CryptoQuant has recently reported on the NVM Ratio, a metric used to evaluate the fair value of a blockchain network based on the number of active users. The NVM Ratio is calculated by dividing the log of the market capitalization by the log of the square of daily active addresses within a specified time frame. This metric can provide valuable insights into the fluctuations, anomalies, and patterns of Bitcoin’s value.

In 2021, Bitcoin’s NVM Ratio ranged from 0.6 to 2, with values above 2 indicating an overvalued network. During this time, Bitcoin reached all-time highs, which corresponded with the NVM Ratio surpassing values above 2.

However, in May 2021, the China ban caused Bitcoin’s price to plummet, leading to a massive sell-off. Despite the drop in Bitcoin’s value, the NVM Ratio increased to values above 2, creating an anomaly that indicated an overvalued network.

@azcoinnews

In 2022, the NVM Ratio exhibited a descending pattern, falling below 0.6, which signaled the start of a bear market. The NVM Ratio continued to decline until it hit a two-year low of 0.26, indicating that Bitcoin was severely undervalued.

But in January 2023, the NVM Ratio experienced an inflection point and surged from 0.26 to 0.6, breaking its 100 EMA. This rise in the NVM Ratio was accompanied by a rise in Bitcoin’s price, indicating that the digital currency was undervalued and presenting a buying opportunity for investors.

Currently, the NVM Ratio for Bitcoin is showing an upward trend, reaching a seven-month peak of 0.75. Experts predict that the NVM Ratio will continue to rally and surpass values above 1, which suggests that the network is undervalued.

As the world of cryptocurrency evolves, innovative tools and techniques like the NVM Ratio can provide investors with valuable insights into the fair value of digital currencies. By understanding the fluctuations, anomalies, and patterns of the market, investors can make informed decisions and potentially profit from the crypto market’s volatility.

#Bitcoin #NVM #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Bitcoin experienced a volatile day yesterday, with its price range fluctuating between $26,500 and $28,600. This comes in the midst of the Federal Reserve’s announcement of a 25 basis points increase and a conference with Powell that sent risk assets lower for the day.

However, new data from Glassnode suggests that the drop in Bitcoin’s price was primarily driven by liquidations. Despite spot Bitcoin being bought from exchanges, roughly $360 million was the highest amount in USD this year. The third most amount of Bitcoin in 2023 was driven by outflows of whales greater than $1 million.

Glassnode data shows the net transfer volume of Bitcoin | Twitter: @azcoinnews

This latest dip in Bitcoin’s price highlights the ongoing volatility and unpredictability of the cryptocurrency market. While many investors see it as an opportunity to buy Bitcoin at a lower price, others may be deterred by the sudden fluctuations.

It’s worth noting that Bitcoin has experienced a significant rise in price over the past year, with many analysts attributing this to a variety of factors such as institutional adoption, increased mainstream awareness, and the overall performance of the cryptocurrency market.

Despite its volatility, Bitcoin remains a popular investment option for many individuals and companies looking to diversify their portfolios. As the cryptocurrency market continues to evolve and mature, it’s likely that we’ll see both highs and lows in the price of Bitcoin and other cryptocurrencies. Investors should always proceed with caution and do their research before making any investment decisions.

#bitcoin #BTC #technicalanalysis #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Binance has recently announced an update to the daily BNB balance calculation mechanism for Binance Launchpad subscriptions. The move comes in response to concerns raised by some users who have been exploiting the snapshot logic to gain an advantage in participating in Launchpad.

Previously, an hourly snapshot was taken at any point in time to calculate a user’s daily BNB balance. However, Binance has now updated the mechanism to take multiple snapshots at any point in time. The update will only apply to Binance Launchpad participants and will not impact users’ VIP levels or the referral program.

According to Binance, the update is aimed at ensuring a fair user experience for all participants. Some users had been borrowing large amounts of BNB on other platforms for high-frequency deposit and withdrawal, resulting in a significant advantage in Launchpad participation. With the new mechanism in place, Binance hopes to prevent such practices and ensure equal opportunities for all.

For Space ID Launchpad participants, their daily BNB balance records will be available on March 22 at 02:30 (UTC). Users may not be able to view their daily BNB balance records on Binance Launchpad before this time.

The update has been met with mixed reactions from the community, with some users welcoming the move and others expressing concerns over its potential impact on their participation in Launchpad.

In conclusion, Binance’s update to the daily BNB balance calculation mechanism for Binance Launchpad subscriptions is aimed at ensuring a fair user experience for all participants. With the new mechanism in place, Binance hopes to prevent users from exploiting the snapshot logic and ensure equal opportunities for all. It remains to be seen how this update will impact the Launchpad participation of users going forward.

#Binance #crypto2023 #BTC #BNB #azcoinnews

This article was republished from azcoinnews.com

In a recent tweet, Ryan Selkis, the CEO of Messari, has called for urgent action from Congress on digital assets, citing the economic and technical potential of cryptocurrencies and refuting misinformation. Selkis has sent a letter to a dozen Congressional leaders outlining the need for prudent, effective crypto legislation and calling for the exercise of oversight authority over financial regulators.

The letter is said to be thoroughly documented and Selkis has invited other founders and investors to reach out for more details. He also emphasized the need for a coordinated campaign for crypto, stating that the status quo will harm the US economy and national security.

@azcoinnews

Selkis highlights three core pieces of legislation that are urgently required: stablecoins and banking rules and regulations, hosted exchange and custody registration norms, and token reporting and disclosures rules. He suggests breaking these issues up to focus on the most pressing needs and not to conflate different policy requirements.

Selkis believes that a campaign for crypto requires the coordination of multiple entities and hundreds of leaders, as well as funding. He argues that the industry is under direct attack, and state authorities are flexing their muscles. Selkis suggests that a coordinated effort is required to fight back calmly, intelligently, and effectively.

The CEO of Messari is not alone in his call for more effective crypto legislation. The Infrastructure Bill debacle in 2021 highlighted the urgent need for clear regulations to support the burgeoning digital asset industry. Many other industry leaders have called for more clarity and stability in crypto regulations, and Selkis’s letter to Congress represents a significant step forward in this campaign.

The coming weeks and months will be crucial in determining the future direction of the US digital asset industry. The coordination of multiple entities and leaders, as well as funding, will be required to fight back against what Selkis sees as direct attacks on the industry. However, he is optimistic that with a coordinated effort, the industry can win this battle and continue to grow and thrive.

#Messari #RyanSelkis #Congress #azcoinnews #crypto2023

This article was republished from azcoinnews.com

The cryptocurrency market has been in a state of flux lately, with many of the major cryptocurrencies experiencing a downturn. However, Cardano (ADA) has bucked this trend and seen its price rise steadily in recent days. Large investors are reportedly actively buying into the cryptocurrency, resulting in its price recording $0.3921, which is up by 3% from 24 hours ago, according to CoinMarketCap data on the 3rd of April.

This news comes as other major cryptocurrencies such as Bitcoin and Ethereum have been experiencing significant price drops, with stablecoins being the only ones to remain relatively stable. Despite the overall market downturn, Cardano has been performing well over the years, with a weekly return of over 13% and it has recently seen a spike in network activity.

According to Into the Block data, Cardano whales have been accumulating over 150 million ADA. This news could be an indicator of the confidence that these investors have in the future of Cardano. Furthermore, the recent spike in network activity could be attributed to rising market expectations as new Cardano-based projects continue.

@azcoinnews

On the 17th of last month, Cardano released a new node version v.1.35.6 that improved network performance and stability. The upgrade was designed to ensure network uptime and stability and improve overall resiliency. This upgrade is expected to attract more developers and investors to the Cardano network, further boosting its value.

Cardano founder, Charles Hoskinson, has tweeted that there are currently 1221 projects being created on the Cardano network, with 119 already launched. This news is a testament to the growing popularity of the Cardano network and could be a key factor in its continued success.

In conclusion, the current rise in Cardano’s price is a positive development in an otherwise challenging cryptocurrency market. The active buying by large investors, as well as the network upgrades and growing number of projects being created on the Cardano network, are positive indicators of its future growth potential. It remains to be seen whether Cardano’s current momentum will continue, but the signs are certainly encouraging.

#Cardano #ADA #ADAPrice #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

The Federal Reserve’s balance sheet has recently grown by $94 billion in assets, which include collateralized securities and government bonds, in addition to the $297 billion increase that happened not long ago.

According to the Federal Reserve, this move was intended to address the liquidity issue experienced by commercial banks amid the recent financial crisis. However, it appears to be in contrast to the Fed’s tightening monetary policy.

@azcoinnews

This is a unique situation in the history of the Fed, as they find themselves between a rock and a hard place: QT (Quantitative Tightening) and QE (Quantitative Easing). Quantitative tightening involves decreasing the size of the balance sheet, while quantitative easing involves increasing the size of the balance sheet.

The decision to increase the balance sheet was a response to the liquidity crisis that commercial banks were experiencing, and the Fed’s move was intended to address this issue. However, this move seems to be in contrast to the Fed’s current monetary policy of tightening, which involves increasing interest rates and reducing the size of the balance sheet.

As a result, there may be more macroeconomic fluctuations in the future that are difficult to predict. This is a critical time for the financial markets, and investors must keep an eye on any changes that may occur.

Looking ahead, the question on many investors’ minds is whether the market will experience a “Sell in May and Go Away” scenario. This phenomenon refers to the historical trend of stocks performing poorly between May and October. With no FOMC meetings scheduled for April, this could be an opportunity for the crypto market, specifically Altcoins, to recover before moving into May.

Billionaire Jeffrey Gundlach Predicts Significant Rate Cut by Federal Reserve

The “Bond King” billionaire Jeffrey Gundlach has predicted that the Federal Reserve will soon make significant interest rate cuts. He said, “red warning signals for a recession,” as all yields on US Treasury bonds from the past two years “are much lower than the Fed’s fund rate.”

The CEO of Doubleline emphasized, “All USD yields from two years onwards are much lower than the fund’s lending rate.” The yield curve inversion occurs when short-term Treasury bond yields are higher than long-term bond yields.

Gundlach said the latest interest rate hike would be the Federal Reserve’s last. In February, the billionaire warned of the painful consequences of the next recession.

#Fed #FederalReserve #QT #azcoinnews #crypto2023

This article was republished from azcoinnews.com

ALT MARKET CAP (TOTAL2) has successfully flipped the previous strong resistance level into support. The price is expected to continue to rise in the near future.

Weekly Outlook

ALT MARKET CAP (TOTAL2) has been trading below the 20-week EMA since the beginning of April 2022. This line has rejected the price many times, most recently at the end of October 2022 (red arrow). This rejection led to a low of $430 billion in November of that year.

However, the price has since risen and broken above the 20-week EMA ($517 billion) with a large bullish candle. This is a very important development because this line is often used to determine the long-term trend. Therefore, this shows that the long-term downtrend of TOTAL2 may have ended.

Further confirmation for this assertion is that the price has also broken above the descending wedge pattern and confirmed it as support in the week of March 6 to 13 (green arrow).

Therefore, TOTAL2 may continue to rise to the horizontal resistance level at $700 billion and higher to the range of $844-941 billion, formed by the horizontal resistance zone and Fib 0.5-0.618.

The RSI indicator supports this possibility as it has formed a significant bullish divergence before the entire upward move and is above 50.

TOTAL2 weekly chart. Source: TradingView

Bullish pattern

The daily chart supports this view with the formation of an inverse head and shoulders pattern. This is a bullish pattern, which usually leads to a trend reversal to the upside.

The RSI indicator has now broken the bearish divergence line and is above 50. RSI breakouts often occur before price breakouts.

Therefore, TOTAL2 is likely to break out of this pattern in the coming days. The target of the pattern is $795.6 billion, calculated by connecting the height of the pattern to the breakout point.

During the move towards this target, there is a small resistance level at $700 billion. However, this level may be overcome as this head and shoulders pattern has lasted for more than 6 months.

TOTAL2 daily chart. Source: TradingView

Conclusion

Overall, the most likely outlook is that TOTAL2 will break above the neckline of the inverse head and shoulders pattern and rise at least to the $700 billion resistance zone.

This view will be invalidated if the price falls back below the 20-week EMA.

#Bitcoin #totalsupply #Altcoin #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

zkSync Era, a Layer 2 solution based on ZK rollups technology, launched its mainnet on March 24th, and has since recorded a Total Value Locked (TVL) of about $107 million as of April 3rd, a more than 10-fold increase since its launch.

According to data from L2Beat, over $69 million worth of ETH and nearly $30 million worth of USDC have been locked on zkSync Era. This amount can be allocated to various projects on zkSync to purchase tokens within the ecosystem or provide liquidity for exchanges on the network.

@azcoinnews

More than 3.3 million transactions have been executed on the network, with zkSync Era’s transaction speed currently at 4.6 TPS. These features are seen as important advancements in speeding up blockchain transactions and reducing costs for network operations.

In the zkSync ecosystem, decentralized finance (DeFi) tokens have been developed to bolster lending and trading services. Additionally, memecoins inspired by the famous Shiba Inu dog breed have also emerged.

According to DefiLlama, two decentralized exchanges (DEX) – SyncSwap and Mute – hold over $32 million in TVL on zkSync. MUTE, the token of Mute, has a market capitalization of $47 million. Meanwhile, SyncSwap has not yet issued its own token. Notably, around $21 million is locked in SyncSwap’s liquidity pool with the ETH/USDC pair, with an annual profit rate (APR) of 46%.

However, the community’s interest in memecoins on zkSync such as zkDoge, zkInu, and zkSync SHIB is still limited, with their prices fluctuating sharply and market capitalizations under $5 million, according to data from Dex Screener.

Maia Benzimra, Head of Marketing at SpoolDAO, a DeFi protocol that provides capital aggregation tools and profit optimization strategies, shared her thoughts on the launch of zkSync Era’s mainnet, stating that it is a sign that the Layer 2 trend in the blockchain ecosystem is not hindered. However, the limited number of projects being built on it indicates that the Web3 world is not entirely ready to embrace this innovation.

Benzimra added that adoption could rapidly increase when more innovative projects are built to serve users.

#zksync #zkEVM #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

On Friday, March 31, 2023, the Thai Securities and Exchange Commission (SEC) announced that penalties have been issued against two individuals related to the website 1000x.live, which was found to be operating as an unauthorized digital asset dealer.

Thai SEC found that 1000X Limited and Mr. Worawat Naknaewdee violated Section 26 and are therefore liable to penalties under Section 66 of the Digital Asset Business Act B.E. 2561 (B.E. digital assets) in conjunction with Section 83 of the Criminal Code.

The SEC investigation into the website operator, https://www.1000x.live, began on January 12, 2022, after receiving a tip-off. The website offered digital asset exchanges outside of authorized exchanges and used persuasion and public relations through the Facebook page 1000X Thailand.

Additionally, Mr. Worawat, the owner and administrator of the operation of ACTPAY, served as a notification system when deposit and withdrawal transactions occurred with 5,000 wallet addresses on the 1000x.live website, making the website a complete system for conducting business.

The SEC found that the actions of 1000X and Mr. Worawat constituted jointly operating a digital asset trading business without permission, which is a violation of Section 26 and punishable under Section 66 of the Digital Asset Decree in conjunction with Section 83 of the Criminal Code. The SEC has filed a complaint against 1000X and Mr. Worawat to the ECD Office for further legal action.

It is important to note that the SEC’s accusation is just the beginning of the criminal law enforcement process, and the determination of whether a person is an offender is a step within the investigation power of the investigating officer, prosecutor’s prosecution order, as well as the discretion of the Court of Justice, respectively.

Traders are advised to check the list of licensed digital asset business operators at www.sec.or.th and the SEC Check First application. If there are any questions or clues about suspicious operations, traders are encouraged to notify the SEC Public Service Center at Tel. 1207, the Facebook page “Office SEC,” or SEC Live Chat at the SEC website for further in-depth investigation.

In conclusion, the SEC’s penalties against 1000X Limited and Mr. Worawat Naknaewdee for operating an unauthorized digital asset dealer serve as a reminder to traders to exercise caution and ensure that they are engaging with authorized operators to avoid potential legal ramifications.

#SEC #ThaiSEC #1000Xlive #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Homebase, a digital platform that fractionalizes residential real estate via NFTs, has sold out its first tokenized rental property on Solana in under two weeks.

The property, a $235k single-family rental named The Cardinal, was listed for sale as an experiment to gauge interest in tokenized real estate. Investors who purchased the NFTs representing a fractional share in the property will receive rent directly to their crypto wallets via USDC.

The success of this sale has shown that there is a demand for DeFi in the real estate industry. Homebase’s platform allows users to invest in cash-flowing rental properties directly from their crypto wallets without needing approval from banks. Users can browse the property, view its projected financials, and invest from the comfort of their own homes.

Homebase handles all property management and home improvements, ensuring that investors don’t have to. Properties listed on the platform are vetted by their team, and all home information is publicly available for review. They prioritize transparency, trust, and equality of home information, making user security their number one priority.

@azcoinnews

Homebase has developed Solana’s first security token offering (STO) built on the @metaplex SPL protocol, and their tokens are registered with the SEC and filed under Reg D 506(b). They have also established processes for token recovery in case a user’s wallet is hacked.

Homebase’s vision is to create a fractional economy for homes, allowing users to use home NFTs as collateral to take out a loan via DeFi protocols or tokenize their homes and sell 20-30% of it online without requiring a bank or credit score. The platform aims to democratize access to real estate investing and give everyone the opportunity to get involved, especially disenfranchised communities who have been barred from homeownership.

Overall, Homebase’s success with their first tokenized rental property sale has shown that there is a market for DeFi in the real estate industry, and their platform has the potential to revolutionize the way people invest in and own property.

#Solana #SolanaNFTs #SOL #NFT #azcoinnews

This article was republished from azcoinnews.com

According to a report by Semafor, former FTX founder Sam Bankman-Fried (SBF) has been asked by U.S. federal prosecutors to return political donations made to lawmakers.

This notice was issued in February by the U.S. District Attorney for the Southern District of New York, which stated that the donations made to lawmakers represented SBF’s proceeds of crime, and hence could be recovered under federal asset forfeiture laws. The directive is for the recipient to return the donations to the U.S. law enforcement agencies, not to FTX.

The prosecutors are planning to use any funds confiscated to compensate victims of crimes related to the SBF case. The U.S. government is also negotiating with bankrupt FTX in this regard.

Earlier, FTX had sent a confidential letter to U.S. politicians, asking them to return their donations by February 28. At least two members of Congress received the letter, as confirmed by Semafor.

Semafor also revealed that SBF is an investor in Semaphore and that the company is planning to purchase his stake. The case involving SBF is gaining momentum, and the developments around the recovery of the proceeds of crime are being closely watched.

#SBF #Sam #FTX #FTXcollapse #azcoinnews

This article was republished from azcoinnews.com

Incheon City, South Korea, is focusing on customized support for companies to foster leading software (SW) companies in the jurisdiction, in line with its promotion strategy to create Incheon as a blockchain hub city. This move is part of the city’s efforts to pre-emptively respond to new technologies such as blockchain and artificial intelligence (AI) and meet the increasing demand for these fields.

Recently, Incheon City announced that three local companies had been selected for the ‘2023 Regional Leading Business Commercialization Support Project,’ a public contest by the Ministry of Science and ICT. The three companies selected are Mondrian AI, JNP Medi, and D35 Co., Ltd. All three companies were chosen through a contest for innovative technologies such as blockchain and artificial intelligence (AI) held by Incheon City prior to participating in the government contest.

The contest project aims to foster software (SW) companies in regions with research and development capabilities and growth potential, providing them with various autonomous support services tailored to their needs to become leading companies with core competencies. The government has secured 576 million won to support these companies, with the total project cost being 1.152 billion won.

Incheon City and the Incheon Technopark Software (SW) Industry Promotion Agency will develop various high-growth programs to nurture these companies into leading firms. These programs will be tailored to the needs of the companies, including technological advancement, domestic and international marketing, testing, technology/management consulting, investment attraction, and internship linkage.

Lee Nam-joo, director of the Future Industry Bureau, said, “I hope that Incheon City’s customized support will contribute to the growth and sales of local companies.” The city is promoting various business support projects to foster future leading companies, such as the Rising Star program, open innovation, scale-up, and fund creation.

In conclusion, Incheon City’s focus on customized support for leading software (SW) companies shows its commitment to becoming a blockchain hub city. With the increasing demand for blockchain and artificial intelligence (AI), the city’s efforts to pre-emptively respond to new technologies will be key in fostering local companies to become leading firms in the future.

#Incheon #korea #crypto2023 #blockchain #azcoinnews

This article was republished from azcoinnews.com

Jordan Castro, the founder of the famous NFT brand Doodles, has announced plans to transform his project into a leading media unit. In a statement on Discord on March 16, Castro, also known as Poopie, shared his vision for the future of the company, which he believes will “go beyond the label of an NFT project.”

Poopie has revealed his ambitions for the company, including plans to make the project a top-tier media brand. He is also discussing strategies to combat the current problem of “speculation” in the NFT market. Instead, the founder wants to create genuine “intrinsic motivators” to attract users.

There have been concerns that Doodles may be moving away from NFTs and blockchain technology, but Poopie has emphasized that the project will continue to be closely linked to this technology, and NFTs will remain central to the company’s plans.

However, the news of the shift towards a new model for Doodles has not been met with much positive response. The floor price for a Doodles NFT is currently 3.9 ETH, equivalent to about $7,200, a decrease of over 13% in the last 24 hours.

Doodles is a collection of 10,000 NFTs launched in October 2021, which attracted a lot of attention due to its eye-catching design and more polished look compared to other projects. In September last year, Doodles made headlines with its massive $54 million fundraising, with a company valuation of up to $704 million.

Over the past year, Doodles has focused on expanding its ecosystem, collaborating with big names like former Billboard Chairman Julian Holguin, musician and producer Pharrell Williams as the brand director. Doodles had previously announced plans to expand into NFT gaming, music, and intellectual property ownership. In January 2023, the company acquired the animation studio Golden Wolf as part of its roadmap to realizing this vision.

While Doodles’ shift towards a new media-focused model may be seen as a risky move, it also highlights the potential for NFT projects to evolve and diversify beyond their initial offerings. Only time will tell if Doodles’ ambitious plans will pay off, but the company’s strong track record and high-profile collaborations suggest that it could be a force to be reckoned with in the media industry.

#Dododles #crypto2023 #NFT #azcoinnews #opensea

This article was republished from azcoinnews.com

FTX Europe, the European subsidiary of bankrupt cryptocurrency exchange FTX, has opened a new website to enable its former customers to withdraw their remaining funds from the platform. The new domain name, https://ftxeurope.eu/, has been approved by the Cyprus Securities and Exchange Commission (CySE) and will offer no products or services apart from balance withdrawal.

According to a report by Finance Magnates, FTX Europe confirmed that the new website would be used solely for the purpose of allowing FTX EU LTD clients to claim their FIAT balances. Customers are required to log in to their FTX EU account through the new domain to see their balance and request a withdrawal.

As of now, the original domain www.ftx.com/eu remains unresponsive. However, Finance Magnates checked CySEC’s public register and confirmed that https://ftxeurope.eu is an approved domain owned by FTX EU.

@azcoinnews

The move by FTX Europe to create a new website for balance withdrawals comes in the wake of the parent company’s bankruptcy. The bankruptcy filing of FTX, a popular cryptocurrency exchange, was announced in December 2021, after the company was hit with a $100 million lawsuit from a former client.

The new domain approval from CySE is seen as a positive development for FTX Europe’s customers, as it allows them to withdraw their funds from the platform despite the parent company’s financial troubles. FTX Europe’s initiative to create a new website for withdrawal requests shows its commitment to its customers and the financial regulations set forth by the regulatory bodies.

In conclusion, the new domain, https://ftxeurope.eu/, approved by CySE for balance withdrawal from FTX Europe, offers relief for former customers of the bankrupt cryptocurrency exchange. FTX Europe’s move to create a new website for withdrawal requests demonstrates the company’s willingness to adhere to regulatory guidelines and fulfill its obligations to its customers.

#FTXEU #FTXEuro #FTX #FTXUpdate #azcoinnews

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Bitcoin has been experiencing a surge in prices, with the cryptocurrency’s value edging closer to the $30,000 mark. According to a report by Santiment, this has resulted in a polarizing time for the market, with profit taking and fears of a top becoming prevalent.

The report highlights that the five largest transactions of 2023 have all happened in March, with the latest being a massive 20,000 BTC move that briefly went to address 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before being moved to multiple others.

@azcoinnews

The influx of coins moving back onto exchanges between March 13th to 21st is also notable, as Bitcoin’s price surged up to 28k during this period. However, since then, supply has again been moving off of exchanges.

The report also notes that the total number of active sharks and whales (in yellow) and more dormant whales/exchange addresses (in red) are still rising in March, but the yellow line is rising at a slower pace compared to when prices were bottoming out in November and December.

The percentage held by this same shark/whale yellow line looks concerning when taking a look at the percentage of Bitcoin supply held. After an accumulation pattern up until late January, profit taking has gradually taken effect.

The caution flags raised by the large transactions going on in March and the slide down of the 10-10k BTC address tier (by percentage) and tapering off (by total addresses) suggest that there are legitimate concerns about Bitcoin’s ability to surge to $35,000 and beyond.

The cryptocurrency market has always been volatile, and the recent fluctuations in Bitcoin’s price are no exception. The report by Santiment provides valuable insights into the current state of the market and raises important questions about the future of Bitcoin. It remains to be seen whether the caution flags will result in a slowdown of Bitcoin’s upward trajectory or if the cryptocurrency will continue to surge ahead.

#bitcoin #BTC #Santiment #BTC #azcoinnews

This article was republished from azcoinnews.com

Binance has revealed that it will list Radiant Capital (RDNT) in the Innovation Zone. This means that users of the popular cryptocurrency exchange can now start depositing RDNT in preparation for trading, which will officially begin on March 30th at 07:30 (UTC).

Spot trading pairs for RDNT will include RDNT/BTC, RDNT/USDT, and RDNT/TUSD. The listing fee for RDNT will be 0 BNB, which is sure to be a welcome relief for traders who are accustomed to paying high fees for new listings.

In addition to being added as a spot trading pair, RDNT will also become a new borrowable asset on Binance’s Isolated Margin platform. This will allow traders to use RDNT as collateral when making leveraged trades with these new margin pairs: RDNT/USDT.

Radiant Capital is a decentralized omnichain money market protocol. This means that users can stake their collateral on one of the major chains and borrow from another chain, making it a versatile and flexible platform for cryptocurrency trading.

RDNT is the utility token for liquidity mining and governance on the Radiant Capital platform. With the news of its listing on Binance, RDNT has seen a surge in the value of up to 30%, currently trading at $0.45 USD.

@azcoinnews

The Innovation Zone is a special trading zone on Binance where new and innovative tokens can be listed. This provides traders with access to cutting-edge technologies and investment opportunities. However, it is important to note that the Innovation Zone carries higher risks than other trading zones on Binance, and traders are advised to exercise caution when trading in this area.

Overall, the addition of Radiant Capital to Binance’s platform is an exciting development for the cryptocurrency community. It provides traders with new opportunities for investment and trading, while also highlighting the growing importance of decentralized money market protocols in the cryptocurrency space.

#Binance #BNB #crypto2023 #azcoinnews #BTC

This article was republished from azcoinnews.com

In a major development in the world of cryptocurrency, Bitcoin Suisse has announced its support for KILT as part of their offering for institutional investors. This makes Bitcoin Suisse the first custodial crypto-financial services provider in the world to offer institutional users secure access to the KILT blockchain.

KILT is a blockchain identity protocol that allows for the creation of self-sovereign, decentralized identifiers and verifiable credentials. The network is powered by its native token, KILT, and offers secure identity solutions for both enterprises and consumers as a fundamental layer for Web3.

The KILT Protocol was one of the first projects to build on Substrate, a modular blockchain system that offers seamless integration with Polkadot. In September 2021, KILT launched as a Kusama parachain, and in October 2022, became the first blockchain in the ecosystem to move in its entirety from Kusama to Polkadot in order to leverage the stability and bank-level security required by enterprise customers.

According to Dr. Dirk Klee, CEO of Bitcoin Suisse, the addition of KILT to their Vault will provide their institutional clientele with access to an identity token that has exciting use cases across financial services and KYC, media, gaming, music, NFTs, and IoT. He went on to say, “Identity is a critical layer for Web3, and KILT Protocol is leading the way to widespread adoption of Web3 and decentralized technologies. Consumers are increasingly demanding more autonomy and control of their data across all facets of their digital lives.”

The offering includes custody and brokerage of KILT, as well as governance voting, and is geared towards organizations, external asset managers, and family offices.

This announcement is significant because it highlights the growing importance of blockchain identity protocols and their potential use cases across a variety of industries. With the support of Bitcoin Suisse, KILT is well-positioned to gain further adoption and usage by institutional investors, furthering its goal of becoming a fundamental layer for Web3.

#KILT #KILTprotocol #Bitcoinsuisee #crypto2023 #azcoinnews

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In the last seven days, searches for Dogecoin have surged almost 2,000% following Twitter’s decision to change its logo to the famous Shiba Inu dog meme, according to a recent analysis. This has led to a significant increase in the number of purchases made for the popular cryptocurrency.

The analysis, conducted by 6Takarakuji, found that searches for “buy Doge” and “buy Dogecoin” increased by 1,044% and 253%, respectively, while searches for Shiba Inu ($SHIB) also rose by 132%.

As a result of this sudden surge in interest, the price of Dogecoin has increased by over 30%, making it the seventh most valuable cryptocurrency by market capitalization, surpassing the smart contract platform Cardano ($ADA ).

Additionally, the report revealed that Google searches for ‘Twitter’ have surged in the past week, increasing by 38%, as users took note of the change. Based on Google Trends data, almost 72% of the most popular searches for Twitter in the last seven days are linked to the new logo, generating excitement among online users.

At the time of writing, Dogecoin has a market capitalization of $14.05 billion after its price increased by over 40% in the past week, while Cardano has a market capitalization of $13.85 billion, after rising by 13.2% over the same period. This change also occurred shortly after Elon Musk requested a US judge to dismiss a $258 billion lawsuit alleging that he was involved in a pyramid scheme to support Dogecoin.

In the court filing, Musk’s lawyers described his tweets about cryptocurrency as “unrewarding and often silly.” The electric car manufacturer Tesla began accepting DOGE payments for some goods at the end of 2021 and has BTC on its balance sheet.

Some Twitter users were particularly confused by Musk’s DOGE logo change, with searches for “why is there a dog on Twitter,” “Twitter dog logo,” and “Twitter logo change” also increasing significantly, indicating that users are eager to understand what is happening.

This recent surge in interest in Dogecoin and other cryptocurrencies underscores the growing popularity of digital assets and the role that social media influencers like Elon Musk play in driving market sentiment. However, it is important to note that cryptocurrencies are a highly volatile investment, and investors should exercise caution before investing.

#Dogecoin #DOGE #ElonMusk #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

In a hearing held by the U.S. House of Representatives, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg testified that approximately $4 billion in deposits related to cryptocurrency businesses of the failed Signature Bank would be returned to depositors by early April.

The FDIC announced that New York Community Bancorp (NYCB) would acquire some of Signature Bank’s deposits and assets, excluding the crypto-related assets, which would be returned to depositors. Customers holding funds in Signature Banks will be contacted by the FDIC and have until April 5 to transfer their assets or accept account closure measures.

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Gruenberg clarified that the decision not to include cryptocurrency-related assets in the acquisition was the choice of NYCB, the winning bidder. Republican Rep. Tom Emmer, a well-known cryptocurrency advocate, expressed his interest in confirming the sale of Signet, a payment network dedicated to Signature Bank’s cryptocurrency clients, as it is an asset of great value.

The closure of Signature Bank by the New York State Department of Financial Services (NYDFS) to avoid a financial system crisis after the failure of Silicon Valley Bank (SVB) has been criticized by former Republican congressman Barney Frank and Ryan Selkis, founder of blockchain analytics firm Messari.

They accused regulators of targeting Signature Bank to show their opposition to virtual currencies. However, Treasury Undersecretary for Domestic Finance Nellie Liang testified that she did not believe cryptocurrencies played a direct role in the collapse of Signature Bank and SVB.

The acquisition of SVB by First Citizens Bank included all assets, including cryptocurrency-related deposits. Gruenberg denied Emmer’s claim that the FDIC might increase scrutiny of retaining or taking on new cryptocurrency customers.

Overall, the testimony given by the regulators shed light on the handling of bank failures and the role of cryptocurrency-related assets in the collapse of banks. It remains to be seen how the sale of Signet will impact the crypto industry and if any further scrutiny will be imposed on retaining or taking on new cryptocurrency customers.

#FDIC #crypto2023 #bitcoin #BTC #azcoinnews

This article was republished from azcoinnews.com

Bitcoin has long been a market leader, attracting attention from investors and traders worldwide. As the value of Bitcoin continues to fluctuate, investors and analysts alike are continually searching for new metrics to track its progress and predict future trends. One such metric is the Bitcoin MVRV ratio, which has been the subject of a recent report by CryptoQuant.

According to the report, the Bitcoin MVRV ratio is a measurement that divides the current Bitcoin market capitalization by the realized capitalization, providing two distinct measures of the cryptocurrency’s value. The report highlights the MVRV ratio’s usefulness in detecting market trends, as it can indicate possible selling pressure or a potential decline in selling pressure based on the market capitalization and realized capitalization relationship.

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The report goes on to analyze the MVRV ratio’s historical trends, pointing out its effectiveness in predicting market trends over the course of three halvings. It notes that during the recent COVID crisis, the MVRV turned green, indicating values above 1. The MVRV continued to rise, reaching values above 3.75, marking Bitcoin’s all-time high. However, during the China ban, the MVRV ratio dropped from this high to 1.5 before recovering and hitting a lower high of 3.

The report then highlights a descending pattern in the MVRV ratio, reaching lows of 0.75 in November 2022. However, the ratio broke the 1 level in an upward direction in January 2023, driven by a significant increase in Bitcoin prices due to considerable accumulation in both the spot and derivatives markets, supported by the record-breaking number of open interest in Bitcoin options.

The report raises the question of whether the MVRV ratio will breach the 1.5 level to sustain the upward trend. In the author’s opinion, it is highly likely that this will happen, considering the rapid withdrawal of Bitcoin from exchanges resulting in scarce supply.

Overall, the CryptoQuant report sheds light on the usefulness of the Bitcoin MVRV ratio in predicting market trends and highlights its recent fluctuations in response to global events. As the cryptocurrency market continues to evolve, it is likely that investors and analysts will continue to seek out new metrics to gain insights into Bitcoin’s future performance.

#Bitcoin #BTC #crypto2023 #Binance #azcoinnews

This article was republished from azcoinnews.com