Category: Cryptocurrency News

According to Google Trends data, interest in Bitcoin is heading to historic lows as of June 27. In a screenshot shared by a Twitter user, organic searches related to “Bitcoin” have dropped in the last six months.  Google Trends is a free tool that tracks how people search for specific terms or phrases on Google, the world’s largest search engine. Interest in a particular topic or asset can be ascertained in real time depending on the number of search terms. Currently, few users are searching for the term “Bitcoin.” Interest In Bitcoin Fast Falling Notably, BTC and crypto prices have steadily recovered after bears wiped gains last year. As an illustration, BTC is up roughly 87% when writing and trending at around 2023 highs. On the other hand, organic searches related to the world’s most valuable cryptocurrency are at multi-year lows, sharply falling in the first half of 2023. Related Reading: PEPE Coin Shines Among Top Gainers, Tallies 78% In Last Week Data from Google Trends show that interest in searches around Bitcoin is below 2018 levels and could drop lower, considering how fast the reading has been free-falling in the first half of the year. This “disinterest” in Bitcoin seemed to have been spilled over from the second half of 2022.  In the first half of last year, searches temporarily expanded before dropping. Even so, at that time, Bitcoin search readings, according to Google Trends, were lower than that registered in 2021 when it was at record highs. Based on this development, there appears to be a direct correlation between sentiment and prices, as deduced from Google Trends data on Bitcoin. BTC prices peaked at over $69,000 in November 2021 after steadily rising from late 2019. Notably, prices more than doubled as they rallied below $10,000, breaking December 2017 highs of around $20,000 and soaring to new all-time highs of about $70,000 registered in Q4 2021. When prices roared, searches related to Bitcoin, Google Trends data shows, also rose. The inverse was observed in the past 19 months when prices contracted from all-time highs, dropping by over 70% to as lows as sub-$16,000 in November 2022.  What Could Be The Cause? From the current BTC price action, there is a divergence between Google Trends data on Bitcoin and prices. While prices are rising, shaking off bears of Q4 2022 and the first half of Q1 2023, interest in Bitcoin is shrinking.  This observation can be pinned on several factors, including increasing regulatory scrutiny of Bitcoin and cryptocurrencies in the United States and worldwide. Related Reading: BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing Although the United States Securities and Exchange Commission (SEC) has clarified that Bitcoin is a commodity, the regulator’s action against popular exchanges, including Coinbase and Binance, might have impacted sentiment, puncturing user interest. Feature Image From Canva, Chart From TradingView

I have been off the etherium chain for quite awhile now but, recently I wanted to do a $100 transaction and the gas fees were like $97, (didn't do it). I thought moving to stake was supposed to alleviate the high cost of transactions. Who is getting this "gas" money. Staking ETH only returns about…
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There is no disputing that cryptocurrencies are now widely accepted. Cryptocurrencies are now firmly part of the global conversation; whether it be investors trading crypto, businesses accepting it as a mode of payment, or just reports about the latest surge or crash in the crypto market. And now, according to a new ConsenSys survey, an impressive 92% of people around the world are aware of cryptocurrencies like Bitcoin. Developing Regions Show Strong Crypto Recognition According to a recent poll conducted by the private blockchain software company ConsenSys and YouGov, 92% of people worldwide are aware of cryptocurrencies. Over 15,158 people in 15 nations, with an average age of 18, were surveyed for the report. However, while awareness of crypto is high, understanding is low. A total of 92% of respondents to the survey had heard of crypto, but only 8% could confidently say they were familiar with the general concept of Web3. Related Reading: BLUR Up By 11% Following This Announcement Interestingly, developing regions of the world actually show some of the strongest recognition and interest in cryptocurrencies. Nigeria, South Africa, and Brazil lead in the pack in crypto awareness, with 99% of Nigerian respondents demonstrating awareness of crypto and over 70% accurately guessing the definition of a blockchain. While developed nations debate regulating crypto, developing regions seem more open to innovation. Cryptocurrencies like Bitcoin and Ethereum have helped to address the inherent risks of unstable currencies leading to high inflation rates and the lack of financial infrastructure for money movement that many people face in developing nations. This stands in stark contrast to the larger level of mistrust toward cryptocurrency displayed by European nations and Asian nations like Japan and South Korea. In Japan and Indonesia, only 1 in 3 respondents claim to understand what cryptocurrency is. Total market cap recovers as Bitcoin rebounds | Source: Crypto Total Market Cap on TradingView.com Only 8% Of Respondents Very Familiar With The Concept Of Web3 In a country like Argentina, whose currency has been through a significant devaluation and instability in recent years, 56% of respondents indicated a higher likelihood of owning cryptocurrency as a store of value.  While crypto and blockchain have gained mainstream awareness, most people still have a lot to learn about web3, the decentralized internet of the future. 36% and 34% of respondents were familiar with the Metaverse and NFTs, but only 24% are aware of Web3, with only 8% saying they are “very familiar” with the concept. Related Reading: PEPE Coin Shines Among Top Gainers, Tallies 78% In Last Week As web3 projects emerge and gain traction, crypto literacy rates should rise. ConsenSys predicts broader understanding will come through a more practical understanding and utilization of web3 technologies. Featured image from Freebitcoin, chart from TradingView.com

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A reptilian technical signal is back in Bitcoin, and it has started to feast upon a new uptrend, according to how the tool works. Take a closer look below at the one-week BTCUSD Williams Alligator, and learn more about what it says about the king of the cryptocurrency market. Bye Crypto Bear Market. See You Later, Says Alligator Bitcoin price is back above $30,000 and the recent push higher has possibly changed the trend. That is according to the one-week Williams Alligator, which has started “eating with its mouth open.” Related Reading: Bitcoin Price Breaks Above $30,000: Is The Bull Run Back On? The Williams Alligator consists of three smoothed moving averages, set at 5, 8, and 13-periods. These averages represent what creator Bill Williams has labeled the Lips, Teeth, and Jaw of the gator, respectively. When the three moving averages are moving upward, and the Lips are above the Teeth and Jaw, it suggests that an asset is trending. As such, the chart below suggests that Bitcoin is once again trending up. The Alligator is hungry for BTC | BTCUSD/NDX on TradingView.com Bitcoin Could Be Trending For A While Crocodile As the image depicts, after Bitcoin begins trending according to the technical tool and timeframe, it continues until a climax. At that point the Alligator is sated and begins “sleeping”. Given the recent macro environment, regulatory pressure, and more, investors might still be sleeping on the crypto market. But if you read the Williams Alligator correctly, it suggests that the gator has awakened, and an uptrend is here. Related Reading: Momentum: Why The Bitcoin Train Is Ready To Leave The Station Upon examining the last three major uptrends, the current most closely resembles the 2020 rally. In 2019 the Aligator ate for 50 days before a peak. In 2021, it lasted 75 days. But the big one in 2020 lasted a full 350 days before a reversal. Thus far, the Alligator started eating 125 days ago, surpassing 2019 and 2021 combined. Yet it’s not even halfway done with its meal if the rally is as strong as 2020. How long will the Williams Alligator stay hungry for BTC? The 1W Williams Alligator 🐊 is hungry for more expensive #Bitcoin It has started eating with an open mouth, thus following the trend It is done dining when the 5, 8, and 13 (Fib numbers) period smoothed MAs cross and turn down Eat, or be eaten pic.twitter.com/V12PykySYr — Tony “The Bull” (@tonythebullBTC) June 27, 2023 Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

The Nevada Department of Business and Industry’s Financial Institutions Division (FID) has taken action against Prime Trust, LLC. This US-based financial institution specializes in custody and settlement services for digital assets.  The FID has alleged that Prime Trust has violated Nevada regulations and has a shortfall in customer funds, which has deteriorated to a critically deficient level. As a result, the FID has filed a petition to place Prime Trust into receivership. This means that a court-appointed receiver will take control of the company’s assets and operations to protect the interests of creditors and other stakeholders. Prime Trust Accused Of Using Customer Assets To Buy Back Crypto The allegations against Prime Trust are significant, with the FID claiming that the firm lost access to legacy wallets in 2021 and used customer assets to buy back crypto.  Prime Trust reportedly owes its customers $85,670,000 in fiat currency but only has $2,904,000, while it owes $69,509,000 in digital currency but only has $68,648,000. The receivership of Prime Trust could potentially have significant implications for the firm’s customers. If the court grants the petition filed by the Nevada FID, a receiver will be appointed to take control of the firm’s assets and operations. Related Reading: PEPE Coin Shines Among Top Gainers, Tallies 78% In Last Week During the receivership, the receiver will manage and administer Prime Trust’s assets and liabilities. This could include selling off assets to pay off creditors, negotiating with customers to resolve outstanding issues, and taking other actions to wind down the firm’s operations. For customers of Prime Trust, the receivership could lead to delays and disruptions in accessing their accounts and assets held by the firm. The receiver may need to freeze or restrict customer accounts while they assess the firm’s financial position and develop a plan for winding down its operations. Customers who have assets held by Prime Trust may also face the risk of loss if the firm’s assets are insufficient to cover its liabilities. While the receiver will work to maximize the recovery of funds for creditors, the outcome of the receivership is uncertain, and customers may not receive the full value of their assets. The petition to place Prime Trust into receivership will be subject to a hearing, where the court will determine whether the firm should be placed into receivership and whether a receiver should be appointed.  The Majority Of Prime Trust’s Digital Currency Holdings Tied To AUDIO The news of Prime Trust’s receivership filing has sent shockwaves through the digital asset community, particularly for investors in AUDIO. According to Connor, Director at Coinbase, 88% of the digital currency held by Prime Trust is AUDIO, the native token of the Audius music streaming platform. This news could trouble AUDIO investors, as the receivership process could result in significant losses for those holding the token.  While the receiver will work to maximize the recovery of funds for creditors and stakeholders, the outcome is uncertain, and investors may not receive the full value of their AUDIO holdings. Related Reading: BLUR Up By 11% Following This Announcement The situation is especially concerning, given the recent volatility in the digital asset markets. AUDIO has experienced significant price swings over the past months, and investors may be hesitant to hold a token that is so heavily concentrated in the hands of a single custodian. At the time of writing, the value of AUDIO stands at $0.1853. This represents a 1.7% decrease in value over the last 24 hours. The token’s price has remained relatively stable following the news of Prime Trust’s receivership filing. Featured image from Unsplash, chart from TradingView.com 

Michael Shaulov believes that while recent Bitcoin ETF filings could see new institutional money flow to Bitcoin, that in itself didn’t drive previous price surges.

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