Category: Cryptocurrency News

ApeCoin (APE), created by Yuga Labs, once soared to great heights, capturing the attention of investors and enthusiasts alike. However, recent developments have cast a dark cloud over the once-promising digital asset. With an astonishing 95% of ApeCoin holders finding themselves deep in the red, the future of this innovative cryptocurrency hangs in the balance. Negative sentiment surrounding ApeCoin has become a prominent concern for its community. Once buoyed by optimism and excitement, investors now face frustration as their holdings plummet in value.  This loss of confidence not only undermines ApeCoin’s credibility but also raises questions about its long-term sustainability. Related Reading: Pepecoin 15% Drop Sparks Speculation: Will Further Pain Follow? Diminishing Network Growth, Trading Velocity Compound APE’s Challenges Founder of NotLarvaLabs, Pauly, has revealed a troubling statistic: an alarming 95% of ApeCoin holders are currently grappling with financial losses, painting a bleak picture for the once-promising cryptocurrency.  Looks like @apecoin is already right around it’s all time low price. Over 95% of the holders are already at a loss. And the @yugalabs team, insiders and “launch contributors” are paying themselves 10s of millions of dollars a month in $ape. See here:https://t.co/toavf11b8v — PAULY (@Pauly0x) June 7, 2023 ApeCoin’s price decline can be primarily attributed to the diminishing growth of its network, which has witnessed a noticeable decrease in interest from new addresses over the past three months. This decline in interest reflects a diminishing enthusiasm for APE among potential investors. In addition to the decline in network growth, ApeCoin’s trading velocity, which measures the frequency of transactions, has also experienced a significant drop during this period. This decline in trading activity further exacerbates the challenges faced by ApeCoin, indicating a lack of liquidity and reduced participation in the market.   Source: Coingecko As per the latest information from CoinGecko, ApeCoin is currently priced at $2.90, with a marginal 24-hour rally of 0.2%. However, the cryptocurrency has undergone a notable decline of 6.6% over the past seven days, underscoring the volatility and uncertainty surrounding its value. Whale Interest Persists Amidst ApeCoin’s Struggles Interestingly, despite the aforementioned challenges, there remains a glimmer of interest in ApeCoin from influential investors known as whales. These large addresses continue to demonstrate their engagement with APE, as evidenced by the increasing percentage of ApeCoin held by them.  This suggests that some prominent investors still perceive potential in the cryptocurrency, although the impact of their involvement on ApeCoin’s overall trajectory remains uncertain. Bitcoin halfway from the $27K territory. BTCUSD chart: TradingView.com MVRV Ratio Declines As APE’s Price Drops The falling price of APE has had a direct impact on its MVRV (Market Value to Realized Value) ratio, indicating that a considerable number of APE holders lack significant incentives to sell their holdings at the current juncture. Related Reading: Polkadot Metrics Surge With Project Launches – Good News For DOT Price? This decline in the MVRV ratio raises concerns about the selling pressure on APE and suggests that many investors are reluctant to part ways with their APE tokens while the price remains low. Meanwhile, the sell-offs by short-term holders could create additional downward pressure on APE’s price and further exacerbate the challenges faced by the cryptocurrency. (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 iStock

The draft bill is set to go before the House Committee for discussion on June 13, and if approved by the House and the Senate, it could become the first form of crypto legislation in the U.S.

A Bitcoin inscription service aims to compete with Ordinals by offering smart contracts and larger file sizes.

We know media loves their click and we know how they love to bait it with false and misleading content. But this is some next level stuff. I hate to use the term FUD as most project only use it to ignore legitimate concerns by investors and traders but I can't find any other world…
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MiCA, which comes fully into force by the end of 2024, aims to create a consistent regulatory framework for crypto assets among European Union member states.

The bipartisan bills target government transparency when using AI and the formation of a new Office of Global Competition Analysis to stay on top of innovation.

Ethereum is currently following the market trend of Bitcoin and continues to maintain above the $1,800 level. This price level is still bullish for the digital asset which is now only around 60% down from its all-time high. However, there is a threat to the stability that the digital asset has enjoyed so far which could send its price spiraling back down toward the $1,000 level. What Could Send Ethereum Back To $1,000? This week, the United States Securities and Exchange Commission (SEC) brought lawsuits against top exchanges Binance and Coinbase, with more regulatory action expected to come toward crypto firms as time goes on. But one of the most important parts of the lawsuit was the SEC naming some cryptocurrencies as securities. Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges The list which the regulator hinted was not exhaustive included the likes of Cardano (ADA) and Solana (SOL), among others. Interestingly, the SEC did not name Ethereum as a security despite the digital asset’s status being a hot topic of debate over the last year. What’s important about the cryptocurrencies that the regulator named is the fact that they are proof of stake (POS) networks, a mechanism which Ethereum transitioned to back in 2022. This has sparked speculation that while ETH was not listed as a security, it could very well be on the regulator’s radar to do so in the future. If Ethereum does get listed as a security, the cryptocurrency could become a target for the SEC, which is already in a drawn-out battle with Ripple for the same allegations. When Ripple was sued back in 2020, the asset suffered a massive crash of up to 60% of its value. A repeat of such an event for Ethereum could easily see the digital asset fall to $1,000, and even lower. ETH price resting above $1,800 | Source: ETHUSD on TradingView.com However, the SEC has not made any indications of going after Ethereum. Right now, it seems to have its hands full with Ripple, Binance, and Coinbase, all of which have been vocal about fighting the regulator in court as they object to the charges brought against them. ETH Price Still Holding Firmly Even amid speculations that Ethereum would end up being classified as a security, the token is still maintaining a bullish outlook in the mid to long-term. It is trading above its 100-day moving average of $1,758, which shows investors’ willingness to purchase the asset at prices higher than they did three months ago. Related Reading: Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours As long as the bulls continue to maintain momentum, it is possible that ETH could continue to maintain above $1,800 before the next crypto market run-up begins. When this happens, Ethereum could easily clear the $2,000 level. At the time of writing, ETH is changing hands at a price of $1,839, down 0.35% in the last 24 hours with 1.22% losses on the weekly chart. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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