months. This is not the case that all is well in ETH-land.”
Another user attempted to highlight the cyclical nature of DeFi and the broader crypto market, suggesting that the current downturn is a temporary phase of risk aversion. Yet, Krueger dismissed these arguments, reiterating his lack of interest in speculative DeFi activities and emphasizing his belief in Bitcoin as the true revolutionary cryptocurrency. “I am not interested in degen ape games. Have fun,” he stated.
Krueger’s critique extends beyond Ethereum to the broader landscape of cryptocurrencies, questioning the long-term viability and value proposition of altcoins, including Layer 1 solutions other than Bitcoin. He argues that these platforms are unlikely to become significant value generators in the long term, likening their control mechanisms to fiat currencies but with central figures like Vitalik Buterin in place of traditional central bankers.
Krueger’s overall stance on Ethereum and the broader crypto market is clear. “My position on ETH. At the end of the day, Bitcoin is the revolution… Every other cryptocurrency is fighting for some other much smaller use case,” he explained, underscoring his belief in Bitcoin’s unique value proposition as a decentralized, finite currency system.
At press time, the ETH price surpassed the 0.5 Fibonacci retracement level (at ,922), trading at ,935. A weekly close above this threshold could confirm another leg up for the ETH price.
Behind MDC Walls — Independent Reporter Captures Photo of Sam Bankman-Fried’s New Reality
This week, a prison snapshot featuring Sam Bankman-Fried (SBF), the ex-FTX chief, was released by the independent journalist Tiffany Fong. Capturing the first glimpse of SBF since his detention, the image places the once-prominent cryptocurrency magnate alongside five other detainees within the confines of the Metropolitan Detention Center (MDC) in Brooklyn. First Look: SBF Behind […]
Bitcoin News
Will $100,000 Per Bitcoin Become Reality? Top Crypto Visionary Thinks So
A notable figure in the crypto sphere, Blockstream CEO Adam Back, recently highlighted the potential for Bitcoin to rise to 0,000 with a compelling visual metaphor.
Halving To Drive Bitcoin To 0,000
Back, whose work was acknowledged by Satoshi Nakamoto in the Bitcoin whitepaper, posted an image of a car’s side mirror with a text reading “0k BTC.”
Accompanied by the caption “laser ray ’til halving day Bitcoin,” this post has sparked a wave of optimism within the community. The mirror warning image suggests that Bitcoin reaching 0,000 might be closer than it appears, a sentiment echoed by many anticipating the next halving event.
laser ray ’til halving day #bitcoin @CedYoungelman pic.twitter.com/wj1QbNrPQH
— Adam Back (@adam3us) February 5, 2024
Bitcoin halving, a fundamental aspect of its design, is an event that occurs approximately every four years, halving the reward for mining new blocks. This mechanism reduces the rate at which new BTCs are created, effectively limiting the supply and often leading to bullish market sentiment.
Historically, halving events have been precursors to substantial price increases in Bitcoin’s value, as the reduced supply heightens investor demand. The anticipation of these market movements often creates a flurry of activity and speculation, contributing to price volatility in the months leading up to and following a halving.
Crypto analysts and enthusiasts closely watch these cycles, speculating on the potential impacts each halving might have. The consensus is that these events create a scarcity effect, potentially driving up Bitcoin’s value as the supply of new coins diminishes.
Analysts Weigh In On Bitcoin’s Future Trajectory
Amid this backdrop of halving anticipation, several analysts have offered insights into Bitcoin’s future price trajectory. Crypto analyst Michaël van de Poppe has shared his perspective, suggesting that Bitcoin might experience range-bound trading in the coming months.
Van de Poppe predicts a possible climb towards ,000 pre-halving, followed by a consolidation period before a breakout towards a new all-time high in the latter half of 2024.
#Bitcoin stuck in a range, markets are in an equilibrium.
I’d be looking at the range-bound construction for the coming months.
Pre-halving a final run towards K, after that consolidation, before the breakout towards an ATH in Q3/Q4 of 2024. pic.twitter.com/jZznulSiwJ
— Michaël van de Poppe (@CryptoMichNL) February 5, 2024
Similarly, renowned crypto hedge fund manager Charles Edwards of Capriole Investments has put forth an even more ambitious forecast. Edwards anticipates Bitcoin reaching 0,000 in the upcoming year, a prediction aligning with the bullish sentiment prevalent in parts of the crypto community.
If Bitcoin’s post Halving returns are the same as 2020, we are looking at 0K Bitcoin next year.
You might reasonably argue this cycle’s returns are less than 2020.
However, I believe the 2020 cycle performance was mediocre and an outlier. pic.twitter.com/pzOkAd0ORm
— Charles Edwards (@caprioleio) February 5, 2024
However, the current market paints a more tempered picture. Bitcoin has been between ,000 and ,000 over the past week, exhibiting a modest 5.4% increase over the last two weeks. Despite this, the asset’s current price has shown a slight downturn, with a market price hovering around ,657, down by nearly 1% in the past day.
Featured image from Unsplash, chart from TradingView
Axie Infinity’s Stats Slump: A Play-to-Earn Reality Check
Axie Infinity ranks among the largest blockchain-driven play-to-earn games ever. However, its luster has dimmed considerably from its January 2022 peak. Then, a robust 2.78 million average monthly players flocked to the game. Yet, today’s count stands at a mere 359,254 average monthly participants, translating to a dramatic decline of over 87%.
Axie Infinity’s Dramatic 87% Decline in Average Monthly Users
The play-to-earn blockchain game, Axie Infinity, experienced a notable decrease in its average monthly users since January 2022. At that time, Axie Infinity attracted an average of 2.78 million monthly users. By June 2022, this number fell to 958,044.
The next month saw a decrease of roughly 191,240 users, leaving about 766,804 monthly users in July 2022. Since February 2023, Axie hasn’t surpassed the 400,000 mark nor dipped below 340,000, according to activeplayer.io figures.
The game, which uses non-fungible token (NFT) technology, was first introduced on the Ethereum blockchain. To expand, Sky Mavis, the game’s developers, developed a layer two (L2) chain named Ronin. The rollout of Ronin finished in February 2021, and by April of the same year, all Axie NFTs transitioned from Ethereum to Ronin.
Even with a decrease in monthly users, Axie has logged .28 billion in NFT sales over 20.32 million transactions. However, figures from defillama.com indicate that the total value locked (TVL) on Ronin has seen a significant decline. On December 3, 2021, Ronin’s TVL peaked at .487 billion, but it has since fallen to million.
The project’s native cryptocurrencies, axie infinity (AXS) and smooth love potion (SLP), have declined 97.13% to 99.65% from their record highs. In the last month, AXS decreased 1.3%, but it rose 4% in the past week. Meanwhile, SLP fell 2.2% over 30 days compared with the U.S. dollar. SLP ranks 351 among more than 10,000 cryptocurrencies, while AXS holds the 61st position on September 16, 2023.
More than 99% of AXS investors have faced losses since the game’s currency introduction. Axie’s unique active wallet count isn’t faring much better, with a decline of over 14% in the past 30 days. This month’s transaction count is down 6.53% from the previous month.
With a volume decrease of more than 43%, the project’s numbers look bleak. Although 359,254 monthly players is notable, Call of Duty’s mobile game tallied nearly 57.9 million players in August. This indicates Call of Duty had about 161.3 times more monthly active users than Axie.
What do you think about Axie’s downturn since the project’s peak? Share your thoughts and opinions about this subject in the comments section below.
XRP Summer Showdown: Trading Hype Versus Price Reality, What Lies Ahead?
XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of .4858 and .5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13.
XRP Consolidation Continues Despite Strong Trading Activity
According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached 2 million, four times higher than the following most prominent altcoins by trade volume.
The question arises as to why XRP failed to sustain its price gains despite its impressive trade volume.
Analyzing the average share of sell volume for XRP provides some insights. Notably, the largest Korean exchange, Upbit, and OKX experienced significant selling pressure, while buying activity was more prominent on US-based Coinbase throughout the previous month.
Another interesting observation is the rise in average trade size for XRP on Coinbase, surpassing all other top ten altcoins.
This suggests that buying demand may have been driven by large traders in the United States, as investors regained access to the token following the July court ruling.
However, it is essential to note that even though XRP tops the list on offshore markets, its share of trading volume in the United States remains lower, ranking it as the sixth most traded altcoin by cumulative trade volume.
Currently, XRP is trading at .5063, displaying a stable price within 24 hours. Moreover, the token has maintained a consistent consolidation phase, experiencing a slight decrease of 2.7% and 1.4% over the past seven and fourteen days, respectively.
This raises whether XRP’s uptrend will prevail or if further downside movements are looming.
Is A Bullish Resurgence Or Downtrend Imminent?
Crypto analyst Egrag Crypto recently took to the social media platform X (formerly known as Twitter) to present two contrasting scenarios for XRP’s price movement.
The first scenario suggested a potential dip to .43 or even .35, which could be seen as a shakeout before a rebound. The second scenario proposed a more optimistic outlook, with XRP potentially aiming for heights of .60 and .67 before skyrocketing to new levels.
To gain further insights into the likelihood of these scenarios, it is crucial to examine XRP’s resistance and support lines on the daily chart above.
The chart reveals that while surpassing the next resistance level of .5401 and regaining bullish momentum, XRP could potentially experience a substantial 27% uptrend toward .6700, as predicted by Egrag Crypto. However, the token currently faces two significant hurdles in achieving this.
XRP’s 200-day and 50-day Moving Averages (MAs) can act as solid resistance levels if the token’s trading volume is not accompanied by sufficient buying pressure. Presently, XRP is trading below these two lines, which adds to the challenge of surpassing the resistance.
If XRP fails to overcome these resistances and sustain its consolidation phase, another correction may soon be on the horizon for the token.
On the other hand, bullish investors will need to defend the nearest support floor for XRP at .4524. If this level is breached, the token could decline further to the .3495 zone or even the .2854 line, representing XRP’s one-year support.
Considering the various scenarios and the resistance and support lines depicted in the chart, the absence of catalysts that could propel XRP to higher price territories, coupled with a failed attempt to maintain its macro consolidation zone, may lead XRP towards continuing its downtrend and potentially reaching a new yearly low.
Featured image from iStock, chart from TradingView.com