The Shiba Inu community continues its burn spree, with approximately 35 million SHIB burned in one day. According to the update from Shibburn, 25 million of the total burned tokens came from a single wallet.

The community has consistently been burning Shiba Inu, and billions of tokens have entered the dead wallets. The burn initiative is to reduce the meme coin’s circulation and possibly boost its price.

Active Shiba Inu Addresses Increase

An April 12 update from the SHIB burn tracker, Shibburn, noted that 34,924,913 Shiba Inu tokens entered the dead wallets in 3 transactions. The largest of the three burn transactions came from a Coinbase-linked wallet called Coinbase 10.

On-chain data shows the wallet transferred 25,313,097 SHIB, worth about 25.31 million, to the dead wallets in a single transaction. Following this development, Shiba Inu burn rates spiked by 1,108% against the previous day’s 2.3 billion SHIB tokens burned.

Over the past seven days, the Shiba Inu community has burned approximately 1.27 billion SHIB tokens, with the debut token Koyo (KOY) executing the highest. According to reports, Koyo (KOY) initiated an incredibly massive burn transaction on April 9, wiping 1.10 billion SHIB tokens from circulation.

The massive spike in burn rate has yielded positive results for the Shiba Inu community as the number of active SHIB holders increased.

At press time, approximately 1.28 million unique wallet addresses hold Shiba Inu tokens. And the community expects this to increase further to 1.3 million in no time.

SHIB Price Outlook Amid New Community Developments

Meanwhile, the Shiba Inu community is still pursuing more ecosystem developments. The developers of Shiba Inu’s metaverse project have released an update regarding the progress of their endeavor. 

The team unveiled its developmental goals while announcing a new Twitter handle dedicated to increasing the project’s awareness in the crypto community.

SHIB is trading in a downtrend below yesterday’s closing price of $0.00001106. The asset has formed a red candle with a long lower wick on the daily chart today, reflecting the selling pressure in the market.

It is trading below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment. However, it is still above its 200-day SMA but is descending and might drop below the indicator.

SHIB is currently in a bearish phase. A short-term decline for the asset may occur before it rallies again if the bulls gain the upper hand.

At press time, Shiba Inu’s price has declined by 1.27% and trades at $0.000014, with a 24-hour trading volume of $195 billion.

#SHIB #crypto2023 #Binance #buildtogether #keepbuilding

Bitcoin price is attempting a fresh increase from the $27,200 support. BTC must clear $28,000 to start a decent increase in the near term.

Bitcoin extended its decline below the $28,000 support zone.

The price is trading below $28,000 and the 100 hourly Simple moving average.

There was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a steady increase if there is a close above the 100 hourly SMA.

Bitcoin Price Finds Support

Bitcoin price remained in a bearish zone below the $30,000 zone. BTC extended its decline and traded below the $28,000 support. Finally, it tested the $27,200 support.

A low is formed near $27,146 and the price is now consolidating losses. There was a minor recovery wave above the $27,500 level. Besides, there was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $28,000 and the 100 hourly Simple moving average. It is testing the 23.6% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low.

Immediate resistance is near the $28,000 level. A close above the $28,000 resistance and the 100 hourly SMA could start a decent increase. The first major resistance is forming near the $28,500 level. The next major resistance is near the $28,800 zone.

It is close to the 50% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low. A move above the $28,800 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $29,500 zone. Any more gains could open the doors for a test of $30,000.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,400 level.

The next major support is near the $27,200 zone. A downside break and close below the $27,200 support might push the price toward the $26,800 support. Any more losses might push Bitcoin toward $26,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,400, followed by $27,200.

Major Resistance Levels – $28,000, $28,500, and $28,800.

#Binance #crypto2023 #BTC #BullRun #keepbuilding

Diamond Platinum...

"Why are we delaying implementing Blockchain and Cryptocurrencies? We ask that we get a new Ministry of Technology so that we can keep up with the Twenty-First Century so can keep up with the Fourth Industrial Revolution. There is no way we can avoid this because that is when the time takes us" - Hon. Condester Michael Sichalwe, Member of Parliament for Momba province.

The Member of Parliament has continued to say that,

"We have an artist here Diamond Platinum who is a musician, if his works are placed on the NFT, it will be the best option.

Someone asks you how can he/she join BITCOIN. Can you ask someone a question like this, how do you start joining Tanzania shilling?

On Blockchain technology there are many things, there are Smart Contracts, lawyers, and artists for the NFT system

Just imagine CoinMarketCap, look at all the Cryptocurrencies listed there, are the people who are involved in these things supposed to be ignorant? No, they are not stupid, they have a broad understanding of Blockchain technology and Cryptocurrencies"

Also, the other hand; Member of Parliament for Momba Hon. Condester Sichalwe has advised the Government to have one Ministry dealing with Technology to increase efficiency in the area instead of Technology being managed by two Ministries where it is in the Ministry of Education, Science, and Technology together with the Ministry of Information, Communication, and Information Technology.

Hon. Condester said this on May 17, 2023, in Parliament in Dodoma, while contributing to the Budget of the Ministry of Education, Science, and Technology.

She has advised that the existing Technology is what pushes to change the curriculum, while he wants those Technologies to be used in good order in the country and be an opportunity for the Youth to get Jobs.

"Professor Mkenda ethics and exams, still the teachers have not wanted to improve their environment, still the students have not gone on strike and other things in this Ministry. When will Prof. Mkenda be struggling with his team to know that there are emerging technologies(Blockchain technology, Metaverse Web 3, NFT, Cryptocurrency) that are in the world that can help Tanzanians to be self-employed?"

#binancepizza #keepbuilding #Binance #BTC

Bitcoin and Ethereum prices failed to move in response to the US March jobs report. 

US Nonfarm Payrolls showed a decline in job growth, rising 236,000 v. expectation of 240,000. 

Market participants likely priced in the jobs report ahead of time, with Bitcoin’s recent run up to $29,000 and Ethereum’s 2023 high above $1,900.

Bitcoin and Ethereum prices were unmoved in response to US Nonfarm Payrolls (NFP). The US jobs report turned out to be a non-event from crypto market participants. It is likely that the event was “priced in” by traders as both Bitcoin and Ethereum prices rallied close to psychologically relevant price levels over the past week. 

Bitcoin and Ethereum ignore US jobs report for March 2023

The US Bureau of Labor Statistics (BLS) dropped its NonFarm Payrolls report earlier today, noting a 236,000 increase in payrolls against the market expectation of 240,000. February’s job report showed an addition of 326,000 in NonFarm Payrolls.

There was a decline in the Unemployment Rate, down to 3.5%, and Average Hourly Earnings nosedived to 4.2%. 

In response to the report, Bitcoin and Ethereum remained unmoved. It's important to note that the release of the report ahead of the Easter holiday could be one of the reasons why zero-to-low volatility was noted in crypto prices. 

Did Bitcoin and Ethereum traders price in the US jobs report?

It is somewhat likely that the anticipation surrounding the US jobs report, with expectations for a mixed report that have been confirmed, helped drive Bitcoin and Ethereum prices to key levels over the past week. Bitcoin price had climbed to $29,000, close to the psychological barrier at $30,000, and Ethereum hit a new 2023 high, crossing above $1,900. 

The recent spike in Bitcoin and Ethereum prices, prior to their pullback supports, raised the likelihood of the event being “priced in” by market participants. 

#Binance #crypto2023 #BTC #buildtogether #keepbuilding

The crypto market dip has resulted in $650.9 million in long liquidations last week.

Bitcoin fell over 9% over the past seven days, trading below $28,000. Ether shed around 13%.

Futures traders holding long positions suffered massive losses last week. Falling crypto prices led to $650 million in longs being liquidated since April 17.

Bitcoin, and the broader crypto market, fell consistently throughout the week after a sharp sell-off on Tuesday. As a result, long positions across derivatives exchanges saw the largest liquidations so far this year. The liquidations continued to cascade through to Sunday. 

About $650 million in longs were liquidated, according to data from The Block. Most of the volume was on Binance and OKX, with $234 million and $197 million in long liquidations since Monday. 

Bitcoin was trading at around $27,300, down 9.2% over the past week, according to CoinGecko data. The broader crypto market fell in tandem with the leading cryptocurrency by market cap. Ether slipped 12.9%, Ripple's XRP was down 11.7%, and Polygon's MATIC plunged 17%. Nascent portfolio strategist Matt Klein said the sell-side pressure was down to waning exuberance.

Crypto prices began to dip on Tuesday. The decline has been linked to a lack of liquidity and a large sell order on Binance by Noelle Acheson, the former head of market insights at Genesis Trading, who now writes the Crypto is Macro Now newsletter on Substack.  

"The correlation between bitcoin and ether returns has been falling since mid-to-late March, which may be relevant for quantitative strategies that rely on cross-hedging," Coinbase noted Friday. Funds can also use ether to hedge against less liquid altcoins. 

The exchange's research team compared the trend to a similar one in September, following The Merge — when Ethereum upgraded to become a proof-of-stake blockchain. 

"Following the Merge, a decrease in the observed correlation coefficient between ether and bitcoin returns (from 0.95 to 0.75) lasted for around 47 to 50 days. Comparatively, the current period of attenuation has lasted for around 30 days, and we think it could continue for another two weeks given that the initial phase of ETH withdrawals is still ongoing," the report read.

'A new Wall Street on the blockchain'

Bernstein analysts said the strong price action in bitcoin this year, up 67% year-to-date, seems to have "limited broad investor conviction on the fundamentals behind the price action." Each new crypto cycle is driven by a "fundamental innovation," they wrote in a note on Monday.

"We believe the 2023 cycle (and onwards) will be about building scalable decentralised financial infrastructure, building a prototype of a new 'Wall Street' on the blockchain, and seeing the first wave of mainstream institutional participation," Bernstein argues, adding that the market still "offers an attractive window to participate in this new cycle."

#Binance #BTC #crypto2023 #BNB #keepbuilding

Litecoin price consolidates inside a bullish pennant pattern that forecasts a 35% upswing to $125.

In a highly bullish case, investors can expect LTC to extend beyond $125 and tag the $131 hurdle.

A daily candlestick close below $87 will invalidate the bullish thesis.

Litecoin price shows a clear sign of tightening below a crucial hurdle. This development could reveal its intentions on April 10 as the second week of quarter two kickstarts. The formed setup forecasts a bullish outlook for LTC, so investors need to keep a close eye on the altcoin for potential breakouts.

Litecoin price prepares for new week’s volatility 

Litecoin price is hovering inside a bullish pennant formation. This technical setup contains a massive run-up followed by a tight consolidation. In this case, LTC’s 35% ascent between March 11 and 24 formed a flagpole. Following this is the ongoing consolidation in the form of a pennant. Combined, this formation is termed a bullish pennant.

This continuation pattern forecasts a 35% upswing which is obtained by adding the flagpole’s height to the breakout point. For Litecoin price, the breakout point could occur around $92, which reveals a target of $125. 

In addition to breaking out from the bullish pennant formation, Litecoin price needs to flip the $95 hurdle into a support floor. This move will be a secondary confirmation of an upswing. 

While the 35% forecast for Litecoin price is based on the bullish pennant formation, a failure to push past the formed setup and the $95 hurdle will signal weakness in the buyers’ camp. 

In such a case, if Litecoin price produces a daily candlestick close below the critical support level at $87, it will invalidate the pennant formation and its bullish thesis.

#Binance #crypto2023 #BTC #litecoin #keepbuilding