Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

On-chain data shows the Bitcoin coinbase premium gap has improved recently and is now approaching a neutral value, suggesting the selling pressure may be drying up.

Bitcoin Coinbase Premium Gap Close To Zero, But Still Negative

As pointed out by an analyst in a CryptoQuant post, the selling pressure from US investors seems to have reduced in recent days.

The “Coinbase Premium Gap” is an indicator that measures the difference in the Bitcoin prices listed on crypto exchanges Coinbase (USD pair) and Binance (USDT pair).

The quant notes that US investors are known to use the Coinbase platform, especially high-net entities and institutions.

When the value of this metric is positive, it means the price on Coinbase is higher at the moment. Such a trend suggests there has been buying from US investors recently.

Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

On the other hand, a negative premium gap implies there has been some selling on the crypto exchange as the price is lesser than on Binance.

Now, here is a chart that shows the trend in the Bitcoin Coinbase premium gap over the year 2022 so far:

The value of the metric looks to be negative right now | Source: CryptoQuant

As you can see in the above graph, the Bitcoin Coinbase premium gap has been negative in the last couple of months.

During the LUNA crash, it reached a highly red value of $131, which means there was some heavy selling from US investors then.

During the consolidation period that followed, as well as during the latest crash, the value of the indicator moved sideways around a negative $20.

Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

Over the last few days, however, the trend seems to have changed and the premium gap is now observing some upwards movement.

While the indicator still has a negative value, it’s quite close to zero now as the gap between Coinbase and Binance stands at just -$5.

This shows that the selling pressure from US investors has been dying down recently, a sign that could prove to be bullish for the price of Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $21.2k, up 11% in the last seven days. Over the past month, the crypto has lost 28% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView

Since the low below $18k, Bitcoin has been trying to gradually make some recovery. However, the crypto is currently finding it difficult to leave the $21k level.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally

The price of STORJ (pronounced “storage”) has increased by a little over 30 percent in the last 24 hours. According to CoinMarketCap, STORJ, an ETH token, is the 88th largest coin by market capitalization.

The token experienced a significant increase thanks to the NFT update on Friday. STORJ reached an all-time high of $0.97, a 43 percent rise from its 24-hour low.

Currently, the coin is selling at $0.9273, an increase of a remarkable 30.73 percent in the last 24 hours, according to statistics from CoinMarketCap. Additionally, its market capitalization soared from $245 million the day before to $371 million as of today.

STORJ is a platform for shared cloud storage. Instead of sending files to massive data centers, users can just store them in independent computers of the host.

STORJ Gets Strong Backing

Two requirements must be met to qualify as a host: a solid and speedy internet connection and terabytes of storage space. Users can make money by storing the files of others on their computers.

An announcement about major businesses embracing STORJ to store unique tickets, music, sports NFT assets, and gaming caused a sharp increase in the token’s price. Europa Labs, Amuzed, and Ultimate Division are the company’s newest NFT customers.

Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

Crypto total market cap at $941 billion on the daily chart | Source: TradingView.com

Amuzed is a blockchain-based music gaming platform that allows users to listen to their favorite artists’ music using NFTs. Ultimate provides participants with a soccer-themed metaverse game in which they can earn Ultimate Division Tokens (TKDS), whereas Europa Labs wants to improve the computational capabilities of clients on their preferred data platforms.

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Green Candles Show Bullish Potential

Similarly, 24-hour trading volume for STORJ has surged by more than 100 percent, reaching $408,455,560 – an increase of 127.94 percent.

Examining the STORJ/USDT daily chart, the price of STORJ has displayed green candles since June 13.

This trend persisted with small retracements on the daily chart until Friday, when the token recorded its highest green candle of the move.

In the last 10 days, the price of the asset has increased by 130 percent, from $0.4005 to its current level of $0.80.

It remains to be seen whether the relatively unheard crypto will be able to sustain this growth in the future or if it will be just another “one-hit” wonder.

Featured image from CyberBump, chart from TradingView.com

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top financier and banker Hussein Al Meeza has joined Islamic Coin – the Shariah-compliant cryptocurrency launched in the UAE. Having been named Best Islamic Banking Personality in 2006, Mr. Al Meeza is an acclaimed award-winning expert with over 40 years of experience spanning the Islamic banking, finance and insurance sectors, and has been one of the key personalities involved in establishing Dubai Islamic Bank.

Among his many accolades and executive roles are some of the Region’s top institutions. Mr. Al Meeza is the founder of Al Salam Banks in Sudan, Bahrain and Algeria, as well as a founding member of Emaar properties, Amlak Finance, Emaar Industries & Investments and Emaar Financial Services. He served as CEO and Managing Director of Dubai Islamic Insurance and Reinsurance Company (AMAN), Chairman of LMC Bahrain and many other leading players.

By adding his leadership skills, professionalism and expertise, the Islamic Coin team has reaffirmed its mission to deliver Shariah-compliant, industry-grade financial instruments ready for the Digital Age. Working in tandem with its Fatwa committee and for the world’s Muslim community as a whole, Islamic Coin is building value and delivering future-proof solutions, that offer seamless transactions while supporting innovation and philanthropy.

“It is a pleasure to be part of this amazing team and I look forward to building ethics-first financial instruments that will empower Muslims throughout the world,” commented Mr. Al Meeza.

Islamic Coin’s Shariah Board, as Fatwa issuer, boasts leading names in Shariah compliance, including Dr. Nizam Saleh Yakuby, Dr. Mohamed Zoeir and Dr. Essam Khalaf Al-Enezi, among others. Together, the Board Members have advised on Shariah-compliant practices in some of the top financial institutions in the world, including Standard Chartered, Dubai Islamic Bank, and BNP Paribas.

Islamic Coin has a finite supply and 10% of each issuance is automatically dedicated to philanthropy. The digital money includes an Evergreen Fund dedicated to funding ethical, Shariah-compliant startups throughout the World.

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

Bitcoin has recovered above $20,000 but since then, there has not been any significant upward movement. This has led to speculations on whether the digital asset would be able to reclaim its all-time high in the near future. Binance CEO, Changpeng Zhao, has weighed in and shared his thoughts on this debate, and according to the CEO, such recovery should not be expected anytime soon.

Another Couple Of Years For ATH

In a recent report, the CEO of the world’s largest crypto exchange Binance has shared some rather bearish sentiments for the short-term for bitcoin. The digital asset which had touched $69,000 in November last year has been unable to recover to that point and Zhao has explained that such recovery will not be taking place anytime soon.

Related Reading | Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery

The exchange founder said that after dropping so much from its all-time high, it would take some time for the market to see such prices again. “I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back,” the CEO said. “It probably will take a few months or a couple of years.”

However, it is not all grim given that the price today would have been highly welcomed four years ago, the founder said. An example is when bitcoin had reached its peak last cycle, almost touching $20,000. Investors had rejoiced at this price before the market had retraced into a bear market.

“20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”

BTC starts another recovery trend | Source: BTCUSD on TradingView.com
Bitcoin On The Charts

The cryptocurrency Bitcoin has been on the rise lately. After touching as low as $17,600, the current price point has provided a much-needed reprieve for investors. However, as the market is balancing out, more bearish indicators are beginning to emerge.

Related Reading | Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak

Confidence in bitcoin has dropped over the last couple of weeks as investor sentiment had taken a massive blow. Additionally, bitcoin had gone on to close another week in the red, marking more red closes so far for the year than green closes. As such, it has given bears a stronger hold over the market, especially in the short term.

The sell-offs which continue to rock the market still threaten its position above $20,000. As such, it has been unsuccessful when trying to break the $21,2176 resistance point. However, there is support brewing at the $20,090 level, showing that bulls do not plan to go down without a fight.

Featured image from CNBC, chart from TradingView.com

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Eminem And Snoop Dogg Team Up, The Video Features Bored Ape Yacht Club Imagery

Is the Bored Ape Yacht Club responsible for this collaboration? Hip hop legends and worldwide icons Snoop Dogg and Eminem join forces once again for the single “From The D 2 The LBC.” The video is basically a BAYC ad and the duo premiered the song at Apefest, the Bored Ape Yacht Club multi-day party that was part of the NFT.NYC conference. This is a huge win for the BAYC, at a time when the NFT collection lost 60% of its value in a flash.

The last time we saw this duo collaborate was on the track “Bitch Please II,” from Eminem’s 2000 outing The Marshall Mathers LP. Besides Snoop Dogg, that track features their mentor Dr. Dre, Xzibit, and the late Nate Dogg. After that, the legend says that Eminem’s camp denied a request for collaboration from Snoop and the pair never worked together again. Until now. Did the Bored Ape Yacht Club accomplish that?

Eminem And Snoop’s Bored Ape Yacht Club Story

It’s worth noting that both Eminem and Snoop Dogg come from Dr. Dre’s lineage, so a collaboration between both artists makes all the sense in the world. They are also both part of the Bored Ape Yacht Club. Approximately six months ago, Eminem paid $425K for a BAYC specimen inspired in him. At the time, NewsBTC reported:

“The NFT, named “EminApe,” depicts Eminem’s iconic Bored Ape figure wearing a khaki army cap and a gold chain necklace, both of which he frequently wears in real life. BAYC member GeeGazza sold the digital artwork for 123.45 ETH, which is around $450,000 USD. In November 2021, GeeGazza tweeted, “I still think Eminem is destined to buy my @BoredApeYC one day.”

Took too long to reconnect with @snoopdogg– you know we had to make a movie! https://t.co/087W2OZJOI #FromTheDToTheLBC #curtaincall2 @BoredApeYC pic.twitter.com/k443JqXHON

— Marshall Mathers (@Eminem) June 24, 2022

For his part, at approximately the same time, Snoop Dogg got a full set and announced “When I APE in I APE all the way in!!.” A full set, for those not in the know, consists of a Bored Ape, an M1 and an M2 Mutant, and a Bored Ape Kennel Club with similar characteristics. In Snoop’s case, those were a military helmet, leopard skin, and a pink and fluffy garment. At the time, NewsBTC reported on the story behind the purchase:

“It all came from a deleted tweet. What did it say? We wouldn’t know. However, NFT strategist Just1n.eth brought another rapper into the conversation. “He needs to link up with Waka Flocka to talk about the NFT collection that he should be looking into!” And Waka Flocka went straight to the BAYC. “Uncle Snoop you need a Ape mane!!! Join the yacht club.”

Eminem. Snoop. From the D 2 the LBC. Out now. https://t.co/fcZqaniRxQ pic.twitter.com/bmTpKNXtjq

— Snoop Dogg (@SnoopDogg) June 24, 2022

The Video, The Song, The Premiere

The psychedelic video mixes video of Em and Snoop in the studio with Bored Ape Yacht Club-inspired animation. It was directed by James Larese. They premiered it at Apefest, an all out party that featured performances by hip hop legends like Lil Wayne, Bun B, The Roots, Future, and of course Eminem and Snoop Dogg. 

The videos abound. Check this one out:

WORLD PREMIERE: Snoop & Eminem show their new song featuring at ApeFest @BoredApeYC @SnoopDogg pic.twitter.com/8lLVY9mRng

— cr0ss.eth @ NFT NYC (@cr0ssETH) June 24, 2022

And this one:

What the actual fuck? @SnoopDogg @Eminem @BoredApeYC #apefest pic.twitter.com/1KDZ5rxHGc

— Leonardo Viti (@leovitiart) June 24, 2022

The Bored Ape Yacht Club team will also sell merchandise related to the single, but no one knows what it actually looks like. “Snoop x Eminem merch drop pushed. We’ll tweet here with timing updates,” they announced through Twitter. 

APE price chart on Coinbase | Source: APE/USD on TradingView.com

This is not Snoop Dogg’s first musical collaboration with the Bored Ape Yacht Club. The rapper appeared in Colombian producer and singer Esther Anaya’s single “BAYC,” a dance music track that sounds like this:

Last but not least, NewsBTC has to point out that Eminem and Snoop appeared on stage together earlier in the year at Dr. Dre’s presentation at the Super Bowl Halftime Show. So, maybe the Bored Ape Yacht Club is responsible for this single, but the two artists probably had already squashed their beef.

Featured Image: Screenshot from the video | Charts by TradingView

Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week

Solana (SOL) is the best performing asset in the crypto top 10 by market cap. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency is surging faster than other assets in this tanking.

Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

At the time of writing, SOL’s price trades at $42 with a 12% and 36% profit in the last 24 hours and 7 days respectively. In the meantime, the second-best performing cryptocurrency is XRP with a 16% profit in the past week, followed by Polkadot (DOT) with 15%, and Ethereum with 14% profits.

SOL’s price trends to the downside on the 4-hour chart. Source: SOLUSDT Tradingview

Solana has been recovering after experiencing massive selling pressure. In addition to trending in tandem with the crypto market, the cryptocurrency was impacted by negative news and a series of network outages that prevented users from transacting on it.

This week’s bullish momentum could be related to yesterday’s announcement, but a pseudonym analyst believes Solana is playing the long game. In that sense, this network is posing a “large and growing threat to Ethereum”, currently, the most used blockchain across decentralized finances (DeFi).

The analyst claims the team behind Solana is addressing the complexities and difficulties people have when using Ethereum. The network, its ecosystem, and products on it, the analyst claims, require users to have a degree of technical knowledge and allegedly have poor performance.

In addition, Ethereum is an expensive network that prices out a lot of users from accessing its ecosystem. The analyst believes a blockchain should be built for the everyday user and thus claims the “Solana crowd is more in touch with reality”.

This could work out for this network in the long run and potentially attract market share from Ethereum. The launch of its own native smartphone seems like the tip of the iceberg. The analyst said:

is this very decentralized? no. is this ethically funded/monetized? probably not, lol. but could your grandma use this? YES. but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders.

Solana More Productive Than Ethereum?

Furthermore, the analyst claims Solana developers are “more productive” and more “focused” than Ethereum developers. The analyst concluded:

I strongly dislike Solana. but it is healthy to put Ethereum in the hot seat at times like these. if we feed ourselves isolated delusions of Ethereum being uncontested while relatively failing to serve the normal user, then Solana just might win.

Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

At its peak, Ethereum DeFi protocols commanded over $100 billion in total value locked (TVL) while Solana reached over $12 billion. If the latter is capable of taking a portion of Ethereum’s TVL, Solana could return and surpass its all-time high and see unprecedented expansion.

Ethereum’s total value locked (TVL) reached $100 billion at its 2021 all-time high. Source: DeFi Pulse