Connect with us

Cryptocurrency

Bitcoin 50% Down From Its All-Time High

Published

on


Bitcoin 50% Down From Its All-Time High

The value of Bitcoin dropped to $33.25K today, declining to its lowest level in 10 months. The dominant crypto has been on a consistent downtrend since the end of March, since which time it has lost nearly 30% of its value and is sits 51.2% shy of its all-time high (ATH) of $69,044.77, attained last November.

Shadowing the Stock Market

On Friday, May 5th, one of Bitcoin’s largest downswings since January was witnessed. The leading digital currency by declined around 10% from $39.75K, slipping to $35.87K within a single day. The plummet coincided with that of the stock market indexes, which plunged in reaction to the historic decision by the United States FED to increase interest rates by 0.5 percentage points.

The harsh stock market nosedive triggered one of the biggest cryptocurrency price drops in three months, resulting in the market value of the cryptocurrency market at large to shrink 7.5% to $1.66 trillion. As the sell-off continued over the weekend, the crypto market cap declined by a further 9.6%, and is currently $1.5 trillion, according to CoinMarketCap.

Bitcoin remains the dominant cryptocurrency, however. With a $627.5 billion market cap, it accounts for almost one-third of the cryptocurrency market’s entire value.

Fear and Greed Index at Extreme Fear

As the price of Bitcoin experienced one of its deepest lows of the past 10 months, general investor sentiment declined accordingly. The ‘Crypto Fear and Greed Index‘ fell to 11 points and is currently deep in ‘Extreme Fear’ territory.

The sentiment of Bitcoin investors has not been at such low extreme fear levels since the end of January. At the time the leading crypto has been testing the lows of $33.5K due to sharp market volatility.

Accumulation continues

At the same time, Bitcoin’s accumulation trend score remains unshaken, and has been so since January, says cryptocurrency analytics firm Glassnode. According to them, Bitcoin accumulation continues to hold steady despite BTC’s correlation to traditional stock markets and the extreme risks and uncertainties that come with it.

In related news, the percentage of Bitcoin’s circulating supply held on crypto exchanges have diminished to their lowest levels since 2018, when the market entered the first “crypto winter” following the enormous hype of the 2017 rally. This means that there are fewer bitcoins available for sale.

Considering Bitcoin’s limited supply of 21 million coins, 19.035 million of which have already been mined, such scarcity on exchanges could be considered a catalyst for a potential future price rally.

Continue reading on DailyCoin

Cryptocurrency

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

Published

on


Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

Published

on


Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.

While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.

USDT/USD last week from May. 8–14th. Source: CoinMarketCap
FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap

Asset-backed stablecoins were in favor during downturn, except for USDT

USDT, USDC and DAI hourly price. Source: CoinGecko API
Curve DAI/USDC/USDT 3Pool proportion. Source: @elenahoo Dune Analytics
Curve DAI/USDC/USDT/sUSD 4Pool proportion. Source: @elenahoo Dune Analytics

Are algorithmic stablecoins finished?

Curve FRAX/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics
Curve MIM/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Meta trademark filing hints at plans for crypto payments platform

Published

on


Meta trademark filing hints at plans for crypto payments platform

Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be planning to launch a payments platform with support for cryptocurrency.

According to records submitted to the United States Patent and Trademark Office, or USPTO, on May 13, Meta filed five applications for its namesake to be used in a platform called Meta Pay. The filings included Meta’s name for use in a “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”

Continue Reading on Coin Telegraph

Continue Reading

News

Economy26 mins ago

Brazil’s govt will maintain GDP outlook for 2022 and 2023 -sources

© Reuters. FILE PHOTO: Consumers shop at a weekly street market in Rio de Janeiro, Brazil, September 2, 2021. REUTERS/Ricardo...

Cryptocurrency26 mins ago

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan In times of high stress...

Economic Indicators26 mins ago

JPMorgan cuts U.S. GDP estimates for 2022 and 2023

© Reuters. FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in...

Stock Markets26 mins ago

Plotkin’s Melvin Capital to Wind Down – Report

© Reuters Plotkin’s Melvin Capital to Wind Down – Report Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost...

Stock Markets27 mins ago

Chevron, Schlumberger withdraw request for California carbon-capture permit

2/2 © Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest...

Economy27 mins ago

Factbox-U.S. companies offering abortion travel benefits

© Reuters. Signage is seen at an Amazon facility in Staten Island, New York City, U.S., April 24, 2022. REUTERS/Andrew...

Sports & General27 mins ago

New York state opens probe of social media platforms used by Buffalo shooting suspect

2/2 © Reuters. FILE PHOTO: Members of the Buffalo Police department work at the scene of a shooting at a...

Stock Markets56 mins ago

Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher...

Stock Markets56 mins ago

Under Armour CEO Frisk Steps Down After 5 Tumultuous Years

© Reuters. Under Armour CEO Frisk Steps Down After 5 Tumultuous Years Under Armour, Inc. (NYSE:UA), announced that Patrik Frisk...

Coronavirus57 mins ago

Democrats warn abortion, voting rights at stake in Pennsylvania governor’s race

© Reuters. FILE PHOTO: Pennsylvania State Senator Doug Mastriano speaks at a protest against the state’s extended stay-at-home order to...

Cryptocurrency57 mins ago

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? The past week has not been an easy...

World57 mins ago

Massachusetts identifies first 2022 U.S. case of monkeypox infection

2/2 © Reuters. An electron microscopic (EM) image shows mature, oval-shaped monkeypox virus particles as well as crescents and spherical...

Stock Markets57 mins ago

U.S. lodges labor complaint against Panasonic in Mexico

© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...

Cryptocurrency1 hour ago

Meta trademark filing hints at plans for crypto payments platform

Meta trademark filing hints at plans for crypto payments platform Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be...

Stock Markets1 hour ago

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook Cisco Systems (NASDAQ:CSCO) shares dropped around 17% after-hours Wednesday...

Stock Markets1 hour ago

Cisco shares plunge after China lockdowns, Ukraine crisis hits outlook

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Stock Markets1 hour ago

NASA set for Boeing’s Starliner uncrewed space capsule test

© Reuters. FILE PHOTO: The Atlas V rocket carrying Boeing’s CST-100 Starliner capsule is seen after the launch to the...

Stock Markets1 hour ago

Under Armour CEO Frisk to step down

© Reuters. FILE PHOTO: Under Armour clothing is seen for sale in a store in Manhattan, New York City, U.S.,...

World1 hour ago

Turkey’s Erdogan links Sweden, Finland NATO bid to return of ‘terrorists’

© Reuters. FILE PHOTO: Turkey’s President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance’s headquarters...

Coronavirus1 hour ago

U.S. warns North Korea could greet Biden with nuclear, missile tests

© Reuters. FILE PHOTO: FILE PHOTO: North Korean leader Kim Jong Un walks next to what state media reports is...

Uncategorized2 hours ago

Wall Street ends sharply lower as Target and growth stocks sink

Stock Markets2 hours ago

Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14,...

Stock Markets2 hours ago

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57%

© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57% Investing.com – U.S. stocks were...

Stock Markets2 hours ago

Cisco cuts results forecast on China lockdowns, Ukraine crisis; shares plunge

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Economy2 hours ago

Stocks pummeled by growth worries, U.S. dollar climbs

2/2 © Reuters. A passerby wearing a protective face mask walks past an electric screen displaying a graph showing Japan’s...

Cryptocurrency2 hours ago

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB On May 17, United States Federal Reserve...

Economy2 hours ago

Fed’s Harker: soft landing possible, not forecasting recession

© Reuters. FILE PHOTO: A worker weighs meat at a butcher shop at Reading Terminal Market after the inflation rate...

Stock Markets2 hours ago

Under Armour CEO to Step Down

© Reuters. By Yasin Ebrahim Investing.com — Under Armour said Wednesday Patrik Frisk would be stepping as chief executive on June...

Cryptocurrency2 hours ago

Early polling from Terra vote indicates 91% are in favor of ‘rebirth’

Early polling from Terra vote indicates 91% are in favor of ‘rebirth’ Terraform Labs CEO Do Kwon’s plan to create...

Stock Markets2 hours ago

Stock Market Today: Dow in Biggest Slump Since 2020 on Turmoil in Target, Tech

© Reuters By Yasin Ebrahim Investing.com — The Dow slumped Wednesday, as a selloff in tech and a plunge in Target’s...

Trending