Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for ,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […]
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Dolce & Gabbana Sued Over $6,000 NFTs Losing 97% Value
Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for ,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […]
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As TRUMP Coin Surges Over 100% in a Month, Trump’s Crypto Wallet Swells in Value
Over the past week, the meme coin known as maga (TRUMP) has increased by more than 45% against the U.S. dollar, and over the past day, the TRUMP token has climbed more than 7%. Statistics reveal that this rise in value has boosted former U.S. President Donald Trump’s cryptocurrency holdings, with his stash of TRUMP […]
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Bitcoin Short Term NUPL Value Turns Negative, What This Means For Price
Crypto analyst Onchained recently provided valuable insights into an important metric that can be used to gauge the future trajectory of Bitcoin. The analyst suggested there was no cause to worry at the moment but highlighted what to watch out for to know the right time to exit the market.
Bitcoin Short-Term Holders NUPL Turns Negative
In a blog post, the analyst noted that the NUPL (Net Unrealized Profit/Loss) for Bitcoin’s short-term holders recently turned negative. The analyst added that this signals fear among this category of investors, which is very much likely given Bitcoin’s current price action. The last time this trend occurred was shortly after the Spot Bitcoin ETFs were approved, with Bitcoin dropping from ,000 to ,000 following that occurrence.
Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?
While the short-term holders’ NUPL turning red again suggests that a significant price decline may be on the horizon, the analyst remarked that this price level may simply represent a significant support line. The real cause for concern might be when the NUPL for mid-term holders also turns negative. “It could indicate widespread market fear and serve as a crucial risk management indicator for exiting the market,” the analyst claimed.
It is worth noting that the short-term holder’s NUPL being negative means they are currently seeing an unrealized loss in their investments. This could trigger a wave of sell-offs among these investors, mainly because of fear that Bitcoin’s price could further dip. However, based on the analyst’s analysis, this might not significantly lower Bitcoin’s price.
Instead, market speculators should be more worried about the PUNL of mid-term holders (those who have been holding Bitcoin for 3 to 6 months). The PUNL also turning negative will “suggest widespread pessimism or negative sentiment.” This could lead to massive selling pressure on Bitcoin’s price as this category of investors might also offload their holdings out of fear.
The Worst May Already Be Over
Crypto analyst Ali Martinez had previously shared a similar analysis to Onchained’s, noting that Bitcoin short-term holder’s (STH) realized price was at ,800. The analyst warned back then that Bitcoin dropping below this level could trigger “notable Bitcoin price corrections.” Following his prediction, Bitcoin fell below ,800, dropping to as low as ,000.
Related Reading: Crypto Analyst Says Ethereum Price Will Drop To ,500, Here’s Why
However, the flagship crypto has since then recovered nicely above ,000. Although Bitcoin is still showing signs of a bearish outlook, its quick recovery above ,000 suggests that the worst might be over, and all the crypto token needs right now is a catalyst to spark a continuation of its bull run.
Arthur Hayes, BitMEX’s co-founder and former CEO, also confirmed this belief, noting that Bitcoin has already found its local bottom. However, he predicted that Bitcoin will likely have a “range-bound price action between ,000 and ,000 until August.”
Bitcoin On Track For $1 Million Per BTC “Fair Value”, Analyst Says
An analyst has explained how the “fair value” of Bitcoin appears to be on track to achieve the million milestone by 2035.
Bitcoin Total User Count Could Forecast Fair Value Path Forward
In a new post on X, analyst Willy Woo has discussed about how the fair value of Bitcoin could look like in the future based on the growth curve in the total user count on the network.
The “total user count” here refers to the total number of investors present in the BTC space. Often, this metric is equated with the total number of addresses on the network carrying a balance, but in reality, it’s not the most accurate method as a lot of investors own multiple wallets.
To make an estimation of an adoption curve, Woo has referred to all past studies done on the user count. The analyst shared the below chart in an X post a few days back.
The early part of the chart here is based on Glassnode’s on-chain clustering of addresses into “entities.” An entity is a collection of Bitcoin wallets that Glassnode has determined to belong to the same investor.
For the next part of the curve, Woo has added the Cambridge and Crypto.com data on verified exchange users. Finally, the analyst has projected the resulting growth rate forward.
According to this curve, there are a total of 426 million Bitcoin investors at the moment, with the number estimated to hit the 0.5 billion milestone by October of this year. Interestingly, the price of the cryptocurrency has been oscillating around this total user count growth curve throughout the years, as the below chart depicts.
More specifically, this oscillation in the price around the adoption curve of the cryptocurrency has existed since 2012. This means that in the pre-2012 period (the shaded region in the graph), this pattern doesn’t quite hold.
“In the early days price was slow to catch up to user count, BTC didn’t even have a price until the 1000th user came in,” notes Woo. “Price discovery started with early markets like New Liberty Standard and MtGox. By Aug 2011 Bitstamp launched and we had multiple global exchanges to properly price the asset.”
Now, if the growth curve of Bitcoin is taken as a guide for its future value as well, then the analyst projects a million per BTC fair value by the year 2035. “Fair value” here is based on the line around which the asset has been oscillating.
From the chart, it’s visible that BTC has historically gained distance over this line during bull markets, so the peak value in future rallies can be significantly more than this fair value.
It now remains to be seen how the price of the cryptocurrency will develop in the coming years and whether this relationship between it and the total user count will continue to hold or not.
BTC Price
Bitcoin has observed a plunge of more than 8% over the past week, which has brought its price down to ,600.
Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value
In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected .79 billion, which, although 0 million less than the previous month, still exceeded the revenues of December 2023, which totaled .56 billion. Bitcoin Miners Recorded Strong Revenue Last Month On May 1, […]
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Bitcoin Tipped To Attain Six-Figure Value Following Fourth Halving – Details
With the Bitcoin halving event now completed, analysts and market experts turn their attention to a much-anticipated bull run based on historical trends in the BTC market. In particular, a crypto analyst with the X handle ecoinometrics has tipped the maiden cryptocurrency to at least achieve a six-figure in the current bull cycle.
How High Can Bitcoin Rise Post Halving?
In an X post on Saturday, econometrics shared a strong bullish prediction of Bitcoin price following the fourth halving event on April 19. The crypto analyst stated that if BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between 0,000 – ,500,000.
For context, the bull run, which forms the latter part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC’s price history. During this period, the market leader is known to record massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ ,500,000
lower bound ~ 0,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics stated that a repeat of such positive performance could see Bitcoin trade as high as $ 4,500,000 per unit. However, other speculators have attacked this prediction, believing BTC will likely soon experience some level of diminishing returns. Thus, such a high price level seems unfeasible.
In response, econometrics stated that Bitcoin currently operates similarly to “megacap tech stocks”, which have shown notable defiance to this economic theory. However, the analyst acknowledged that ,500,000 may be an unrealistic price target for BTC, but there is much confidence that the digital asset will achieve a mid-six-figure value.
Bitcoin Price Overview
Bitcoin is currently trading at ,043, with a modest 2.21% gain over the last 24 hours. However, its daily trading volume has declined massively, falling by 52.88% to a substantial .62 billion, underscoring decreased market activity and investor interest.
Over the past week, Bitcoin has also shown fair improvement resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price dips and massive liquidations in the past week.
On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market cap value of .28 trillion, the premier cryptocurrency remains the largest digital asset in the world.
BTC trading at ,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
Study: Three-Quarters of Defi’s Total Value Locked Earn 5% APY in Low-Risk Contracts
In the first quarter of 2024, approximately .8 billion, or 76% of the decentralized finance yield market, earned an annual percentage yield (APY) of about 5% in very low-risk contracts. Staking played a crucial role in the resurgence of decentralized finance, bolstered by the Ethereum network’s transition to a Proof-of-Stake model. The bridging sector experienced […]
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Cardano’s Dark Hour: Panic Grips Investors As ADA Loses 22% Of Its Value
As the cryptocurrency market experiences heightened volatility, one digital asset, in particular, finds itself under the microscope: Cardano (ADA).
At the time of writing, ADA was trading at .45, down 1.8% and 21.9% in daily and weekly timeframes, data from Coingecko shows.
With prices fluctuating and investors on edge, analysts are closely scrutinizing ADA’s movements for signs of stability or further turbulence.
Analysis Points To Critical Crossroads For Cardano
Recent analysis conducted by Trend Rider, a respected voice in the crypto community, suggests that Cardano’s price has reached a pivotal moment. The digital asset stands at a critical juncture, with its price hovering precariously near a key support zone.
Should ADA breach this support level, analysts warn of a potential plunge to .25. However, if Cardano manages to hold this level, it could signal the formation of a double bottom, potentially paving the way for a rally towards the mark.
#ADA has taken a hit and panic is setting in.
But is this truly the end?
I’ve gathered crucial insights.
Let’s demystify the chaos with facts.
A must read, short thread pic.twitter.com/gYWHPHmylk
— Trend Rider (@TrendRidersTR) April 15, 2024
Amidst this uncertainty, the fate of Cardano appears intricately linked to the movements of Bitcoin, the dominant force in the cryptocurrency market.
Bitcoin’s Influence On ADA Trajectory
As Bitcoin charts its own course, Cardano investors are keenly aware of the impact that the flagship cryptocurrency’s movements can have on ADA’s price action.
Should Bitcoin embark on a bullish trajectory, it could trigger a sharp decline in altcoins like Cardano, followed by a swift rebound.
Conversely, a bearish path for Bitcoin could spell an extended period of bearish sentiment for the broader crypto market, including Cardano. Despite the uncertainty surrounding Cardano’s future, Trend Rider advises investors to remain calm and adhere to their investment strategies.
In addition to providing guidance for navigating the current market conditions, Trend Rider draws parallels between Cardano’s present situation and its historical performance.
Historical Comparisons Offer Hope Amidst Uncertainty
Drawing from history, Trend Rider points to Cardano’s resilience in the face of adversity. In October 2020, ADA experienced a significant drop in value, plummeting to a mere .10 before staging an impressive comeback, reaching a valuation of slightly over .
This historical precedent serves as a reminder that Cardano has weathered storms before, and may be poised for a similar resurgence in the face of adversity.
As fear levels peak amidst Cardano’s testing of major support thresholds, investors are reminded of the importance of maintaining a steady hand and a long-term perspective.
Featured image from Pexels, chart from TradingView
Skybridge Founder: It Pays to Be Long Bitcoin — BTC Will Be Inflation Hedge and Store of Value as It Scales
Skybridge Capital founder Anthony Scaramucci firmly believes that bitcoin will be both an inflation hedge and a store of value as the cryptocurrency scales. He emphasized that bitcoin is “still an early stage technical asset that will trade like other risk assets until it exceeds a billion users.” Scaramucci Doubles Down on Bitcoin as Inflation […]
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