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Bitcoin on-chain data shows miners offloading BTC as revenues shrink

Bitcoin’s on-chain data provides evidence that Bitcoin miners are offloading their holdings. The factors influencing the selling pressure could be reduced earnings from a cooldown in Ordinals activity as well as mining difficulty and hash rate reaching an all-time high. 

According to on-chain analytics firm Glassnode, “Miners have been sending a significant amount of coins to exchanges.”

Glassnode data shows Bitcoin (BTC) miners’ inflows to exchanges spiked to a three-year high on June 3 to levels last seen during the bull market of early 2021.

Coin Metrics data also shows a decline in the one-hop supply metric of miners, which measures the quantity of Bitcoin stored in addresses that receive coins from mining pools.

The metric recorded a consistent uptrend in miner holdings since May 2023; however, the miners reversed their accumulation trend in the second week of June.

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Bitcoin and select altcoins show resilience even as the crypto market sell-off continues

A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.

This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT).

Total crypto market cap in USD, 1-day. Source: TradingView

Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls.

The United States Securities and Exchange Commission tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase.

Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside.

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AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns

Just as we don’t allow just anyone to build a plane and fly passengers around, or design and release medicines, why should we allow AI models to be released into the wild without proper testing and licensing? 

That’s been the argument from an increasing number of experts and politicians in recent weeks. 

With the United Kingdom holding a global summit on AI safety in autumn, and surveys suggesting around 60% of the public is in favor of regulations, it seems new guardrails are becoming more likely than not. 

One particular meme taking hold is the comparison of AI tech to an existential threat like nuclear weaponry, as in a recent 23-word warning sent by the Center of AI Safety, which was signed by hundreds of scientists:

“Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”

Black Mirror
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SEC, CPI and a ‘strong rebound’ — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.

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Cardano’s worst week since May 2021 is over — Will ADA price rebound 40%?

Cardano (ADA) bounced modestly after nosediving nearly 30% in the last week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryptocurrency market crash.

Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.

ADA price up 30% from six-month lows

On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.

ADA/USD daily price chart. Source: TradingView

The reasons behind Cardano’s bad week include the United States Securities and Exchange Commission (SEC) labeling it an unregistered security in lawsuits filed against crypto exchanges Binance and Coinbase.

On June 9, U.S.-based investment platform Robinhood, which allows users to trade cryptocurrencies, announced it would delist ADA from its platform. This preceded a 30% drop in ADA’s price on the day.

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A sideways Bitcoin price could lead to breakouts in ETH, XRP, LDO and RNDR

Altcoin prices crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67.

Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%.

Crypto market data daily view. Source: Coin360

The uncertainty in the near term is likely to keep several investors on the sidelines. During this period, the cryptocurrencies that have held out generally tend to do well when the market sentiment improves.

Let’s look at the top-5 cryptocurrencies that are trying to sustain above their respective support levels and are attempting to start a rebound. What are the important support and resistance levels to keep an eye on?

Bitcoin price analysis

Bitcoin once again dipped to the crucial support at $25,250 on June 10, indicating that the bears are keeping up the pressure. The repeated retest of a support level within short intervals tends to weaken it.

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Binance, Coinbase head to court, and the SEC labels 67 crypto-securities: Hodler’s Digest, June 4-10

Top Stories This Week

U.S. SEC sues Binance and Coinbase amidst crypto crackdown

Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months after FTX’s bankruptcy, SEC crypto-related enforcement actions rose 183%.

SEC lawsuits: 67 cryptocurrencies are now seen as securities by the SEC

The total number of cryptocurrencies the United States securities regulator has labeled as a “security” has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The “security” label now applies to over $100 billion worth of the market, or around 10% of the $1.09 trillion total crypto market capitalization.

Coinbase CEO Brian Armstrong sold company shares the day before the SEC lawsuit against the exchange. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Armstrong has been selling Coinbase stock regularly since November under a 10b5-1 plan adopted in August, which determines the timing and size of transactions in advance. The net worths of Armstrong and Binance CEO Changpeng Zhao have suffered heavy blows due to the suits. Within 30 hours, Armstrong’s net worth plummeted by $289 million and Zhao’s by $1.33 billion. 

Binance.US suspends USD deposits, warns of fiat withdrawal pause

Binance.US has suspended U.S. dollar deposits and announced an upcoming pause for fiat withdrawals as early as June 13. According to the exchange, it was forced to take action amid “extremely aggressive and intimidating tactics” from American regulators. Trading, staking, deposits and withdrawals in crypto remain fully operational. Binance.US also delisted eight Bitcoin pairs and two BUSD pairs while noting that OTC Trading Portal services were paused.

June 2023 has proven to be a tumultuous month for cryptocurrency exchanges in America. will no longer serve institutional clients in the United States after announcing the suspension of the service starting June 21. The Singapore-based cryptocurrency exchange cited limited demand from institutional customers as a primary reason for the move, which has been exacerbated by testing prevailing market conditions. American retail users still have access to cryptocurrency derivatives trading and the UpDown Options offering.

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Bitcoin price avoids 3-month lows as crypto dive liquidates $390M

Bitcoin (BTC) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Altcoin bloodbath as exchanges reshape landscape

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high.

While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges.

Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).

These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in 24 hours at the time of writing.

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Real-world asset protocols outperform DeFi blue chips due to tokenization wave

Real-world asset (RWA) protocols have become a hot trend within decentralized finance (DeFi) circles.

An RWA protocol is a decentralized application that allows entities to tokenize and trade real-world assets. These assets range from stocks and government bonds to real estate and commodities. They are also known as asset tokenization protocols.

DeFi provides certain advantages over TradFi by making the smart contracts transparent and enabling a wide degree of financialization of assets by making them divisible, transferable and tradable on decentralized platforms.

The top uncollateralized lending protocols for institutions, TrueFi and Maple, have increased by 26.6% and 117.8%, respectively, in 2023. Centrifuge, a real-world asset tokenization platform, has surged by 32% year to date.

In comparison, the gains recorded by the DeFi pulse index in the same period were 13%. Glassnode’s index of DeFi blue-chip tokens has lost 7% since the year’s start.

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Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says.

In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH.

Related: Why is Bitcoin price stuck?

QCP Capital: U.S. crypto “mudslinging” to continue

The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission.

More upheaval will come in the future, QCP believes, as the macro environment from next week onward becomes much more unpredictable.

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Bitcoin price can gain 60% if ‘textbook’ chart pattern confirms — Trader

Bitcoin (BTC) may be in line for a 60% upside if a long-term chart feature stays intact.

In part of his latest analysis on June 8, popular trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart.

Weekly Bitcoin price chart keeps $40,000 on the table

With Bitcoin still wedged in a narrow trading range it entered almost three months ago, market participants have little to go on when it comes to short-term price targets.

Day-to-day performance has offered no decisive trend up or down, and $30,000 remains formidable resistance overhead.

“The market is still in the same position it has been the past few days. Don't get chopped up, place some bids at the extremes and wait,” trader Jelle suggested in advice now typical of the current market perspective.

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Binance humilated, HK needs 100K crypto workers, China’s AI unicorn: Asia Express

Alibaba NFTs… censored?

On June 8, AliExpress, the online retail subsidiary of Chinese tech conglomerate Alibaba, announced that it had joined forces with Web3 developer The Moment3! to create a series of NFTs based on shopping themes.

The upcoming collection will feature 5,555 NFTs and is scheduled to debut on June 25, 2023. Less than one day after the announcement was made, AliExpress’ tweet was deleted. Nevertheless, AliExpress’ dev partner, posted a statement confirming the drop.

While no reason has been provided for why AliExpress deleted its original announcement, Chinese authorities have been cracking down on anything crypto-related and forcing firms to remove keywords related to “nonfungible tokens” from their products.

In April, Bitcoin price quotes were added to Douyin, which is the Chinese version of TikTok with over 1 billion users, for less than 48 hours before it was removed by authorities. Cryptocurrencies-fiat transactions, mining, and exchanges (but not outright ownership) are currently banned in China.

The deleted AliExpress NFT announcement (PANewsLab)

Binance humiliated on Chinese TV

If there is anything that the U.S. and China, the world’s two largest competing superpowers, have in common, it is their mutual hatred for cryptocurrency exchanges. On June 6, one day after the U.S. Securities and Exchange Commission sued Binance over allegations of operating an unlicensed exchange and selling unregistered securities in the U.S., Chinese Central Television (CCTV) reported on the lawsuit for its one billion viewers. Curiously, the CCTV broadcast also acknowledged for the first time that Binance is the world’s “largest cryptocurrency exchange.”

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Bitcoin price races toward $27K, but a swift recovery is not confirmed by market data

Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. 

Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits against Coinbase and Binance.

A total of eight cryptocurrency-related enforcement actions have been undertaken by the United States Securities and Exchange Commission (SEC) over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the two leading exchanges.

Additionally, looking at a wider angle, investors fear that a global recession is imminent, which limits the upside of risk-on assets such as stocks, cryptocurrencies and emerging markets.

The eurozone entered a recession in the first quarter of this year, according to revised estimates from the region’s statistics office, Eurostat, released June 8. Poor economic performance might limit the European Central Bank’s ability to further increase interest rates to tackle inflation.

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Bitcoin rebound falters amid SEC crackdown on exchanges, raising chance of a BTC price capitulation

Bitcoin’s price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities. 

The SEC might have a difficult case ahead

According to Blockchain Association CEO Kristin Smith, the SEC is trying to circumvent formal rulemaking processes and deny public engagement. Meanwhile, Insider Intelligence crypto analyst Will Paige said the SEC’s intent is to police the space through enforcement in the absence of a regulatory framework.

Those criticisms explain why investors may be clinging to their hopes in the U.S. Financial Services Committee hearing scheduled for June 13.

The potential overreach of the SEC has caused ripples multiple times, including in the U.S. legislature. Sen. Bill Hagerty, for instance, stated that regulators at the SEC are “weaponizing their role” and publicly called out SEC Chairman Gary Gensler.

Further supporting the thesis that the cryptocurrency space can function without crypto-banks, as the centralized exchanges are commonly known, is the sudden increase in decentralized finance volumes.

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US Bitcoin supply fell over 10% in the past year — Glassnode

Bitcoin (BTC) abandoned the United States during the 2022 bear market, new research suggests.

In a tweet on June 8, on-chain analytics firm Glassnode revealed some surprising conclusions about who is now using Bitcoin.

BTC supply moves to Asia

The past year has seen some seismic shifts in where Bitcoin is held and traded.

In its latest analysis of the BTC supply, Glassnode measured its migration around the world — notably, away from the U.S. and toward Asia.

Since mid-2022, the amount of the supply held and traded by U.S. entities has decreased by more than 10%.

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Bitcoin traders weigh next move with BTC price at crucial 200-week trendline

Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals.

BTC/USD 1-hour candle chart on Bitstamp with 200WMA. Source: TradingView

BTC spot clings to 200-week moving average

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling a key long-term trend line near $26,500.

After flash volatility surrounding industry news events, the pair returned to sideways trading after bouncing from three-month lows.

Now, the 200-week moving average (WMA) formed a critical focus.

“We are currently sitting right on the 200WMA,” trading suite DecenTrader wrote in part of the day’s analysis.

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6 Questions for Thiago Cesar of Transfero

Thiago Cesar is the 34-year-old co-founder of Transfero, a company helping to make crypto more accessible for Brazilians with BRZ, the first stablecoin pegged to the Brazilian real.

Cesar grew up in southern Brazil’s Pindamonhangaba municipality, before making the 90-mile trek to Sao Paulo for college. He graduated from Fundação Armando Alvares Penteado, and it wasn’t long, Cesar says, before he became infatuated with Bitcoin as a graduate student at the University of London.

“By 2014, I’d been convinced that Bitcoin and cryptocurrencies in general were going to be a big thing,” Cesar says, leading him to author his graduate thesis on the “competitive and comparative advantages that Bitcoin could bring to a business.”

In 2015, Transfero was born.

What inspired you to start Transfero?

Transfero was a joint dream between me and my four Brazilian co-founders. We met in Rio de Janeiro just after I returned from the University of London in 2015, where coincidentally, I wrote my master’s thesis about Bitcoin.

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Binance vs. SEC: How low can BNB price go?

The market capitalization of BNB (BNB) has dropped by more than $7 billion since June 5, when the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance.

BNB price eyes technical bounce

The impact of the SEC lawsuit on Binance has been substantial so far, with BNB down nearly 15% week-to-date.

BNB daily market capitalization. Source: TradingView

On June 6, the SEC requested the U.S. District Court for the District of Columbia to freeze Binance’s U.S. assets worldwide. The order, if passed, will likely force the exchange to repatriate “fiat currency and crypto assets deposited, held, traded, and accrued by customers” at its U.S. platform.

Meanwhile, Binance’s U.S. entity halted trading for several pairs, including Bitcoin (BTC), Tether (USDT) and Binance USD (BUSD).

Theoretically, these events risk stirring people’s BNB buying sentiment, given it has been incorporated as a utility token in the Binance ecosystem.

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Security or not, Ether looks poised to hold the $1.8K level based on 3 key metrics

Ether’s price retested $1,780 after the news of the United States Securities and Exchange Commission (SEC) suing cryptocurrency exchanges Binance and Coinbase, but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support. 

The SEC’s actions are actually a double-edged sword for Ether (ETH), and on Crypto Twitter, some analysts attributed the bounce in Ether to its not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the SEC explicitly mentioned BNB (BNB), Solana (SOL) and Cardano (ADA), which are direct competitors to Ethereum’s smart contract-processing capabilities.

However, as noted by analyst Jevgenijs Kazanins, Ether’s omission does not mean that it has the green light from the SEC.

Kazanins raises the question of whether the SEC could be targeting the Ethereum Foundation in a separate lawsuit. For now, the idea is a mere unfounded speculation, but it certainly has merit given that SEC Chairman Gary Gensler refused to answer questions about Ether’s status before the U.S. House Financial Services Committee in April 2023.

In the meantime, what traders can focus on is Ether’s price action, network data and other data that impacts investor sentiment and price in the short term.

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What asset freeze? Binance BTC outflows muted as users shun panic selling

Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows.

According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles.

On-chain losses “remain quiet”

BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care.

The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode.

A chart uploaded to Twitter by Glassnode showed realized losses — coins moving at a lower value than their previous transaction — staying cool.

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