Over the past week, bitcoin has slid 6.6% while ethereum has lost 5.5% against the U.S. dollar, but a large handful of alternative digital assets saw much bigger losses this past week. The meme coin dogwifhat (WIF) was the week’s biggest loser shedding 31.2% while notcoin (NOT) lost 24.3% this week. Cryptocurrency Meltdown: Broad Losses […]
Bitcoin News
Bitcoin, Solana Suffer As Institutional Investors Pull $600 Million Out Of Crypto Funds
Crypto funds witnessed outflows last week after recording five weeks of consecutive inflows. According to CoinShares data, digital asset funds saw 0 million in net outflows for the week ending June 14. The outflows were concentrated in Bitcoin and Solana funds, which saw 1 million and .2 million exits, respectively. These outflows come amidst a corresponding drop in the price of Bitcoin throughout the week and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting held during the week.
Crypto Funds Bleed Largest Since March, With Bitcoin In The Lead
Crypto funds witnessed outflows of 0 million last week after an intense billion inflow in the prior week, bringing a recent .35 billion inflow run over five weeks to an end. The outflow recorded, according to CoinShares data, was the largest since March 22, 2024, and it occurred under comparable circumstances. Notably, the outflow ending March 22 came after a period of significant inflows totaling billion in the week prior. Investors had to pull out their exposure to more stable assets due to the outcome of the FOMC meeting.
The FOMC held its most recent meeting on June 11 and 12, 2024, holding interest rates at 5.25%-5.50%, leading many crypto investors to pull out. Crypto is seen as a risky, speculative asset, and so it is only natural for investors to move into safer havens considering the high interest rate.
Unsurprisingly, most of the outflows came from Bitcoin, with crypto funds of the leading crypto asset losing about 1 million. Furthermore, the majority of this Bitcoin outflow was registered in Spot Bitcoin ETFs trading in the US. According to data, Spot Bitcoin ETFs witnessed outflows every day last week, save for a 0.8 million inflow on June 12. As a result, these Bitcoin ETFs registered a total of 0 million in outflows last week. The negative Bitcoin investor sentiment was also reflected in short Bitcoin products receiving .8 million worth of inflows.
Solana, which also had a rough week in terms of price action, recorded .2 million of outflows in its investment products. In addition, multi-asset investment products experienced outflows amounting to .1 million. Trading volume averaged around billion for the week, well below the billion weekly average for the year. These outflows and little trading volume saw the total assets under management (AuM) fall from over 0 billion to billion over the week.
On the other hand, Ethereum received .1 million in outflows as investor interests continued to grow in anticipation of the launch of Spot Ethereum ETFs. BNB, Litecoin, XRP, Chainlink, and Cardano also witnessed inflows of .3 million, .8 million, .1 million, .7 million, and .8 million, respectively.
XRP Unlikely To Suffer From Ripple IPO, Crypto Author Says
Amid multiple speculations on the effects of Ripple potentially launching an initial public offering (IPO), popular crypto author Panos Mekras has come out to dispel concerns about this development, yielding a negative effect on the XRP token.
Ripple IPO Will Lead To More Exposure For XRP, Mekras Says
On Friday, November 3, crypto analyst and trader Mason Versluis shared a screenshot on X in which a crypto enthusiast argued that a Ripple IPO would result in the “death of XRP.”
Although the enthusiast did admit that XRP may initially experience a price surge following the confirmed news of such development, he also suspects that Ripple’s “manipulation” of the altcoin will increase.
Will the Ripple Stock IPO be the DEATH of $XRP?
Very interesting discussion to be had there…
I believe it should only increase the interest in XRP and help it. But I can also see the other side… We shall see… pic.twitter.com/mTJYdRNh8c
— MASON VERSLUIS (@MasonVersluis) November 3, 2023
In contrast, Versluis stated that a Ripple IPO should only boost the interest in XRP. However, he does admit the possibility of the “other side.”
Reacting to Versluis’ post, Panos Mekras, stamped out the potential of a Ripple IPO causing any negative effect on XRP. He stated that Ripple inviting public investors would result in a bigger exposure for the company and the XRP token.
In addition, Mekras also implied that XRP functions as a “universal digital asset” with several use cases possessing an “unlimited potential”; thus, its trajectory cannot be solely tied to Ripple, which is just one company.
For now, these takes can be considered as only speculations as Ripple has not even officially confirmed its intention to launch an IPO.
There is no other side. Ripple going public means bigger exposure & awareness for the company, their products (some of which use XRP), and XRP itself.
And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential. https://t.co/giVbWvcmlb
— Panos
{X} (@panosmek) November 3, 2023
News surrounding the payment company’s “alleged” preparation to go public rose to a new height on Friday after crypto analyst Lewis Jackson posted a video on YouTube highlighting multiple signs of an incoming IPO.
In this YouTube post, Jackson spoke about the notable increase in Ripple’s mergers and acquisitions (M&A), which is a common activity with companies anticipating an IPO.
He also pointed to Ripple’s current recruitment activities in which the company is looking for a director of international tax and a shareholder communication senior manager, among others, all of which are roles that are indicative of impending IPO.
XRP Soars By 12% In A Week
In other news, XRP has produced a remarkable price performance in the last week, gaining by 12.47% within seven days. This price rise allows the fifth largest cryptocurrency to maintain its market recovery in Q4 2023 after the altcoin experienced a 40% price decline in Q3 as the hype surrounding Ripple’s partial victory over the SEC came down.
At the time of writing, XRP trades at .614 with a 1.49% gain in the last day. Meanwhile, the token’s daily trading volume is currently down by 34.98% and valued at .1 billion.
Economist Peter Schiff Warns All Banks Will Fail, People Will Suffer Massive Losses as Banking Crisis Unfolds
Economist Peter Schiff has warned that all banks will fail and anyone having a bank account will end up losing money. “No matter what happens, people are going to lose a tremendous amount as this banking crisis unfolds,” Schiff stressed.
Peter Schiff Warns About All Banks Failing
Economist and gold bug Peter Schiff reiterated his concerns regarding the state of the U.S. economy and the impending banking crisis on the David Lin show, published last week.
“The whole banking sector is completely insolvent, thanks to what we’ve done over the last decade or so by loading up these banks with all this long-term, low-yielding debt. And we had all [this] deposit insurance so nobody really cared about what the banks were doing with their money because it was all insured by the government,” Schiff described.
However, he stressed that the collapses of major banks earlier this year have made people aware that the government may not fully cover all bank deposits in the event of a failure, especially if the amount exceeds the FDIC insurance limit. “The message that sends is if you’re a customer of a small bank, a regional bank, [or] a community bank, and you’ve got a large account, you just better get your money out. There’s no reason to leave it there. They can’t pay you enough interest to compete with a money market and what if the bank fails? You may be, you know, SOL,” Schiff detailed, cautioning:
So, there’s a huge run on these banks. They’re all going to fail.
The gold bug added that if the government wants to bail out all of these banks, “the only way it can do it is by destroying the value of the deposits because of massive inflation.” He emphasized: “The money to bail out the banks has to be created by the Fed. It’s the only way they’re going to get it.”
Schiff further warned:
It doesn’t matter if your bank fails, you’re going to lose money if you have a bank account.
The economist explained that “either the bank’s going to fail because the government doesn’t bail it out and you’re going to lose your deposits or the government bails out your bank and your deposits lose their value because inflation destroys the purchasing power. So, no matter what happens, people are going to lose a tremendous amount as this banking crisis unfolds.”
Moreover, Schiff recently said the Federal Reserve has lost the inflation fight but the markets have not figured that out yet. He stated that the Fed has destroyed the banking system and Fed Chair Jerome Powell is “clearly worried” about a financial crisis. He also warned about a U.S. dollar crisis and the national debt spiraling out of control.
Last month, Rich Dad Poor Dad author Robert Kiyosaki similarly cautioned that more banks are about to fail, noting that regional banks are being wiped out. In May, the Fed revealed that 722 banks reported unrealized losses over 50% of capital.
Do you agree with economist Peter Schiff? Let us know in the comments section below.
Renowned Investor Jim Rogers Warns ‘US Is Going to Suffer’ as Dollar’s Value Erodes Further
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that “the worst is yet to come” for the U.S. economy. “The U.S. is going to suffer” as the value of the dollar erodes further, he predicted, emphasizing that inflation and the debt problems are going to get worse.
Jim Rogers Says ‘the Worst Is yet to Come’
Veteran investor Jim Rogers issued several warnings about the U.S. economy on Sputnik’s New Rules podcast, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
“The worst is yet to come,” the renowned investor warned. “It always comes later after normal fluctuations and corrections.” Rogers explained: “We have printed a lot of money, we have borrowed and spent a lot of money, which is wonderful for the short term, but eventually we have to pay the price.” He cautioned:
Inflation is going to get worse. The debt problems are going to get worse, and the U.S. is going to suffer.
Drawing a comparison between the present circumstances and the 1980s, a period marked by significant inflation, he stressed, “The inflation now is worse,” noting that the U.S. is now the “largest debtor nation in the history of the world.”
While stating that “things are okay at the moment,” Rogers noted that it won’t last forever. “Somebody has got to pay this debt. Somebody has to print more money. Somebody has to borrow more money. And when you borrow huge amounts of money, interest rates will go higher and higher, inflation will go higher because so much money has been printed,” he detailed, emphasizing:
The value of the U.S. dollar will lose more and more value as [the U.S.] prints more. It always happens this way.
Using the British Empire as an example, Rogers highlighted that during the 1920s, Britain held the position as the wealthiest and most influential nation globally, surpassing all others. However, five decades later, the country found itself in a dire financial state, to the extent that the International Monetary Fund (IMF) had to intervene.
“That will happen to the U.S.,” Rogers predicted, clarifying that “It won’t happen this year, but it will happen.”
Last month, U.S. Treasury Secretary Janet Yellen defended the dominance of the U.S. dollar, arguing that the USD is used widely in trade because the U.S. has “deep, liquid, open capital markets, rule of law, and long and deep financial instruments.” However, she acknowledged in April that over time, the use of financial sanctions “could undermine the hegemony of the dollar.” She also said earlier this month that the ongoing trend of countries seeking to establish an alternative reserve currency to rival the U.S. dollar “is something that we simply have to expect.” Nonetheless, she emphasized that no country is able to replicate the USD, including China.
While concurring with Yellen, Rogers pointed out that the treasury secretary left out the fact that the U.S. is “the largest debtor in history and the debt is skyrocketing and the money printing is skyrocketing.”
He cautioned: “Eventually we have to pay the price. Every country in history has had to pay the price. Yes, she will print huge amounts of money. She will borrow and spend huge amounts of money, and they will think they are okay for a while, just as they have for other countries in the past. But, unless something has changed in world history and in world economics, this will not go on forever.”
Commenting on U.S. dollar alternatives, the famous investor said, “I don’t see anything on the horizon yet,” adding:
That may cause a big problem if and when things really go wrong with the U.S. and with the U.S. dollar, the world will have a serious financial crisis for a while anyway, unless we can bond something else.
“It is extremely important, especially when a crisis comes, that you have your money in a place that you yourself understand a lot about,” he concluded.
Rogers has repeatedly warned about the worst bear market in his lifetime, stating that investors should be worried. He said in May that the U.S. dollar’s time is coming to an end as a growing number of nations worldwide seek to de-dollarize.
Others have similarly sounded the alarm about inflation, the debt crisis, and the demise of the U.S. dollar, including economist Peter Schiff and Rich Dad Poor Dad author Robert Kiyosaki. Schiff said in June that the U.S. dollar decline will be “far greater” than what Yellen described, noting that Federal Reserve Chairman Jerome Powell is “clearly worried” about a financial crisis. He also warned of a U.S. dollar crisis, predicting that national debt will “spiral out of control.”
Do you agree with Jim Rogers? Let us know in the comments section below.
Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer
On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies.
Bitcoin Dominance Rises While Ethereum’s Dominance Remains Resilient; Many Other Crypto Competitors Have Not Been So Lucky
As of Saturday, June 10, bitcoin (BTC) is still the undisputed leader with a market valuation of 6 billion, accounting for 47.5% of the entire crypto economy’s .04 trillion market capitalization. However, BTC has experienced a slight dip of 3.32% in the past day and 5.79% over the week against the U.S. dollar, according to current data. Interestingly, while BTC has weathered the storm relatively well, many other top crypto assets, particularly those in the top 20, have taken a much harder hit in terms of value loss.
The top 20 crypto assets have seen some major losses this week, with a handful of them experiencing double-digit dips. BNB, ADA, TRX, SOL, MATIC, DOGE, LTC, DOT, AVAX, SHIB, and ATOM are among the biggest losers. In comparison, ethereum (ETH), the second leading crypto asset, only lost 8.29%. While BTC did experience a brief surge in dominance to 47.18% on June 5, its current dominance rating is even higher at 47.5%. Interestingly, the last time BTC’s dominance was this high was almost exactly a year ago on June 11, 2022, when it was hovering at around 47.49%.
While BTC is currently dominating the crypto world, ethereum has managed to hold its own with a 20% dominance rating and a market capitalization of 8 billion. Meanwhile, the stablecoin tether (USDT) is still going strong with a market valuation of .39 billion, accounting for 7.96% of the total .04 trillion in value.
Interestingly, BTC has not come close to breaching the 50% and 60% range it saw in 2019, 2020, and early 2021. It hit the 47.37% mark in terms of dominance on July 31, 2021 However, it wasn’t until May 2021 that BTC last saw its dominance level reach its current high. It remains to be seen whether BTC will continue to climb in the dominance arena, drop lower, or plateau at its current level.
What are your predictions for the future of Bitcoin’s dominance and the overall crypto market? Share your thoughts and opinions about this subject in the comments section below.
Smart Contract Tokens and Defi Sector Suffer Steep Losses, Threatening TVL to Fall Below $40 Billion
The overall value of the crypto economy has dropped by more than 5% against the US dollar in the past 24 hours, with the top smart contract token sector losing more than 8% in the same time frame. The downturn has also affected the decentralized finance (defi) sector, with the total value locked in defi today awfully close to dropping below the billion range after shedding 5.65% in value over the last day.
TVL Nears the Billion Range, Three Tokens Record Heavy Losses
The total value locked (TVL) in decentralized finance (defi) has decreased by 8.97% from .12 billion on June 5 to .89 billion on June 10, 2023, at 8:30 a.m. (ET). This loss amounts to approximately .23 billion in five days. The majority of these losses occurred during the last day, as the crypto economy and the top smart contract coin sector have seen a steep drop in the last 24 hours.
The total market capitalization of the top smart contract token economy is currently 2 billion, but it has lost 8.6% of its value since yesterday. Three tokens, namely cardano (ADA), solana (SOL), and polygon (MATIC) have lost more than 20% of their value since Robinhood announced that it would delist these coins on June 27, 2023. Ethereum accounts for 9 billion of the total market capitalization of 2 billion.
The TVL in defi has not been this low since March 12, 2023, when it was at .51 billion. The TVL had been above billion since January 8, but it is now awfully close to falling below that level. All of the top ten defi protocols have seen losses in the last 24 hours and seven days. Only Lido Finance has recorded gains in the last 30 days, defillama.com’s defi statistics detail.
Coinbase’s Wrapped Staked Ether protocol lost the most this week, with a 10.75% decrease. Instadapp also lost 9.59% in the past seven days. Ethereum’s 814 different defi protocols account for 55.88% of the market share at 8:30 a.m. on Saturday, out of the .89 billion locked. Tron is the second largest blockchain in terms of TVL size, with a 12.25% market share. Ethereum and Tron are followed by Binance Smart Chain (BSC), Arbitrum, and Polygon.
The three tokens that Robinhood decided to delist have experienced significant losses in terms of TVL over the past seven days. Solana lost the least, shedding 5.99% this week, while Polygon saw a loss of around 14.90%. Cardano’s TVL in defi took the biggest hit, losing 32.57% in the last seven days.
If the smart contract token economy continues to lose value, the TVL in defi will follow suit and may fall below the billion mark. However, since the crackdown on centralized crypto exchanges, there has been a significant increase in defi activity and decentralized exchange (dex) trade volumes. The largest dex by trade volume, Uniswap, has benefited the most from the influx of dex trades since the recent U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Will the recent downturn in the crypto market be a temporary setback for smart contract tokens and defi, or is it a sign of deeper troubles ahead? Share your thoughts and predictions on the future of the crypto economy and its impact on defi in the comments section below.
Cardano Investors Suffer As Vast Majority Of ADA Holders Nurse Losses
With the crypto market down, Cardano investors have been subject to disappointing performances from its native cryptocurrency ADA. These holders are among the worst hit in the industry, recording the world profitability margin out of the largest cryptocurrencies by market cap.
Only 14% Of Cardano Are Seeing Profits
Out of the top 10 largest cryptocurrencies by market cap, Cardano investors are the ones seeing the most losses. At current prices, data from IntoTheBlock shows that the vast majority of ADA investors are in the red with a total of 81% currently out of the money, meaning that the prices where these coins were last moved were higher than what the coin is trading at right now.
With such a large number seeing losses, it leaves only a small 14% of investors who are seeing profits at present prices. The rest of the investors, which amount to 5% of total wallets, are sitting at neutral, as they purchased their coins at the same price the digital asset is now trading at.
In contrast, other cryptocurrencies in the top 10 such as Bitcoin, Ethereum, and Polygon are all seeing profitability margins higher than 40% for their holders.
Price-wise, the digital asset is also one of the worst performers. It is currently down over 89% from its 2021 all-time high of .10, still way behind its top competitors which are sitting at less than 70% losses from their all-time high values.
ADA On The Charts
The sentiment around Cardano (ADA) during this time is still skewing greatly toward sell. This is a result of the digital asset failing to hold above the .35 level and falling below its 50-day moving average. The sell pressure mounted as investors rushed to secure the slight gains from the last couple of weeks before ADA completely sheds it.
For now, there is still significant support for the digital asset at the .32 level which it is currently holding above. However, just above .33 is significant resistance being mounted by the bears, effectively holding the price of ADA in place for now.
Interestingly, the ADA volume has seen an increase over the last day. It is over 25% higher than the volume the prior day, reaching 8 million on Wednesday morning. But unfortunately, this has not spilled over into other aspects of the cryptocurrency.
ADA’s price is down 1.78% over the last 24 hours to be trading at .324, and recording losses of 10.35% on the seven-day chart.
Toncoin (TON) Sees Positive Movement As Top Coins Suffer Downtrend
Many crypto assets have lost their 7-day gains in the last 24 hours. The top 3 coins, BTC, ETH, and BNB, are all down by more than 4%, as Bitcoin alone has lost almost 6% of its previous week’s gain today, February 27. It has even lost hold of the ,000 price level and now trading at ,413.
Some popular crypto such as LINK, ATOM, ETC, XMR, and others have lost above 7% in their weekly gains. But amid all these downtrends today, Toncoin (TON) is holding green on its 1-hour, 24-hour, and weekly charts where it is seeing gains of up to 4%.
What could be helping the altcoin to sustain its price gain at these levels? Will the coin be bullish or bearish in the coming days? The network developmental trend and analysis below could help answer the questions above.
Toncoin’s Recent Developmental Trend
Some events in the Toncoin network may be sustaining TON price gain. The most recent was the developers’ freeze of 1 billion TON coins. The decision came after a poll that the validators took as a way to improve the coin’s tokenomics.
The developers wanted the validators and the community members to support or negate the idea of freezing 171 early mining wallets that have been dormant for some time. These wallets had up to 1.08 billion TON making up 20% of the whole token in supply and worth above .4 billion at the current market price.
Notably, the voters supported freezing the wallets for some time. After completing the polls, TON recorded a price gain of 1.7%, and the market cap also increased by the same percentage.
The second recent Toncoin network event occurred some days ago involving Abu Dhabi’s Global Tech Ecosystem, HUB71. Toncoin network announced a collaboration with Hub71 in the launch of its Hub71+ Digital Assets, a new accelerator program to support Web3 projects.
The partnership will enable TON to work with Hub71 on providing support for mutual start-up funding, marketing assistance, etc.
TON Price Prediction For Short And Long Term
TON is trading at .41 today, a slight price increase in 24 hours. The price has remained in the range since January 2023, with a gradual increase in recent weeks.
Toncoin is trading above its 50-day and 200-day Simple Moving Averages (SMA), indicating bullish pressure. The token has remained above these two indicators since a golden cross formed on the price charts.
However, looking at most of the candles after the golden cross reveals that the close, open, high, and low values were the same. It implies that the bulls and bears exerted equal pressure on those days.
The Relative Strength Index (RSI) is at 54.38, indicating price neutrality. Also, the RSI indicator points upwards, implying a possible increase to the buy zone. TON’s Moving Average Convergence/ Divergence (MACD) is slightly above its signal line. However, it is moving sideways and also displays neutrality.
Key support levels are .30, .34, and .38, while the resistance levels are .46, .50, and .54. TON is close to the .46 resistance. It will likely surpass the .46 resistance in the coming days to continue the uptrend. In the long term, if the bulls prevail, a break above the price level could be in the works for the asset.
Note that altcoins are volatile and might struggle to regain their value after a price pullback. Also, remember that investments carry certain risks and should be approached with proper research, technical analysis, and risk management.
MATIC Holders Suffer Massive Losses, Here’s How Many Wallets Are In The Red
MATIC’s price looks to be holding up quite well in the market given current circumstances, but given how much the crypto’s price has fallen from its 2021 all-time high price, the vast majority of its holders are still nursing losses from their investments.
80% Of MATIC Investors Suffer Losses
Data from the on-chain analysis platform IntoTheBlock shows that 80% of MATIC investors are seeing losses at current prices. These analyses take into account the price at which the tokens were moved into a wallet and compare that against the price of the digital asset currently to give these figures.
The summary for MATIC puts only 15% of investors currently in profit with 5% at neutral territory, meaning they purchased their tokens at the same prices as the current value of the coin. It also puts into perspective just how much investors have lost.
MATIC’s price is down more than 72% from its all-time high price of .91, according to data from Messari, but is doing quite well on a year-to-date basis. It is currently sitting at a 147% profit from its cycle low of .32 marked on June 18, 2022.
The asset is still mainly dominated by medium-term holders, meaning those who have held their coins between 1-12 months. This holder base makes up 56% of MATIC investors. Long-term holders are still significant at 38% and short-term holders who bought in the last month are sitting at 7%. This shows that despite the losses, it is a digital asset with an investor base looking to hold for the long term.
Polygon Is Still A Big Player
Even with the bear market, MATIC has been able to show strength in the market. It is now officially one of the largest cryptocurrencies by market cap, placing 10th on the list, with important partnerships that have increased attention on the blockchain.
One of the most recent of these was the announcement that the DeGods and y00ts NFT collections, which are the largest on the Solana blockchain, would be migrating to Polygon in January 2023. Other notable partnerships include Reddit, Meta, Stripe, Starbucks, Adidas, Disney, and Nike, among others.
Polygon’s total value locked (TVL) also surpassed those of competitors such as Solana and Avalanche. This makes it one of the top 5 largest decentralized finance (DeFi) ecosystems in the crypto sector.
MATIC’s price is currently trending between .79-.8 at the time of this writing. It is down 0.13% in the last 24 hours with a trading volume of 3 million.