Category: Cryptocurrency News

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Solana continues to consolidate near the critical $50 price range, while bulls have begun to flirt with the idea of a possible upswing.

The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor’s office in Russia’s second-largest city describes the ruling as a precedent. Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have […]

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Animoca Brands, the company advancing digital property rights for gaming and the metaverse, and its subsidiary The Sandbox, a leading decentralized virtual world, today announced the listing of SAND on Coincheck, the largest crypto trading exchange in Japan. Coincheck users can now access SAND on Coincheck in the markets of SAND/JPY and SAND/BTC. SAND is…
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Bitcoin and Ethereum have been at the forefront of market sell-offs that were triggered by the UST crash. Since then, sellers have continued to dominate the market and even with buyers making significant moves, it continues to be a seller’s market. The hope had been that a reversal in this trend would be witnessed with the start of the new week. However, inflow and outflow trends have indicated that sell-offs may continue for much longer. Bitcoin, Ethereum Inflows Remain High For Monday, there were some encouraging reversals in the price of major digital assets in the space. These included the reclaiming of $30,000 on the part of Bitcoin, while Ethereum had recovered once more above $2,000. However, this would prove to only make an already bad situation worse as sellers had ramped up inflows into exchanges to realize some gains. Related Reading | MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals What this resulted in was more than $1.1 billion in BTC flowing into exchanges in a single day. This showed a reversal from the previous day of net flows that had seen outflows surpass inflows once more. Monday was much worse as centralized exchanges saw net inflows of $67 million in a single-day period. The same was the case for the second-largest cryptocurrency by market cap, Ethereum, whose net flows were also positive, even surpassing that of Bitcoin. ETH had seen exchange inflows as high as $589.4 million in a 24-hour period while outflows had come out to $497.4 million. What this amounted to was a $92 million net flow. This indicates that there are even more sellers in ETH than there are in bitcoin. As such, the decline of the digital asset below $2,000 was expected. BTC price declines below $30,000 | Source: BTCUSD on TradingView.com Recovery In Sight? The inflow and outflow trends have been alternating for a time now. This is evident in the past two days alone where net flows have been negative one day and then positive the next. Going off this trend, it is possible to deduce that there could very well be a reversal following Tuesday’s trading day. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Alternatively, one thing that comes with a decline in prices has always been investors looking for the opportunity to take advantage of the lower prices. This always leads to an increase in outflows as more investors accumulate tokens. Another indicator that would suggest a reversal is the USDT inflow and outflow trends. USDT net flows continue to be positive which is good for the market. It shows that investors are bringing more funds into centralized exchanges to be able to purchase and accumulate more tokens. Featured image from CryptoSlate, chart from TradingView.com

Recently, r/buttcoin posted a list of all the main problems they have with Bitcoin and crypto. It kind of looked like it could be their manifesto: https://np.reddit.com/r/Buttcoin/comments/uvz90h/to_the_rbitcoiners_that_keep_coming_to_this_sub/ (Please, remember Reddit's rules, and don't go brigade it). I'll cover each point here, objectively and rationally. ​ 1.No Intrinsic Value: You can tell whether or not something…
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