Coinbase CEO’s stock sale was probably not planned to occur a day ahead of SEC suit
Armstrong was selling shares under a plan set up in August that sometimes made him money and other times not; the June 5 sale was still good timing.
Armstrong was selling shares under a plan set up in August that sometimes made him money and other times not; the June 5 sale was still good timing.
University of Kent researchers compared three quantum systems to an ASIC miner, and the quantum machines were demonstrably more energy efficient.
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According to data from leading crypto analytics firm Santiment, a distinct trend has unfolded in the stablecoin sphere. Even as stablecoins designed to maintain parity with a reserve asset like the US dollar, continue to hold their $1 peg, the combined market capitalization of the top five stablecoins – Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD) – has been experiencing a consistent decrease. Santiment reports earlier today that this downtrend began about 15 months ago, following a peak in March 2022. According to Santiment, Stablecoin market capitalization serves as a reliable indicator of the overall health of the crypto market. An upswing in the market cap signifies an increased buying power to purchase Bitcoin or altcoins in the future, often hinting at a potential market recovery. Conversely, a declining market cap could indicate that Bitcoin and altcoins are being liquidated, suggesting that large holders have been banking profits. Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin Sharks And Whales Remain Unshaken Among the stablecoin ecosystems, large holders, colloquially known as ‘whales’ or ‘sharks,’ represent an interesting variable. These entities, which typically hold between $100,000 and $10 million in assets, play a crucial role in market dynamics. Despite the decreasing market cap, Santiment’s analysis reveals that these whales are far from unnerved. Specifically, the analytics firm reports that sharks and whales holding Tether, USD Coin, and Dai currently command over 40%, 37%, and just under 40% of the respective supplies. These holdings are the highest they’ve been since November 2021 or February 2023, suggesting that these whales are merely holding their wealth in stablecoin form, biding their time for an opportune moment to jump back into other more volatile assets. Steady Accumulation Amid Dormant Stablecoin Movements While the collective stablecoin market cap has been dropping, Santiment notes a steady accumulation of assets among whales. This pattern lacks any sudden major moves, which might otherwise signify a potential market bottom in a declining environment. The recent weeks have also seen minimal movement among dormant stablecoins, which could have suggested major buys of Bitcoin or altcoins. Although USD Coin has shown some promising dormant movement at the end of May, the activity falls short of the dormant stablecoins surge witnessed in mid-March, which ignited a notable bull rally. Meanwhile, according to data from DeFillama, the total stablecoin market capitalization currently stands above $120 billion, down by nearly 1% in the past 7 days. Notably, out of all the stablecoins, Tether’s USDT holds the most dominance at 64.57%. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode The stablecoin currently has a market capitalization above $80 billion while Circle’s USDC Coin ranks second in the stablecoin market with a market cap of $28.7 billion. It is worth noting that as the stablecoin market has decreased steadily, larger crypto assets such as Bitcoin and Ethereum may be benefitting from this metric. Over the past 24 hours, both Bitcoin and Ethereum have shown an uptick up by nearly 1% respectively. This uptrend comes despite the regulatory scrutiny in crypto which has recently affected the world’s largest crypto exchanges, Binance and Coinbase. Featured image from Unsplash, Chart from TradingView
Given the new complaints presented to Binance and CoinBase and they have to be the most transparent that is possible to fulfil the investigation of the S.E.C . And what seems to me as and organized attack on the crypto community subsequently forcing out crypto . My main concern is about the security if a…
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With the recent lawsuit hitting Binance, and probably other problems to come, is there an increased risk for binance pegged assets, i.e. assets on the Binance Smart Chain? Could they for example be worth 0 should the actual underlying asset (think USDC, DAI) be seized or frozen as part of a legal procedure? submitted…
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Join us as we discuss the best way to find the next big altcoins before they pump and what every trader should be doing right now.
On-chain data shows a large amount of Bitcoin older than 10 years has suddenly moved today, a sign that could be bearish for the price. Bitcoin Dormant From More Than 10 Years Ago Has Abruptly Moved As pointed out by an analyst in a CryptoQuant post, this movement of dormant coins may be a sign of selling. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which tracks the movements that the different age bands are making on the blockchain right now. The “age bands” here refer to groups of coins divided based on the total amount of time that they have been sitting still on the network for. In the context of the current discussion, the 10+ years age band is of interest, which is a cohort that includes all coins that haven’t moved from a single address in more than 10 years. The SOAB metric, when applied for this particular age band, would naturally tell us about the number of coins that investors belonging to this group are transferring at the moment. Related Reading: Bitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment Now, here is a chart that shows the trend in the Bitcoin SOAB for the 10+ years age band over the past couple of days: The value of the metric seems to have been quite high in recent hours | Source: CryptoQuant As shown in the above graph, the Bitcoin SOAB for this specific group has registered a large spike during the past day. In total, this surge in the metric has corresponded to around 1,433 BTC moving across wallets on the network. The general cohort for all investors that have been holding their coins since more than 155 days ago is called the “long-term holder (LTH) group.” Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. Due to this reason, the LTHs are considered the resolute hands of the market. As the movement in question is coming from an investor who had been holding for more than 10+ years, the holder would have been one of the oldest ones among even these LTHs. Related Reading: Bitcoin Realized Loss Remains Low Despite Volatility, What Does This Mean? Such old supply, however, is usually considered to have been lost due to wallet seed phrases becoming inaccessible. This means that there is a big chance that the wallet activation today may have come because of a user rediscovering a previously lost wallet. While movements from the LTHs are usually a bad sign for the market, as they show that even the diamond hands may have lost their belief in Bitcoin, this latest transaction wouldn’t be reflective of the general sentiment, considering the special circumstances around it if it’s truly coming from a lost address that has now been recovered. Nonetheless, the transfer is still a probable sign that the coins are being moved around for selling-related purposes, so it’s possible that the asset may face some bearish impact from the move. BTC Price At the time of writing, Bitcoin is trading around $26,400, down 2% in the last week. Looks like BTC has been consolidating sideways | Source: BTCUSD on TradingView Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Regulatory concerns continue to impact the entire crypto market, and this week’s BTC options expiry could play a decisive role in pushing the Bitcoin price under $26,000.