The crypto market has been in a downward spiral lately, leaving investors scratching their heads. Here are three reasons why: 1. Miner Capitulation Bitcoin miners, who are responsible for processing transactions, are seeing their profits plummet. This has forced them to sell off their Bitcoin holdings to cover costs. The increase in Bitcoin transfers from…
The Project That Scared Ethereum’s Founder Cardano founder Charles Hoskinson revealed that NXT was the crypto project that almost overshadowed Ethereum in its early days. Hoskinson, who was Ethereum’s CEO from 2013 to 2014, admitted that NXT scared him more than any other cryptocurrency at the time. NXT’s Impressive Rise NXT emerged from obscurity and…
Environmental Concerns Greenpeace’s report highlights the significant energy consumption of Bitcoin mining, which is primarily due to the Proof-of-Work (PoW) system. This system requires a vast network of computers to solve complex puzzles, resulting in a massive demand for electricity. Wall Street’s Involvement The report argues that Wall Street institutions, such as BlackRock and Vanguard,…
Fake Ripple Stablecoin Scam Scammers are taking advantage of the hype surrounding Ripple’s upcoming stablecoin, RLUSD. They’re circulating fake RLUSD tokens on the XRP Ledger (XRPL). Real RLUSD Not Yet Released Ripple has not yet launched the official RLUSD. It’s expected to come out later in 2024. How to Spot Fake RLUSD Tokens Account Ancestry:…
Technical Analysis A respected crypto analyst, Bluntz, believes the memecoin WIF is poised for a 50% rally. Despite his long-term bearish outlook, he sees a short-term bounce coming. Bluntz uses Elliott Wave theory, which predicts price action based on crowd psychology. He believes WIF has completed a five-wave downtrend and is now ready for a…
Digital asset manager CoinShares reports that crypto products experienced a significant outflow of $600 million last week. FOMC Meeting Raises Concerns Institutional investors are believed to be reacting to a more aggressive-than-expected Federal Open Market Committee (FOMC) meeting. The FOMC’s dot plot, which reflects members’ views on interest rates, suggests that rates are unlikely to…
A renowned on-chain analyst, Checkmate, predicts a significant move for Bitcoin (BTC) following a rare period of low volatility. Volatility on the Horizon Over the past month, BTC has fluctuated by only 8.3%, a rarity for the cryptocurrency. This suggests two potential outcomes: Bitcoin remains stable, becoming a “stablecoin.” Volatility is imminent. Sell-Side Risk Low…
Altcoins have plummeted further this week, continuing their months-long decline. The total value of all cryptocurrencies has dropped from $2.39 trillion to $2.32 trillion, losing a staggering $70 billion. Liquidations Hit Altcoin Traders According to Coinglass, over $242 million worth of altcoin positions have been liquidated, primarily due to traders attempting to profit from long…
Exchanges Required to Review Assets South Korea’s new crypto law, effective July 19, requires registered exchanges to review the status of over 600 listed cryptocurrencies. Exchanges must assess if the listed tokens meet criteria related to issuer reliability, user protection, technology, and regulatory compliance. Consequences of Non-Compliance Exchanges that fail to comply with the new…
Bitcoin has been on a rollercoaster ride lately, despite the surge in buying from spot exchange-traded funds (ETFs) and institutional investors. Here’s what’s behind the recent bearish momentum: Long-Term Holders Selling One reason for the selling pressure is the long-term holders (LTHs) who have been holding onto their coins for a long time. When the…
