Author: dfmines

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Lately I've been wondering just how many r/CryptoCurrency members have been around since the last big bull/bear cycle (essentially I mean 2017-2018ish). It feels at times like many people in the sub are in their first long bear market and I think experiencing a full bull and bear market cycle helps put in perspective how…
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John McAfee’s ex-girlfriend has made a claim that the former anti-virus tycoon is alive and well, living in Texas. That’s according to her statement made in the new Netflix documentary called “Running with the Devil: The Wild World of John McAfee.” Director Charlie Russell said Samantha Herrera probably doesn’t know if her statement is valid […]

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The crypto market has seen minor gains over today’s trading session as major cryptocurrencies are positioned just above critical resistance levels. If the bulls can make a fresh push, Bitcoin and Ethereum might revisit higher levels and open the gate for further gains across the sector. Related Reading: This Indicator Predicts Potential Decline Ahead For Bitcoin Price At the time of writing, Bitcoin (BTC) trades at $21,500 with a 1% profit in the past 24 hours and Ethereum (ETH) trades at $1,680 with a 3% profit over the same time period. Both cryptocurrencies record significant losses on higher timeframes but seem poised for a move higher. According to a report from Arcane Research, the crypto market performance is heavily influenced by traders in the United States. The research firm explore the traffic of over 30 exchange platforms in the past three months, traders based in this country came out as the “most active participants in the market”. Thus, the positions taken by these traders are key to measuring the market direction as they represent a majority of 14.33% of the 20 most active countries in the market. In total, these countries comprise over 52% of all the traffic that goes through crypto exchange platforms. With the exception of the U.S., almost every country in this ranking is outside of the American continent with South Korea and Russia following in the top 2 and 3 positions, respectively. The former records 6.51% of all traffic and the latter around 5%. A lot of the countries in the list are from economically underdeveloped regions, such as India, Brazil, Argentina, and others. Arcane Research noted that their data could be misrepresented by users with VPN services, still they claimed the following: The market concentration of the top 20 countries is relatively high, representing 52.4% of all web traffic to crypto exchanges. However, while these chart illuminate geographical trends in the crypto market, VPNs may distort the quality of the data. U.S. Traders Pumping The Crypto Market? On the other hand, research firm Jarvis Labs has been tracking the real impact of U.S. traders in the crypto market. In July, U.S. traders were contributing with the bullish price action across the sector. At the same time, traders in Europe and Asia were losing interest in the top two cryptocurrencies. As Jarvis Labs said, the direction provided by U.S. traders can be used as alpha, as a way to profit off the market, as “smart money” trades during these hours. Related Reading: Crypto Market Sentiment Plunges To 1-Month Lows, What Lies Ahead? In other words, if you are a trader and want to take a position, you could benefit from knowing what U.S. traders are doing. As of late July, as the chart below shows, U.S. traders began selling Bitcoin and have continued to do so across August. US sessions have shown disinterest with both BTC and ETH since the mouth open, while Asia has shown strength in bidding relatively compared to the US. pic.twitter.com/wbNS0RKYjp — JarvisLabs (@Jarvis_Labs_LLC) August 23, 2022

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According to the Ethereum Foundation, identifying “critical bugs” — those that have a high impact or likelihood of a high impact on the blockchain — will be worth up to $1 million.

submitted by /u/Dayetison [link] [comments]

The crypto market sentiment had been on the rise at the start of August, but as the month draws to a close, a market crash has dragged it back to August levels. The Fear & Greed Index had previously reached a local peak of 42 when the price of bitcoin had recovered to $25,000. However, since then, the downtrend has been on a decline back into the Fear territory. Fear & Greed Index At Mostly Lows The Crypto Fear & Greed Index has declined to a score of 25. This puts it dangerously close to falling back into the Extreme Fear territory. Now, the reason that market sentiment is so important to gauge is it can tell exactly how investors are feeling towards the market as a whole. Related Reading: Bearish Indicator: Bitcoin Retail Volumes Show Weakness In Rally Take a score below 20 on the Fear & Greed Index. This means that the market is in extreme fear. At times like these, investors are extremely wary about the market, and there is not a lot of money flowing. This inadvertently leads to lower prices because there is not enough demand to meet supply. Total market cap above $1 trillion | Source: Crypto Total Market Cap on TradingView.com Since the score is currently at 25 when it was 28 the previous day, it means the market is getting more fearful with each passing day. The last time it was this low was back at the beginning of July, and one thing that characterized the beginning of July was the low market prices.  What The Crypto Market Holds It is always interesting to see how the market follows investor sentiment and vice versa. Since the score has gotten so low, historically, data tells us that it is likely to continue this way for a while before there is a recovery. Normally, there is hardly a time where the Fear & Greed Index touches a score of 25 that it does not continue down into extreme fear territory before any type of recovery is seen. If this is the case, then it is likely that the crypto market will lose more value in the coming days. A correlation between the present market and investor sentiment falling further into extreme fear would see bitcoin price likely touch below $20,000 and the overall market cap at around $850 billion. Related Reading: Institutional Investor Sentiment Remains Negative As Bitcoin Outflows Continue This follows the wariness that investors had towards the market earlier in the year, even when the prices were rallying. Data from Glassnode shows that bitcoin investors did not increase their volumes during the recovery like they normally would. For now, there is an air of caution resting heavily on the crypto market. The bear trend was expected to continue as it had done in previous bear markets, but the recovery had caught most of the market off-guard. Most believed it to be a bull trap, hence taking a rather hands-off approach to the rally. Featured image from African Leadership Magazine, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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