PRESS RELEASE. The Vietnamese music celebrity’s videos have garnered close to 2.5 billion lifetime views on Youtube. RACA Hits a High Note Radio Caca (RACA), one of the world’s leading Web 3.0 companies, today announced the collaboration between Radio Caca and Vietnamese celebrity singer Son Tung M-TP, who will join its United States of Mars […]
Bitcoin has now started another recovery trend that has seen it mark its position above $30,000 once more. This is a welcome development after the market had seen various crashes that have sent investors into a panic. However, while investors heave a sigh of relief as the digital asset has begun to recover, other concerns have arisen in the market, including if the uptrend will continue and if bitcoin has already seen the bottom of this crash. Did It Mark The Bottom? The recent comeback has indicated that bitcoin has either marked the bottom of the dip or may be well on its way to posting further losses. But there remain some indicators that show that maybe indeed, the bottom has been reached. One of these has been that the Bitcoin RSI remains in the firmly oversold territory. Now, with this indicator in this region, there is not much that sellers can do to bring the price of the digital asset further down, especially with the powerful recovery that was just recorded. Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000 Even after falling below $25,000 for the first time in more than a year, bulls had not completely relinquished control of the market to their bearish counterparts. What this shows is that bitcoin had likely reached its bottom when it touched the $24,000 and the strength displayed to bounce off from this point suggests that there is a bit of momentum left to carry it further. BTC price recovers above $30,000 | Source: BTCUSD on TradingView.com Coincidentally, the digital asset has now turned green on the 5-day moving average. This indicator may not pack as much of a punch as its 50-day counterpart but still indicates returning bullish sentiment among investors. If this continues, and the bottom has in fact been marked at $24,000, then recovery towards the $35,000 may be imminent. Bitcoin Outflows Grow Outflows from centralized exchanges for bitcoin had been on the rise when the price of the digital asset had been falling. This would prove to only be a temporary problem though as the outflows had begun to take over inflows once more. For the past 24 hours, the outflows from centralized exchanges had reached as high as $3.5 billion. This surpassed inflow volume by at least $190 million for the same time period. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers What this indicates is that investors are once again beginning to take advantage of the low prices that presented themselves during the crash. Accumulation trends like these are usually expected when the value of an asset is slashed in such a short amount of time. Outflows from centralized exchanges recorded for the period of May 11th and 12th came out to about 168,000 BTC, a significant amount given the current bear trend. Although BTC continues to flow into exchanges, long-term investors seem to be taking advantage of these cheaper prices. Featured image from BBC, chart from TradingView.com
We weren’t even above $30K for over an hour and some people started posting that the bull run is back Have you pumped a tank of gas the last 2 months? Have you done a full grocery store run in the past 2-4 months? Have you looked at ANYTHING other than crypto prices? Nothing out…
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As we all know, things have been pretty hairy in crypto this past week! But with prices dropping, I feel this is a good time to accumulate. I’m planning to DCA gradually over the coming year to take advantage of lower prices but also account for volatility, which is high and likely to remain high…
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The worst is yet to come for Bitcoin price performance, multiple sources warn, despite the turmoil at Terra slowly passing.
The downfall of Terra calls into question the real-world utility as well as the long-term viability of algorithmic stablecoins.
Suffering the effect of the current bloodbath in the crypto market, Bitcoin’s (BTC) price on May 12 hit its lowest valuation of $26,350 since December 2020. The ongoing bearish trend has remarkable similarity with the previous mid-season bearish trend that lasted from May to June 2021. In both market crashes, Bitcoin’s price broke the resistance level of $30,000. Recently, it had dropped more than it reversed back in June 2021 when the BTC’s valuation stopped losing at $29,800. In contrast, its price in the current market clash has touched the $26,3000 level. Related Reading | Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL Several macroeconomic factors impacted the crypto market in both instances. For example, before 2021’s bearish trend, Chinese banks prevented using crypto by disallowing crypto services for the state’s financial sector. Then Elon Musk added fuel to the fire by reversing his decision to include Bitcoin for Tesla payments. Similarly, the distortion of COVID-19 caused some major countries to step back from the blockchain industry; thereby, the BTC price plummeted dramatically. Likewise, in the most recent downtrend, geopolitical conditions and macroeconomic facts have decided the fate of Bitcoin. First, the Russia-Ukraine conflict immensely affected the crypto price, with regulators imposing strict rules day by day at a time when Bitcoin is starting to grow worldwide. Then legal ambiguity and Fed regulation of digital assets further plunged back Bitcoin price. Bitcoin Holders Rushed To Exit Their Assets Crypto investors have been withdrawing their holdings after the recent slump, and many still hold on to losses and expect crypto prices will rock on again in the future. According to stats, 16,967,726 wallet addresses currently took losses and broke previous records. Crypto history has seen a similar peak on 19 Mach 2020. The unusual behavior of the crypto market compelled investors to liquidate their assets, neglecting the losses they had taken. That’s why the figure for the following metric has decreased. Now, the number of crypto traders holdings 1K+ coins in their wallets has reached a low of 2,234, and most importantly, this figure was recorded on May 11. Again, May 11 set a new record of transactions in the Bitcoin network as crypto holders rushed to exit their investments. It has reached a 4-year new high of traded volume with 175,146.8 BTC. The recent volume of committed transactions has eclipsed previous highs. Related Reading | TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial Considering the present situation of the crypto market, the host of The Wolf of All Streets Podcast, Scott Melker, commented that “the entire market is reeling.” He added: I think that markets are in a full irrational panic. The pendulum has swung to extreme fear, as it always does. This causes people to sell assets at or near the bottom. Featured image from Pixabay and chart from TradingView.com
Cryptocurrency markets were mostly in the green on Friday, as DOT was up by nearly 40%, moving away from an 18-month low. Although SOL, AVAX, and MATIC all rose by over 20%, it was SHIB that was one of the standout gainers in today’s session. Polkadot (DOT) DOT was one of today’s biggest gainers, as […]
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