$20,000 feels scary, but it may not be the end of the story for Bitcoin’s latest bear cycle.
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These 3 metrics suggest the Bitcoin price crash is not over
Bitcoin (BTC) near $20,000 is worrying the market, but after narrowly avoiding breaking support, is the worst really over?
According to multiple on-chain indicators, it seems that max pain has yet to arrive this cycle.
The stakes are high for many hodlers this week — almost 50% of the supply is being held at a loss and miners are upping their shipments of BTC to exchanges.
Even some of Bitcoin’s biggest investors, notably MicroStrategy, are having to defend their conviction on BTC as price action tumbles.
With targets ranging as low as $11,000, Cointelegraph takes a look at how much further the market technically needs to drop to match historical bottom zones.
‘Buy Bitcoin, plant a tree, lower your time preference’: A Sequoia story
“I’m trying to get people to plant trees,” said Fangorn, a green-fingered Bitcoiner, “as an avenue for low-time preference.”
BitMEX co-founder Benjamin Delo avoids jail, receives 30 months probation
Delo was allowed to leave the country to travel to Hong Kong where he is a resident, bringing to a close his part in the legal saga which began in 2020.
Yahoo launching Metaverse events for Hong Kong residents under restrictions
Yahoo has announced its intention to launch a series of Metaverse projects in Hong Kong, apparently creating a brief rally for Decentraland’s native token, MANA.
Korean exchanges agree on emergency system in case of Terra-style collapse
Korean exchanges will soon be required to list tokens based on the same guidelines to ensure compliance with local regulations, and make emergency decisions together to prevent another Terra fiasco.
‘Cheaper than it looks:’ Fidelity exec says BTC undervalued and oversold
Anthony Pompliano made similar remarks on Monday, noting that Bitcoin’s “value and price are diverging” and that “weak hands are selling to strong hands.”
Total supply of stablecoins dropped sharply for first time ever in Q2
A separate graph also saw USDC and BUSD supply drop sharply in May, however both have since rebounded and are close to being back to their respective all-time high levels.
True Global Ventures doubles down on Web3 with $146M ‘follow-on’ fund
The TGV4 Plus Follow On Fund was led by a group of 15 general partners who committed over $4 million on average (over 40%) into the fund.
Former president of the New York Stock Exchange joins Uniswap Labs as an adviser
Uniswap said it is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3.
Ankr partners with Optimism to provide a fast and reliable RPC service for users
Ankr also said that it will incentivize independent Optimism node operators to add their nodes to the load balancer in return for ANKR tokens.
Ankr partners with Optimism to provide a fast and reliable RPC service for users
Ankr also said that it will incentivize independent Optimism node operators to add their nodes to the load balancer in return for ANKR tokens.
US House Ways and Means chairman asks the GAO to check out crypto in retirement plans
It will look at the use and oversight of crypto in 401(k) and similar plans, which is controversial in many parts of the government.
Vitalik Buterin shares his thoughts on non-financial use-cases for blockchain
Essential goals like “trust and censorship resistance” can be aided by distributed ledger technology, said Buterin.
Large Bitcoin liquidations mean one man’s pain is another man’s pleasure — Time to buy the dip?
Pro traders were forced to cut their losses after margin and futures markets became over-leveraged, creating a potential entry point for bullish buyers.
Large Bitcoin liquidations mean one man’s pain is another man’s pleasure — Time to buy the dip?
Bitcoin (BTC) has been unable to restore the $24,000 support since Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users believe Celsius mismanaged its funds following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and rumors of its insolvency continue to circulate.
An even larger issue emerged on June 14 after crypto venture capital firm Three Arrows Capital (3AC) reportedly lost $31.4 million through trading on Bitfinex. Furthermore, 3AC was a known investor in Terra, which experienced a 100% crash in late May.
Unconfirmed reports that 3AC faced liquidations totaling hundreds of millions from multiple positions agitated the market in the early hours of June 15, causing Bitcoin to trade at $20,060, its lowest level since Dec. 15, 2020.
Let’s take a look at current derivatives metrics to understand whether June 15’s bearish trend reflects top traders' sentiment.
Margin markets deleveraged after a brief spike in longs
Margin trading allows investors to borrow cryptocurrency and leverage their trading position to potentially increase returns. For example, one can buy cryptocurrencies by borrowing Tether (USDT) to enlarge exposure.
MetaMask warns of security vulnerability from older versions of popular crypto wallet
"Ultimately, we've learned that our password encryption feature's security was partially undermined by browser behavior," said the team at MetaMask.
ECB may cap digital euro at 1.5T tokens — Executive board member
"Keeping total digital euro holdings between one trillion and one and a half trillion euro would avoid negative effects for the financial system,” said Fabio Panetta.
Bitcoin trading: Momentum strategies with different moving averages
The 20-Day moving average strategy provided good returns in 2018 and 2019, while the 50-Day MA strategy did better in 2021 and 2022.
Nifty Newsletter: Mastercard to enable direct NFT purchase, NFT floor prices collapse and more
Last week, Apocalyptic Apes founder Bill Starkov told Cointelegraph that NFT holders can earn millions by licensing their NFTs.