Schlagwort: crypto business

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1.9M BTC could fall into unrealized loss if Bitcoin dips to $33K: Glassnode

Bitcoin is trading around $38,385 on Monday, 2 May, still struggling against the bearish pressure seen over the past several months. The flagship cryptocurrency, which rose to prices near $70K last November, is down 44% since its peak. 

This past week, the BTC/USD pair touched lows of $37,614 for its lowest price level in a month.

With markets largely negative, the 70% of Bitcoin supply that is profitable could decrease significantly and see a large group of Bitcoiners see unrealized losses. That is the outlook from an on-chain analysis report analytics platform Glassnode published on Monday.

At the edge of unprofitability

According to the report, the danger of a downside remains given Bitcoin’s recent high correlation with the S&P 500 and Nasdaq. This is even as there is continued roiling of markets amid concerns over inflation, higher interest rates and geopolitical uncertainties.

The result of a steep downside for equities could thus likely cascade into the crypto market and see a large group of BTC holders edge towards “the abyss of holding unprofitable positions,” Glassnode said in the newsletter.

Per on-chain data, the cost basis of short-term holders (STHs) is $46,910. This means the average coin currently held by short-term holders is at unrealized loss of -17.9%.  The Market Value Realized Value (MVRV) metric for STHs is also pointing to significant pain, with the oscillator off the mean at -0.75 standard deviations.

“With prices trading at $38.5k at the time of writing, the market would need to fall to $33.6k in order to plunge an additional 1.9M BTC into an unrealized loss (10% of supply),” the Glassnode team wrote.

Chart showing 10% of BTC supply could fall into loss. Source: Glassnode

In 2018-2019 and in March 2020, profitability fell to between 45% and 57%, which means the worst could yet happen for short-term holders. If 40% or more of wallets fall into unrealized loss, it would increase the probability of a capitulation event, with a cascade of panic selling hitting the market.

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Zilliqa price prediction for May 2022: Will it rebound?

The Zilliqa price crashed to the lowest level since March 26th this year as demand for the coin retreated. The coin is trading at $0.676, which is about 70% below the highest level this year. As a result, the coin’s market cap has dropped to about $972 million, making it the 91st biggest cryptocurrency in the world.

Zilliqa demand has waned

Zilliqa is a blockchain project that helps developers build decentralized applications. It is well-known for introducing the sharding technology, which supercharges its speed by breaking blocks into smaller pieces known as shards. 

Zilliqa has been used widely by developers seeking to build fast, safe, and highly reliable decentralized applications. Some of the most notable apps using its network are Atomic Wallet, Autofarm, and Carbon, among others. 

However, unlike other popular platforms like Solana and Ethereum, most of its applications are relatively small. In fact, according to DeFi Llama, the ecosystem has seen its total value locked (TVL) crash to just $20 million. In contrast, other popular platforms like Ethereum have a TVL of over $100 billion. However, statistics by Zilliqa places the TVL at $363 million, which is a substantial figure.

Zilliqa used to be a fallen angel as competition in its industry escalated. It saw its ranking among the biggest cryptocurrencies in the world. Its popularity waned and it moved out of the top 100.

Zilliqa made headlines in March when it announced its entry to the metaverse by partnering with Metopolis. At the time, the coin’s price surged to a high of $0.2300, pushing it into the top 50.

Recently, however, the coin’s hype has faded while the number of activity has declined sharply. For example, the number of smart contracts has been in a major decline after peaking in March. The number of new addresses in the network has also declined.

Zilliqa price prediction

The four-hour chart shows that the ZIL price has been in a strong bearish trend in the past few weeks. The decline accelerated after the pair crossed the key support level at $0.1010, which was the lowest level on April 17th. It has also moved below the 25-day and 50-day moving averages while the Stochastic Oscillator has moved below the oversold level. 

The Relative Strength Index has also moved to the oversold level. Therefore, the Zilliqa price will likely continue dropping as bears target the key support level at $0.05 in May. Learn how to trade cryptocurrency here.

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NYM token jumps by over 32% after concluding a $300M fund round to develop mixnets

NYM token has rallied by over 30% following Harry Halpin, NYM CEO, and announcement on raising a $300 million fund towards its mixnets development. It’s worth noting that NYM received the funds after its native token ‘NYM’ was listed on a major crypto exchange.

 At the time of writing, NYM is trading at $0.9366, up 32.34% over the past 24 hours.

The firm noted that it has been able to win the trust of investors at a time when Venture Capitals are dumping projects, besides, the Venture Capitalists that participated in its earlier round also participated in the latest one.

NYM is determined to provide a next-generation multipurpose mixnet that will help internet surveillance users. For them to be able to achieve this, they noted in a report that they raised some funds from prominent industries like Andreessen Horowitz (a16z), Eden Block, Polychain, Tioga Capital, and many others.

NYM’s Venture Capital funding on the rise

Harry Halpin in a report revealed that over $50,000 million has flown in but the firm will utilize the raised $300 million in different phases and for future needs. Currently, NYM is developing services that will cover all the activities in and out of the crypto.

In addition, Andreessen Horowitz (a16z) had invested in the NYM mentioning that NYM is working on solving internet privacy with its mixnet by the use of blockchain. Besides, the NYM team and its CEO have been working on its privacy with projects like Panoramix and NEXTLEAP to meet the idea.

This move by the firm has demonstrated the high number of venture capital funding that are venturing into the crypto industry with the recent one being Dragonfly Capital which launched its biggest fund of $650 million to invest in blockchain technology. 

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Crypto.com hires ex-Visa regulatory chief as VP of policy for EMEA

Crypto.com, a top cryptocurrency exchange and trading platform available across the globe, has added a former Visa regulatory chief to its team, according to a brief detail shared on LinkedIn.

Roeland Van der Stappen, who headed Visa’s regulatory affairs team for Europe, has reportedly left the role and taken up an offer at the cryptocurrency firm.

In his LinkedIn announcement on Monday, Van der Stappen said he was now Crypto.com’s Vice President, Policy and Engagement for EMEA (Europe, the Middle East and Africa). 

“I’m happy to share that I’m starting a new position as Vice President, Policy and Engagement, EMEA at Crypto.com! Looking forward to dive into #crypto and #Web3 policy issues and begin sharing all the great things my colleagues are working on,” he wrote.

Van der Stappen headed Visa’s regulatory affairs team in Europe for three and half years and had previously worked at banking giant Barclays.

Crypto.com was founded in 2016 and currently counts over 4,000 people as part of its team. The exchange, which recently expanded its services to the US market, has a customer base of over 10 million people.

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Why is LUNA up by more than 4% today?

The cryptocurrency market is experiencing a mixed start to the week, but LUNA is performing above the other leading coins.

The broader crypto market is experiencing a mixed start to the week. The total market cap is up by less than 1% in the last 24 hours and currently stands above $1.7 trillion.

Bitcoin is up by nearly 2% so far today and could be set to target the $40k resistance level soon. However, the other major cryptocurrencies are currently underperforming.

LUNA, the native token of the Terra ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap.

LUNA has added more than 4% to its value in the last 24 hours and currently trades above $83 per coin. The rally comes as UST, the stablecoin of the Terra ecosystem, overtook BUSD (Binance’s stablecoin) to occupy the tenth place in the cryptocurrency market. 

The rally can also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Network is one of the leading centralised finance entities currently operating in the crypto space.

Key levels to watch

The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in recent days. However, the technical indicators show LUNA’s price action is improving.

The MACD line is still below the neutral zone, indicating that the recent bearish trend is still affecting LUNA’s performance. The 14-day RSI of 49 shows that LUNA is no longer in the oversold region.

If the positive performance continues, LUNA could surge past the first major resistance level at $90.52 before the end of the day. However, it would need the support of the broader market to cross the $95.31 resistance point. 

If the bears regain control of the market, LUNA could slip below the $80 over the next few hours. Unless there is an extended bearish run, LUNA should comfortably stay above the $75 support level in the short term. 

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