Category: Cryptocurrency News

Avalanche (AVAX) has been experiencing a surge in daily activity, with traders and investors eagerly observing its progress. The crypto community had high hopes for the AVAX price to surpass the $14 mark, signifying a significant milestone in the asset’s growth.  However, despite the increased interest and activity surrounding the crypto, the price failed to breach the elusive barrier. This unexpected development has left many wondering about the underlying factors contributing to this stagnation in price movement. What’s going on with AVAX? Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements Surge In Daily Activity Fails To Propel AVAX  The current AVAX price on CoinGecko stands at $13.26, showcasing a 2.9% rally over the last 24 hours. However, despite this recent uptick, the asset has also experienced a 0.9% decline in the past seven days. Source: Coingecko Avalanche witnessed an impressive surge in daily activity, yet this accomplishment did not translate into the expected boost for AVAX to break through the critical $14 resistance level. According to a price report, AVAX  has been experiencing a series of lower lows since mid-April, signaling a strong downtrend. During this period, the Relative Strength Index (RSI) has remained below or just slightly above the neutral position, indicating muted buying pressure in the market. AVAX 7-day price movement. Source: CoinMarketCap Currently, the RSI hovers around the neutral level, signifying a more balanced market sentiment. However, the Money Flow Index (MFI) has crossed the mid-level point, suggesting a recent easing of buying pressure while notable trading volume remains.  Given the current technical indicators and market conditions, AVAX’s price is likely to consolidate within the range of $12 to $13.5 in the coming days. Bitcoin’s Consolidation Above $30,000 Affects AVAX Price Bitcoin’s prolonged consolidation above the $30,000 level has played a significant role in shaping the broader cryptocurrency market sentiment, including AVAX’s price movement. As one of the leading digital assets, Bitcoin often sets the tone for the overall market, impacting investor confidence and risk appetite. AVAX market cap below the $5 billion mark. Chart: TradingView.com The prolonged sideways movement of Bitcoin has resulted in a cautious approach among traders and investors. With uncertainty prevailing in the market, many participants have adopted a wait-and-see stance, leading to subdued trading activity and limited buying pressure for AVAX and other altcoins. Related Reading: Polygon 2.0 Upgrade – Potential Bullish Implication Moreover, Bitcoin’s role as a key trading pair on various exchanges further solidifies its influence on AVAX’s price dynamics. As traders often use BTC as a reference point for their altcoin trades, Bitcoin price fluctuations can trigger ripple effects across the entire cryptocurrency landscape, amplifying price movements in both positive and negative directions. Featured image from David Jackson/Park Record

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Bitcoin miners appear to be reducing risk as the significance of BTC price above $30,000 remains firmly in evidence.

PeckShield reports that $2.27 million of NFTs were stolen in June, recording the lowest monthly figure for stolen NFTs in 2023.

The Bitcoin market is experiencing a seismic shift, with recent data revealing fascinating trends that shed light on the evolving dynamics. From a significant decline in Bitcoin inflows to a historic drop in supply on exchanges, coupled with a surge in institutional fund accumulation, these developments highlight a maturing market and changing investor sentiment. Unprecedented Decline In Bitcoin Inflows and Supply The on-chain analytics service CryptoQuant has today published extremely interesting data on the behavior and cohorts of Bitcoin hodlers via Twitter. Over the past 612 days, Bitcoin has witnessed an 80% decline in the number of addresses recording inflows, which can be interpreted as selling activity. This decline reaches an even higher figure of 84% when measured from the peak in May 2021. These numbers even surpass the previous record set during the 2017 parabolic top, demonstrating the magnitude of the current trend. Both narrowly beat the second highest decline in addresses associated with inflows between the 2017 parabolic top into 2018 bear, at 78.5%. It is important to note that these figures do not account for addresses that have moved to self-custody or differentiate between miner activity and retail investors. This suggests that the decline in addresses associated with inflows may be even more significant than the data implies, potentially indicating a shift towards long-term holding strategies or alternative custodial methods. Related Reading: Binance CEO Goes Bullish On Bitcoin – What’s The Inside Scoop? In a parallel trend, the overall supply of Bitcoin on exchanges has been steadily shrinking since March 2020, marking a period of consistent decline that had not been witnessed before in Bitcoin’s history. This decline is not only significant in its duration but also in its depth, as Bitcoin reserves on exchanges have dropped by over 30%. CryptoQuant’s experts further note: March 2020 was the highest ever supply recorded on exchanges, and preceded by consistent ten years of supply growth. The 1200 days since, are the first period of consistent decline in Bitcoin’s history. […] Retail traders and institutions are holding more Bitcoin than ever. This also indicates a major potential shift from active trading and speculative behavior towards long-term holding strategies. Institutional Fund Accumulation Signals Confidence As the decline in inflows and supply unfolds, another intriguing trend emerges: institutional fund accumulation, as observed by CryptoQuant. Institutional investors, including hedge funds, investment firms, and cryptocurrency private funds, are currently actively increasing their holdings of Bitcoin. Related Reading: Bitcoin Price Takes A Hit As SEC Deems Spot ETF Filings ‘Inadequate’ This exponential increase in fund holdings demonstrates a strong interest in acquiring Bitcoin, even at its current price level. Institutional investors often take a more patient and long-term approach compared to short-term traders who closely monitor price fluctuations. By closely monitoring fund holdings, investors can gain valuable insights into market sentiment and the confidence that institutional investors have in Bitcoin as a long-term asset. And the following chart by CryptoQuant is showing just that, an ultra bullish stance by institutions. The positive evolution of Bitcoin’s perception is probably further reinforced by recent developments in the regulatory landscape and the introduction of exchange-traded funds (ETFs). Regulatory frameworks, especially those being implemented by countries in the European Union with MiCA, are beneficial for the institutional Bitcoin adoption. Moreover, the filings and re-filings of Bitcoin spot ETFs by major financial institutions, including BlackRock and Fidelity, indicate a growing recognition of Bitcoin’s potential as a legitimate investment. These ETFs provide a more accessible and regulated way for investors to gain exposure to Bitcoin, potentially driving further institutional adoption and market growth. At press time, the BTC price stood at $30,716, remaining in its range between $29,800 and $31,000. Featured image from iStock, chart from TradingView.com

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Professional traders can hedge their Bitcoin bets using the iron condor options strategy as the Q2 earnings season comes into play.

Solana (SOL) is poised to further enhance its decentralized finance (DeFi) ecosystem with the introduction of a new validator client. This exciting development has garnered attention from stakeholders and industry experts who believe it could significantly bolster Solana’s position in the highly-stacked DeFi landscape.  As optimism runs high, Solana enthusiasts eagerly anticipate the potential benefits that this innovative validator client may bring, further solidifying the platform’s future prospects. Could this validator client be the catalyst that propels Solana’s DeFi ecosystem to new heights? Related Reading: Polygon 2.0 Upgrade – Potential Bullish Implications For MATIC Price? Enhanced Solana DeFi On The Horizon  A recent report on SOL price unveils an exciting development in the world of Solana’s DeFi ecosystem. Enter Firedancer, an independent validator client developed by Jump, which could revolutionize the DeFi landscape by improving crucial aspects of the platform. Firedancer’s primary focus lies in reducing latency times, effectively bridging the gap between decentralized exchanges and their centralized counterparts. Source: Messari By effectively mitigating latency times, Firedancer has the potential to unlock faster transaction processing within the Solana network. This transformative enhancement not only promises a superior user experience but also has the power to attract a greater number of participants to the network. The increased efficiency and streamlined operations facilitated by Firedancer are expected to elevate the scalability and usability of decentralized applications built on Solana, paving the way for substantial growth and progress within the ecosystem. SOL market cap nearing the $8 billion level. Chart: TradingView.com Related Reading: Arbitrum Gains Tempered By Obstacles, Hindering ARB’s Further Upswing Source: Coingecko As of writing, CoinGecko’s data reveals SOL’s current price at $19.45, accompanied by an increase of 4.4% within the past 24 hours. Furthermore, the cryptocurrency has experienced a remarkable rise of 15.5% over the course of the past seven days, reflecting the prevailing market sentiment and the potential impact of transformative innovations such as Firedancer on the future trajectory of Solana. Solana’s Resilience Shines Amidst Market Volatility, Regulatory Challenges Solana has emerged as one of the gainers in a mixed early trading session among the top 10 non-stablecoin cryptocurrencies by market capitalization. The rally comes as a breath of fresh air after a series of bearish indicators that surfaced last week, including the closure of the Solana-based non-fungible token (NFT) protocol, Cardinal, citing “macroeconomic challenges.” Hey Everyone, we have some unfortunate news to share 🙁 After a lot of reflection, we’ve decided to begin the process of winding down our protocols. Let’s dive into it 🧵 ⬇️ — Cardinal (@cardinal_labs) June 28, 2023 Additionally, the Revolut neobank and crypto exchange reportedly announced the delisting of Solana, Cardano, and Polygon for its US-based users last Wednesday. This news comes on the heels of the recent lawsuit filed by the Securities and Exchange Commission (SEC) against leading exchanges Coinbase and Binance.US, wherein Solana, Cardano, and Polygon were named as tokens allegedly involved in the illegal issuance of financial securities. Despite these regulatory hurdles and market setbacks, Solana has displayed resilience and managed to remain on a positive trajectory amidst the volatility. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Pexels

Members of the DAO claim to be made of a dedicated group of Azuki enthusiasts. It’s the latest wrinkle following the launch of the controversial “Elementals” collection.

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