Saeed Hassan, Author at tridEX

2nd August 2022

Cronos Chain Mainnet Upgrade Announcement Pushes CRO Prices Higher

Cronos (CRO), the 24th-ranked cryptocurrency by market cap and the native token of the Crypto.com exchange, is among the top performers on the weekly chart and has made a significant gain of 10.02% over the past day. However, the announcement of the upcoming Cronos Chain mainnet upgrade is one of the main drivers of CRO’s strong performance.

The first blockchain network to enable DeFi, NFTs, and the metaverse on top of both the Ethereum and Cosmos ecosystems is Cronos. By giving developers the option to rapidly move applications and digital assets from other chains with minimal cost, high throughput, and quick finality, it seeks to expand the Web3 user base dramatically.

The price of Cronos is currently $0.146602, with a stunning increase of 716.64% in trading volume over the last day, reaching $163,572,518. According to Coinmarketcap’s data, its market worth is currently $3,836,821,843 and has increased 10.56% over the past 24 hours. Moreover, CRO has risen by 10.26% over the past 24 hours and 26.5% over the last seven days.

Since its ATH price of $0.965407 approximately eight months ago, the coin has fallen by 84.7%. CRO reached its highest point in November 2021 but then began declining. In January 2022, CRO dropped to $0.34, but it rapidly rose to $0.541955 on February 9. After that, the price fluctuated between $0.35 and $0.50 in March and April.

CRO is currently trading at $0.1510 on the daily chart | Source: CROUSDT From Tradingview

Unfortunately, the price kept falling steadily from May, hitting a low of $0.16267 for the month before decreasing to $0.10049 on June 18. The price fluctuated throughout July between $0.10 and $0.12, but it finally concluded the month with a slight gain in value at $0.135367.

Cronos Chain Mainnet Upgrade

In a blog post on August 1, Crypto.com revealed that the Cronos Chain’s next Mainnet Upgrade would occur at the height of block 3,982,500, set on August 3, 2022, 02:00 UTC. This upgrade includes a number of changes, the main goal of which is to increase network scalability and make system improvements.

The blog post also states:

To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com App and Exchange during the network upgrade.

Additionally, it ensures that trade in CRO and CRC20 coins won’t be impacted. When the network appears to be stable, they will restart deposits and withdrawals after closely monitoring the situation.

On their blog post on Medium, the Cronos team also made this announcement yesterday:

We are proposing a network upgrade for the Cronos mainnet beta to take place on August 3, 2022. On that date, node operators will need to upgrade their cronosd binary to the latest version at a specific block height.

According to their statement, all node operators will upgrade their node binary after the upgrade block height so that their node can keep up with the chain. The bulk of the validators will be updated before the chain is paused and brought back online.

Featured image from Flickr, chart from Tradingview.com

1st August 2022

Bitcoin Impressive July Recovery In The Midst Of An Ongoing Crisis

Despite the ongoing crisis, which includes high-profile bankruptcies, problems with crypto lenders, and worries about inflation and rising interest rates, Bitcoin, the leading cryptocurrency, rebounded from its 2022 June lows. It finished July with an impressive recovery to the $24,000 threshold.

The months of June and July 2022 on the cryptocurrency market were heated downtrends. Some investors lost their faith in these months due to a painful deleveraging process brought on by a liquidity problem in the crypto lending industry in 2022.

Related Reading : TA: Ethereum Consolidate Gains, Why This Support Is The Key

Several lenders, including Celsius, Vauld, and Zepmix, banned withdrawals due to the severe market sell-off of significant cryptocurrencies, resulting in job losses throughout the cryptocurrency sector.

However, the crypto winter was partially over for investors in July, but a slew of high-profile bankruptcies indicates that things aren’t quite back to normal for them just yet.

Like, crypto lender Voyager Digital was compelled to seek Chapter 11 bankruptcy protection on July 6 following the collapse of the $10 billion cryptocurrency hedge fund Three Arrows Capital (3AC) in June.

Nevertheless, with Bitcoin rebounding, crypto investors feel a slight sparkle after coping with all of these catastrophes. Moreover, the cryptocurrency market bounced back in July following its disappointing result in June.

Bitcoin is currently trading at $23,429 on the daily chart | Source: BTCUSDT From Tradingview

In addition, the Federal Open Market Committee (FOMC) increased its federal fund’s rate goal by 75 basis points (bps) in order to counter 40-year high inflation, which is one of the factors that helped boost cryptocurrency prices in the last week of July.

Recovery Of Bitcoin From June’s Low Price Analysis

In July, the cost of BTC increased by about 20%. That represents the best gain since October. As we entered August, the price of Bitcoin was almost around $24,000. BTC is currently trading at $23,045.40 and has had an 11.78% increase in trading volume over the past 24 hours to $46.89 billion, as shown in Nomics data.

Bitcoin’s price dropped steadily from January to May 2022, hitting a closing price of $47,445 at the end of March before further dropping to $28,305 on May 11.

Bitcoin has not closed below $30,000 since July 2021 up to that point. But on June 13, bitcoin’s price abruptly dropped below $22,000 for the first time since December 2020. Nomics statistics show that on June 17, the monthly low was around $17,675.

Related Reading | Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0

Therefore, the biggest significant monthly decline in the price of BTC since 2011 happened in June, when its market value fell by more than 37.3%, finishing the month at $19,279.

Furthermore, BTC started trading at $19,265 on July 1, then gradually and steadily regained its value. The price fluctuated between $20,000 and $22,000 throughout the first two weeks. But in recent weeks, BTC has seen a stunning rebound, breaking beyond the $24,000 barrier on July 19 for the first time this month.

Featured image from Flickr, chart from Tradingview.com

25th July 2022

Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%.

Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12.

Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level.

BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.

Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.

Bitcoin is currently trading at $21,975 on the daily chart | Source: BTCUSDT From Tradingview
With Ethereum, ADA and XRP Also Experience A Decline

During the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.

Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion.

The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP.

On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls.

However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward.

Featured image from Flickr, chart from Tradingview.com

22nd July 2022

Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains

Several altcoins are gaining attention as the cryptocurrency market is on the mend, including ApeCoin (APE) and Curve DAO (CRV), which have increased by 17% and 24% over the previous 24 hours, respectively. People are becoming more optimistic as a result of these improvements.

ApeCoin (APE) is ranked number thirty-three in the top 100 coins. It is an ERC-20 token generated for governance and utility. The decentralized autonomous organization ApeCoin DAO developed and debuted the coin and is based on the Ethereum blockchain network.

APE has climbed dramatically from its June low of $3.1189. According to data from CoinGecko, the price of ApeCoin today is $6.7739, up 17% from the previous day and 43% from the last week. Its current market cap is $2.08 billion, with a significant rise of 16% during the last 24 hours.

APE is linked to the well-known Bored Ape Yacht Club. Yuga Labs developed the Bored Ape Yacht Club, a 10,000-strong non-fungible tokens (NFTs) with an ape theme with various aspects and distinctive qualities, such as digital art, image, music, and video files that have been tokenized and protected using blockchain technology.

Its price increased after Yuga Labs gave a select group of gamers a sneak peek into its Otherside metaverse. Therefore, this might be one of the key causes that contributed to the APE price increase.

As per the announcement, the 4,300 players, referred to as “Voyagers,” were welcomed to the immersive, ape avatar-navigated internet platform on Saturday for a first-look tech presentation and tour.

Curve DAO is currently trading at $1.52 on the daily chart | Source: CRVUSDT From Tradingview
Curve DAO (CRV) Is Steadily Struggling To Recoup Its Value

Due to the market meltdown this year, other coins are struggling to recover, and CRV is also on the path to recovery with them. Curve DAO is a native token for Curve Finance, one of the world’s largest decentralized finance (DeFi) systems.

Since its introduction, Curve DAO has attempted to sustain some of the momenta after falling from its highs. However, from the start of this year, the CRV token has experienced sharp declines. It started the year at $6.2061 and dropped to $2.3958 in the first month.

After falling from the $2 level, it reaches a new low in the second month. In March and April, the token’s price slowly kept increasing, fluctuating between $2.78 and $1.95. But, things started to change in June when the token experienced a continuous slide and hit a low of $0.54047.

However, CRV is showing signs of positivity this month and is moving forward with its comeback. It has rebounded from its June low and is presently trading at $1.47, up significantly over the last 14 days by 40.0%.

The anticipated introduction of Curve stablecoin is the main factor behind today’s positive price activity. Michael Egorov, the founder of Curve, acknowledged the debut of an over-collateralized stablecoin during a web3 event.

Featured image from Flickr, chart from Tradingview.com

20th July 2022

XRP Wins Again: Bullish Rally Sees It Climb to Sixth Spot by Market Cap

On CoinMarketCap, XRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to exceed not just Binance USD but also Cardano and Solana is a noteworthy accomplishment for Ripple’s native currency.

Ripple’s native token, XRP, provides a means of payment settlement between banks and digital assets exchanges. It decreases the number of extra steps needed when transferring money internationally, which leads to lower fees.

Related Reading | Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds

However, by breaking through significant resistance, XRP overtakes Binance USD’s market cap and gains the upper hand by 8%. The primary factor contributing to XRP’s placement in sixth place is the coin’s weekly price increase of more than 21%.

There is much more to be done for the battle between Binance USD and Ripple. However, both are still trying very hard to make headway which, under the right conditions, could lead to them taking fifth or fourth place- or even third and second place- in addition to keeping their original standings of sixth and seventh.

Following news updates on the SEC v. Ripple lawsuit, the more optimistic investor attitude led to an increase in the coin’s price. Fans and developers of Ripple are now closely following the U.S. SEC’s continuing lawsuit against the business, which appears to be interesting, according to the most recent news.

XRP is currently trading at $0.36 on the daily chart | Source: XRPUSDT from Tradingview.com
Analysis Of Ripple (XRP) Struggles to Regain its Value

In terms of the lifespan of cryptocurrency, Ripple is one of the longest. When it was first introduced in 2012, it frequently traded for less than $0.10. However, when the crypto market experienced a boom in late 2017 and early 2018. XRP was one of them which gained much from this boom and recorded its all-time high on January 4, 2018, at $3.84.

The coin soon started to decline, and by the end of 2018, it was only worth $0.50. By then, XRP’s value continued to decline. The coin was in the early stages of a bull run that ended on April 14, 2021, when it touched an average high of $1.96.

Since the beginning of September 2021, the sixth-largest coin has struggled, dropping more than half of its value, while dozens of other cryptocurrencies have collapsed in this period.

The situation worsened in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. Following that, it fell even further, reaching $0.345 on May 12 due to the market turbulence caused by the de-pegging of the TerraUSD stablecoin and the demise of LUNA.

Related Reading | Why Bitcoin Must Beat $25,500 To Establish A Bull Rally

It was valued at about $0.40 on June 10. Following that, the cancellation of withdrawals by the cryptocurrency lending firm Celsius confirmed that the cryptocurrency market is in a bear market, and on June 18, it dropped to $0.2906.

However, it has already bounced back from its June low and is presently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder’s panel forecasts that the price of Ripple (XRP) will increase by almost 260 % in 2022 and reach $2.55 this year at the end of December.

Featured image from Flickr, chart from Tradingview.com

20th July 2022

Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds

Over the past several days, the market has been favorable for cryptocurrencies, which has given them a significant boost. Two of the currencies that have seen a considerable increase over the past seven days are Solana (SOL) and Avalanche (AVAX). Investors are also optimistic as a result of the cryptocurrency market’s recent growth trends.

According to CoinGecko data, SOL is currently trading at $45.04 and has experienced a significant 7-day rise of 37.2 %. While it is still down 82% from its peak of $259.96 on November 6, 2021, approximately nine months ago.

Related Reading | An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation

With a spectacular rise of 49.4% over the past seven days, AVAX excelled. As a result, its current price, $25.29, has increased by 5.8% during the last 24 hours. It is also 82% below its ATM of $144.96 on November 21, 2021, which was eight months ago.

The Crypto Market Shows Signs Of Recovery

“Crypto winter” is without a doubt the phrase that every crypto trader is uttering right now. After reaching a high of $3 trillion in 2021, the market capitalization of cryptocurrencies had a sharp decline, down to $1 trillion, a loss of around $2 trillion.

In the history of cryptocurrency, there have been a number of well-known bear markets. Still, the one in 2022 is particularly noteworthy due to the extreme testing of decentralized financial systems and the excessive use of trading leverage. However, the intense storm is now gradually winding down.

SOL is currently trading at $45 on the daily chart | Source: SOLUSDT From Tradingview

Along with other encouraging economic data, the recent increase in cryptocurrency prices in mid-July suggests that the bear market is slowly reversing and that the cryptocurrency industry is on the way to recovery.

Solana And Avalanche On Recovery

Most coins strive to become better ones of themselves in order to find fortune and increase in value. As these cryptocurrencies grow, investors will view them as more reliable, which will boost their attractiveness.

That is why Avalanche’s (AVAX) recent price rise may be gearing up to reclaim its worth. The crypto community believes the Avalanche currency may make a comeback this month as it has just achieved a solid recovery from its June low of $13.

AVAX is a blockchain system that is rising in recognition as an Ethereum rival. The coin has also shown that it has the capacity to succeed as well as the resources needed to recover even under pressure.

Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite

On the other hand, the well-known blockchain network Solana (SOL) has made a strong comeback from its $25 low in June. Additionally, it still needs assistance to recover its value and reach a high of $95 in May.

Furthermore, according to a group of fintech experts from Finder.com, Solana (SOL) will see a value increase to $45 by the end of 2022. The panel forecasts that SOL will be valued at around $166 in 2025 and $512 in 2030.

Featured image from Flickr, chart from Tradingview.com

18th July 2022

Weekly Update: LDO Outperforms, MATIC Rises By 65% While Ethereum Gains Momentum

As markets responded to Shadow Fork 9’s announcement, ETH was back in the green. Ethereum is currently regaining ground and progressing due to the favorable market situation.

At the same time, some other altcoins are doing well on the weekly chart, such as Polygon (MATIC) and Lido DAO (LDO), which have seen considerable price increases over the last week and in the previous 24 hours as well.

Related Reading | TA: Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported

Only a few of the top 100 cryptocurrencies have been able to generate double-digit gains, and the rest are still suffering from the effects of the merciless crypto storm. One of them is Polygon (MATIC), which demonstrated a sizable gain.

Per the CoinGecko statistics, MATIC is currently trading at $0.91, up almost 19.88% over the past 24 hours and a notable 65% gain over the last seven days. After Disney revealed that Polygon (MATIC) had been chosen for its “Accelerator Program,” the price of the coin increased quickly.

The list also includes Lido DAO (LDO), which has experienced a significant gain. The decentralized autonomous organization’s governance token, LDO, outperformed over the last seven days with a remarkable increase of 167%. Its current price is $1.68, with an upward thrust of 6.1%throughout the previous 24 hours.

Even though LDO was able to recover its losses from the June decline, in which it fell to a low of roughly $0.432899, it yet hasn’t found the support it needs to climb back to the May high of $3.3816.

ETH is currently trading at $1481 on the daily chart | Source: ETHUSDT From Tradingview
Ethereum(ETH) Is On A Comeback Rally

Ethereum (ETH), the second largest coin, has recently crossed the $1,400 threshold. It has gained 9.31% over the previous 24 hours and is currently trading at $1,482.01. The currency has increased by around 29.32% over the past seven days, according to CoinMarketCap, and is thus gaining momentum.

According to nomics data, ETH’s overall market cap increased by 8.78% over the last 24 hours to $179.11 billion. However, the price increase occurred after a week of poor performance and unfavorable market circumstances.

Although, the specific cause is unknown. The fact is that the price spike occurred right after the ninth shadow fork’s introduction on July 14. It implies that the price spike may be caused by the rising popularity of Ethereum and its impending “Merge” to Proof-of-Stake.

Related Reading | Preference For Ripple XRP Surges Among BSC Whales

The Merge was covered during the most recent Consensus Layer Call of the Ethereum Foundation, which took place on Thursday. Tim Beiko, an Ethereum Foundation member, proposed September 19 as a tentative launch date, providing the most unambiguous indication that the Merge would happen soon.

The merge upgrade combines Ethereum’s consensus and execution layers to switch the network from Proof-of-Work to Proof-of-Stake. It is anticipated to cut the network’s energy use by 99.95%, but it won’t necessarily result in lower transaction fees (gas).

Featured image from Flickr, chart from Tradingview.com

15th July 2022

Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k

The upswing in alternative currencies is outshining the top cryptocurrencies. In particular, the MATIC, UNI, and AAVE tokens are doing well, whereas the biggest currency, Bitcoin, is still fighting to keep its position above the $20,000 mark.

Polygon (MATIC) skyrocketed on July 14 — the day after it was chosen for the Walt Disney Company’s elite business development program. After this announcement, the value of a MATIC token rose 22.5% to $0.711705, the highest price in a month.

Related Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

It is the only blockchain network to have ever been selected by Disney. As a result, the native utility and staking token of Polygon, MATIC, recovered more strongly than most of its competing digital assets.

MATIC price is currently at $0.693640, up 9.2% over the previous 24 hours and 46.7% for the previous 14 days. According to CoinGecko statistics, the coin is down 76.4% from its ATH of December 27, 2021, which was over seven months ago. On the other hand, $2.46 billion worth of transactions has taken place in the past 24 hours, representing a huge rise of 31.46%.

While Aave (AAVE), 46 largest currency, is currently trading at $92.47 and has increased by 16.4% over the past day and by a sizable 63.4% over the past 14 days. AAVE has been climbing since it recovered from a falling support line on June 18.

Where some of the leading altcoins experience a volatile trading session, Uniswap (UNI) is up a stunning 12.4% for the day. The current Uniswap price is $7.06, with a 24-hour trading volume of $701.54 million, up by 22%.

Bitcoin is currently trading at $20,853 on the daily chart | Source: BTC/USDT chart from Tradingview.com
Bitcoin Is Retaining Its Level Of Attention

BTC gained a new level of attention at under $21,000. The cryptocurrency market is beginning to recover, as shown by BTC, which is currently up 4.3% in value and trading at $20,807.69. In addition, a new 40-year high in U.S. inflation, as measured by the Consumer Price Index (CPI), has caused the price of bitcoin to increase from its lows.

Well, there are indications that Bitcoin is stabilizing. However, after rising as high as $22,000 less than a week before reversing course, BTC is still desperately trying to hold its position above the crucial $20,000 level.

Related Reading | A Breakout Above This Level Could Help Polkadot Recover On Chart

Investors are worried that because inflation is still extremely high and the Federal Reserve is trying to combat it by raising interest rates, which reduces economic demand, it won’t be able to prevent a recession. Furthermore, an economic downturn would not be favorable for riskier investments, including Bitcoin and other cryptocurrencies.

Along with macro factors, the problems in the cryptocurrency industry itself have made the price declines worse. The state of the crypto market is already severe. The cost of bitcoin has recently come off of its worst quarter in more than ten years, but it is still trading 70.7 % below its all-time high, set in November 2021.

Featured image from Flickr, chart from Tradingview.com

12th July 2022

Bitcoin Erases Last Week Gains As Price Sinks Below $20,000

According to CoinGecko, the most prominent cryptocurrency in the world plummeted by 3.5% in the last 24 hours. Bitcoin gave up all of its gains from last week as it fell below $20,000. BTC’s price on the market right now is $19,750, and the weekly gain is in the red with a 2.6% loss.

BTC moved toward a gradual and steady recovery last week. The leading cryptocurrency posted its biggest weekly gain in the previous nine weeks. It increased by 12% last week after experiencing its worst quarter in June.

Related Reading | Former BitMEX CEO Arthur Hayes Says “Prepare” For A Massive Bitcoin Rally

Recent declines in BTC have lowered investor confidence. But when the market reached the $22,000 level on July 8 and stabilized around the $21,000 to $20,000 mark, investors started to feel a glimmer of hope as the June 18 collapse below $17,600 grew further away.

However, Bitcoin is still 71.1 % below its all-time high record, which was set on November 10, 2021, or about eight months ago, and was $69,044.77. Moreover, it has decreased by 41.8 % so far this year, as per CoinGecko statistics.

After surpassing its downward resistance line during the trading day on July 7, Bitcoin saw significant trading volume. But now, its trading volume, by nomics statistics, is almost $46.58 billion, with a 1.62% loss in the last 24 hours.

On the other hand, Solana, the ninth-ranked cryptocurrency, has plunged to $33.35 after losing 5 % over the last 24 hours. While Ethereum, the second-largest cryptocurrency, has suffered a loss of 6.58% and is currently trading at $1,068 to CoinMarketcap statistics.

BTC is currently trading below $20,000 level on the hourly chart | Sources: BTC/USD price chart from Tradingview.com
The State Of Market, Cause Multiple Drops For Bitcoin

Although many have speculated that a market bottom may be near, there is still a great deal of economic uncertainty. Therefore bitcoin might have more room for decline. However, there is nothing to worry about because BTC has seen similar peaks and troughs in years past.

Given its bleak origins and a price below $10,000 as recently as July 2020, Bitcoin’s price has had numerous sizable falls since November. However, its new highs in 2021 and present level are still remarkable achievements.

Since the start of the year, the cryptocurrency market has been on a downward trend. However, as the market was getting closer to mid-June, the bears appeared to be becoming stronger.

Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible?

Beginning with the demise of algorithmic stablecoin TerraUSD and its related token LUNA, a variety of problems have plagued the larger cryptocurrency market in recent weeks.

Additionally, macroeconomic problems like high inflation and upcoming rate increases from the US Federal Reserve impact the cryptocurrency market.

Nevertheless, it’s unknown how long crypto’s slump will persist. This is because prices of cryptocurrencies have often increased after significant losses, although in some cases, it took a while for prices to reach new highs.

Featured image from Flickr, chart from Tradingview.com

9th July 2022

Can Cardano (ADA) Reach $4 To Surpass Ethereum Market Cap?

The eighth-largest cryptocurrency, Cardano (ADA), has shown some indications of life during the last two weeks. The network’s minor improvements were what actually encouraged investors’ hope. After that, Cardano must work even harder to surpass $4 and catch up to Ethereum in terms of market capitalization.

According to CoinGecko’s data, ADA is now trading at about $0.48 with a 7-day gain of almost 5%. So, without a doubt, the network requires a lot of support if it wants to move the token beyond the $4 threshold successfully.

Related Readings | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?

In recent years, Ethereum has ranked second to Bitcoin in value. Despite a significant increase in value since its inception, Cardano is certainly one of the most significant blockchain networks in the market, and its native coin ADA ranks in the top 10 currencies.

Per the Nomics statistics, the market cap of ADA is currently approximately $16.21 billion, while the market cap of ETH is roughly $147.93 billion. ADA accounts for just 10.93% of Ethereum’s market capitalization.

Well, to match the market valuation of Ethereum, Cardano will have to surge by 9.25x. ADA would then trade at a price of $4, representing a gain of 823.39%.

Furthermore, ETH has gained nearly 13% over the past week and is presently trading at $1,215.41. According to CoinGecKo statistical data, the daily trading volume for ETH is over $13,928,520,299, while the daily trading volume for ADA is almost $799,420,941. In addition, ADA is down 84% from its peak of $3.09 on September 2, 2021, or almost 10 months ago.

ADA is currently trading at $0.480 on the daily chart | Source: ADA/USDT chart from Tradingview.com
Ethereum Vs. Cardano

Anyone interested in cryptocurrency must be aware of the Cardano vs. Ethereum debate. Because both networks offer comparable services, Cardano (ADA) and Ethereum (ETH) are frequently compared.

This is due to the features that both Cardano and Ethereum’s blockchain technologies offer. As a comparison, the infrastructure of Ethereum is more constrained, which results in higher operating costs, higher energy consumption, and slow transaction speeds.

ADA, which positions itself as an alternative blockchain, essentially seeks to offer a solution to Ethereum’s issues. But unfortunately, its progress has been sluggish.

The method used to build blocks and validate transactions, though, is what distinguishes them from each other. The main distinction at this time is that Cardano’s proof-of-stake Ouroboros consensus algorithm is proven to be more adaptable. The method is more efficient than Ethereum’s proof-of-work blockchain.

Development Of Cardano To Compete With Ethereum

Following the Alonzo upgrade, the Cardano network was compatible with smart contracts. The so-called Ethereum killer is aiming to introduce the most anticipated Vasil hard fork.

Technology’s inherent traits that keep it current and make it susceptible to aging are development and upgrades. Network changes termed “hard forks” are also necessary for blockchains.

Related Readings | Bitcoin Signals Short Term Bullishness, Move Towards $24K Next?

Analysts anticipate that Cardano will keep its worth in the future. Moreover, they believe rebuilding will be favorable to the project, given that its forthcoming Vasil hard fork may present a chance for a price hike.

Nevertheless, the good news is this Vasil, a much-anticipated upgrade from Cardano (ADA) that seeks to boost the network’s scalability and performance, has “successfully” completed its testnet run and is scheduled to go live on the mainnet (public blockchain) within 30 days.

Featured image from Flickr, chart from Tradingview.com

7th July 2022

Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement

Following Elon Musk’s Boring Company’s announcement, it now allows consumers to pay using Dogecoin. As a result, DOGE has increased by 5% during the past day. But after that, it decreased by over 2%. However, it had a market value increase of almost $1 billion during the past 24 hours.

With a market cap of $10.484 billion, DOGE overtook Polkadot and other currencies to rank as the tenth-largest cryptocurrency. According to CoinGecko statistics, DOGE increased by around 13% during the course of the past seven days. The price is $0.07034 at the moment.

Related Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

The flood of negative crypto news was more minor today compared to most days over the previous six weeks. The crypto sector is still plagued by uncertainty and anxiety, though.

Data from CoinMarketCap indicate that with a rise of about 2% over the last 24 hours, the global cryptocurrency market capitalization was trading higher at $930.89 billion. However, the overall volume of the cryptocurrency trade fell by approximately 18% to $53.35 billion.

Dogecoin is currently trading at $0.0706 on the daily chart | Source: DOGE/USDT chart from Tradingview.com
Pay With Dogecoin For A Ride: Elon Musk’s Boring Company Announcement

According to CNN on Wednesday, the Boring Company has made it possible for users to use DOGE to pay for rides in its recently launched Vegas Loop.

The Loop is a transportation system where Tesla car drivers ferry people through a tunnel beneath Las Vegas. The first Loop station, which debuted last Friday, is located outside the Las Vegas Convention Center, but the business intends to build a 29-mile network of tunnels under the city with 50 stations in all.

Although the corporation has not provided a precise date, rides on Loop are presently free. However, charges are ultimately planned. The Vegas Loop’s website states that single rides will cost $1.50, and day passes will cost $2.50.

The choice to offer DOGE as a payment option was made simultaneously as the Boring Company decided to construct a Loop station at the Las Vegas Convention Center.

Related Reading | Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Even though a $258 billion lawsuit has been filed against Elon Musk and two of his companies, Tesla and SpaceX, he still chose DOGE. The billionaire was sued by a citizen of the United States for allegedly promoting Dogecoin. According to the lawsuit, Musk is accused of participating in a racketeering plot to support cryptocurrencies.

To his more than 100 million followers, he has already shared a number of Dogecoin memes. The adoption of DOGE as a payment method for rides by The Boring Company is one of several antics. Musk earlier said that he is unconcerned by the current market circumstances and would keep building up his Dogecoin holdings.

Featured image from Flickr, chart from Tradingview.com

7th July 2022

Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Mike McGlone, a senior commodity analyst at Bloomberg, predicts a rise in the price of Bitcoin in the second half of 2022. This suggests that the price of BTC may be preparing for a positive comeback this year.

Compared to more well-known asset types, bitcoin prices are significantly harder to forecast and more sensitive to market forces because of the uncertainty and recent price decline.

Related Reading | U.S. Federal Panel Claims Cryptocurrencies Can Boost The Economy, Will It Result In Bullish Trend?

In 2021, the price of bitcoin doubled, but in January 2022, it saw a significant decline that nearly wholly reversed the gains made the year before.

For now, BTC remains well behind its all-time high price of $68,000 in November due to the ups and downs of the market. Even over the previous six months, Bitcoin has only briefly risen above $45,000.

Comparatively speaking, Bitcoin has a significantly longer track record than other cryptocurrencies. However, with price variations, BTC is still worth more than twice as much as it was only a few years ago.

Mike McGlone’s Tip For Bitcoin’s Price

McGlone shared his opinions on Twitter on July 6, pointing out encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data. He states that:

With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and #Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.

The BGCI, a benchmark, tracks the significant cryptocurrencies traded in dollars. In addition to having Galaxy Digital Capital Management’s co-brand, Bloomberg owns and is responsible for the administration of the Index.

Bitcoin is currently trading at $20,463 on the daily chart | Source: BTC/USDT chart from Tradingview.com

In McGlone’s opinion, the bear market’s bottom in 2018 was followed by a significant comeback in the H1 of 2019, maybe paralleling the present indications.

On July 4, in his Bitcoin prediction tweet, McGlone stated that the June 75 bps boost could be the last if equities continue to decline at the same rate as they did in the year’s first half.

In his July 6th tweet, he asserted that given its current low price beginning in the second half of the year, Bitcoin might experience one of its largest bull markets yet.

Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising.

Other Analyst’s Prediction For Bitcoin

Some hostile crypto critics anticipate that Bitcoin will crash below $10,000 in 2022. However, a more suitable position could be to believe that the cryptocurrency can still rise to $100,000, as many experts predicted at the end of last year.

Related Reading | Are A Fake Job Offer And A .Pdf Responsible For The Axie Infinity/ Ronin Hack?

Like, professor of finance Carol Alexander of Sussex University predicts that BTC will fall to a low of $10,000 in 2022, wiping out most of its gains over the previous 15 months.

Well, there is no clear consensus when it comes to crypto predictions. Some market analysts believe BTC will reach a price of $100,000 by the end of 2023, while others say it’ll only take until the first quarter of 2022. Still, other predictors say that at most in 2022, BTC won’t rise higher than $70,000.

Featured image from Flickr, chart from Tradingview.com

4th July 2022

Market Update: Bitcoin And Ethereum Struggles To Recover, AR And NMR Soars Significantly

Despite the market condition, top currencies, Bitcoin and Ethereum, struggle to regain their values. On the other hand, some altcoins, AR, and NMR are showing a significant gain charm over 14-days.

Since the Fed Reserve decided to raise interest rates and the May inflation report, Bitcoin has been floating in a small zone between $19,000 and $20,000. Thus, it is difficult for it to recover any significant upward pace.

Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

Bitcoin, the most valuable cryptocurrency, has dropped more than 70% in value since peaking at $67,000 in November 2021.

However, according to CoinGecko data, BTC is now trading at $19,500 and has experienced losses of 7.8% and 5.4% during the last 7 and 14 days, respectively.

Senior market analyst at the foreign exchange trading firm Oanda, Edward Moya, claims that Bitcoin is under pressure and finding it difficult to hold onto the $20,000 level.

BTC is currently trading above the $19,500 level on the hourly chart | Source: BTC/USD price char from Tradingview.com

Ethereum had a successful year in 2021, reaching an all-time high price of $4850 in November. But since last month, the price of Ethereum, which had a great November like bitcoin, has been floating between $1,100 and $1,000.

Meanwhile, it made an effort and struggled to recoup its value, but the price of Ethereum couldn’t rise beyond $1,100. CoinGecko data shows ETH is currently trading at $1,073.58, and in the past 7 and 14 days, ETH has lost 10.6% and 0.6% of its value, respectively.

Significant Growth in AR and NMR

Arweave (AR), one of the top 100 crypto assets by performance and market capitalization, is booming, while two of the most popular currencies are faltering. Per the statistics from CoinGecko, AR has reached $11 and increased by 10% in one day, 15% in seven days, and 32% in fourteen.

A decentralized storage network, Arweave aims to provide a platform for the long-term archival of data. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin, named AR.

Similarly, Numeraire (NMR) is also leading in week gainers. It displays a noteworthy increase of 122% over a week. NMR is currently trading at $19.37, per the statistics of Coinmarketcap.

Additionally, during the previous 14 days, Numeraire has outperformed the rest of the cryptocurrency market and made massive gains, increasing by about 16% over the past day. As a result, trade volumes have exploded, according to CoinGecko.

Related Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze

Since its peak in May last year, NMR has dropped by 79%. It is, however, showing an uptrend at the moment, which may help it rise over these prior lows.

Moreover, some other coins are showing positive vibes, including TerraUSD with a gain of 17% during the last 24 hours, RUNE showing a 13% gain in the previous 24 hours, Celsius with 15% in the same period, and CEEK with 15%.

Featured image from Pixabay, and chart from Tradingview

1st July 2022

Bitcoin Sees Worst Quarter In 11 Years

The leading cryptocurrency in the world, Bitcoin (BTC), saw its worst quarter-over-quarter drop in 11 years. According to data from CoinGecko, BTC has lost over 57.43% in the second quarter of 2022. Additionally, by selling below $19,000 on the final day of Q2, Bitcoin had its most significant quarterly loss in more than a decade.

The current state of the Bitcoin market is not good. The position was favorable even at the end of Q1 when it was approaching close to $50,000. But after that, things became more complex, and the price kept dropping.

Related Reading | TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

From $45,524 at the beginning of the year, bitcoin slid to a low of $17,593.2 on June 18. It recorded its worst-performing quarter as a result of its persistently negative price moves, which have seen it drop below $20,000 several times in June.

According to CoinGecko data, BTC dropped by 38% over the month of June and is currently trading at $19,447.62.

Since its launch in January 2009, the price of bitcoin has been on an up-and-down Ferris wheel. Like Q2 2021, the second quarter of 2022 will be referred to as the “Bloodiest Quarter In Crypto. Quarter 2 of last year lost more than 40% of its value.

Concerns About Risks Due To Market’s Downturn Situation

After the news that the Federal Reserve is preparing to reduce liquidity in the financial markets, Bitcoin fell precipitously and the downturn continued. Investors avoided riskier assets because of rising inflation and interest rates. As a result, the market lost huge profits.

Bitcoin is currently trading at $19131.45 on the daily chart | Source: BTC/USDT chart from Tradingview.com

Throughout the quarter, several significant problems have surfaced. For example, Celsius; recently, the firm decided to halt all account withdrawals, raising concerns that the business would soon go bankrupt.

Cryptocurrency exchange CoinFlex also stopped customer withdrawals on June 23, due to the harsh market conditions.

CEO of CoinFlex, Mark Lamb stated:

Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals.

Moreover, on the other hand, regulators have become ever more concerned about cryptocurrencies’ hazards. Everyone is terrified due to the recent failure of TerraUSD (UST) and the issues experienced by crypto lenders, including Celsius.

In order to address the possible threat that crypto-assets can bring to the financial system, the European Systemic Risk Board (ESRB) urged urgent regulation to solve the situation.

Related Reading | Avalanche Might Continue Its Downtrend As Price Slips To $16

In a report on June 30, the EU stated:

While potential systemic implications stemming from these market segments currently seem limited, systemic risks could materialise quickly and suddenly.

Europe is not the only one. There are 103 countries listed in November 2021 whose governments urged their financial regulatory agencies to set legislation and policies for financial institutions concerning cryptocurrency. Including France, Germany, Japan, Mexico, and many others.

Featured image from Flickr, chart from Tradingview.com

30th June 2022

Stratis (STRAX) Soars 200% From June Low On Sky Dream Mall Launch

After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low.

The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12, 2016, approximately six years ago.

Related Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing?

In spite of the overall market downturn, per the CoinGecko information, Stratis, a blockchain-as-a-service platform, witnessed a notable gain in volume. And among STRAX, Numeraire (NMR) is another coin that shows a notable gain of 201.1% in the seven-day chart. NMR is an Ethereum token that fuels Numerai (a San Francisco-based hedge fund).

Since Stratis has a comparatively strong growth momentum and increased by more than 140.9% over seven days, it is defying expectations in the current bear market. The term “bear market” so refers to a market where commodities or securities’ values are consistently decreasing.

Reasons Behind STRAX Price Spike This Week

Currently, two of the factors are driving the increase in STRAX’s price this week. The first is the Stratis GBP stablecoin announcement, and the second is the Sky Dream Mall metaverse launch.

STRAX is currently trading at $1.05 on the daily chart | Source: STRAX /USD chart from Tradingview.com

In a blog post published three days ago, Stratis said that it is making progress in its attempts to introduce the Stratis GBP stablecoin:

Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited,’ a new entity created that will be used for the Stratis GBP stablecoin.

However, Price Waterhouse Coopers (PwC), according to the company, is assisting it in obtaining the necessary licenses from the Financial Conduct Authority (FCA).

The post also stated that blockchain technology offers a significant chance to streamline cross-border and wholesale payments as organizations like Visa are becoming more open to accepting stable coin payments.

Polycarbon Games announced on Twitter on June 25:

Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon!

The idea of Stratis launching the metaverse front could also be a major motivator behind widespread acceptance in the cryptocurrency industry.

Related Reading | Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

While a few individuals concentrate on the benefit this metaverse will offer, a far more significant number is intrigued by the possibility of financial gain from a metaverse investment.

Investors cannot ignore the fact that Stratis is establishing itself with Sky Dream Mall as a major player who will be important in the developing Web3.0 world.

Featured image from Pixabay, chart from Tradingview.com

28th June 2022

LUNA2 Recovers 70% In Nine Days From Historic Lows

The company behind TerraUSD and Luna, which sparked a crypto market collapse last month, launched a new coin. However, it is now developing actively. For example, nine days after falling to an all-time low of $1.62, the price of Terra’s freshly minted new token (LUNA2) increased significantly.

Regarding recovery from the previous low, LUNA2’s pricing on June 27 reached $2.77, or a 70% increase. Nevertheless, the token is trading almost 77% below its May 30 historical high of $12.24.

Related Reading | Doom To Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From Crypto Winter

According to CoinMarketCap, LUNA2 is currently trading at $2.36 and has a gain of 8% in the last 24 hours.

After the market fall, many people have been selling their cryptocurrencies. This has made the market more illiquid, even though the prices have started to rebound.

However, the market has started to re-established itself since the recovery started moving during the past week. As a result, the liquidations have begun to level down, and the price of Terra has increased dramatically.

LUNA2 Has A High Degree Of Risk?

During the last week of May, the new Terra network became live and began trading on exchanges such as Bybit, Kucoin, Huobi, and Binance.

LUNA is currently trading at $2.23 on the hourly chart | Source: LUNA/USD chart from Tradingview.com

By adding the newly launched token of the collapsed Terra network, cryptocurrency trading platforms first express their support for its rebirth.

Notably, the price has changed significantly on various exchanges, primarily related to the trading volume. For example, the cost of LUNA2 jumped to $12.24 when it began trading on all major exchanges but ultimately lost all of its gains due to a sharp reversal.

Similar to LUNA2, Terra UST, and Terra Classic Hikes

TerraUSD has recorded a more than 400 % spike over the last seven days despite the heightened volatility associated with Terra’s recently issued coin LUNA 2.0. According to CoinMarketCap, it is trading for an average price of about $0.02014. The 24-hour trading volume for UST is at $83 million.

Related Reading | Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

Similarly, The prices of Terra Classic (LUNC/OLD LUNA) have also increased significantly over the past 24 hours. As a result, the market value of Terra Classic has climbed by $208 million. As per CoinMarketCap, data show the token was trading at $0.00008521 at the time of writing.

On the other hand, Do Kwon, the CEO of Terraforms Labs is currently the subject of a hacktivist organization after dealing with several accusations made by Terra insider FatMan.

Featured image from Flickr and chart from TradingView.com

24th June 2022

Polygon’s MATIC Surges 27% On Carbon Neutrality News

According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to $0.55 within 24 hours after Polygon’s news of being carbon neutral. However, the coin is still on an upward trend, and as of the time of writing, it was trading at $0.60.

The price is still below what it was at the beginning of the month when it was trading at $0.66, but considering the market downturn, MATIC’s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.

Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

The value of Polygon (MATIC) increased by roughly 50%% within seven days, as per CoinMarketCap statistics. On the other hand, the leading cryptocurrencies, like Bitcoin and Ethereum, saw a week’s decline. In addition, Having peaked at $2.92 on December 27, 2021, Polygon has since plummeted nearly 80%. Although it is still 50% higher than this month’s low of 0.31 on June 18.

MATIC was first created on top of the Ethereum Network and is now enhanced with Plasma-based side-chains to guarantee asset security. The main objective of MATIC Network, which calls itself a blockchain-agnostic Layer-2 scaling solution, is to enable scalable, quick, and safe blockchain transactions.

MATIC is currently trading at around $0.6 on the hourly chart | Source: MATIC/USD price chart from Tradingview.com
The Main Factor Driving Polygon’s Matic Value Upward

Mainly two catalysts appear to be the reason for Polygon’s increasing value. Nevertheless, the most important one is Polygon’s recent announcement that it has retired $400,000 worth of carbon credits, turning the company carbon neutral.

The value of its native token has increased significantly as a result of its achievement of carbon neutrality. Indian crypto exchange WazirX’s Trade Desk also claims that:

Polygon(MATIC), just lately achieved carbon neutrality(a stability between emitting and absorbing carbon). This has led to a surge in MATIC value in the previous couple of days, leaping up by 30%. The hourly pattern for MATIC has damaged out of the ascending triangle sample. The subsequent resistance is predicted at $0.73 degree.

Polygon stated in its blog post that through their partnership with KlimaDAO, it became carbon neutral and further explained that:

In helping to implement the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network’s energy footprint to identify emissions hotspots and develop an effective mitigation strategy.

Then, utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market.

In addition, Polygon collaborated with KlimaDAO to retire the carbon credits created by particular projects on its blockchain. The Bull Run Forest Conservation Project is one of those projects.

Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated

Furthermore, whale accumulation is the second factor that drives MATIC’s price increase, according to Santiment on-chain statistics.

As stated in their tweet on June 22:

$MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan.

Featured image from Flickr and chart from TradingView.com

22nd June 2022

Ethereum (ETH) Market Cap Falls More Than $124 Billion In Six Weeks

Ethereum, the second-largest cryptocurrency by market capitalization, is currently in freefall. Over $124 billion in capital vanished from the Ethereum (ETH) decentralized finance (DeFi) in six weeks.

Seven months ago, ETH reached its highest value ever at $4,891.70 on November 16, 2021. But it is now trading at around $1,100, which is less than 75.2% of its all-time high value.

Related Reading | Controlling The Chaos: FTX Exchange Bails Out BlockFi With $250M

The start of 2022 was unstable for the cryptocurrency market, particularly ETH, but in previous weeks, things have become much more complicated. However, the larger crypto market continues to fall due to macroeconomic uncertainty fueled by an unstable stock market, interest rate hikes, and the fear of crisis.

The Ethereum DeFi Market Is Deleveraging Dramatically

Glassnode, a blockchain analytics firm, released a report on June 17. The report was titled “The Great DeFi Deleveraging.” The report stated that over $124 billion in the capital had been drained out in only six weeks from the Ethereum DeFi market. As a result, its market value is deleveraging rapidly.

According to their statement, many reasons have sparked a wide range of margin calls, liquidations, and deleveraging. These reasons include worldwide monetary policy tightening, the growing strength of the US dollar, and decreasing values of risk assets.

Their analysis looks at some early warning signs that predict a drop in ETH usage and community demand after the November 2021 all-time high of ETH value.

They claimed that on-chain activity and Ethereum gas prices had decreased over six months. This indicates a drop in overall Ethereum network activity.

ETH is currently trading below $1,100 on the daily chart | ETH/USD chart from Tradingview.com

As stated in the report:

Across many facets of the Ethereum ecosystem, the demand profile has been waning, with general application usage in decline, and network congestion easing after the Nov 2021 ATH, and a cooling off of NFT markets becoming evident in recent weeks.

TVL on Ethereum Dropped By 60%

According to the report, Ethereum’s TVL (Total Value of All Ether) dropped by 60% in six weeks. The decline occurred in two stages. In May, the Terraforms Lab’s project collapsed and caused a $94 billion loss. And in June, ETH fell below $1,000, resulting in a $30 billion loss.

By the report, there have only been two higher magnitude deleveraging events:

The first being -46.0% associated with the recent LUNA collapse and -37.5% during the sell-off from the then-ATH set in May 2021.

The combined market valuation of the top four stablecoins USDT, USDC, BUSD, and DAI has now exceeded the market valuation of ETH by $3.0 billion.

Related Reading | Why The Inventor Of Ethereum Attacked This Bitcoin Pricing Model

Glassnode stated that the deleveraging event taking place is painful and is similar to a mini-financial crisis. However, they added that although this is difficult, it provides an opportunity to eliminate excess leverage and rebuild healthily.

Featured image from Flickr and chart from TradingView.com

14th June 2022

Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.

Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.

Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes

Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.

In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell “riskier assets” such as cryptocurrencies.

The Bitcoin 3-Day Chart Indicates March 2020 Crash

The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.

After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400.

Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com

For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection.

He further added that Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes.

Reason Behind Bitcoin Plunging To New Lows

One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.

Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.

Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K

The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.

As the company’s announcement stated:

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Featured image from Flickr and chart from TradingView.com

9th June 2022

Micheal Saylor Says Current Volatility Irrelevant, Predicts Bitcoin At $1 M

Maximalist Bitcoin holder and the Chairman and CEO of the MicroStrategy company, Micheal Saylor, is still bullish on the Bitcoin despite the bearish market. While commenting on the new regulatory bill of June 07 in an interview with CNBC on June 08, he predicted Bitcoin’s price to be around $1 million in the future.

To back his statement, he highlighted the new crypto bill proposed by Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis to bring the crypto-friendly rules. Saylor added that Bitcoin is a “real thing that is going to be with us.”

Related Reading | Do Knwon Turns Twitter Account To Private After LUNA Slumps

The interviewer argued about the possibility of BTC falling down, and his company MicroStrategy, which nearly holds 130,000 BTC, could face more losses. Saylor replied that Bitcoin would not likely plummet to zero. Furthermore, he discussed the current volatility is largely irrelevant.

While providing arguments for his belief in Bitcoin growth, he pointed out that both skeptics and deniers, who speculated BTC would crash or governments would shut down the asset class soon as it was not real, proved wrong. Governments instead seek to regulate it, and the price has not dropped to zero yet; he added, “If Bitcoin is not going to zero, then it’s going to a million.”

American tech tycoon further stated that Bitcoin is “obviously better than gold and everything that gold wants to be.” He noted that if the BTC had the same nature as gold, it “would be only five hundred thousand USD per coin.”

Bitcoin price currently trades above $30,000. | Source: BTC/USD chart from TradingView.com
Saylor Believes People Now Recognizing Virtual Assets

Saylor highlighted that people are now changing their perspectives on cryptocurrency. He mentioned the new crypto-friendly bill, created by senators Kristen Gillibrand and Cynthia Lummis, and Janet Yellen’s speech on April 07 at American University. Yellen, in her speech, recited the vision of Bitcoin creator Satoshi Nakamoto and revealed how Bitcoin could play a crucial role in the United States.

Considering these facts, Saylor believes that people have now started to realize that BTC is here to stay with us and will expand the adoption ahead.

It was not the first time Saylor speculated BTC’s price at $1 million. A few weeks ago, he expressed his vision of it skyrocketing to the million mark.

He added at the time:

There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.

Related Reading | TA: Bitcoin Stuck In Key Range, Why A Major Breakout Is Possible

The cloud-based company MicroStrategy started interacting with Bitcoin in August 2020. In fact, it began accumulating portions of its corporate balance sheet. Since continually gathering BTCs, it currently holds around 130,000 BTC. Per the previous statements of the CEO, he had no intentions to change its possessions. Instead, he thinks about accumulating more BTC.

Featured image from Pixabay and chart from TradingView.com