3 reasons why Bitcoin is struggling to flip $20K to support
BTC continues to sell-off, but analysts say investor sentiment could reverse when inflation peaks or traders feel that the situation with insolvent DeFi platforms is resolved.
BTC continues to sell-off, but analysts say investor sentiment could reverse when inflation peaks or traders feel that the situation with insolvent DeFi platforms is resolved.
Arbitrum, developer of one of the most popular Ethereum rollups, Arbitrum One, launches a new scalability solution. It is Arbitrum Nova, which focuses on games and social applications. One of its latest rollups offered a new solution for Exeno (popular ecommerce crypto) which seems to be successful. Rollups are second-layer scalability solutions that carry transactions…
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It is quite frustrating to see the mainstream narrative that "DeFi blew up" when Celsius, BlockFi, 3ac, Voyager et al went insolvent — it’d be fair to say a few things broke around DeFi, but true on-chain DeFi (Uniswap, Compound, Aave, Yearn, etc) worked in an orderly fashion while crypto prices plummeted and centralized lenders…
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Bitcoin has been taking hit after hit from bears who want to see the price of the digital asset crumble to its lowest point. This has led to struggles on the part of bitcoin to keep up its price. However, with so many events working against the crypto industry and a large number of investors pulling out of the market, the digital asset has had a hard time maintaining its price above its last cycle high. Bitcoin Falls Below $20,000 Bitcoin’s price has now fallen below $20,000 for the third time this year with so many hurdles in between. After struggling to maintain $22,000, the bears had once again seized control, which resulted in another dip. Bitcoin’s fall to the $19,000 level carries the same implications as it has the other times but one thing that differentiates them is where the price had peaked before it made this fall. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? It is not surprising given the rate at which money is moving out of the digital asset. It is nowhere near the previous bottoms of other bear markets. However, investors have been taking heavy losses due to the fact that the crash in June was one of the worst crashes ever recorded in the history of the cryptocurrency. Reports even show that those who have held their coins for 3-5 years, who would normally still be in some profit even during a bear market are selling their coins for a 33% loss on average. Such high loss margins speak even worse for shorter-term investors who have been recording the worst losses. BTC loses footing above $20,000 | Source: BTCUSD on TradingView.com Profitability Begins To Fall For most of the market crashes, the profitability for bitcoin holders has been holding up and remained in the majority. This was due to a large number of bitcoin holders being long-term investors and the digital asset maintaining above its previous cycle peak. However, as bitcoin has dropped below $20,000, its profitability has declined drastically. Data from IntoTheBlock puts into perspective just how much profitability has declined in the last couple of months. The number of holders in losses and profit is now at an equal percentage, with 48% on each side. The remaining 3% of holders are simply in the middle at this point. Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided The exchange inflows highlighted on the platform speak volumes about the sell-offs that have been happening in the space. In the last seven days, there have been $4.14 billion worth of inflows, and although outflows have surpassed this with a volume of $4.27 billion, it shows that investors are still selling almost as much as they are buying. As for bitcoin’s price, it remains below the coveted $20,000 level. Now trending at $19,800 at the time of this writing, the digital asset is more than 71% down from its all-time high. Featured image from US News Money, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
3AC borrowed hundreds of millions from user's deposits through custodial agents like Voyager and BlockFi, and used it to recklessly gamble on all kinds of ridiculous crypto things, including "CryptoDickButt" NFT. This is one of the wallets of 3AC, https://etherscan.io/address/0x2e675eeae4747c248bfddbafaa3a8a2fdddaa44b Which you can see has been drained out of almost every penny except a bunch…
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While digital currency markets have dropped in value during the last two months, weekly non-fungible token (NFT) sales have slid lower as well. Seven-day statistics show that NFT sales managed to rise more than 10% higher than the week prior. One particular NFT sale, Cryptopunk #4,464, helped push this week’s sales volume up as the […]
Land is the most desirable asset of any metaverse as it bestows exclusive perks upon the owners and in a recently concluded 5-day sale, Cornucopias has set the record for the largest NFT Land sale on the Cardano network. As the popularity of NFTs on the Cardano network continues to grow, more promising projects have emerged to build on the solid foundation laid by the Cardano team. Cornucopias, a play-to-earn project, has proven that the utility of NFTs on the Cardano network is here to stay after selling out its massive initial 24,000 Land collection in record time. Building For The Community Cornucopias is a community-driven metaverse gaming project that has found its home in the Cardano community. Its land sale saw it sell out its first collection in a matter of minutes with 25 tiered sales spread across five days. The lands which range from small-sized land plots to large Copias-sized plots were quickly snapped up and 100% sold out. The high demand saw its day 5 land sale sell out in 18.82 seconds across five different tiers. There are currently a total of 8,539 individuals holding Cornucopias land plots and the volume across the secondary marketplace jpeg.store has skyrocketed since then. With more than 8.10 million ADA in trading volume, Cornucopias continue to appear on the top of the list across the 24 hours, 7 days, and 30 days charts for the top NFT collection. Its floor price sits at 190 ADA only two weeks after the launch. Each NFT holder possesses the deed to a plot of land in Cornucopias “The Island”, a metaverse gaming experience where players can earn when they play their favorite games. These NFTs will provide users with many different benefits in the Cornucopias metaverse. Benefits Of Cornucopias Land NFTs Owning land in the metaverse is one of the best ways to ensure continuous earnings in a play-to-earn setting. Just like in the real world, owning land in the metaverse is a coveted position due to the advantages it carries. This includes being able to customize your metaverse experience to your preference as well as a wide variety of virtual entrepreneurship opportunities such as monetizing land by leasing, staking or renting to others. Cornucopias NFT landholders also enjoy other benefits including rewards, airdrops, and the opportunity to become a Cornucopias metaverse tycoon. As long as a player holds the NFT in their wallet, they automatically have access to all the perks that it carries. There is no need for a monthly membership fee. The NFTs can also be transferred, traded, sold for profit, or staked to earn rewards. Since the Cornucopias Game Studio will be receiving income from royalties from secondary marketplaces, it does not need to add any fees to access gameplay. It will be able to continuously be a free-to-play, play-to-earn, host-to-earn, and build-to-earn metaverse game. The scarcity of these lands also contributes to their value as there will be no opportunity to mint more lands until sometime next year. Until then, interested players will only be able to own Cornucopias land by purchasing them on secondary marketplaces, or participate in the upcoming custom dome NFT sale
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CoinCola, a popular bitcoin and crypto exchange, announced today it has launched a new KYC (Know Your Customer) system from Onfido, an identity verification, and fraud prevention technology company. The new CoinCola KYC system enables a simple and efficient identity verification process. Users just log into the CoinCola app to capture and upload their ID…
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