Category: Cryptocurrency News

The developer behind popular NFT projects PUNKS Comic and MetaHero Universe, alongside investors Velvet Sea Ventures and 01A, plan to pioneer Web3 storytelling via new company.

The way bitcoin holders move the BTC in and out of their wallets can often be a strong indicator of where the market might be headed next. Not just the movements of the asset, but where they are being moved to. An example of this is when more investors are moving their holdings to exchanges, which means that sell sentiment has risen and investors are dumping their coins, and vice versa. In this same line, looking at the liquid and illiquid supply of bitcoin can also be another strong indicator. And this time around, the percentage of bitcoin supply that remains illiquid point towards a bull trend and hold sentiment among investors. Bitcoin Illiquid Supply At 4-Year Highs Bitcoin illiquid levels have shot up in the past few years. In 2017, the total illiquid supply of BTC had risen above 76%. This number had remained under this level for the next four years, until now. Currently, the total BTC illiquid supply has risen back above 76% to its present 76.%. It points to more investors being more interested in holding their assets for the long term. Related Reading | Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27% Total liquid and highly liquid supply are split between 23.8% of the supply. The illiquid supply is held in wallets that show little to no history of spending of any kind. These wallets have held on to their holdings for longer than a year for the most part, and their history point towards the owners being in full accumulation mode. The contents of these wallets have barely moved, and if so, have not been in the direction of exchanges. Illiquid supply touch four-year highs | Source: Glassnode Price and illiquid supply are now going in opposite directions of each other. While the price is going down, pointing towards bearish sentiment, the volume of illiquid supply is going up. This report shows that illiquid supply went up by 0.27% over the course of a week, showing bullish sentiment among investors. Exchange Outflows Grow Bitcoin exchange outflows have also surpassed inflows in recent times, contributing to the growing illiquid supply. The past week saw outflows hit as high as 59K BTC per month leaving exchanges. The illiquid supply has been placed at approximately 51K BTC for the same time period. So, it is only natural to assume that the exchange outflows are being moved to personal storage by investors. Total change reserves have continued to decline in light of this. For the first time in over two years, the total supply on Bitcoin exchanges has reached 13.27%, one of the lowest ever recorded. BTC supply on exchanges drops to 13.55% | Source: Glassnode As for the digital asset, its price movements have maintained a particular trend. With the low momentum in the market, the digital asset has been unable to move upwards out of its $37,000 price point. Meanwhile, it has not fallen below this point either, showing that bulls are still successfully holding up the asset despite being in a bearish trend. Related Reading | Bitcoin Inflows Suggest Institutional Investors Are Moving Back Into The Market Exchange outflows and illiquid supply currently point to an accumulation sentiment as fewer and fewer coins are being spent and sold with each downtrend. BTC down to $37,000 | Source: BTCUSD on TradingView.com Featured image from The Crypto Associate, charts from Glassnode and TradingView.com

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“Be careful, sometimes, when you mention that you work in crypto, people’s impression of you immediately switches to “millionaire” or “billionaire”, making you far more susceptible to extortion-related crimes,” writes security expert Dr. Anon.

Bitcoin was down in the afternoon session on Wednesday, as bargain hunters and dip takers failed to maintain this morning’s momentum. The premier crypto continues to maintain price action similar to tech stocks. Bitcoin Price Falls Bitcoin sank below $38,000 as Wall Street opened, giving up half of the gains made on Feb. 1. Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it dipped below $38,000 as Wall Street opened, giving back half of the gains made on Feb. 1. Bitcoin’s price has risen above $39,000 after a sustained recovery. There was no proper closing above $39,000, though. As a result, the price dropped again from the $39,200 level. Bitcoin fell 4.35% to US$37,621 on February’s second trading day, extending the January sell-off. BTC/USD Trades at $37k after yesterday’s momentum. Source: TradingView Tech stocks also took a beating. Bloomberg data revealed how early pandemic gains were wiped out this year and last, with PayPal losing 52% and others, including Zoom and Peloton, losing 70% or more. PayPal led the way, after it failed its earnings expectations. Related article | TA: Bitcoin Lacks Momentum Above $38.5K, But Dips Likely To Be Limited Bitcoin has dropped almost 45% from its all-time high of $69,000 since last year, as increasing inflation and fears that Russia and Kazakhstan would follow China’s lead and restrict crypto mining have caused formerly uncontrollable speculators to hedge their bets. Popular Twitter account TXMC Trades summarized on the day: “Market structure for me is still clearly bearish under $39.6K. Would like to see daily closes over $40.2K before I felt a bigger rally possible. My base case is still a test of $29K-$30K (or lower) before any future price discovery. Macro FUD is driving all. HODL and wait.” Despite the persistently low price performance, on-chain data remained positive. Willy Woo, a statistician, emphasized on Wednesday that all is well with Bitcoin under the hood, building on prior remarks. He noted: “Price in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels. The last time this happened was October 2020. The time before that was at the bottom of the COVID crash” Related article | Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price

Every country in the world is in debt, some much more than others The US national debt is $30 Trillion, China $7 Trillion, Russia $0.5 Trillion, India $2.3 Trillion Some smaller countries have staggering debt levels, for example Japan has debt of 235% it's GDP. I think most of this the debt is in the…
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Russians may own more cryptocurrency than previously thought, a new estimate reportedly used by the government has indicated. The quoted figure amounts to over a tenth of the global holdings and may serve as an impetus for the government to regulate Russia’s crypto market rather than outlaw it. Estimated 12% of Crypto Allegedly Held by […]

We provide over 100+ FREE crypto articles on our SubStack! 😀 (Link on our profile). This is not financial advice. Gyroscope Overview Gyroscope is an all-weather stablecoin that is decentralised, scalable, and highly liquid, based on revolutionary new designs. It is not out yet, still in testnet phase. But we would like to share how…
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Bitcoin and altcoins took an unexpected dip on Feb. 2, signaling that even with $40,000 in sight, the overall sentiment remains negative.