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Pepe Coin (PEPE) is currently showing signs of slowing down and facing bearish pressure. This comes after the cryptocurrency experienced a significant surge, reaching a new all-time high (ATH) of $0.00001535. However, following this peak, the coin has seen a notable retracement. At the time of writing, the price of Pepe Coin is $0.00001384. Over the past 24 […]
The Bitcoin Network Value to Transactions (NVT) Golden Cross indicator attained overheated values coinciding with the recent local top in the price. Bitcoin NVT Golden Cross Surged To 3.17 During Recent Peak An analyst in a CryptoQuant Quicktake post explained that the NVT Golden Cross may have served as an indicator of the recent top in cryptocurrency prices. The “NVT” refers to an on-chain metric that tracks the ratio between Bitcoin’s market cap and transaction volume (both in USD). This ratio is generally used to determine whether the asset’s price is fair or not. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss When the indicator has a high value, the asset’s price (the market cap) is high compared to its utility (the transaction volume). Such a trend may suggest that the coin could be overvalued currently. On the other hand, the low metric could suggest the network isn’t valued fairly compared to its high ability to transact capital, and as such, its price may be due to an uplift. In the context of the current discussion, the NVT itself isn’t interesting, but rather, a modified version called the NVT Golden Cross is. This metric compares the short-term trend of the NVT (10-day moving average) against its long-term trend (30-day MA). Like the NVT, this variant is also used to estimate the fairness of the asset. Historically, values greater than 2.2 have been a signal that BTC is overheated, as the short-term trend is notably outpacing the long-term at these levels. Similarly, values under the -1.6 level may indicate that the cryptocurrency is undervalued; hence, its price may likely form a bottom and find a rebound soon. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few years: The value of the metric seems to have been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin NVT Golden Cross rose to relatively high levels earlier. This growth happened as the asset’s price rallied towards the $71,000 level. The metric had touched the 3.17 mark in this surge, which suggests the coin may have become too overpriced. Indeed, the asset followed this by observing a sharp drawdown, which took it back under the $65,000 level. As the quant has marked in the chart, a similar pattern of the NVT Golden Cross hitting these high levels and resulting in a price correction was observed at different points over the last few years. Related Reading: Bitcoin Traders No Longer Extremely Greedy: Rebound Signal? Since the latest overheated signal, the indicator has cooled off alongside the Bitcoin price, although it hasn’t gone towards the negative side yet. BTC Price Bitcoin has recovered over the past day as its price has now climbed back to $67,800. Looks like the price of the asset has seen some uplift over the last 24 hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com
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The post Biopharma Executive Suggests Bitcoin as Lifeline for Industry During Biotech Downturn appeared first on Crypto Breaking News.
Global investment bank JPMorgan has presented four probable global outlook scenarios, with “boil the frog” recession emerging as the most likely outcome. The bank’s economists warned: “Broad-based developed-market tightening points to a more synchronized global downturn sometime in 2024.” JPMorgan’s Global Outlook and ‘Boil the Frog’ Recession Global investment bank JPMorgan has provided an overview [...]
The post JPMorgan Outlines 4 Global Outlook Scenarios — Warns of ‘Boil the Frog’ Recession as Global Downturn Looms appeared first on Crypto Breaking News.
As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.” ‘No Relationship With FTX’ The Nigerian
The post Report: Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20% appeared first on BTC Ethereum Crypto Currency Blog.
Shares of Bitcoin miner Argo fell 72% on Monday after a strategic investor failed to participate in the company's fundraising event (Read More)
WisdomTree has seen its crypto assets under management fall by 36% in what the company said has been triggered by the ongoing market turbulence. (Read More)
Private and publicly-listed bitcoin miners can now apply for loans with Binance as the crypto exchange launched a $500 million fund to cope with the ongoing downturn of the crypto-market conditions. (Read More)
Stone Ridge’s Bitcoin Futures Fund suffers losses triggered by market downturn and competition. (Read More)
Bolt said that it has pulled out of a $1.5 billion deal to buy crypto firm Wyre amid market downturn. (Read More)
Just ten days ago, Bitcoin was creeping towards the psychologically important $25,000 level. Today, it’s back to $21,300.
It reads as a cautionary tale for investors who were beginning to allow just a modicum of optimism to creep in. With 2022 having been hell for crypto investors. thus far, July had provided a rally.
Stock market dipsHowever, with the stock market dipping over the last week off – you guessed it – macro concerns, Bitcoin followed right along for the ride. As it tends to do.
The below chart is a simple one, but it’s ever-so-powerful in the current climate. I plotted Bitcoin against the S&P 500 year-to-date, showing just how in tandem the duo have been. In other words, if the stock market has moved, Bitcoin has followed.
As much as I love on-chain analysis, studying moving averages or staring at areas of resistance and support, the reality is that in the short term, Bitcoin is simply following the market. It has been established as a risky asset, and in risk-off environments, those risky assets are not where investors want to be.
I wrote during the bear rally recently assessing whether it was a good time to buy. My main conclusion was that I had no idea whether we had bottomed and that there could easily be more pain to give. Despite this, I concluded that with a long-term investment horizon, it was nonetheless a good time to buy into the stock market.
We have the weight of history on our side and, while I am increasingly negative about the economy’s prospects for the winter, I don’t think the Federal Reserve will allow a recession to get too ugly without resisting the urge to flick the money printer back on, as well as easing off on their hawkishness with regard to interest rates.
If it makes sense, I am bearish on the economy, yet think if you can bear to swallow the volatility over the short-term, it’s not a bad time to start dollar-cost-averaging in (buying stocks at regular intervals going forward).
BitcoinFor Bitcoin, it’s a little trickier. It’s a much more volatile asset and we don’t have the long sample space on our side – Bitcoin was only invented in 2008. Moreover, it’s only in the last few years that it can be studied as a mainstream financial asset, so any price history prior to that is pretty much moot.
Those who are familiar with my writing understand my long-term bullishness on Bitcoin. I believe it has a place in everybody’s portfolio – as a hedge against “financial Armageddon”. But in the short-term, it’s simply following macro. This means that if stocks drop, Bitcoin drops further – as the chart in the above paragraph shows.
For me, I’m focusing on adding to my stock positions here, although that comes – again – with the caveat that I already hold enough Bitcoin in the context of my portfolio. Looking at the overall expected return/risk profile of my portfolio, stocks are the prudent play for me here.
And at the end of the day, that is what it all comes down to: taking a holistic portfolio view and trying to remain steadfast to your investment goals and time horizon, while keeping emotion out of it.
Of course, that’s easier said than done, especially in the world of Bitcoin. But let the last week be yet another warning – as if we needed one – that things aren’t always what they seem. Make no mistake, we are still in a dicey situation, and Bitcoin is as vulnerable as any asset right now.
The post Latest downturn the latest warning for those trying to time Bitcoin’s bottom appeared first on Invezz.
Galaxy Digital said its net loss in the second quarter had risen three times the amount it experienced during the same period last year. The asset manager stated that the losses were triggered by the ongoing market downturn. (Read More)
Reports show that crypto traders and users are more likely to purchase luxury items. The meltdown in crypto prices has directly impacted the pricing of luxury watches. (Read More)
Coinbase Global Inc, the largest trading platform in the United States is going all tough on its no-hiring plans which was announced by Emilie Choi, the firm’s President and COO about 2 weeks ago (Read More)
Nasdaq-listed cryptocurrency exchange, Coinbase Global Inc, is tapering down its plans to hire more staff this year as current market realities do not permit it. (Read More)
CoinShares noted that despite “price weakness and perceived negative impact from the looming conflict in Eastern Europe,” digital asset investment products saw inflows totaling $109 last week.
Evergrande fears extending into crypto, but market showing some strength against global downturn fears. Covered: Market Down Then Up. Likelihood Of Rebound Continuing. Market Down Then Up. The crypto market is up slightly after falling over 10% in terms of global market cap. As of press time, the global market cap is in the 1.9 […]
The post Crypto Market Showing Signs Of Rebound Despite Evergrande Fears appeared first on CryptosRus.
On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the $53,000 mark the day prior, while ether soared past the $3,000 threshold on Tuesday, though both cryptocurrencies traded significantly lower [...]
The post Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend appeared first on Crypto Breaking News.
Solana Continues to Outperform Ethereum Layer 2 Solutions Despite Price Drop Solana, the high-performance blockchain network, has been gaining significant momentum in the cryptocurrency space. Despite facing a recent trading dip, Solana has managed to outpace Ethereum’s Layer 2 solutions in terms of performance and scalability. One of the key reasons behind Solana’s success is [...]
The post Solana Surpasses Ethereum and Layer 2 Solutions in Revenue Growth Despite Market Downturn appeared first on Crypto Breaking News.
Web3 startups saw a 76% drop in Q2 2023 funding, with only $1.8B raised. Despite VC downturn, Bitcoin and Ether prices surged. Future of Web3 funding remains uncertain. (Read More)
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