According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company’s finances. Celsius is also attempting to sell a stash […]
In this month’s The Bitcoin Monthly, ARK Invest focused on Ethereum and the Merge. As a side dish, they did publish some premium and review-worthy stats that we’re about to cover. Never mind the market, the Bitcoin network keeps producing block after block regardless. The stats that this whole activity produces can be critical in understanding the market, though. Related Reading: WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022 That’s where ARK Invest’s The Bitcoin Monthly comes in. The publication defines itself as “an “earnings report” that details on-chain activity and showcases the openness, transparency, and accessibility of blockchain data.” So, the data we’re about to cover is The Bitcoin Monthly’s reason to be. The Bitcoin Monthly: 200-Week Moving Average And Investor Cost Basis “After closing above its 200-week moving average in July,1 bitcoin’s price reversed and slipped below it in August. Currently at $22,680, the 200-week moving average now seems to be resistance.” The center couldn’t hold. The price’s recovery was short-lived. Markets are red across the board and bitcoin is no exception. At the time of writing, bitcoin trades at $19,874. For those keeping score, that’s just below last cycle’s all-time high of $20K. Something that shouldn’t happen, but a few degrees of error are always understandable. “Bitcoin currently trades above investor cost basis at $19,360, its strongest on-chain support level (…) Importantly, throughout bitcoin’s history, trading at investor price usually marks a bottoming process.” Times are tough, but bitcoin still trades above investor cost basis. The Bitcoin Monthly clarifies, “Investor price is calculated by subtracting the cost basis of miners from the general cost basis of the market.” As we see it, The Bitcoin Monthly is calling the bottom. They didn’t say it in those exact words, but they certainly insinuated it. Is the bottom really in, though? BTC price chart for 09/17/2022 on Gemini | Source: BTC/USD on TradingView.com The Bitcoin Monthly: Short-Term Holder Vs. Long-Term Holder “The short-term-holder (STH) cost basis is approaching its longterm-holder (LTH) cost basis ––an event that has marked cyclical bottoms in the past. (…) Since the end of July, the difference between short- and long-term holders’ cost basis has shrunk from $5,840 to $2,500” The Bitcoin Monthly sees it as a sign that “the market typically is capitulating and shifting back to long-term participation.” Bitcoin’s consolidation process might be ending soon. We could stay for a while in the bottom area, though. That has happened before. The point is, all of the indicators The Bitcoin Monthly highlighted this month point in the same direction. To the bottom. “The supply held by long-term bitcoin holders is 34,500 coins away from reaching 13.55 million– its all-time high. Long-term-holder supply constitutes 70.6% of total outstanding supply. This one is the most bullish of all the featured stats. To clarify, coins that haven’t moved in 155 days or more qualify as “long-term holder supply.” The tourists and the people with high hopes left a long time ago. And the lion’s share of the bitcoin supply is now in the true believers’ possession. A remarkable situation that doesn’t get mentioned enough. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears About The Ethereum Merge “In August, ether outperformed bitcoin by 7.6% (…) Historically, ether has outperformed bitcoin during “riskon” bull markets and underperformed during “risk-off” bear markets.” The merge’s effects affected the market throughout the whole narrative. Even though we’re in a “risk-off bear market,” ETH took over and lead the market for a while there. They accomplished the mythical feat and… the market turned on them. After what seemed like mission accomplished, ETH’s price started to bleed. Hidden behind a secret door, that’s what The Bitcoin Monthly contained. Featured Image by Maxim Hopman on Unsplash | Charts by TradingView
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Celsius (CEL) has been on the headlines recently in line with hearing updates following its filing of bankruptcy and sale of stablecoins. CEL price spikes 30% as seen in the past 24 hours Price slumps 13.21% despite improvement in social media metrics ETH Merge to impact CEL performance Celsius Network has recently filed for bankruptcy in July and is now in Chapter 11 proceedings. More so, the network has also requested for court authorization on its plans to dispose its stablecoins to pump up liquidity needed for its operations. Once this is approved by Martin Glenn, the U.S. presiding judge, the money pooled from the sale of stablecoins would serve as funding for Celsius operations. The said hearing on the sale of stablecoins is set on October 6 in New York. Related Reading: Celsius Meeting Audio Leaked – Why Staffers Are Reacting With Mistrust Agreement To Appoint An Independent Examiner In September, The U.S. Trustee’s office together with Celsius’ committee consisting of creditors made an agreement to assign an independent examiner with the condition that they will restrict both the funding and time allotted to the examiner. More so, the United States Trustee’s Office will be in charge of choosing the examiner. The judge has approved this on Wednesday. In this connection, Celsius has recently posted a tweet on September 15 harping on their willingness to continue working with the U.S. Trustee and Unsecured Creditors Committee as well as their commitment to improve network efficiency in order to serve their customers better. Related Reading: Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price? CEL Price Down 13.21% Despite Increase In Metrics Triggered by the recent developments and hearing events, CEL price is observed to have spiked by 30% as seen in the past 24 hours. More so, CEL social media metrics has also accelerated. Social media engagement also peaked at 1.2 billion showing a remarkable growth of 32.26%. Despite the boost in social media engagement as well as a price rally, there are still some nagging issues surrounding CEL that make investors apprehensive about the altcoin. According to CoinMarketCap, CEL price has nosedived by 13.21% or trading at $1.70 as of this writing. The total market cap of CEL has slumped by 36.21% as seen in August. More so, market dominance also declined by as much as 41.25%. Uncertainty is creeping on the token, and investors are being extra cautious in making any move due to its high volatility. The Ethereum merge also has a great impact on CEL performance. In fact, Celsius has posted a tweet stating that they are tracking the merge. Investors also look at the short-squeeze movement as a warning because history shows that this movement can negatively impact investor portfolios. Crypto total market cap at $927 trillion on the daily chart | Source: TradingView.com Featured image from LedgerInsights, Chart: TradingView.com
The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the […]
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i have tried TRUST & Metamask when i recover the phrase the nft dosen't show if someone can help me find it i will give them $15 in ETH it makes no sense its not showing up i tried the tutorial no scam please not a idiot lol submitted by /u/Jerzsey [link]…
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Saylor underscored the high maintenance costs and taxes linked with owning and inheriting physical property over the long term, which in the case of Bitcoin, does not exist.
