Crypto
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Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock. Daily cryptocurrency market performance. Source: Coin360 Billionaire investor Mark Cuban s...
Ethereum risks another 60% drop after breaking below $1K to 18-month lows
The price of Ethereum’s native token, Ether (ETH), careened below $1,000 on June 18 as the ongoing sell-off in the crypto market continued despite the weekend. Ether reached $975, its lowest level since January 2021, losing 80% of its value from its record high in November 2021. The decline appeared amid concerns about the Federal Reserve’s 75 basis points rate hike, a move that pushed both cryptocurrencies and stocks into a strong bear market. “The Federal Reserve has barely started raising rates, and for the record, they haven’t sold anything on their balance sheet either,” noted Nick, an analyst at data resource Ecoinometrics, warnings that “there is bound to be more downside coming.” ETH/USD weekly price chart. Source: TradingView Ethereum...
What is an Iceberg order and how to use it?
An iceberg trade is most often executed by large institutional investors. Iceberg orders, also known as reverse orders, are mostly used by market makers, which is another word for an individual or firm who is providing offers and bids. When it comes to such big crypto transactions, we mostly talk about institutional crypto investors. They often trade in big amounts of cryptocurrencies, which may have a huge impact on the market. As a watcher, it’s possible to look up the order in the order books, but only a small part of the market maker iceberg orders is visible on level-2 order books. Level-2 order books, in the crypto world, contain all bids and asks on an exchange including price, volume and timestamp — real-time data collection it is. They call ...
Bitcoin critics say BTC price is going to $0 this time, but these 3 signals suggest otherwise
Like clockwork, the onset of a crypto bear market has brought out the “Bitcoin is dead” crowd who gleefully proclaim the end of the largest cryptocurrency by market capitalization. If #Bitcoin can collapse by 70% from $69,000 to under $21,000, it can just as easily fall another 70% down to $6,000. Given the excessive leverage in #crypto, imagine the forced sales that would take place during a sell-off of this magnitude. $3,000 is a more likely price target. — Peter Schiff (@PeterSchiff) June 14, 2022 The past few months have indeed been painful for investors, and the price of Bitcoin (BTC) has fallen to a new 2022 low at $20,100, but the latest calls for the asset’s demise are likely to suffer the same fate as the previous 452 predictions calling for its death. Bitcoin obitu...
Weekly Report: The latest on Panama’s crypto bill, Huobi to exit Thailand market, Circle launches a Euro-backed stablecoin, and more
Here are all the interesting headlines you missed outside the crypto market this week: Panama’s President vetoes crypto bill over money-laundering concerns Panama President Laurentino Cortizo on Thursday shot down a crypto bill introduced in September 2021 with a scope covering several cryptocurrencies, unlike El Salvador’s that major in Bitcoin. Cortizo partially vetoed the bill, citing non-compliance with the recent FAFT recommendation on fiscal transparency and prevention of money laundering. If the bill were to be approved, it would allow Panamanian natives to buy everyday goods and services using digital assets like Bitcoin, Ethereum, and Litecoin among other crypto coins. The bill would also make digital assets mainstream for settling taxes or any fee owed by the state. Additionally,...
Magic Internet Money token depegs as Terra (LUNA) domino effect persists
Magic Internet Money (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours. Terra’s LUNA and TerraUSD (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter handle @AutismCapital. Depegging of Magic Internet Money (MIM) token price chart. Source: CoinMarketCap Citing an insider scoop, AutismCapital claimed that Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall “because liquidations couldn&...
Bitcoin price falls below $20K for first time since 2020, Ethereum dips under $1K
Bitcoin (BTC) achieved a bear market first on June 18 as BTC price action gave up $20,000 support. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price crosses under 2017 all-time high Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD sliding under $20,000 for the first time since December 2020, reaching press-time lows of $19,066. As nerves heightened after the United States Federal Reserve’s comments on the inflation outlook, crypto markets bore the brunt of a sell-off, which began after shock Consumer Price Index (CPI) figures last week. Losing the psychologically significant $20,000 mark, Bitcoin also achieved a lifetime first — dropping below its previous halving cycle’s high for the first time in its history. There’s a first...
Third non-EU country, Ukraine, joins the European Blockchain Partnership
After Norway and Liechtenstein, Ukraine became the third country outside the European Union (EU) to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services. The Ministry of Digital Transformation of Ukraine announced the country’s move to join the EBP as an observer on June 17. With the ultimate goal of integrating its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other countries. Ukraine’s intent to join the EBP dates back to July 2021, when Oleksii Zhmerenetskyi, the head of the Parliamentary group, Blockchain4Ukraine, and Konstantin Yarmolenko, the founder and CEO of Virtual Assets of Ukraine, wrote a letter to Ursula von der Leyen, the president of ...
The BTC origin story: Who designed the Bitcoin logo?
The bright orange Bitcoin (BTC) logo, for over a decade, has become synonymous with financial freedom amid modern-day recession and stringent governmental oversight. However, unlike the mysteries tied to Bitcoin’s origin, the development of the Bitcoin ‘₿’ logo is fairly documented in the depths of the internet. When Bitcoin was introduced 13 years ago by creator Satoshi Nakamoto, the first iteration of the Bitcoin logo represented a gold coin with a “BC” text embedded in the center, as shown below. However, on February 24, 2010, Nakamoto came up with a new Bitcoin logo, which saw the replacement of the “BC” text with “₿” embedded within the gold coin. Satoshi Nakamoto’s second attempt on Bitcoin logo. Source: bitcointalk.org Based on community feedback, Satoshi then incor...
Sweeping layoffs, hiring and firing as crypto prices take a massive downturn
Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t the case for everyone though, as thousands are suddenly experiencing thewoes of sudden unemployment. Words of encouragement and sympathy also poured out across Twitter and LinkedIn consoling individuals released from their responsibilities. Some expressed frustration, confusion and anger while others expressed gratitude, renewed vision and reflections. My heart is with those recently laid off. I too have been one of the lucky ones to be spared by massive layoffs on days where friends have been let go. This privileged situation has its own anxiety, displacement and upheaval. Sorry you’re going through this moment. — Matt Murray (@vintageneon) June 16, 2022 As...
Senators join chorus of disapproval of ‘backdoor regulation’ in SEC staff accounting bulletin
United States Senator Bill Hagerty has sent a letter, cosigned by four other Republican senators, to Securities and Exchange (SEC) Commission chair Gary Gensler urging the withdrawal of a staff accounting bulletin, referred to as SAB 121, issued by the agency March 31. According to the senators, the bulletin amounts to “regulation disguised as staff guidance” and does not adhere to the Administrative Procedure Act. SAB 121 provides guidance on accounting and disclosure for companies that safeguard clients’ crypto assets and allow them to perform transactions with them. The bulletin said those companies, which include platforms such as Coinbase and Robinhood, should list digital assets as liabilities on their balance sheets at fair value. The need for the new accounting procedure was chalke...
Market selling might ease, but traders are on the sidelines until BTC confirms $20K as support
The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction. Total crypto market cap, USD billion. Source: TradingView Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance. Even though the chart shows support at the $878 billion level, it will take some time until traders take in every recent event that has impacted the market. For example, the U.S...
