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  • Will traders suffer more losses

    Will traders suffer more losses

    Key takeaways

    • Bitcoin dropped below the $26k level on Thursday, with traders losing nearly $1 billion in the process.

    • Chancer’s stage two presale is now closing in on the $1.5 million mark.

    The cryptocurrency market has been extremely bearish since the start of the week. The prices of most cryptocurrencies are down by more than 5% over the last seven days.

    Despite the bearish sentiment, Chancer’s presale is set to hit another benchmark as stage two is approaching the $1.5 million mark.

    Bitcoin drops to the $25k zone

    Bitcoin, the world’s leading cryptocurrency by market cap, has been extremely bearish over the past 24 hours. BTC lost nearly 10% of its value and dropped to the $25,300 level late on Thursday.

    The bearish trend saw long traders lose nearly $1 billion. However, the market is starting to recover, with Bitcoin and others setting new support levels. At press time, the price of Bitcoin stands at $26,543. 

    What does this mean for Chancer?

    The bearish performance could see some investors take advantage of the discount price to invest in more cryptocurrency projects. Investors could be looking to purchase more bitcoins and other cryptocurrencies ahead of a likely bullish cycle.

    As more investors look for projects to invest in, Chancer could be one of the projects they might consider. 

    Chancer is one of the exciting and new projects currently in the cryptocurrency space. With stage two presale set to hit an important milestone, it is clear Chancer is gathering momentum amongst retail investors. 

    The Chancer team is currently developing a unique Web3 peer-to-peer (P2P) custom betting platform that would make it possible for users to live-stream betting events. 

    Chancer wants to decentralise the betting industry and is leveraging blockchain technology to achieve its objectives. 

    With Chancer, there are no restrictions to betting opportunities for users. This implies that users can bet on a wide range of events, beyond traditional sports and casino bets. 

    The Chancer presale is in its second stage and has raised nearly $1.5 million of the $2 million required. In the second presale, CHANCER is selling for $0.011 USDT but will be increased to $0.012 in the third stage. 

    Funds raised from the multiple presale events will be geared towards building Chancer’s decentralised P2P betting platform. 

    The developers will use the funds raised from the various funding rounds to build a P2P betting platform. 

    According to their whitepaper, Chancer users will have access to a wide range of features, including, betting markets in real-time and based on user interests, social media connections, and expertise. 

    Furthermore, with Chancer, users will no longer have to deal with the problems associated with using bookmakers when betting as they would be allowed to set up their custom P2P betting markets. 

    An important feature of Chancer is that users can bet on various activities. Users can bet on important sporting or political events or trivial ones like the first to complete a task amongst friends. 

    CHANCER to go for $0.012 in the third presale stage

    Chancer’s second presale stage will be completed soon and the team will move to the next phase. In this current stage, the CHANCER token is going for $0.011 USDT

    However, the team will increase the token price to $0.012 in the third presale round. Funds generated from the presale will be used to develop Chancer’s suite of products. There would be 12 presale events, with an accumulated target of $15 million. 

    The CHANCER token will power numerous activities within the ecosystem. Token holders can create and invest in markets within the Chancer ecosystem. Furthermore, token holders can also create, participate in, and profit from their very own predictive markets. 

    The CHANCER token can be purchased using numerous wallets, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

    Visit the Chancer website to get more information about the presale. 

    Should you invest in Chancer now?

    The recent bearish trend in the market could see more investors troop into the market as they look for buying opportunities. 

    Investors could be looking to invest in projects in their early stages and Chancer could be one of the projects to consider due to its unique native. 

    By decentralising the betting ecosystem, Chancer could gain massive adoption within the Web3 space and beyond. The adoption of the Chancer platform could result in a rally by its native CHANCER token. 

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  • 73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    Key Takeaways

    • Cryptocurrency industry was valued close to $3 trillion entering 2022, now it is $800 billion 
    • There are 73% less Bitcoin millionaires after 2022
    • Bitcoin has pulled back 75% from its all-time high fo close to $69,000
    • 25% of the bitcoin supply was in a loss entering the year, now it is over 50%
    • Number of investors holding greater than 1 BTC jumped 20% as the hurdle became much more attainable

        

    Once upon a time, the cryptocurrency market was valued at $3 trillion. To be precise, this was in November 2021, when Bitcoin traded at its all-time high of close to $69,000.

    But then along came 2022. Inflation sparked as a result of the COVID money printing, war in Ukraine and supply chain issues, meaning central banks worldwide were forced to hike rates to curtail a spiralling cost-of-living crisis.

    With the cheap liquidity pulled out from under markets, Bitcoin – and crypto as a whole – felt the pinch. We have seen top 10 cryptocurrencies collapse, one of the top exchanges revealed to be a house of cards and numerous other bankruptcies and scandals. 

    The loss has been greater than $2 trillion, with Bitcoin shedding three-quarters of its value as at the time of writing, trading at $16,800.

    Bitcoin millionaires

    Looking at on-chain data from bitinfocharts.com, Bitcoin millionaires have dropped like flies. Entering 2022, there were 90,000 addresses containing over a million dollars worth of Bitcoin. Today, it is 24,000 – that amounts to a fall of 73%.

    “The on-chain data sums up what is glaringly obvious from looking at a Bitcoin price chart – that the party is over and investors are no longer dreaming of retirement off their Bitcoin holdings, in the near future at least! Nearly three-quarters of Bitcoin millionaires losing that status is perhaps the best piece of data of all to summarise how ugly 2022 was for investors” said Max Coupland, Director at CoinJournal. 

    Percent in supply in loss doubles in 2022

    Bitcoin’s returns before 2022 were astonishing. As a result, the bulk of the supply was in profit, with only 25% of the supply loss-making entering the year. By year-end, this had doubled to over 50% – another stunning statistic when considering that Bitcoin was the best-performing asset class in the world over the prior decade. 

    Addresses holding greater than 1 BTC

    On the flipside, with Bitcoin being so cheap compared to last year, the number of addresses containing one Bitcoin or greater – “whole coiners”, as they are known – is at all-time high, even if the dollar value contained in those addresses is way down. 

    Entering 2022, there were over 814,000 addresses holding more than 1 BTC. By the end of the year, this number was over 978,000 – that is a rise of 20%.

    As can be seen when zooming in on 2022 on the below chart, there were significant jumps when Bitcoin plunged off the back of the three major scandals of 2022 – Luna’s death spiral, Celsius’ insolvency and the revelations of fraud at FTX. 

    Dropping sentiment matching falling prices

    Perhaps the biggest problem emerging from 2022 is related to these scandals. The reputation of crypto has taken a hammer blow, most notably with the shocking downfall of FTX and disgraced former CEO Sam Bankman-Fried. 

    According to a CNBC survey as of November 2022, only 8% of Americans now have a positive view of cryptocurrency. 

    Crypto investors have seen similar percentage declines before, of course, only for the market to bounce back. But this time, crypto is fighting against a pullback in the wider economy for the first time in its history. 

    Until now, it had been zero (or negative) interest rates and a warm money printer. Now, we have transitioned to a new environment, and crypto investors are feeling the pain. They will hope that 2023 can bring a return to prominence and start mending the reputation of the wounded asset class. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research. 

    Research Methodology

    Address data taken from on-chain. Price data from Yahoo Finance. 

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  • One of the original Bitcoin core developers losses all his BTC in hack

    One of the original Bitcoin core developers losses all his BTC in hack

    • Bitcoin OG and core developer, Dashjr, claimed virtually all his bitcoins were stolen.
    • The hackers accessed the developer’s PGP key.
    • On November 17, 2022, Dashjr, noted his server had been compromised.

    A Bitcoin OG and one of the original Bitcoin’s core developers, Luke Dashjr, has claimed that he virtually lost all his bitcoins after his Pretty Good Privacy (PGP) keys were compromised on December 31, 2022, just before the new year.

    PGP key is a common security method that uses two keys to gain access to encrypted information.

    In a post on Twitter on January 1, 2023, Dashjr was asking for help from the PSA:

    “PSA: My PGP key is compromised, and at least many of my bitcoins stolen. I have no idea how. Help please.”

    In a follow-up tweet, Dashjr appeared distressed asking why he could not reach anyone from the FBI or IC3 before following it up with a tweet containing a wallet address, which is believed to be one of the Bitcoin wallets where some of the stolen BTC was sent to.

    “What the heck @FBI @ic3  why can’t I reach anyone???

    Although Dashjr did not disclose how many bitcoins were stolen from his wallet, the wallet address that he shared showed four bitcoin transactions on December 31 that totalled to 216.93 BTC.

    Dashjr server compromised in November 2022

    Although the developer said that he had no idea as to how hackers gained access to his PGP key, some community members have drawn a possible connection to an earlier claim that Dashjr had made on November 17, 2022, that his server had been compromised by ““new malware/backdoors on the system.”

    Unfortunately, Dashjr, says that he learnt of the hack after getting emails from Kraken and Coinbase about login attempts.

    The hack also caught the attention of Binance CEO Changpeng Zhao (CZ) who consoled the developer on Twitter saying:

    “Sorry to see you lose so much. Informed our security team to monitor. If it comes our way, we will freeze it. If there is anything else we can help with, please let us know. We deal with these often, and have Law Enforcement (LE) relationships worldwide.”

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  • Bitcoin could slip below $16k as market losses nearly $40 billion

    Bitcoin could slip below $16k as market losses nearly $40 billion

    The cryptocurrency market has started the week in a negative manner, with prices of most coins down by more than 4% in the last 24 hours.

    Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few hours. The price of Bitcoin is down by more than 3% in the last 24 hours and is now trading at around $16,071 per coin.

    The poor performance could see Bitcoin drop into the $15k region over the next few hours. There is no major catalyst behind Bitcoin’s poor performance as it coincides with that of the broader crypto market.

    The total crypto market cap has dropped below the $800 billion mark for the first time in months, after losing 4% of its value in the last 24 hours.

    Ether, the second-largest cryptocurrency by market cap, has lost 7% of its value today. The price of Ethereum is now trading at around $1,110 per coin.

    Key levels to watch

    The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming over the last 24 hours. The technical indicators show that the bears are in control.

    The MACD line has dropped into the negative zone, due to Bitcoin losing 3% of its value in the last 24 hours. The 14-day relative strength index of 32 also shows that Bitcoin could enter the oversold region soon if the bearish trend continues.

    If the bears remain in charge, Bitcoin could fall below the first major support level at $15,813 before the end of the day. In the event of an extended bearish performance, BTC could dip toward the $15,500 support level.

    However, the bulls could make a comeback and push Bitcoin toward the $16,535 resistance level over the next few hours. Unless there is a massive bullish run, BTC will find it hard to move past the $17k resistance level in the near term. 

    Where to buy Bitcoin now

    eToro

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