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BTC: it’s not over yet, the surrender will continue

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Bitcoin (BTC) has rolled back below $20,000 again as the capitulation in the market continues. The bottom of this bearish cycle is probably still a few months away.

Why BTC rolled back under $20,000 again

Bitcoin once again failed to hold above the key $20,000 psychological mark after the weekend rally and is trading down intraday as of this writing. There are still not enough buyers in the market to support and build on BTC’s growth.

Even long-term holders are now getting rid of BTC, according to a recent onchain survey by Glassnode analysts.

According to Glassnode, capitulation in the market is still ongoing amid ongoing extreme financial stress. Experts believe that before the market does find a steady bottom, pressure will persist and further declines in BTC are possible.

“While many signals point to the proximity of a bottom, the market still needs time and new pain to form a stable base. The woes of bitcoin investors are not over yet.”

Determining exactly when the market has bottomed out is a challenge even for a professional trader. Glassnode points out that miners continue to sell coins, a trend that has persisted over the past couple of months.  

Meanwhile, in the previous bear market, the capitulation of miners lasted about four months. Therefore, it is likely that the capitulation will continue in Q3.

Experts also write that in the 2018/19 bear market, the drawdown lasted for about 15 months, and ultimately the scale of the BTC collapse from highs to lows was 84%.

Right now, the similar size of bitcoin’s drawdown is just over 71%. If we apply the scenario of the past to the current cycle, we should expect BTC to touch a bottom around $12,000 – $13,000 and then remain sideways until Q1 2023.

Glassnode adds:

“One of the major outcomes of a prolonged bear market is a redistribution of wealth among the remaining participants.”

Capitulation catalysts

This month, we will be treated to a deluge of new macroeconomic data that may not be cheerful for investors. As a result, they may become catalysts for the final washout of positions on the crypto market.

On July 13, the US will publish a Consumer Price Index (CPI). According to the forecasts, it may slightly increase in June compared to May and amount to 8.7%.

This may put further pressure on the Fed, forcing it to tighten monetary policy more actively. Rising lending interest rates are traditionally a negative factor for risky assets, which now include cryptocurrencies.

That said, a number of analysts believe that the Fed will not be able to continue tightening in 2023. This could mean that despite the painful rest of 2022, the crypto market will soon find its feet. In this case, we can expect a potential recovery of cryptocurrencies, including BTC, next year.

“This indicates that whilst many bottom formation signals are in place, the market still requires an element of duration and time pain to establish a resilient bottom. Bitcoin investors are not out of the woods yet,” the analysts state.

Cryptocurrency

Hipposol, A Solana-based Memecoin Announces $Hippos Token Presale Round

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[PRESS RELEASE – London, United Kingdom, April 24th, 2024]

Today marks a monumental day as Hipposol, A solana memecoin proudly announces the launch of $hippos pre sale round for early participants. Drawing vibrant inspiration from the mighty and playful hippopotamus, the $Hippos token presale event begins today April 24th 2024, with a sale duration of 26 days.

Hipposol Ready To Pioneer A New Era in Memecoin

$Hippos isn’t merely another entry in the memecoin ledger; it heralds a new era where community, technology, and sheer fun merge to forge genuine value. “With $Hippos, we’re not just redefining memecoins; we’re revolutionizing how a memecoin community and digital currency coexist. This journey isn’t about speculative trading alone; it’s about crafting a community empowered to steer its course and reap substantial growth,” said King Hippo, the revered leader of the Hipposol herd.

The Hipposol team believes the $Hippos pre sale event means more than buying a token; it means joining a memecoin herd that leads. With Hipposol community-driven development approach, users insights and votes directly influenced by the $Hippos holders, Hipposol is set to be next meme sensation on Solana.

$Hippos Presale Facts:

  • Token Presale Rate: 1 SOL = 150,000 $Hippos
  • Minimum Buy: Dive in with as little as 0.5 SOL

Users can join the Solana meme adventure with Hipposol and experience a new breed of memecoin that’s ready to make waves.

For more updates and news on Hipposol memecoin;

Website | $Hippos Sale portal | Twitter | Telegram 

Hipposol is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies can be volatile and dangerous.

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Tether Will Freeze Venezuelan Wallets Being Used to Evade US Sanctions

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Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen.

The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States.

Venezuela’s PDVSA Turns to Tether Amid Sanctions

According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing renewed sanctions on its oil exports.

Tether took a similar stance in December last year, freezing 161 wallets in compliance with U.S. sanctions.

A spokesperson for the stablecoin issuer emphasized the company’s commitment to upholding sanctions by stating, “Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen properly.”

PDVSA’s increased use of cryptocurrency payments is part of a broader strategy to mitigate the repercussions of U.S. sanctions re-imposed due to Venezuela’s failure to implement electoral reforms.

By using cryptocurrencies like USDT, PDVSA can conduct transactions while minimizing the risk of assets being seized by U.S. authorities. Reuters notes that PDVSA uses intermediaries to hide the trail and evade tracking in USDT transactions.

However, a recent PDVSA scandal has complicated matters, as investigations uncovered around $21 billion in unexplained receivables from oil exports. This scandal is partly linked to prior transactions involving other cryptocurrencies, adding complexity to the situation.

USDT Prepayment for Oil Deals

In 2024, PDVSA restructured its spot oil deals to require prepayment for half of each cargo’s value in USDT. This requires new customers interested in buying Venezuelan oil to possess a digital wallet capable of conducting cryptocurrency transactions.

Furthermore, the U.S. government has conditionally permitted the resumption of business with PDVSA. This decision came in October when Washington issued a six-month license, allowing trading houses and former PDVSA customers to resume business with Venezuela. However, due to digital transaction requirements, many of these entities had to rely on intermediaries to facilitate the transactions.

Venezuela’s venture into cryptocurrencies dates back to 2018, when it introduced the “petro” token to mitigate the economic turbulence induced by U.S. sanctions. However, the petro’s poor adoption led to its shelving earlier this year.

Meanwhile, OFAC has recently intensified its scrutiny of the cryptocurrency industry. In December, OFAC imposed fines on crypto exchange CoinList amounting to $1.2 million for facilitating Russian users in evading sanctions. Before this, the agency sanctioned a crypto mixer allegedly used by hackers in North Korea.

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Here are the Top 5 Gainers in the Bitcoin (BTC) Ecosystem YTD: Details

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TL;DR

  • Core (CORE) has significantly outperformed Bitcoin and many other major cryptocurrencies with a 350% price surge this year.
  • Other digital assets related to BTC’s ecosystem, such as Sovryn (SOV) and Ordiswap (ORDS), also reported notable gains, with increases of 210% and 100%, respectively.

CORE Leads the Pack

Bitcoin (BTC) has been making serious waves since the beginning of the year, with its price rising from approximately $42,000 on January 1 to almost $67,000 on April 24 (a 60% increase). However, some cryptocurrencies related to its ecosystem have witnessed even more substantial gains over the same period, and Core (CORE) is the perfect example.

It is a new blockchain that leverages the advantages of Bitcoin’s Proof-of-Work network and the delegated Proof-of-Stake consensus mechanism to offer more security, scalability, and decentralization. 

Its native token, CORE, is currently worth around $2.51 (per CoinGecko’s data), a 350% surge compared to the $0.55 observed at the start of 2024.

CORE Price
CORE Price, Source: CoinGecko

The asset’s price was even higher at the beginning of April, briefly surpassing the $4 mark, while its market capitalization crossed the $3.5 billion milestone before settling at its current level of around $2.2 billion.

Sovryn (SOV) Comes Next

The protocol, running on a Bitcoin sidechain called Rootstock Smart Contract (RSK), has also witnessed a significant resurgence in the past several months. 

Its native token – SOV – has been up 210% since New Year’s Eve, currently trading at approximately $2.10. However, its price performance is far from its glory days in 2021, when a single coin was worth over $35.

SOV Price
SOV Price, Source: CoinGecko

Ordiswap (ORDS)

Ordiswap is the first Automated Market Maker (AMM) designed for the BTC blockchain. Its main purpose is to provide liquidity provision and decentralized trading directly to Bitcoin’s native layer.

The governance cryptocurrency of the AMM—ORDS—was launched at the end of December last year and has jumped by 100% since then. Last month, it soared to an all-time high of $0.26 before retracing to its current mark of $0.10.

ORDS Price
ORDS Price, Source: CoinGecko

LeverFi (LEVER)

This is a decentralized leverage trading platform with a native token called LEVER. The latter ascended by 98% since January 1, 2024. It is also among the notable gainers today (April 24), registering a 10% increase on a daily scale.

LEVER Price
LEVER Price, Source: CoinGecko

LEVER’s market capitalization recently jumped above $120 million for the first time while currently hovering around $100 million.

Bitcoin Cash (BCH)

The popular hard-fork blockchain, split from Bitcoin in 2018, finds a place in the list, too. Earlier in April, it completed its second halving, with its price ascending substantially in the months prior to the event. Two weeks ago, BCH hit a multi-year high of more than $700, but it has been on a downtrend as of late. 

Currently, a single token is worth around $500, which is still a 93% increase compared to the figure observed at the beginning of the year.

BCH Price
BCH Price, Source: CoinGecko

 

 

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