Bitcoin supply in loss at 68% after BTC price drop from $31k local top

  • Bitcoin supply in loss has risen to 68%, with 6.67 million BTC under water water at current spot price.
  • Indeed, on-chain data shows 2.71 million BTC has fallen into loss as Bitcoin price dropped from the $31k local top.
  • With sell-side risk ratio approaching its all-time lows, Glassnode analyst James Check says BTC could see a big move to either side.

Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Although Bitcoin retested levels above $28k multiple times this month, the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower.

But even as this outlook materializes, about 2.71 million BTC has drifted underwater. The BTC supply in loss, according to data shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

$45k or $20k? Analysts weigh in on BTC price movement

Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Pointing to on-chain-data, Check explained:

Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

On Wednesday, JPMorgan lead strategist Nikolaos Panigirtzoglou said Bitcoin could rise 25% in the next 12 months. In a note to clients, Panigirtzoglou highlighted the price of gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k.

According to the analyst, Bitcoin and gold have often traded in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Recently, analysts at Standard Chartered predicted a 70% gain for BTC price, outlining the $100k as a target.

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GamStop & Crypto: fostering responsible gambling for a sustainable ecosystem

  • GamStop was created in the United Kingdom to help gamblers get free help when they need it.
  • A lot of gamblers gambling at casino sites not on GamStop in the UK are using crypto.
  • Besides GamStop, there are other responsible gambling tools like GamBan and BetBlocker.

Crypto gambling is slowly immerging as a new trend. Almost 420 million people in the world use cryptocurrency and many of them love to gamble, meaning many of them would prefer crypto gambling. 

However, crypto gamblers need to play responsibly. Tools like GamStop can help the crypto casino ecosystem and make it sustainable.

GamStop – popular responsible gambling tool

There are dozens of responsible gambling tools and their number is growing. One of these tools, GamStop, has become a choice for many crypto gamblers. But what is it?

For starters, GamStop is not GameStop. These are two completely different platforms. 

GamStop was created in the United Kingdom to help gamblers get a free type of help when they need it. People create accounts on GamStop to ensure they only gamble on UKGC-licensed casinos and betting sites. It ensures they cannot play on unlicensed casinos and sites and the ban can last as long as you want it to last up to 5 years after which you can remove the ban or prolong it once again and again. 

The main benefits are a bit obvious. Gamblers can enjoy safer gambling, period. They can use a free tool to get professional help whenever they need it. Players can also get additional help if their condition is a bit more demanding. All of these things make the gambling ecosystem possible and stable!

There is one issue though. Players can bypass GamStop! It is possible to play at non-GamStop casinos, which are sites that are not controlled by UK or UKGC.

Correlation between crypto gambling and casinos not on GamStop

A lot of gamblers gambling at casino sites not on GamStop in the UK have invested in crypto. They will continue to use it and they adore this idea. See, these people don’t like the limitations UKGC has set. They want and need freedom while playing. Non-GamStop casinos offer just that. 

Using crypto means players can get even bigger bonuses, stay anonymous, and do so much more that are not a thing at UKGC sites. 

However, there are some issues we must mention. For instance, these casinos are not heavily regulated like UKGC sites which means that some of them can be problematic. Sites of this kind also don’t invest in security as massive UK casinos do. 

All of this suggests one simple thing. Responsible gambling tools are even more important at non-GamStop casinos. We can say that they are essential and something you should use in 100% of cases. These tools can keep you safe when nothing else will work. 

Other responsible gambling tools in addition to GamStop

Today when more and more people try to equate cryptocurrencies with gambling, it is important to show that there are already available tools that can cover all the requests. If you think that GamStop is the only tool of this kind, you are wrong. 

As a matter of fact, users have a lot of additional options they can use at any given moment. All of these methods, options or apps if you like have one thing they are designed to do. They can be used alongside GamStop and help a player completely. What this means is that GamStop will cover UKGC sites and another tool will cover all the rest. This combo can make gambling online extremely safe and secure. Anyway, let’s see the most common options you can use. 

  • GamBan

GamBan comes in the form of an app. You can get it on computers and smartphones if you like. The app is not free. But you will get a 7-day free trial you can use to check out the app and see how it works. 

The idea is simple. Once installed, the app will block access to gambling and betting websites. You are done. Additionally, GamStop started blocking crypto platforms and it constantly expands its database. There is no way you can remove the app and continue playing and this makes GamStop so effective.

  • BetBlocker

Betblocker is one of the free apps (for this purpose of course) that is rare today. You can install it right now and set it all up in 2 minutes. Then you will see that over 85.000 gambling sites are not available any longer. Once the time frame you have selected expires, you can remove the app and play again. 

  • NetNanny

This is probably the oldest app of this kind. It was developed in the 90s. Then, it was developed for parental controls which some people used. In the 2000s it added functionality to block gambling and betting sites. 

Netnanny works on all operating systems and it is very effective. Try it and you will see why some people have been using it for years. 

Empowering crypto users and ensuring a sustainable gambling ecosystem

Using GamStop or some other tools we have listed here is needed, especially if you like playing at crypto casinos. These are all tools that can help you when you need help the most. At the same time, these can help you control your gambling desires more so you can play in a clever way.

When using these tools and when you invest some time into learning all about responsible gambling, you can make this form of fun special. You can play and don’t have to worry about gambling addiction or anything similar. 

Another benefit of all this is that the gambling ecosystem will become sustainable. There won’t be a lot of people who have issues while playing, meaning that the whole ecosystem will flourish. Without these tools and responsible gambling, all of this will be much harder and maybe even impossible. 

Conclusion

Responsible gambling tools are one thing we all need. These can make any form of gambling better and safer. therefore, it is important to promote them properly around the world and adopt the available tools with different topics. 

Although all players may want to consider these at some point, crypto gamblers simply must. They are in an ecosystem that is still relatively new, so using all the help they can is important.

The post GamStop & Crypto: fostering responsible gambling for a sustainable ecosystem appeared first on CoinJournal.

MCADE price prediction ahead of the Metacade Lite launch

  • The Metacade community is only counting days to the launch of the much anticipated Metacade Lite.
  • MCADE price has started responding to the hype on the upcoming Metacade Lite launch.
  • At press time, MCADE was trading at $0.02229, up 5.44% in the last 24 hours.

Metacade is gearing up for releasing its Metacade Lite version to the public soon, details of which can be confirmed in the recent AMA held on 24 May 2023.

As the CEO of Metacade embarks on AMAs to explain the current status of the project, it is important to point out that the project hit all the milestones set in its roadmap for Q1, 2023. The team is currently working to hit the targets set for this quarter including the launch of the Create2Earn platform that will allow users to sample the game-changing gaming experience that comes with Metacade’s unique approach to play-to-earn (P2E).

What is Metacade and what does it offer?

Metacade is a blockchain gaming platform that aims to become the largest Web3 gaming arcade.

At its core, Metacade aims to offer gamers, investors, and developers access to a decentralized gaming hub, complete with the biggest collection of different play-to-earn (P2E) arcade games. It also plans to allow the integration of multiple earning mechanisms for ecosystem players.

The platform also has a utility ERC-20 token, the MCADE token, which is used to pay rewards in the ecosystem and help platform users access services and opportunities including staking and DeFi. In the future according to the project’s roadmap, MCADE holders will also play a pivotal role in running the project by getting voting rights on governance proposals.

For how long will MCADE maintain the current bullish trend?

The crypto markets are expected to enter a new bullish cycle after a gruelling bear market, it is possible that MCADE could lead the charge within the GameFi and Web3 ecosystem. Seemingly, the crypto market has been on a short bearish pullback after what was a very splendid market recovery for the year that saw the likes of Bitcoin and Ethereum recover 70% and 55% respectively.

The recent developments including the recent Axie Infinity’s debut on the Apple App Store, and the reaffirmation by the Japan-based gaming giant Square Enix that it is committed to blockchain and Web3 gaming could help spark new GameFi demand and adoption.

In addition to the developments within the GameFi space, the MCADE token is also likely to benefit from the Metagrants programme that incentivises developers to increase the creation and deployment of games on the platform. However, MCADE’s future is also dependent on the easing of the macro headwinds including inflation to help the crypto market grow.

Jamie Douglas of Bloomberg Intelligence recently said that Bitcoin price could shoot to $18,000 if only 1% of the global bond market value moved to Bitcoin.

Taking all these into consideration including the upcoming Metacade Lite launch that is likely to spur increased interest in Metacade and its native token, the MCADE price is projected to sustain the current Bull Run and possibly hit $0.045 by the end of the month.

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