Bitcoin whales jumping ship as exchange inflows reach 3-month high
The Bitcoin market appears to be retracing the gains it has made since January as whales may be exiting and selling on centralized exchanges according to Glassnode.
The Bitcoin market appears to be retracing the gains it has made since January as whales may be exiting and selling on centralized exchanges according to Glassnode.
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Ethereum started a major decline from the $2,700 zone against the US Dollar. ETH dived below $2,550 and might accelerate lower below the $2,420 support. Ethereum started a major decline after it failed to surpass $2,700. The price is now trading below $2,550 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline further if there is a close below the $2,420 support zone. Ethereum Price Takes Hit Ethereum struggled to settle above the $2,700 resistance. ETH topped near the $2,700 level and started a fresh decline. There was a sharp move below the $2,620 and $2,550 levels. The bears even pushed the price below the $2,500 level and the 100 hourly simple moving average. A low is formed near $2,422 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $2,485 level. There is also a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The first major resistance is near the $2,565 level. It is near the 50% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The main breakout zone is now near the $2,650 level and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com A close above the $2,650 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,700 resistance. More Losses in ETH? If ethereum fails to gain pace above the $2,565 resistance, it could continue to move down. An initial support on the downside is near the $2,420 zone. The next major support is near the $2,400 level. If there is a downside break below $2,400 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,350 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone. Hourly RSI – The RSI for ETH/USD is now well below the 50 level. Major Support Level – $2,400 Major Resistance Level – $2,565
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In our latest installment of ‘Blue Chip NFTs 101,’ we’re taking a dive into non-Ethereum chain NFTs; we’ll be working our way through top 10 blockchains and their biggest NFT projects, all while still highlighting major noteworthy projects that are on Ethereum. In our first piece in the series, we covered the remarkable rise of ‘Moonbirds,’ the latest NFT project that has seemingly skyrocketed to blue chip status practically overnight. Let’s take a look at The Fundamentals: Solana’s NFT Status Solana has had it’s fair share of critics in recent years – the chain has had periods of intermittent downtime, and it is often criticized as carrying more centralized qualities relative to comparable and competing chains. The objective of this write-up isn’t to evaluate the nature of the chain, but rather to hone in on one of the biggest NFT projects in the ecosystem. We’ll leave a deep dive of Solana’s blockchain structure for another day, because one thing leaves little questioning – Solana was an early mover in being an Ethereum competitor that offered an NFT ecosystem with affordable gas prices. At current standing, the hot trending topic in Solana NFTs is undoubtedly Okay Bears – a newer PFP NFT project that has gained traction as the Solana ecosystem has grown. DeGods: Current Standing DeGods have far and away the highest floor price in the Solana NFT ecosystem, consistently commanding north of 200 SOL while routinely maintaining a top 5 position in daily volume. The 10,000 mint project has a market cap that encompasses nearly 20% of the total Solana NFT market cap, according to data from Solana NFT aggregator Hyperspace. DeGods has a bit more of a ‘legacy’ standing in the Solana ecosystem, but as with any early mover, it can be difficult to maintain the standing as challengers emerge. The biggest challenger in recent weeks has undoubtedly been Okay Bears, which have been the face of Solana on communities like NFT Twitter, and has blown away Solana volume over the past week with over $40M worth of Okay Bears being bought and sold. DeGods certainly have a higher ceiling, but having less than 10% of that volume over the same timeframe suggests that Okay Bears could be gunning for the top spot as the Solana landscape continues to grow. Solana (SOL) doesn’t have the legacy standing in NFTs that Ethereum has, but the blockchain has seemingly secured the #2 spot when it comes to NFT communities. | Source: SOL-USD on TradingView.com Related Reading | Tron Is Trading Within It’s Triangle Pattern; What Awaits The Coin Next? Recent Buzz: A Major Acquisition What is DeGods doing to cement it’s positioning as a Solana ‘blue chip’? It’s easier said than done, but the DeGods community recently made a splash and made some headlines by dishing out roughly $625,000 for a team acquisition in Ice Cube’s ‘BIG3’ basketball league. The league brings 3×3 half-court basketball with a twist, and has consistently hosted ex-NBA athletes and ex-college stars (some of which have even returned to the NBA floor after appearing for the BIG3, a la Joe Johnson). DeGods purchased 25 NFTs of the BIG3’s ‘Killer 3s’ team at $25,000 a piece, in a decision made by the NFT community’s DAO late last month. Almost equally impactful could be the moves that follow suit. Announced over the weekend was a similar move from music mogul (and well-known crypto fan) Snoop Dogg, who teamed up with PayPal co-founder Ken Howery to purchase 25 NFTs of their own, this team for the league team ‘Bivouac.’ This sponsorship model from the BIG3 is especially unique, and the league has opened up it’s own Ownership Model Twitter page, as well as a dedicated whitepaper outlining how the sponsorship model operates. Crypto and blockchain technology is running rampant through the BIG3 and DeGods can safely consider themselves ‘early.’ There’s plenty more on the horizon for DeGods as well. In a recent ‘State of the Union‘ address, the team addressed a native token (and some of the comments of skepticism around it), events, and a dedicated clip around the logic behind the DAO purchasing the BIG3 team. Little is certain in the NFT landscape, but DeGods is seemingly well-positioned to be a Solana staple with it’s current engaged community and active, aggressive approach. Related Reading | APE Takes A Beating As It Sheds 50% Of It’s Price Featured image from degods.com, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. *The writer of this content does not own any of the NFTs mentioned in this article, nor do they hold SOL or any other Solana-based NFTs at time of publishing. This content is produced solely for educational and informational purposes.
“Capuci operated a fraudulent investment scheme and did not use investors’ funds to mine new cryptocurrency, as promised, but instead diverted the funds to cryptocurrency wallets under his control,” the DOJ stated.
The cryptocurrency market as a whole is once again blanketed in red, with Bitcoin falling to a multi-month low. Bitcoin’s price has tanked for four consecutive days, breaching the psychological support level of $35,000. The probable freefall will drag BTC down to the $33,000 support level if sellers maintain this decline. According to CoinGecko, the most popular and largest cryptocurrency by market capitalization lost 4.5 percent during the past 24 hours, breaching a crucial support level and posting a daily low of $34,405. The market capitalization of Bitcoin fell to $657 billion, CoinMarketCap data show. As of March 28, this number exceeded $900 billion. Suggested Reading | APE Takes A Beating As It Sheds 50% Of Its Price The price of BTC has crashed for four straight days, breaking past the psychological support level of $35,000. (TechnoPixel) ‘Extreme Fear’ For Bitcoin BTC is presently selling at approximately $34,515, down roughly 10% in the past week and down 40% year-to-date. The Bitcoin Fear and Greed Index reached a level of “extreme fear” as a result of a loss of about $6,000 in just a few days, which inevitably caused a significant shift in mindset. Rick Bensignor of Bensignor Investment Strategies said in a note, “Bitcoin’s failure to hold key support has increased the likelihood of a severe decline.” Bitcoin has mainly followed the downward trend of equities markets as investors across asset classes react to indications of future interest rate hikes. In the past 24 hours, the market for cryptocurrencies as a whole has fallen by 4.4%. BTC total market cap at $638 billion on the daily chart | Source: TradingView.com No ‘Counter-Trend’ Indicators Katie Stockton, managing partner at Fairlead Strategies, wrote in a note, “Bitcoin currently has no counter-trend indications, but the equities market appears primed for a comeback next week, which we hope will carry over to cryptocurrencies.” The majority of Bitcoin’s loss occurred after the Federal Reserve raised the Federal Funds interest rate by 0.50 percentage points, which triggered a stock market selloff and effectively promised two more 0.50 percentage point increases. Institutional investors began selling Bitcoin exchange-traded funds more than a week ago, according to a CoinShares report. Prior week Bitcoin outflows totaled $133 million, the biggest figure since June last year. Bitcoin is predicted to drop to $30,000. (MoneyWeek) Analyst Predicts A Drop To $30K Carter Braxton Worth, the founder of Worth Charting, predicts that Bitcoin’s price will drop by another 13% to $30,000. As previously indicated, alternative coins are also suffering, with red dominating virtually all charts. Ethereum leads this negative trend with a daily decline of 4.5 percent. Binance Coin has lost a comparable percentage and is currently trading below $360. Additionally, Avalanche, Cardano, Dogecoin, Ripple, Solana, Polkadot, NEAR, and Shiba Inu are in the red. Last week, the head of research at IntoTheBlock, Lucas Outumuro, told Fortune, “Until the market begins to look past the influence of the Fed’s quantitative tightening and rate hikes, I believe it impossible for Bitcoin to develop a broader uptrend.” Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45% Featured image Live Science, chart from TradingView.com
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MAYC, BAYC, and Otherdeed trading volumes are all way down, as are volumes in the entire NFT market, possibly signaling a general cooldown in the industry.
According to a Gallop poll published on May 2, the public’s confidence in America’s current economic leaders has been deteriorating. Confidence in U.S. president Joe Biden managing the U.S. economy has dropped from 57% to 40%, and faith in Federal Reserve chair Jerome Powell has faltered from 55% to 43%. The April 2022 Gallop poll, […]