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  • Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M

    Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M

    • AltSignals token has raised over $1 million as it nears its target.

    • Bitcoin has held quite steady above $30,000 even as risks in the industry rise.

    Bitcoin price has held steady above the $30k level as the recent momentum wanes. It was trading at the important level of $30,230 on Tuesday, a few points below the year-to-date high of $31,413. Still, it remains about 21% above the lowest level in June and 95% above its 2022 low. At the same time, the first stage of the AltSignals token sale is running out.

    Bitcoin is outperforming stocks

    Bitcoin and many altcoins is outperforming American stocks and other assets this year even as regulatory risks continue. The coin has jumped by more than 80% in 2023, bringing its total market cap to over $587 billion.

    Other financial assets have risen at a slower pace than crypto. For example, while gold price soared to an all-time high this year, it has only jumped by less than 10% this year. American indices like the Nasdaq 100 and S&P 500 have risen by about 15% and 35%, respectively.

    Bitcoin has done well in a show of resilience considering that the crypto industry has gone through hell in the past few months. In May last year, Terra and its ecosystem crashed, leading to the collapse of other companies like Voyager Digital, Three Arrows, and Celsius. 

    In November, the industry experienced the collapse of FTX, a leading exchange that was valued at over $30 billion. Crypto investors lost over $8 billion following the collapse, as we wrote here.

    And this year, the Securities and Exchange Commission (SEC) decided to sue Coinbase and Binance, the two biggest players in the industry. The SEC made several allegations, including accusations that the two were offering unregulated products to American customers.

    Therefore, the performance of Bitcoin is a reflection that cryptocurrencies are extremely resilient. In fact, Jerome Powell, the head of the Federal Reserve believes that Bitcoin has a lot of staying power.

    AltSignals token sale continues

    This resilience explains why several companies have managed to raise millions of dollars this year. Earlier this year, Metacade raised over $16 million from investors. Its developers are building a gaming platform that will compete with the likes of Decentraland and Sandbox.

    AltSignals has raised over $1 million its highly successful token sale. As you can see here, the developers have sold 95.23% of all the available ASI tokens. They have raised over $1.028 million in the first stage of the sale. Each token is going for $0.015 and the developers will boost it by 25% in the next stage of the sale.

    For starters, AltSignals is a company that hopes to use artificial intelligence to disrupt the financial services industry. The developers aim to improve its service by incorporating AI in its existing platform which is already profitable platform.

    After the first phase, the developers will launch the second phase of the token sale. According to its white paper,  the developers will then get to work ahead of the new AI platform launch. They will also list the token in key centralized and decentralized exchanges.

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  • Bitcoin shrimps to fish added 254% of mined BTC last month

    Bitcoin shrimps to fish added 254% of mined BTC last month

    • Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
    • Glassnode data shows these entities added 2,286 BTC per day.
    • Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.

    It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.

    According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.

    Shrimps and crabs increase total BTC holdings 117% and 80% respectively

    As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.

    Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode

    Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.

    Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply. 

    Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.

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  • Solo Bitcoin miner wins 6.25 BTC block reward

    Solo Bitcoin miner wins 6.25 BTC block reward

    • A solo Bitcoin miner earned the 6.25 BTC block reward after beating the odds to solve block 793607.
    • The miner reportedly used an Antminer S9 with about 17 TH.
    • At today’s Bitcoin mining difficulty and with 17 TH, a solo miner would need an average of 450 years to land a block.

    With Bitcoin price struggling below $26,000, and the wider crypto market impacted by recent regulatory events, there’s has been very little to cheer Bitcoiners.

    But for a solo BTC miner, a lucky break had them strike gold with the winning of a block reward. According to on-chain data, the miner beat staggering odds to mine block 793607 and earn the 6.25 BTC block reward.

    BTC miner with single Antminer S9 hits jackpot

    The solo miner reportedly achieved the once-in-a-life-time feat using a single Antminer S9 and accounted for only 17 terahashes (TH). Their “lottery” win was worth about $160,000 at the time of block reward.

    “Congratulations to miner 151XTfHBfaDqoNWGGeYobNX2YzFFWuB5YD with only ~17TH for solving the 275th block at http://solo.ckpool.org! That is likely a single S9 miner. A miner of this size would only solve a block once every ~450 years on average,” tweeted Con Kolivas, a CGMiner software engineer and the admin of Solo CKPool.  

    It’s not the first time a solo miner has hit such a jackpot, with CKPool apparently seeing seven such instances since January. However, the feat is increasingly difficult as the Bitcoin hashrate and mining difficulty have increased.

    According to data from Blockchain.com, the current Bitcoin mining difficulty is 51.23 trillion hashes. Mining difficulty looks at how difficult it is to mine the next block, that is how many hashes a miner must generate to find and solve a valid block. The current difficulty is at all-time highs and has most blocks solved by major mining pools and companies.

    The difficulty adjusts every 2016 blocks (about two weeks’ time) and can go up or down. The next adjustment expected on June 14 will see the difficulty jump by about 2.92% to 52.73 T.

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  • 68% of Bitcoin supply in loss after BTC price drop

    68% of Bitcoin supply in loss after BTC price drop

    • 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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  • SUI price dips below $1, BTC and ETH struggle amid sell-off

    SUI price dips below $1, BTC and ETH struggle amid sell-off

    • Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
    • Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
    • A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.

    The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.

    At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.

    Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.

    Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle

    As SUI fell to its lowest price level so far, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% in the past 24 hours at the time of writing, hovering around $1.15 trillion.

    Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.

    Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.

    ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.

    At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.

    All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.

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  • Bitcoin shrimps holdings jump to 1.31 million BTC

    Bitcoin shrimps holdings jump to 1.31 million BTC

    • Bitcoin wallets with less than 1 BTC now hold an all-time high of 1.31 million coins.
    • Shrimps have been adding an average of 26,000 BTC every month, data shows.
    • The growth of the shrimp cohort is a positive development for the Bitcoin network.

    The amount of Bitcoin held by “shrimps” – those wallet entities that currently hold less than 1 BTC) has reached a new all-time high.

    According to data from Glassnode, shrimps have increased their total holdings to 1.31 million BTC. The cohort has witnessed the gradual increase in holdings over the past several months.

    Shrimps grow holdings by +26,000 BTC every month

    Per data Glassnode shared via Twitter, the shrimp cohort has experienced a significant expansion of their holdings in 2023. This followed a similar trend last year, with the buying among this group coming despite the greater volatility that hit the market.

    Specifically, shrimps have added 26,000 or more Bitcoin every month. Since July 2020, only 202 (3.9%) trading days have recorded a larger monthly growth.

    The suggestion from this is that retail investors have been aggressive in accumulating BTC, with the dips seen during the bear market providing investors with an opportunity to buy Bitcoin at low prices.

    The chart below shows the growth in the amount of BTC held by wallet addresses with less than 1 bitcoin. As you can see, the amount held by these entities has increased significantly in June/July 2022 and again in November/December and January 2023.

    Increase in small holders is a positive for the long-term health of Bitcoin’s network as the metric suggests retail investors are confident in the cryptocurrency’s growth and long term potential.

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  • Bad news for BTC if this happens

    Bad news for BTC if this happens

    • Bitcoin price has recovered from its dip to $25,800, with price currently above $27,400.
    • BTC could continue to bounce into the $28,000-$30,000 range as broader market sentiment improves.
    • However, an analyst’s Bitcoin price prediction suggests bad news for BTC if $27,600 becomes new resistance level.

    The price of Bitcoin as of May 15, 2023 9:50 am ET is $27,405, with BTC up 2% in the past 24 hours. 911.81. While Bitcoin could yet break above a key resistance level and target old support above $28,000, a popular crypto analyst says failing to breach the said supply wall could see the digital gold retreat to a closely watched support level.

    Analyst shares Bitcoin price prediction as markets eye new bounce

    The outlook for Bitcoin is however still broadly bullish long term, particularly after the crypto sector navigated the collapse of FTX. The current US regulatory environment remains a key concern for the ecosystem though and this as well as continued correlation with the stock market could prove another wobbly trajectory for crypto prices.

    According to crypto analyst Rekt Capital, Bitcoin price could dip past the largely anticipated buffer zone at $25,000 if current levels don’t hold. 

    Although the stock market looks poised for gains as investors see a debt limit deal and inflation fears across corporate America easing, a flip in sentiment both in the equities and in crypto could send BTC below $25k.

    Rekt thinks the flagship crypto’s price could fall to the $20,000 level. He tweeted early Monday as BTC/USD bounced from lows of $25,800:

    “First, #BTC failed to reclaim the $28800 level on the Weekly (orange). And then $BTC Weekly Closed below $27600, failing to hold it as support (black). Turn $27600 into resistance and this could enable further downside into the low $20,000s.”

    The analyst explained his forecast further in another tweet.

    “The problem with this #BTC bounce is that it is occurring after a Weekly Close below black support. Such a 1W close is setting BTC up for more downside especially if this rebound is a relief rally. Reject at $27570 (black) would likely force more downside,” he noted.

    Below is the analyst’s chart highlighting the price levels, with potential downside wicks beyond the multi-month support line.

    Bitcoin price prediction on the weekly chart. Source: Rekt Capital on Twitter

    On the upside, the key challenge would be around $28,800. Consolidation is likely between $28k and $30k. Above that lies the supply zone near $33,000.

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  • Can BTC its price above $27k?

    Can BTC its price above $27k?

    Key takeaways

    • Bitcoin has been struggling to stay above $27,500 over the past few days.

    • The cryptocurrency slightly dipped below $27k on Wednesday but is now trading above that level once again.

    • The buying pressure in the market is currently low, and this could affect BTC’s price in the near term.

    Bitcoin price prediction: BTC struggles to maintain price above $27,500

    Bitcoin, the world’s largest cryptocurrency by market cap, has been underperforming so far this week. Over the last seven days, BTC has lost more than 7% of its value and dropped below the $28k mark.

    The leading cryptocurrency recorded a sharp dump on Wednesday following reports that there was a transaction from the United States government’s BTC wallet. 

    Bitcoin recovered from its dump yesterday and went on to trade above the $27,700 level. However, the poor performance has resumed, and BTC has lost more than 2% of its value today.

    At press time, the price of Bitcoin stands at $27,320 and could dip lower over the next few hours.

    BTC could dip below $27k soon

    Bitcoin has been underperforming since the United States inflation figures came out earlier this week. The inflation figure in the United States remains high, indicating that the Federal Reserve could continue with its interest rate hikes.

    If that happens, BTC could drop below the $24k level in the near term as investors adjust to the new reality. 

    However, if the Federal Reserve pauses its rate hikes, assets like Bitcoin could be one of the biggest winners.

    In terms of technical analysis, it is not looking good for Bitcoin in the short term. The MACD line is below the neutral zone, indicating that there are more sellers than buyers in the market.

    Furthermore, the 14-day RSI of 38 shows that Bitcoin could enter the oversold region if the current market condition persists. 

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  • Why is the crypto market down today? BTC briefly slips below $27k

    Why is the crypto market down today? BTC briefly slips below $27k

    Key takeaways

    • The cryptocurrency market is down by roughly 1% over the past 24 hours.

    • Bitcoin briefly dropped to $26,990 earlier today before recovering to now trade above $27,500.

    • The dump came due to reports that there was a transaction with the United States government’s BTC wallet.

    Why the crypto market is down today

    The cryptocurrency market recorded a sharp spike in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading just above $28k earlier today.

    However, BTC fell below the $27k level for the first time in more than a week, briefly touching the $26,990 mark before retracing its movement.

    According to market experts, the sharp decline in Bitcoin’s price came as a result of a transaction from the United States government’s BTC wallet. 

    Data obtained from Blockstream showed that 9819.01814463 bitcoins were on the move from the wallet. This large transaction was reflected in the market, with Bitcoin dropping below the $27k mark for the first time in a month. 

    Bitcoin recovers to trade above $27,500

    The dump didn’t last long, as Bitcoin is now trading above the $27k level once again. At press time, the price of Bitcoin stands at $27,502, down by more than 2% in the last hour.

    Bitcoin is not the only cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, also dropped below the $1,800 mark earlier today before retracing to now trade at $18,36 per coin.

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  • BTC could retest key $28,800 zone

    BTC could retest key $28,800 zone

    • Bitcoin price has dropped below $30,000 to currently trade near $29,480.
    • Crypto analyst Rekt Capital says BTC price could retest $28,800 and establish it as a major support area.
    • BTC price bounced above $31,000 last week, having struggled to break past the anticipated buffer zone.

    Bitcoin is trading around $29,479, about 3% down in the past 24 hours and now just 4% up in the past seven days. After trading to highs above $3,100 and then retreating to current levels, the market might have to brace for a retest of $28,800.

    That’s today’s Bitcoin price prediction as shared by crypto analyst Rekt Capital.  

    Bitcoin price at key area, with possible dip to $28,800

    Following a retracement to lows of $15,500 in the aftermath of the FTX debacle market rout, Bitcoin price saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.

    According to Rekt Capital, the rally to $30,000 area had BTC trending at an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally resolute and despite a decent weekly close above the zone, a fresh dip to the level is likely.

    Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reenergize bulls for another upward move.

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