The IOST Foundation, the organization behind the IOST blockchain, a gas-efficient proof-of-believability-powered smart contract platform, announced today together with venture capital institutions and ecosystem partners, the launch of a new $100 million USD incentive fund for EVM developers, aiming to incubate projects and propel the growth of IOST’s multi-chain ecosystem. On March 31, 2022, IOST…
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Data shows the number of active Bitcoin entities has been steadily going up, but the growth pattern still remains in the bear market channel. Number Of Active Bitcoin Entities Continues To Remain In Bear Market Channel As per the latest weekly report from Glassnode, the number of active BTC entities has observed a persistent user growth recently. The “number of active entities” is an indicator that tells us about the number of daily active users on the Bitcoin network. An entity here refers to a collection of addresses held by a single investor, so the number of entities isn’t the same as the total number of addresses on the network. When the value of this indicator rises, it means more holders are making trades right now. A sharp growth can suggest a large number of new investors are ushering into the Bitcoin market. On the other hand, decreasing values of the metric implies interest around the crypto is diminishing as investors go dormant. Related Reading | On-chain Data Suggests Bitcoin Miners Were Behind The Selloff Now, here is a chart that shows the trend in the number of active Bitcoin entities over the past several years: Looks like the metric has observed some growth recently | Source: Glassnode’s The Week Onchain – Week 15, 2022 As you can see in the above graph, the number of active Bitcoin entities has been steadily going up in recent weeks. However, the value of the metric is still within a range that the report refers to as the “bear market channel.” As the name suggests, the indicator is usually inside this range during bearish periods where a persistent user growth is observed, but nothing too explosive. During the bull market hype, on the contrary, the number of active entities usually shows a very rapid rise. But near the peak, the indicator also crashes down sharply. Related Reading | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles Recently, the trend has been that of a sharp growth in the Bitcoin active entities, but as pointed out earlier, the current value is still at the upper end of the bear market channel Nonetheless, the report notes that any expansion here would mean the indicator will finally escape this range, something that could prove to be constructive for the price of the coin. BTC Price At the time of writing, Bitcoin’s price floats around $40.4k, down 14% in the past week. Over the last month, the crypto has gained 3% in value. The below chart shows the trend in the price of the coin over the past five days. Bitcoin seems to have plunged down over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com
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Bored Ape Yacht Club owners can take advantage of IP rights by auditioning for a BAYC movie trilogy, while other popular NFT characters now make up the cast of iHeartMedia’s latest podcast venture.
But SHIB price risks another 50% decline as it continues to fluctuate inside a bearish triangle pattern.
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Router Protocol, an infrastructure layer enabling communication between blockchains, today announced it has added Optimism and Arbitrum to its platform. The community can now transfer funds and swap assets across networks with the largest TVL in cross-chain bridges (Fantom, Polygon, Avalanche C-chain, and Arbutrum), in addition to Ethereum, Optimism, and Binance Smart Chain. These new…
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Former BitMEX CEO Arthur Hayes posted another prediction for Bitcoin and Ethereum. At the same time, the top cryptocurrencies by market cap continue moving in a tight range with today’s U.S. Consumer Price Index (CPI) increasing volatility across the board. Related Reading | TA: Bitcoin Resumes Decline, Why BTC Could Revisit $40K At the time of writing, Bitcoin trades at $40,500 with a 1% loss in the last 24-hours and a 13% loss in the last week. Ethereum trades at $3,000 with similar performance over this period. As NewsBTC has been reporting, Hayes believes the current financial system supported by the “Petrodollar” has ended. This opened the door for a new system where independent currencies, such as Bitcoin and Ethereum, will see more demand. Ethereum stands to benefit the most in the short term as it will transition to a Proof-of-Stake (PoS) consensus algorithm. Thus, it’ll see a 99% decline in its energy consumption with a staking system that will yield rewards to network validators. Institutions will take shelter from inflation using this system, Hayes argued. However, the top cryptocurrencies will undergo an increase in selling pressure in the short to medium term as the U.S. Federal Reserve attempts to tame inflation. This will lead to a bloody financial market coming May when the FED will begin its tightening program. At the time, the former BitMEX executive claims Bitcoin and Ethereum show high levels of correlation with traditional markets, specifically the Nasdaq 100 Index (NDX). In other words, crypto is trading as a big tech company. Hayes believes this correlation needs to trend to the downside before Bitcoin and Ethereum can begin their ascend to new all-time highs. Before that happens, the NDX and the traditional market will be pushed into the red with potential drawdowns of 30% to 50%. This could take BTC and ETH to re-test their critical support zones at around $30,000 and $2,000, respectively. Proof Of The Ethereum and Bitcoin Carnage As evidence of this upcoming bloodbath, Hayes claims the NDX on its one-year chart demonstrates potential weakness. The Index failed to break above the 61.8% Fibonacci Retracement with a prolongation of the downtrend, this suggests further losses. Hayes said: The chart tells me the NDX will continue lower, test its local low, and break decidedly below it. I believe the next stop after that is to test 10,000 (…). the crypto capital markets are the only free markets left globally. As such, they will lead equities lower as we head into the downturn, and lead equities higher as we work our way out of it. Bitcoin and Ether will bottom well before the Fed acts and U-turns its policy from tight to loose. Related Reading | Bitcoin Price Plummets Below $40,000 As Crypto Market Tallies $440 Million In Liquidations In the long run, Bitcoin will hit $1 million per coin and Ethereum over $10,000, Hayes previously stated. A lot depends on the FED which seems trapped in its current situation, and in the Ukraine-Russia conflict and its resolution.
