Another God-damn post. When will Safemoon stop being so dodgy so I can take a freakin' break? Safemoon has a 10% tax on every transaction. 3% goes to a liquidity pair to facilitate transactions. 2% is burned. 4% is reflected to holders and 1% goes to the "Treasury fund", which is basically free money for…
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But more inexperienced investors have been choosing to become long-term Bitcoin holders, limiting sell-side risks below $30,000.
Ethereum gas fee had run-up to some of the highest levels back in 2021. Mostly, this was caused by the growth of the decentralized finance (DeFi) and non-fungible tokens (NFTs) space that saw activity on the network spike significantly. This had continued for the better part of the year but as the market has ushered in the new year, activity on the network has begun to stabilize, seeing Ethereum fees drop. Ethereum Fees Drop To Eight-Month Low Ethereum fees have been steadily dropping for the last couple of months. Some of this has to do with the recent bear trend that has seen momentum drop across the crypto market. Additionally, activity has begun to balance out on the network as more competitors have popped up, so the strain on the network leading to higher fees last year has been lessened. Related Reading | Price Analysis: Where’s XRP Headed After Ripple’s Big Win At its height, Ethereum fees had spiked as high as $300 per transaction back in May of 2021. This was when the bull run was in full bloom. After this, it had subsided, crashing back down to the $30 per transaction fee territory. However, with the bull rallies that followed and increased activity on the network, this number had spiked again, this time, only reaching the $200 level. After this, the downtrend had been consistent. In January, the increase in transaction fees would prove to be short-lived as what followed was a decline in fees. Two months later, Ethereum transaction fees have dropped to the lowest they have been in eight months, now sitting at $35.17. ETH On The Charts Ethereum is another recovery trend at the time of this writing, although this trend is quite weak and does not look like it will last long. The digital asset continues to struggle to leave the $2,500, a level which it seems bears have trapped it in. Keeping Ethereum at this level guarantees that it does not move above the 50-day MA, which can be disastrous for the value of the asset. ETH recovers above $2,600 | Source: ETHUSD on TradingView.com Additionally, ETH looks to be mounting support at this price level. It needs to break above $2,600 to establish itself on the current recovery trend but with selling pressures mounting on investors, the digital asset is looking towards another hard day of trading. Related Reading | Where Ethereum and Bitcoin Headed After Musk’s Tweet At the time of this writing, ETH is trending upwards and has broken above the $2,580 point. It peaked at $2,594 in the early hours of Tuesday but is yet to retest the $2,600 resistance point. Featured image from CoinDesk, chart from TradingView.com
The overall balance on Coinbase, the publicly traded digital exchange, has dropped by about 36.6 percent in the last 24 months due to huge BTC outflows. Reports Shows BTC Exchange Supply Has Decreased The overall Bitcoin balance on Coinbase has reached roughly 650,000 coins, according to Glassnode, a notable on-chain analytics platform, compared to an all-time high of 1,025k BTC in April 2020. Coinbase’s balance has dropped by about 30k BTC in the last week. Since April 2020, bitcoin outflows from digital asset trading platforms have been increasing. In the last two years, the quantity of BTC on exchanges has decreased dramatically. Glassnode mentioned in its weekly on-chain analysis report: “This outflow has dropped the total balance held on Coinbase to 649.5k BTC, bringing it back to levels last seen at the 2017 bull market top. The total Bitcoin balance held by Coinbase has now declined by 375.5k BTC (36.6%) from the ATH reached in April 2020. Large outflows like this one are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years.” Nearly 10.8% of the active Bitcoin supply is now held by crypto exchanges throughout the world, the lowest amount in the last three years. Over the last year, the supply has decreased by more than 3%. On the other side, BTC’s illiquid supply has risen to 76 percent, the highest level in ten months. Glassnode stated the following while discussing current market dynamics and BTC’s price action: “Bitcoin prices continue to consolidate this week, compressing into an increasingly tight range between a low of $37,274, and a high of $42,455. As was covered in the previous edition, the market currently exists in a delicate balance, amidst a backdrop of high macro and geopolitical uncertainty playing out on the global stage.” Related Reading | Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50% Price Falls Bitcoin (BTC) had another brief short squeeze overnight on March 15, with bulls aiming to break through the $40,000 resistance level. Massive liquidity exists above the $45K resistance level, as well as below the $34K support zone, based on market behavior throughout this period, as seen below. Before a possible healthy surge, the market normally absorbs the liquidity. The market is nervous ahead of tomorrow’s FOMC meeting, which will make important decisions about interest rates and the growth/printing of the US money supply. BTC/USD month chart. Source: TradingView If the direction is upward, the first big barrier is the marked descending trendline seen on the RSI indicator; conversely, if the direction is downward, the first major resistance is the marked descending trendline shown on the RSI indicator (the lower section of the following chart). As a result of the recent squeeze higher, data from on-chain monitoring resource Coinglass showed minor shakeouts – BTC liquidations totaled $47 million over 24 hours. Crypto liquidations chart. Source: Coinglass The price movement, based on the daily close, also put an end to prospects of a more optimistic outcome. Related Reading | Bitcoin MPI Rises To Highest Value Since March 2021, Bull Rally Soon? Featured image from Admiral Markets, chart from TradingView.com
The major credit card company may be readying to provide “virtual concierge services” related to credit card transactions “in the metaverse and other virtual worlds.”
Fireblocks, an infrastructure provider for blockchain assets, announced today it has integrated XDC Network, a hybrid blockchain protocol specializing in tokenizing trade instruments. This news comes ahead of the launch of XDC Network’s Trada token, a stablecoin backed by tangible, trade finance assets. Soon, Fireblocks’ clients that leverage its all-in-one blockchain platform to send, receive,…
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Recently, many users were quite disappointed at the sudden slash of Algorand's APY. People closer to the project probably were ready for this, but more casual holders probably weren't as informed and were caught by surprise. While the slash in APY seems bad, things are actually good for ALGO holders as their Governance system takes…
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