Monat: Juni 2022

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Bitcoin Investor’s Net Realized Loss Hit $4.23 Billion Last Week: Glassnode

Bitcoin price fell from highs of $30,300 this past week to test lows near the critical $20,000 level this week.

The sell-off, according to on-chain data firm Glassnode, brought realized losses for Bitcoin investors in US dollar terms to over $4.23 billion. They are historical figures – probably as Bitcoin has fallen from new heights unlike before.

Per the platform’s latest on-chain report, the on-going sell-off saw both short term holders and long term holders sink into unprofitability – the losses being three times larger than what the market experienced in March 2020.

“Bitcoin investors have locked in the largest USD denominated Realized Loss in history last week. The $BTC spent on-chain this week realized net losses of over $4.23B. This eclipses all major sell-offs in 2021, and is 3x larger than March 2020,” Glassnode tweeted on Thursday.

Short term holders lose 0.01% of Market cap/day

Glassnode says that short term holders, (the new entrants in the market and active traders), sold off aggressively this past week.

However, the net realized losses for this cohort was 0.01% of Bitcoin market cap per day, and pale in comparison to major drawdowns recorded over the past five years. For instance, STHs lost 0.02% of the market cap when BTC price fell sharply in March 2020.

Long term holders face first capitulation in 2021-2022 cycle

A long term holder (LTH) refers to Bitcoin supply that hasn’t moved for the past 155 days or more. This group of wallets have greater conviction on BTC’s long term value and thus rarely sell.

 According to the Glassnode report, this cohort of holders has net realized losses equaling 0.007% of market cap each day – “as large as March 2020.”

“Bitcoin Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day. This is almost as large as March 2020, and is the first major LTH capitulation event in the 2021-22 cycle.”

BTC/USD is priced around $21,260 at the time of writing, about 2.6% up in the past 24 hours. Veteran trader Peter Brandt says BTC is likely to see a relief rally. However, sceptically, he predicts more pain. 

The post Bitcoin Investor’s Net Realized Loss Hit $4.23 Billion Last Week: Glassnode appeared first on CoinJournal.

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Theta Network (THETA) jumps 14%: here is why

Theta Network native token, THETA, recovered some of the losses it has experienced during the current crypto bloodbath from which the majority of the cryptos are trying to recover.

At the time of writing, THETA was trading at $1.23, up 14.65%. It has hit a daily high of $1.37.

Let’s dive into the reasons behind the THETA price pump.

THETA partners with Sony Electronics

One of the main reasons for the token rally is the announcement made by Theta Network about their new partnership with Sony Electronics, a prominent world-class tech company. 

According to the announcement, the tech company Spatial Reality Display will release a 3D NFT on ThetaDrop. The drop will go live tomorrow, June 17 at 1 pm PT, but the pre-funding and waitlist are already available.

According to the announcement, The Tiki Guy NFT will be a 3D asset that SONY’s limited electronic display will project, besides the NFT was made to be more frightening as possible. The website stated that the Tiki Guy is a limited edition NFT with a quantity of 500.

Meanwhile, ThetaDrop NFT Marketplace had earlier hosted drops for some of the prominent game shows and celebrities like the ‘American Idol and many more.

Replay launches their Theta Validator Node

Another reason for the rally is the announcement made by Theta that Replay, a video tracking, and payment platform, has launched its new Theta Validator Node which will be one of the 25 official node validators on the Theta network.

As the Theta Validator group continues to explore the various cross-section being used by different users, many media and big tech firms like Sony, Samsung, and Google are among the top in their validators. In addition, projects and Crypto exchanges like Gumi cryptos, blockchain, and Binance are part of it.

The post Theta Network (THETA) jumps 14%: here is why appeared first on CoinJournal.

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The Sandbox rallies on its partnership with Lionsgate

The Sandbox metaverse native token, SAND, experienced significant price gains today after announcing its new partnership with Lionsgate, a prominent film producer in the United States, and its long-time partner, Millennium Films.

At the time of writing, SAND was trading at 0.873, up 3.78% after retracing from a daily high of $0.9753. The rally comes amid the ongoing ructions in the crypto market.

Lionsgate in the Metaverse world

Lionsgate and its popular franchises like Rambo, Expendables, and Hellboy will be featured in a metaverse LAND called ‘’Action City’’. With the new partnership, Lionsgate will feature one of the famous licensed properties that belong to the studio and Millennium Films.

According to The Sandbox claims, this partnership will make Lionsgate studio to be the first major Hollywood studio to join the metaverse. However, this will not be The Sandbox’s first major partnership as it has also featured content from The Smurfs, Snoop Dogg, and Adidas as well as selling LAND to great firms like HSBC.

Metaverse gains traction as the token’s prices decline

As the crypto markets continue to experience a drastic decline, the majority of the cryptocurrencies have not been left behind. However, cryptos with metaverse backup like The Sandbox and Decentraland have been in a better position, with the current growing interest in Metaverse and NFTs.

Besides that, investors tend to explore projects with services or tangible products during rising inflation and high-interest rates times. This has given SAND flexibility in the current market meltdown.

It’s important to note during the partnership there were no financial details disclosed but according to the reports, The Sandbox is looking for ways to raise over $4 billion.

The post The Sandbox rallies on its partnership with Lionsgate appeared first on CoinJournal.

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Whales buy over 400 million Dogecoins in the current dip

The crypto market has quite literally crashed today. Everything is red as investors steer clear of risk assets for now. But despite this, it seems Dogecoin is attracting a lot of whale buyers. In fact, there is an emerging pattern of buying DOGE dips among large crypto wallets. Here is what you need to know:

  • Whale accounts have purchased over 400 million Dogecoins worth $31 million in recent months

  • Also, thousands of large wallets on the Binance Smart Chain hold DOGE in their portfolio

  • This comes even as the meme coin dips sharply.

Data Source: TradingView

Why are Whales buying Dogecoin?

Under such market conditions, it doesn’t make sense to buy high volatile coins like DOGE. But for most large wallet holders, it seems the DOGE dip is just the perfect chance to get the coin cheaply. In fact, analysts believe that DOGE will continue to slump in the near term. 

The coin has tanked by 20% over the last 24 hours alone and is currently hovering above a crucial $0.054 support zone. It is highly likely that the coin will fall below this zone and head into a downward surge. 

DOGE has also lost nearly 95% of its value from its all-time high. But despite this, we are likely going to see a change in investor sentiment in the medium term. As such, whales are ready to be patient and ride out the bleeding right now with the hopes of a future major rally.

Should you follow whale money?

It is often a good idea to follow large wallets in your investments. But on DOGE, things are a bit complicated. For example, we are now in the middle of a very volatile period in the crypto industry. 

The value of many coins is very unpredictable. For this reason, buying DOGE now could expose you to a huge downside if the market fails to snap out of the current downtrend.

Learn where and how to buy Dogecoin here.

The post Whales buy over 400 million Dogecoins in the current dip appeared first on CoinJournal.