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Coinbase: Speculators are responsible for cryptocurrency market decline

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Analysts at Coinbase assure that long-term bitcoin holders hardly ever sell VTCs in the falling market.

Coinbase’s “Elusive Bottom,” a June report, said miners and companies forced to liquidate their positions to remain solvent amid a liquidity drain demonstrated: the industry is facing credit risks, not a crisis.

The number of bitcoin holders has dropped to 77%, although back in early 2022 the figure was 80%. The report also states that bitcoin has managed to show that it is a strong asset. The number of long-term holders was over 60%. This is even higher than at its peak in December 2017. The situation was not even affected by the high turbulence in the market. Coinbase says that centralized blockchain lenders (CeFi) increased their short-term debt at the peak of the bull trend.

“They were taking huge loans on DeFi protocols and shrinking capital to counterparties that were paying even higher interest rates. Some counterparties had duration mismatches and serious re-listing of assets on their books” provided to hedge funds and other entities,” the report said.

The report’s authors believe that the credit crunch was building up until a severe correction hit the market, reinforcing a kind of contagion effect that quickly spread through the market.

Compounding the ongoing credit crisis, listed miners, who had taken out huge loans secured against bitcoins or mining equipment during a bullish trend, were forced to sell their positions amid falling asset values. But since the top 28 publicly traded mining companies account for only 20% of Bitcoin’s hash rate, their sales don’t have a significant impact on trading volume.

Analysts at Glassnode argue that the massive drop in the market has led to a “flight of tourists and margin traders.” 

Hoarders continue to accumulate bitcoins, and the pace has increased significantly over the past month. Small holders, who hold no more than 1 BTC in their wallets, have purchased nearly 60,500 BTC in a month. And this is “the most aggressive pace in history.”

Activity in the Bitcoin network has decreased noticeably – in November there were more than 1 million active addresses daily; now the figure is about 870,000. At the same time, if you count exactly the market participants – companies and holders with multiple wallets – their number even reaches 244,000 per day.

The number of daily transactions, meanwhile, remains at about the same level. On the one hand, it speaks about the lack of demand from new market participants. On the other hand – it shows the intention of long-term investors to keep coins further.

Cryptocurrency

BLVD United Signs MOU with MeDoDo Coin: Pioneering a New Era in Fan Engagement and Biotech Innovation

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[PRESS RELEASE – Los Angeles CA, United States, May 23rd, 2024]

In an unprecedented fusion of innovative science and advanced technology, a leading biotech company has unveiled an ambitious project to bring back the extinct Dodo Bird. Embracing the spirit of this fearless and curious bird, the company is also introducing the MeDoDo Coin.

Historically, the Dodo Bird was known for its fearless and inquisitive nature, often following humans out of sheer fascination. Inspired by this behavior, the MeDoDo Coin symbolizes the unwavering love and support fans offer their favorite artists, mirroring the Dodo Bird’s curious devotion. The MeDoDo Coin operates on the BEP-20 standard. This unique cryptocurrency aims to create a vibrant ecosystem where fans can connect with and support their beloved artists in ground-breaking ways.

In an exciting development, MeDoDo is finalizing talks with “The Plu9,” the world’s most anticipated and largest hip-hop metaverse. Designed by the visionary behind the phenomenally successful “Grand Theft Auto 5” (GTA 5), which grossed over $10 billion for Sony PlayStation, “The Plu9” will serve as the launch platform for this new digital ecosystem.

BLVD United, exclusively distributed by Universal Music Group, led by Managing Partner Damuer H. Leffridge, is spearheading the project. Leffridge has a storied history of collaborating with superstars like Chris Brown, Wiz Khalifa, YG, and Eric Bellinger. Notably, BLVD United was instrumental in the triumphant return of Billboard and Nickelodeon Kids’ Choice Award-winning multi-platinum group B2K, which achieved significant acclaim, including a nomination for Billboard Tour of the Year 2020.

Additionally, Leffridge piloted the affiliate sales and marketing efforts of the Zondervan published Audie Award-winning audio Bible, “The Bible Experience.” The project features a constellation of stars, including three Oscar winners, five Golden Globe winners, seven Emmy winners, and twenty-three Grammy winners. Led by Academy Award-winning actors Forest Whitaker, Cuba Gooding Jr., and Denzel Washington, along with Angela Bassett, Blair Underwood, and Samuel L. Jackson, establishing Leffridge’s expertise and significant presence in the industry.

Get ready to connect with music superstars, top producers, Hollywood icons, and your favorite industry legends from around the world in a groundbreaking way. The MeDoDo Coin and its exciting projects are poised to transform fan interaction and support, taking engagement to unprecedented levels.

About BLVD United

Driven by innovative projects across various media platforms BLVD United stands at the vanguard of the entertainment industry and a cutting-edge entertainment powerhouse with deepened industry experience complimented with a proven track record of success. BLVD United features an award-winning creative team of comprising industry veterans and celebrated artists.

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Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

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[PRESS RELEASE – Majuro, Marshall Islands, May 23rd, 2024]

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum. The partnership between Multipool and Mobilum will enable users to onboard onto cryptocurrencies without involving a centralized exchange.

“Centralized exchanges are on their way out, we’re thrilled to give users another option, without intrusive roadblocks to their DeFi lifestyle. This partnership offers a long list of benefits for both parties, with a truly DeFi onboard as the highlight. Getting MULLED is now much more accessible to the mass market” Steven Murray, a Core Contributor at Multipool.

“Mobilum is excited to connect with Multipool enabling their users with an efficient onboard ramp directly into DeFi without going via a centralized exchange. This partnership makes perfect sense and gives Mobilum direct access to Multipool’s extensive volume, deep liquidity, and retail users worldwide.” Wojciech Kaszycki, CEO – Mobilum Tech UAB

Never Have CEX Again

The world of crypto is heavily focused on DeFi (decentralized finance), but the only access point for the majority of people is via a centralized exchange. Multipool & Mobilum aim to change that, by offering users a simple and easy way into the world of crypto. With Mobilum, people can come to Multipool, directly into the DeFi world without having to touch a centralized exchange.

To learn more about Multipool and its features, users can visit:

Websitewww.multipool.finance

Telegramt.me/multipoolfi

Xwww.x.com/multipoolfi

Users can learn more about Multipool’s LBP live on Fjord Foundry now – Fjord Foundry $MUL LBP

About Multipool

Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal.

www.multipool.finance

About Mobilum Technologies Inc.

Mobilum is a financial technology company providing various payments and banking solutions to bridge the gap between traditional finance and Web 3 economy. Building all-in-one infrastructure to meet global payment needs in both Web 2 and Web 3. Mobilum develops innovative products for retail and institutional clients enabling them to transfer, manage and spend fiat currencies and as digital assets alike in a safe, convenient and compliant manner. Poland, Lithuania, Canada and the United States. For further information, users can visit www.mobilum.com.

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These USDT and USDC Factors Suggest Upcoming Bitcoin Rally: Data

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The latest market recovery has sparked concerns about a potential retracement. But a new analysis offers a reassuring perspective for those who are apprehensive.

According to Santiment, the growing number of non-empty stablecoin wallets indicates increased investor interest and engagement in stable assets.

Growing Confidence in Stablecoins During Market Recovery

Specifically, in 2024, the number of non-empty USDC wallets increased by 13.9%, while USDT wallets saw an even higher growth of 15.7%. This trend suggests that more investors are opting to hold stablecoins, which could stabilize the market and mitigate the impact of future retraces.

Santiment’s data further revealed a significant adoption and growth of stablecoin wallets. Among the stablecoins tracked, Tether (USDT) has the highest number of non-empty wallets, standing at a whopping 5.7 million. This figure highlights the widespread use and popularity of the leading stablecoin within the cryptocurrency ecosystem.

Next up is Circle’s USDC, with 2.15 million non-empty wallets, indicating a strong demand. Although lower than Tether, the USDC wallet count is still noteworthy, reflecting its growing acceptance and adoption despite last year’s setback.

The decentralized stablecoin, DAI, issued by MakerDAO, also attracted a notable presence with 503,180 non-empty wallets, indicating the increased interest in decentralized finance (DeFi) and the use of DAI as a stable asset within these protocols and applications.

Lastly, BUSD, the stablecoin issued by the popular cryptocurrency exchange Binance, has 128,210 non-empty wallets. While lower than the others, this figure still represents a significant user base for BUSD, even after Binance ceased support of the token.

Stablecoin Market Growth 2024

The stablecoin market cap has seen tremendous recovery and growth this year, rising to $161.4 billion, which is indicative of heightened capital inflows into the market. The US spot Bitcoin ETFs sector significantly contributed to this growth as institutional investors and major traditional finance entities boosted their stablecoin holdings to capitalize on the ETF market.

According to Chainalysis’ recent findings, in January 2024 alone, the US recorded stablecoin purchases of over $30 billion.

Although the US and the EU continue to have a strong presence in the market, emerging economies like Thailand, Brazil, and particularly Turkey stand out for their stablecoin purchases relative to their national GDP.

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