Hey there Gov’nors! Algorand Governance Period #3 Measures are online. In case anyone missed it!
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While non-fungible token (NFT) collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking loans out against their NFTs. This month, a project called Nftfi has facilitated $25.6 million in NFT loans so far, and last month the lending marketplace recorded nearly $50 million in NFT loans. […]
The collateral damage of Terra’s collapse could continue to impact Avalanche price, especially considering that the Luna Foundation Guard holds 1.97 million AVAX tokens.
Two of the releases are in their primary iteration, while the latter titled Iroha is a preview version of its second release.
You cannot get these kinds of returns in a sustainable way and not be taking onboard a lot more risk than holding USD in a bank account. It staggers me how many people are shocked that there is a catch to these amazing “guaranteed” returns. If it really was low risk, every fund manager in…
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On-chain data shows the Bitcoin long-term holder SOPR has recently observed spikes, suggesting that this cohort is still continuing to sell. Bitcoin Long-Term Holder SOPR Spiked Up When Price Crossed $30k As pointed out by a CryptoQuant post, selling pressure in the market still looks to be high as long-term holders are also looking to sell. The “spent output profit ratio” is an indicator that tells us whether the overall market is selling Bitcoin at a profit or loss right now. The metric works by checking the on-chain history of each coin being sold to see what price it last moved at. It then divides the current price (that is, the selling price) with the last price. When the value of this ratio is greater than one, it means investors are, on an average, selling at a profit at the moment. On the other hand, values of the indicator less than one imply that the Bitcoin market as a whole is realizing loss currently. A cohort of BTC investors is the “long-term holder” (LTH) group, who hold their coins for at least 155 days before selling. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping The “LTH SOPR” tells us about profit or loss realization from specifically this group. Here is a chart that shows the trend in this indicator (EMA 144) over the past month: It seems like the value of the metric has observed some spikes recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin long-term holder SOPR (EMA 144) had a couple of spikes in the last few days. One took place on 13th May, while the other occurred on the 18th. During both these instances, the price had crossed $30k shortly before. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 This means that LTHs have been feeling pressure in the current market to realize their profits as soon as the price reaches above $30k. Usually, Bitcoin long-term holders are the least likely cohort to sell. So, selling pressure from this group can prove to be bearish for the crypto’s price. BTC Price At the time of writing, Bitcoin’s price floats around $29.4k, up 3% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the crypto has seen some decline over the past two days | Source: BTCUSD on TradingView Over the past week, Bitcoin has mostly consolidated around the $30k mark, failing to gain any ground above the mark. As long as selling at the level continues, the crypto won’t be able to make any real recovery. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
With the Crypto market marking one of its biggest crashes since Covid-19 and May 2021, its now pretty sure that we are at least in some kind of a bear market. So we will all just wait for a bottom now or what? Many think bear markets are just like in May 2021, that exactly…
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Bitcoin is holding the $30,000 level, but the $640 million in BTC options that expire on May 20 could result in the price visiting recent lows.
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