Category: Cryptocurrency News

Data shows the Bitcoin market has been stuck in a state of extreme fear since the 5th of May, meaning this run of bottom sentiment has gone on for more than a full month now. Bitcoin Fear And Greed Index Continues To Point At An Extremely Fearful Market According to the latest weekly report from Arcane Research, the crypto market is currently going through its longest run of extreme fear since the COVID crash back in 2020. The “fear and greed index” is an indicator that tells us about the general investor sentiment in the Bitcoin and wider crypto market. The metric uses a numeric scale that goes from one to hundred for displaying this sentiment. When the value of the index is less than fifty, it means investors are fearful at the moment. Related Reading | Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit On the other hand, values of the indicator above the threshold imply that investors currently share a sentiment of greed. Values towards the end of the range of below 25 and above 75 indicate sentiments of extreme fear and extreme greed, respectively. Now, here is a chart that shows the trend in the Bitcoin fear and greed index over the past year: The value of the metric seems to have been very low recently | Source: Arcane Research’s The Weekly Update – Week 22, 2022 As you can see in the above graph, the Bitcoin fear and greed index is showing a value of 15 right now, suggesting that the general sentiment is that of extreme fear. These low values of the metric have now been there for more than a month now. Such a long streak last occurred following the COVID crash two years ago. Then, the run lasted for 48 consecutive days before the sentiment saw any improvement. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse Historically, bottoms have tended to form during periods of extreme fear, while tops have occurred during extreme greed. Because of this, some investors believe the former periods provide ideal buying opportunities for Bitcoin, while the latter could be fitting selling points. The trading technique that follows this idea is called contrarian investing. Warren Buffet’s famous quote encapsulates it best: Be fearful when others are greedy, and greedy when others are fearful. If this philosophy is anything to go by, then the current sentiment may mean now could be the time to buy Bitcoin. At the moment, it’s unclear how long this streak of extreme fear will last. It could be as long or longer than the last one, or the sentiment may soon see an uplift. BTC Price At the time of writing, Bitcoin’s price floats around $30.4k, down 3% in the past week. Looks like the value of BTC has jumped back above $30k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradngView.com, Arcane Research

Is it possible that I haven’t see a snapshot post today? That is the true evidence that market activity is kinda quiet. When last bull cycle was active, there was 50 daily posts about Moons. The price was around 0.30 cents tho but we real OGs are here when price is low as few cents.…
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On Tuesday, the financial technology company Checkout.com announced that it will allow merchant settlements using the stablecoin USDC via a partnership with the crypto firm Fireblocks. Checkout.com further detailed that in a beta test with select clients, the company settled $300 million in transaction volume leveraging the USDC stablecoin. Checkout.com Leverages the Stablecoin USDC Checkout.com […]

Decentralized autonomous organizations continue to gain traction. In the case of Delphia, retail traders will be rewarded for contributing their personal data.

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The crypto market trends to the downside as major assets are unable to break above local resistance. As per usual, the dominant trend picks winners and losers and unfortunately, the altcoin markets have been amongst the latter. Related Reading | As Bitcoin Slumps, BTC Miners Sell Of Their Tokens Creating Panic In The Market In particular, decentralized finance (DeFi) protocols have been severely impacted by the crypto downtrend. Some of the most popular protocols in the Ethereum DeFi sector, perhaps the biggest ecosystem in the space, record as much as 92% in losses. Jack Niewold, founder of Crypto Pragmatist, set out to dig deeper into the effects of the crypto winter in the DeFi sector. One of his objectives was to determine if DeFi protocols can stay profitable in this downtrend. As seen below, protocols like MakerDAO, SushiSwap, Compound, and others saw a decrease in the price of their native tokens and an even more steep decline in their revenue. This evidence put into question the idea that DeFi and crypto, as Niewold said, “really reached an inflection point”. There is evidence of maturity in the space, institutional adoption, and resistance to overall market declines in larger cryptocurrencies. However, most of the DeFi sector has been unable to retain its revenues. Niewold noted: To be fair, most DeFi tokens have drawn by more than their fee rev, which is interesting–from a ‘fundamental’ perspective, stuff is trading at a discount. I think that’s the first takeaway for me, that projects with real product market fit are trading at a relative discount. Additional data provided by DeFi Pulse indicates the total value locked (TVL) across DeFi protocols has been trending to the downside with revenues and token prices. This metric returned to its February 2021 levels and stands at around $50 billion. Crypto Bleeds As Ethereum Dominance Rises The current downtrend is more palpable across the entire layer-1 ecosystem. While Solana (SOL), Avalanche (AVAX), and others experience a dropped in their prices and network activity, Ethereum (ETH) benefits. The downside trend has translated into a decrease in Ethereum fees. These are currently priced at 2 Gwei or $0.13 for a fast transaction after averaging 100 Gwei or more during network congestion. As Niewold said, L1 networks such as Solana and Avalanche benefited from a rise in Ethereum transaction fees, as these declines, users return to this network. Niewold said: (…) in a period of decreased demand, it makes Ethereum a lot more attractive relative to alt-L1s (…). Alt-L1s do not benefit from this fee reflexivity, as their competitive advantage dies down in periods of lower activity. As NewsBTC noted yesterday, Bitcoin, Ethereum, and stablecoins USDT and USDC, form 77% of the total crypto market cap. BTC and ETH dominance has been on the rise during this downtrend and hints at an overall de-risking behavior from crypto investors. Related Reading | Ethereum Market Cap Cut By Over $100 Billion Last Month At the time of writing, ETH’s price trades at $1,800 with a 2% profit in the last 24-hours.

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