Category: Cryptocurrency News

Global investment bank Goldman Sachs has predicted that the metaverse could be an $8 trillion opportunity. Several others have similarly predicted that the metaverse is a multitrillion-dollar market. Goldman Sachs Says the Metaverse Could Be an $8 Trillion Opportunity Global investment bank Goldman Sachs has predicted that the metaverse could be an $8 trillion opportunity. […]

Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move. Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels. The price is now trading near $36,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Recovery Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave. There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair. The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone. The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $35,400, followed by $34,000. Major Resistance Levels – $37,000, $38,000 and $38,200.

A recurring narrative here is that “crypto is my only chance”. There’s a difference between crypto being your only chance and needing to 2x your entire portfolio every week. I realize that we aren’t here to be “ok”. However, it’s easy to lose sight of the big picture and start dreaming about your yacht with…
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Let’s cut to the chase: Glassnode thinks we’re in a bear market. In their latest “The Week On-Chain” newsletter, the company tries to “establish the likelihood that a prolonged bear market is in play” by “using historical investor behaviour, and profitability patterns as our guide.” One thing’s for sure, the recent crash was severe, and “such a heavy drawdown is likely to change investor perceptions and sentiment at a macro scale.” Related Reading | Bitcoin Leads As Markets Sees Record Outflows. Bear Market Incoming? How severe was it? According to Glassnode, “this is now the second worst sell-off since the 2018-20 bear market, eclipsed only by July 2021, where the market fell -54% from the highs set in April.” Apart from the price, investors “capitulated over $2.5 Billion in net realised value on-chain this week.” Who were those paper hand investors? “The lion’s share of these losses are attributed to Short-Term Holders.” Of course. Glassnode Points Out The Bear Market Indicators The first indicator Glassnode goes for is “The Net Unrealised Profit/Loss (NUPL) metric.” Which measures “the overall market profitability as a proportion of market cap.” How is Bitcoin doing on that front? “NUPL is currently trading at 0.325 which indicates that an equivalent to 32.5% of the Bitcoin market cap is held as an unrealised profit.” BTC Price Drawdown from ATH | Source: Glassnode How does this point to a bear market? “Considering previous cycles, such low profitability is typical in the early to mid phase of a bear market (orange). One could also reasonably argue that a bear market started in May 2021 based on this observation.” This is not enough, though. But Glassnode has more. The second indicator the company hit us with is “The MVRV Ratio.” This one “is calculated as the market cap, divided by the realised cap; and is a useful tool for identifying periods of high, and poor investor profitability.” How does this point to a bear market? “With a current MVRV-Z reading of 0.85,  the market is well within territory visited in bearish markets, and a bearish divergence is noted, similar to the NUPL metric above.” Is this enough? No way. But Glassnode has an ace up its sleeve. The third indicator is “the Realised-to-Liveliness Ratio (RTLR).” They use “the Realised Price using Liveliness in the denominator” to calculate this one.  How does this point to a bear market? “The market is now trading below the RTLR price of $39.2k, but above the Realised price of $24.2k. Again, this is often observed during early to mid stage bear markets.” Who Sold And Who Is Still Holding Strong? There’s no surprise here. The “Short-Term Holders (STH)” are selling. How does Glassnode define STHs, though? By the age of their coins. “Coins are considered to be owned by STHs when they are younger than ~155-days, and are statistically more likely to be spent in the face of volatility.” No surprise there either. It’s worth pointing out that the STH’s coins are “currently held at a loss.” In fact, “as of this week, almost the entire STH supply is underwater.” That could be scary for newcomers, so those coins are at risk of being sold. At a loss. These people are going to regret their emotional decisions for life, but that’s a topic for another article. BTC price chart for 01/24/2022 on Oanda | Source: BTC/USD on TradingView.com The other question here is, who’s holding strong? According to Glassnode, “Interestingly, STH supply remains near multi-year lows, which is indicative of their counter-part, the Long-Term Holders (LTHs), who appear impressively unfazed by such a severe drawdown.” Of course. People who already understood the game are not easy to shake. How are the LTH’s coins doing? “Over 59.3% of the circulating supply has now been dormant for over 1yr, increasing by 5.8% of circulating supply in the last three months.” This sounds bullish, but Glassnode finds a way to rain on the LTH’s parade. “Whilst a rising, and large proportion of mature coins is generally considered constructive, it once again bears similarities to a bear market, a time when only the HODLers and patient accumulators remain.” Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run Conclusions And Hopium According to Glassnode, one could argue that the “bear market started in May 2021.” Does it feel like a bear market, though? No, it doesn’t. It doesn’t feel like a bull market, either. We may be in a new phase. The Bitcoin cycle might be dead. Or maybe we’re just in a bear market as Glassnode tried to prove. Either way, LTHs are not selling. Featured Image by mana5280 on Unsplash | Charts by Glassnode and TradingView

Hi, it’s been a while. Since my last post, I had almost no time to reply or prepare new material for Reddit. I owe you the info about buying property and how to be safe here in El Salvador. This time had been a complete rollercoaster for me since my family and co-workers’ family got…
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The social media giant said that the “AI Research SuperCluster” supercomputer is already operational, and it expects it will be fully completed around the middle of the year.

The results from a survey by the Game Developers Conference are in, and they reveal a deep-seated distaste for NFTs, crypto, and the Metaverse.

Hello! I would just like to get a little bit of information about the major reasons people choose to build their DApps or NFT projects on different networks. Here is my current understanding: -At the moment, the major networks most people would choose to build their DApp or Smart Contract service on are Ethereum, Polygon,…
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