Crypto analyst Jamie Coutts believes the current market dip is a mid-cycle correction, presenting potential opportunities for investors. Market Correction Impacts Since March, smaller altcoins have underperformed compared to Bitcoin and Ethereum. The Top 200 equal weight index has fallen 33%, while the Market Cap index has declined by 12%. Specific sectors have seen significant…
A crypto analyst has reported that Bitcoin whales, or large holders, have sold over $3.3 billion worth of BTC in just 10 days. Analyst Ali Martinez revealed that whales have sold more than 50,000 BTC. Miners Join the Sell-Off Martinez also noted that Bitcoin miners have contributed to the recent price drop by selling over…
Farcaster, a social media platform built on the Ethereum blockchain, is rumored to be considering launching its own token. Funding and Valuation Despite having only 50,000 daily active users, Farcaster recently raised $150 million in funding, valuing the company at $1 billion. This is the largest investment in Web3 social media to date. Token Speculation…
Approval Process Nearing Completion A Bloomberg expert predicts that spot market Ethereum (ETH) ETFs could be approved in the US by July 2nd. Senior ETF analyst Eric Balchunas says that the US Securities and Exchange Commission (SEC) has responded to filings from major financial firms, indicating that approval is imminent. “We are moving up our…
CZ’s Binance Dominance Changpeng Zhao (CZ), the former CEO of Binance, may be behind bars, but he still controls a massive chunk of Binance Coin (BNB). According to Forbes, CZ owns a whopping 64% of the circulating supply, worth around 94 million tokens. This dominance raises questions about BNB’s ability to handle Binance’s regulatory challenges….
Ripple Labs has caught a break in its legal fight with the SEC. The SEC has significantly reduced its settlement demand from $2 billion to $102.6 million. Ripple’s Arguments Ripple argues that the SEC’s initial penalty was excessive, citing the SEC’s history of settlements typically being a small percentage of the defendant’s revenue. They also…
Ethereum Whales The largest non-exchange Ethereum whales now hold an all-time high of $241.635 billion worth of ETH. These 100 whales control a staggering 68.39 million ETH tokens, a record amount. Exchange Wallets Decline In contrast, exchange wallets have seen a decline in their ETH holdings. This suggests that investors are moving their ETH off…
Crypto analyst Benjamin Cowen believes altcoin season, a period when altcoins outperform Bitcoin, is unlikely until the Federal Reserve loosens monetary policy. Fed’s Influence on Altcoins Cowen notes that in the previous crypto cycle, altcoins only outperformed Bitcoin after the Fed began cutting interest rates. He observes that many altcoins are currently underperforming, and the…
Economy in Trouble Venture capitalist Chamath Palihapitiya believes the economy is headed for a downturn. He points to data showing that Americans have used up their savings, forcing them to seek jobs. However, Palihapitiya says companies are hesitant to hire due to the Federal Reserve’s (Fed) policy of keeping interest rates high. This is leading…
Early Investors Selling On-chain analyst Willy Woo says that early Bitcoin investors, known as OGs, are selling their holdings in large numbers. These OGs hold more Bitcoin than all exchange-traded funds combined. Paper Bitcoin Woo also blames the futures market, or “paper Bitcoin,” for exacerbating the selling pressure. Futures markets allow people to buy and…
