Author: dfmines

The continuous price fluctuations in the crypto market considerably impact the Circle’s stablecoin, USD Coin (USDC). The recent performance of its whales’ addresses is making a more southern move. USD Coin records a drop of almost a two-year low in its primary wallet addresses. According to data from Glassnode, a crypto analytics company, USD Coin metrics are becoming less impressive. For example, the stablecoin had recent sell-offs and drops that cut down its market cap. Related Reading: Bitcoin Price Witnesses Sharp Sell-Off – Further Volatility On Chart? A report on the second-largest stablecoin by market cap revealed that the US Treasury Department’s sanction on Tornado Cash is a contributory factor against USDC’s performance. Not only did the sanction create a loophole for the drop of USDC capitalization, but it also impacted that of Tether, its top competitor. Following the sanction of Tornado Cash, Circle, the parent the developer of USD Coin, froze about 75,000 USDC tokens. The coins were held by some addresses connected to Tornado Cash. This action brought a reduction in USDC’s market cap. But Tether got an opposite performance on its part. As a result, USDT markets witnessed an increase of about $2 million a few days after the US Treasury sanction. Many commentators in the industry are comparing the growth and decline of market caps for USDT and USDC. The majority opines that investors made a shift from USDC to USDT. However, data from on-chain analytics providers indicated a massive sell-off over the past two weeks. Also, Glassnode data confirmed that the USDC’s seven-day moving average of exchange deposits reached a 17-month low of 138250. This was against a similar value of the bottom of 138.810 recorded in March 2021. 📉 $USDC Number of Exchange Deposits (7d MA) just reached a 17-month low of 138.250 Previous 17-month low of 138.810 was observed on 23 March 2021 View metric:https://t.co/yhG6sKrvi6 pic.twitter.com/tB9ZoQVs7j — glassnode alerts (@glassnodealerts) August 22, 2022 Also, there’s an indication that the holding of the top 1% addresses for USDC hit 87.667%. This is equivalent to a 22-month low for a stablecoin. All Is Not Lost For USDC However, USDC saw an increase in an aspect of its performance despite its reduced market cap. It gained in its weekly mean transaction volume as it hit a three-year high. The value showed up to 228,721.050 USDC tokens. This latter growth exceeds the former one it recorded in June this year which was 226, 056.588 USDC. 📈 $USDC Mean Transaction Volume (7d MA) just reached a 3-year high of 228,721.050 USDC Previous 3-year high of 226,056.588 USDC was observed on 19 June 2022 View metric:https://t.co/VUwnIn7YLP pic.twitter.com/FDrgkDUIuZ — glassnode alerts (@glassnodealerts) August 22, 2022 There has been a lot of hype on USDC in contending with USDT in July 2022 as the leading stablecoin of the year by market cap. USDC moved within $11 billion of Tether’s market cap. But it has lost its previous gains following the Tornado Cash event. Related Reading: Bitcoin Corrects 17%, But Market Expects Fresh Rally Report Says Tether is yet to comment on its position on whether to freeze USDT tokens connected to Tornado Cash or not. However, a possible negative legal implication exists for firms that condone assets linked to the sanctioned crypto mixer platform. Featured image from Pixabay, Charts from TradingView.com

Officials at the International Monetary Fund (IMF) say that the correlation between the performance of the Asian equity markets and crypto assets such as bitcoin and ethereum has increased significantly. IMF Staff on Crypto and Correlation to Asian Equities The International Monetary Fund (IMF) published a blog post on Monday on cryptocurrency regulation and how […]

Bitcoin found support near $20,750 against the US Dollar. BTC is correcting gains, but it is facing resistance near $21,500 and the 100 hourly SMA. Bitcoin found support near the $20,750 after a strong decline. The price is now trading below the $21,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover higher if there is a clear move above the $22,000 resistance. Bitcoin Price Struggles Bitcoin price gained bearish momentum below the $22,000 support zone. BTC declined below the $21,200 and $21,000 support levels before the bulls appeared. A low was formed near $20,797 and the price started a short-term upside correction. There was a minor upward move above the $21,000 level. Besides, there was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC/USD pair. However, bitcoin price faced a strong resistance near the $21,500 level and the 100 hourly simple moving average. It is now struggling to clear the $21,500 resistance zone. On the upside, an immediate resistance is near the 100 SMA at $21,450. The first major resistance on the upside sits near the $21,650 level. It is near the 23.6% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low. Source: BTCUSD on TradingView.com The main resistance is forming near the $22,000 zone. Any more gains might send the price towards the 50% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might push the price into a positive zone. More Losses in BTC? If bitcoin fails to clear the $21,500 resistance zone and the 100 hourly SMA, it could continue to move down. An immediate support on the downside is near the $21,000 level. The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might start another major drop. In the stated case, the price might decline towards the $20,000 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $21,000, followed by $20,800. Major Resistance Levels – $21,500, $22,000 and $22,650.

The Skybridge Capital CEO said Bitcoin needs much more proliferation before it can act as an inflation hedge.

“Imagine how successful Telegram with its 700 million users could be if we put reserved usernames, group and channel links for auction,” the Telegram founder wrote.

The demand for blockchain security experts comes amid a rise in crypto hackings in 2022.

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A survey by NYSE-listed Stifel Financial shows that most executives are bracing for a recession in the U.S. In addition, “53% of respondents believe that inflation will be an issue for the next two quarters to a year.” Most Executives Surveyed Say Recession Cannot Be Avoided Stifel Financial Corp. (NYSE: SF) announced the results of […]

This might be obvious to some, but it is news to me. I just noticed that I can now see my All Time Returns, my Net Investment, my Average Price, and my Percentage of Portfolio for each individual crypto asset. I thought I could only see broad portfolio stats, but this seems to have changed.…
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EOS price has propelled by 10% and now is one of the top gainers over the 24 hours. This has pushed the coin quite close to its next price resistance. The bulls were back on the 24 hour chart and that depicted positive price action for the coin. Despite Bitcoin falling on the chart and other major altcoins moving south EOS noted a considerable surge in price. EOS price also depicts a broad wedge pattern, this pattern is often tied to exhaustion of a trend. In this case, EOS price was reversing its previous bearish price momentum. Technical outlook on the chart pointed towards bullish price action gaining strength. Buying strength on the 24 hour chart were substantially high. In case buying strength holds its ground, a move to the immediate resistance becomes easy for the altcoin. Price of EOS needs to trade above its current price action for the coin to move and witness another possible rally. EOS Price Analysis: One Day Chart The altcoin was trading at $1.70 at the time of writing. It secured double digit gains over the last 24 hours as the bulls surfaced. The coin has also formed a broad wedge pattern which meant that EOS’s previous bearish price thesis would be discontinued. The overhead resistance for the coin stood at $1.90 and a move above that level will push EOS to $2. In case the sellers resurface in the market, the local support level for the coin awaited at $0.90. The amount of EOS traded over the last trading session increased as depicted by the green bar indicating that buying strength also mounted. Technical Analysis The bullish momentum flashed increase in demand for the coin. The technical indicator also reflected the increase in buying strength. The Relative Strength Index was positive as it was seen above the half-line denoting that EOS price was bullish. RSI was hovering near the oversold zone and with an increase in demand, the coin would be overbought. Price of the altcoin was above the 20-SMA line which meant that buyers were driving the price momentum in the market. EOS was also above the 50-SMA which was a sign of bullishness. Related Reading: Bitcoin Price Witnesses Sharp Sell-Off – Further Volatility On Chart? Increase in price and demand made EOS display buy signal on its technical indicator. Moving Average Convergence Divergence indicate the price momentum and reversal in the same. MACD underwent the bullish crossover and displayed green histograms which were essentially buy signal for the coin. Directional Movement Index portray the price direction. DMI was positive as +DI was above the -DI line. Average Directional Index (red) was nearing the 40-mark, this indicated that the current price momentum was gaining strength. This also could be a sign of continued bullishness over the immediate trading sessions. Related Reading: Bitcoin Corrects 17%, But Market Expects Fresh Rally Report Says Featured image from Kalkine Media, Charts from TradingView.com