Cryptocurrency

Bitcoin 50% Down From Its All-Time High

Published

1 week ago

May 9, 2022

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.

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Cryptocurrency

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

Published

26 mins ago

May 18, 2022

letizo News

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

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Cryptocurrency

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

Published

57 mins ago

May 18, 2022

letizo News

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

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Cryptocurrency

Meta trademark filing hints at plans for crypto payments platform

Published

1 hour ago

May 18, 2022

letizo News

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