Category: Cryptocurrency News

The ongoing bear market in Bitcoin is the longest in the network’s history, Glassnode data shows. According to trackers, the winter started on November 10, 2021, after prices peaked at over $69,000. As of July 18, 2023, BTC is trading at around the $30,000 level, down by almost 55% from its all-time high. However, despite the crash and bears persistence, recent developments suggest that the bottom might be in. Bitcoin Bear Run Over? Trackers reveal that this is the second largest phase when the coin’s prices have remained under water for this extended period. Between 2015 and 2016, which was still the formative stages of the coin when its liquidity was building up, the coin remained depressed for 386 days. BTC investors were also under pressure between 2018 and 2019 when prices drastically fell from 2017 peaks, crashing to as low as $4,000 at the depth of the crypto winter of 2018. The extended bear run from 2021 has been influenced by several fundamental factors, including the U.S. Federal Reserve’s intervention which saw the central bank take measures to tame inflation by raising interest rates in eight consecutive sessions. There have been fear factors relating to the collapse of major crypto firms, including 3AC, FTX, Voyager, and the spectacular depegging and crash of UST and LUNA. Following the collapse of FTX in November, Bitcoin prices fell to all low as $15,800 before expanding, roughly doubling in the first half of 2023. Hash Rate And BlackRock ETF Application Despite relatively low Bitcoin prices and the continuation of the bear run, the network’s hash rate is trending at a near-all-time high. As of July 18, Bitcoin’s hash rate stood at over 385 EH/s, retracing from all-time highs of 465 EH/s recorded in late June 2021.  Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign? Historically, prices and hash rate are directly correlated but falling coin prices didn’t dissuade miners from buying new gear and plugging into the network, fortifying it against attacks.  The hash rate measures processing power channeled to a proof-of-work network like Bitcoin. The higher it is, the more secure the blockchain is against potential attackers. Reports on July 16 indicated that the United States Securities and Exchange Commission (SEC) had accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). This is a significant milestone for the Bitcoin-related proposal and may strengthen prices if the regulator eventually approves the derivative, allowing institutions to have exposure. Presently, Bitcoin is teetering close to $30,000 and looks weak. Bulls have been unable to close above $32,000 despite BlackRock’s reapplication of the spot Bitcoin ETF. Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks BlackRock is the world’s largest asset manager, with over $9.4 trillion in assets. The firm filed for its first spot Bitcoin ETF in June, only for changes to the made and the application to be updated before being resubmitted. It remains to be seen if the approval of an ETF marks the bottom for Bitcoin and the nascent asset class. Feature image from Canva, chart from TradingView

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SushiSwap Moon Liquidity has been absolutely insane the last few days. Yesterday we broke the prior record of ~$158K worth of trades in one day, with a new record of ~$246K in one day. Today total volume on Sushiswap surpassed yesterdays new record by over 5x, at ~$1.3M. In fact todays record candle makes the…
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In recent trading sessions, Chainlink (LINK) has exhibited a bullish trend. It experienced a significant rebound from its $5 support level and has since continued on an upward trajectory. Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign? Over the past week, LINK has surged more than 12%, although its daily chart indicates a slowdown in gains. The coin formed a bullish reversal pattern, driving a substantial price surge. The technical outlook for LINK reflects bullish strength, albeit with a slight decline in demand and accumulation on the chart. In recent trading sessions, LINK has formed a pattern that suggests a potential reversal in price direction. To prevent this reversal, it is crucial for LINK to maintain its upward movement and surpass immediate resistance levels. Additionally, a slight decline in market capitalization indicates a decrease in buying strength. Chainlink Price Analysis: One-Day Chart At the time of writing, Chainlink (LINK) was trading at $6.90. The coin has demonstrated significant bullish strength following its recent reversal from the $5 level, driven by the formation of an inverted head and shoulders pattern in the last week. However, despite the upward surge, LINK may encounter resistance around the $7.30 mark, which has historically acted as a strong ceiling for the coin. This resistance is further supported by the formation of a double-top pattern (marked in red), which is considered a bearish signal. As a result, there is a possibility that LINK may experience a decline towards the local support level of $6.60 and potentially even further to $5.80 before attempting a recovery once again. Technical Analysis During the formation of the double-top pattern, there was a notable decline in buying strength, suggesting an impending bearish price movement. The Relative Strength Index (RSI) indicated a bearish divergence, indicating a decrease in demand. Although the RSI remained above the half-line, readings indicated a fading buying strength. Despite this, LINK has managed to stay above the 20-Simple Moving Average (SMA) line, indicating that buyers still have control over price momentum. However, if there is a drop from the current price level, it could lead to LINK falling below the 20-SMA (red), which could bring sellers back into the market. On the one-day chart, the altcoin has exhibited buy signals, although these signals have been experiencing a slight decline. The Moving Average Convergence Divergence (MACD) indicator, which reflects price momentum and trend reversals, has formed declining green histograms, suggesting a potential decrease in buy signals. Related Reading: This Under-The-Radar Coin Just Beat The Top 100 Cryptocurrencies With 120% Explosion Additionally, the Bollinger Bands, which indicate volatility, are wide open, indicating the potential for significant price volatility in the upcoming trading sessions. Featured image from UnSplash, charts from TradingView.com

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Axie Infinity (AXS) continues to be one of the top performers in the market even though the bear market trend. However, an upcoming token unlock event could put an end to the alt coin’s bullish trend given the amount of tokens involved. $21.7 Million In AXS Set To Be Unlock The upcoming Axie Infinity (AXS) token unlock event is the most notable unlock happening this week. Out of the total $27.4 million in tokens set to be unlocked across the space today, AXS unlocks make up the vast majority. Related Reading: Bearish Signal: BNB Open Interest Skyrockets To New Highs According to the token tracking website Token Unlocks, a total of 3.43 million tokens are set to be unlocked in four days on July 22. Going by the current price of AXS tokens at the time of this writing, this translates to $21.55 million in tokens. $21.55 million in AXS tokens set to be unlocked | Source: Token Unlocks This next unlock will see another 2.96% of the total 270 million supply being sent back into circulation. However, unlike its last token unlock held on April 23, the entirety of this token unlock is going toward staking rewards for users of the platform. Will This Affect The Axie Infinity Token Price? The Axie Infinity (AXS) token unlock will no doubt put bearish pressure on the price of the digital asset. This is because the unlock will increase the circulating supply amid declining demand in the market. As such, AXS’s price could see a decline from July 22. However, it is important to note that as these tokens are only going toward staking, they will likely not hit the market at the same time. Such staggered introduction into the market could mitigate selling pressure, giving the buyers time to garner enough demand to offset the new supply. AXS price at $6.24 | Source: AXSUSD on TradingView.com This is possible though as long as the general crypto market does not succumb to the bear pressure current mounting. If Bitcoin is able to recover above $31,000 once more, then coins like AXS will benefit as market sentiment recovers. Related Reading: Crypto Liquidations Cross $300 Million Amid Massive Market Recovery For now, AXS is still holding steady compared to others in the space. The altcoin is currently changing hands at a price of $6.24, recording a 0.32% decline in the last 24 hours, but seeing 6.86% gains on the 7-day chart. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Crypto Ticker, chart from TradingView.com