Bitcoin Cash (BCH) is experiencing a surge in trading activity and open interest ahead of its second halving event set for April 4, with open interest in futures perpetual contracts reaching a record high of $708 million, an increase from the previous peak in May 2021. The increase in open interest and trading activity is […]
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Worldcoin’s adoption continues to grow despite the growing privacy concerns from several jurisdictions.
According to its website, registered users on its platform have reached almost 4 million in less than a year after its launch, registering more than 600,000 accounts within the past week.
Worldcoin, a crypto project co-founded by Sam Altman, is a blockchain-based initiative that allows individuals to validate their human identity through iris scanning. Upon successful verification, users receive a “World ID” credential that can be seamlessly integrated into future applications, proving they are human.
Notably, the project recently announced its integration with several prominent online platforms, including Minecraft, Reddit, Telegram, Shopify, and Mercado Libre.
These milestones reflect the notable adoption rate of the polarizing project despite the regulatory scrutiny about its data-handling practices from various regulatory authorities.
Earlier today, the South Korean regulatory body, the Personal Information Commission, said it initiated an investigation into Worldcoin’s practices on Feb. 29, prompted by complaints over potential violations of data protection laws.
The commission will scrutinize Worldcoin’s gathering, handling, and possible international transfer of sensitive personal data. It added that any violations of local privacy regulations will prompt immediate regulatory action.
The regulator furthered that Worldcoin was collecting facial and iris data at ten South Korean sites. Worldcoin has repeatedly highlighted that it only collects ‘hashes’ of biometric data and not the visual scans themselves.
South Korea joins a growing list of jurisdictions scrutinizing Worldcoin’s data collection practices. Regulatory bodies in Hong Kong, France, Germany, Britain, and Kenya have also taken an interest, with some issuing directives to halt user registrations.
Despite these issues, the price of Worldcoin’s WLD token remains strong, largely buoyed by recent market sentiments and the positive developments surrounding the project’s sister company, OpenAI.
CryptoSlate’s data show that WLD increased 246% during the past 30 days. However, its value has slightly corrected by 1.43% to $7.88 as of press time.
The stablecoin sector experienced a $3.26 billion expansion within the last eight days, climbing from $140.82 billion to $144.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
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On Saturday, Feb. 10, 2024, bitcoin’s price soared beyond the $48K mark, reaching heights unseen since prior to Dec. 28, 2021. On Sunday, the leading digital currency maintained its robust momentum, consistently staying above the newly established price level. Over the last 24 hours, the crypto asset’s value has risen by over 2.6%, and it […]
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Analyzing the supply dynamics of Bitcoin reveals a telling story of profit and loss convergence, a significant indicator of market fluctuations. Of the approximately 19.3 million Bitcoin in circulation, an estimated 17.3 million are in profit, leaving 1.9 million at a loss. The convergence of supply in profit and loss – where losses supersede profits – serves as a marker for the bottom in Bitcoin cycles. This phenomenon has been observed recurrently during bear markets, particularly in 2015, 2019, 2020, 2021, and 2022.
Presently, the Bitcoin market is navigating one of its most extensive divergence levels, with almost 89% of Bitcoin supply in profit. This is only slightly below the cycle highs when the profit figure hits a stunning 100% – a situation indicative of a market peak where every holder is in profit. This trend analysis underscores the cyclical nature of the digital asset market and the inherent potential for profit and loss convergence, serving as an indicator of market turns.
The post Profitable Bitcoin supply nears cycle peak, could precede market correction appeared first on CryptoSlate.
The total value of assets locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem is approaching a 21-month high of $300 million on the back of the blockchain network’s native ADA token bullish price movement.
Per DeFillama data, Cardano’s TVL sits at $298 million as of press time, representing a 508% growth on the year-to-date (YTD) metric for a network whose TVL stood at under $50 million at the start of the year.
TVL measures the value of digital assets locked in a particular DeFi protocol/ecosystem. It can be used to gauge an ecosystem’s health and perceived trust, as a rising TVL suggests investors’ willingness to use the protocol/ecosystem.
Data from DeFillama shows that DeFi activity on Cardano is witnessing a resurgence amid the bullish market sentiment.
Per the data aggregator’s dashboard, decentralized exchanges’ trading volume on Cardano during the last 24 hours stood at more than $10 million, while this same metric has recorded a 103% weekly increase to $41.31 million as of press time.
This represents a significant turnaround for a network whose DEXs processed less than $50 million in transactions in September. If the current trend persists, the blockchain will breach the $100 million monthly trading volume mark for the first time since August.
Other critical metrics for the network also point to an improving network activity. For context, the blockchain’s returning addresses have consistently averaged more than 40,000 in December, an increase from the average of 30,000 recorded throughout November.
Amid these developments, DeFi protocols on the network, like Lenfi, have seen their TVL rise to new all-time highs.
Cardano’s ADA token has also emerged among the top-performing cryptocurrencies amid the general optimism pervading the digital assets market.
Data from CryptoSlate shows that ADA’s price increased by more than 15% during the past week, moving to as high as $0.45 from $0.37 during the last seven days. However, its value has retraced to $0.43 as of press time.
The price movement added around $2 billion to its market capitalization, which stood at $15.38 billion as of press time.
CryptoSlate’s data further shows a 77% growth on the YTD metric.
Bitcoin (BTC) held closer to the $40,000 mark on Dec. 3 after weekend gains reinforced a “strong” uptrend.
Data from Cointelegraph Markets Pro and TradingView tracked a fresh BTC price surge, which took BTC/USD to new 2023 highs of $39,730.
These built on upward momentum, which had entered days prior, as Bitcoin hit $39,000 for the first time since mid-2022.
With derivatives leading into the end of the Wall Street trading week, commentators had argued that spot buyers needed to step up to maintain momentum. Events ultimately took an unexpected turn, with a snap surge across Bitcoin and altcoins wiping previous resistance.
In part of coverage on X (formerly Twitter), popular trader Skew suggested that “someone just ran all shorts across the board seemingly on most pairs.”
This in turn placed BTC price behavior around the weekly open in question — CME Bitcoin futures closed the week at $39,225, leaving a gap between there and spot price, which would normally be “filled” via a dip.
Analyzing the status quo, however, fellow trader Daan Crypto Trades predicted that this time would be different.
“Whenever $BTC is in a strong trend (up or down) and especially when it’s trading at yearly highs or price discovery. You tend to have these weekend moves that break out and leave a lot of people behind. Often creating a gap that never gets closed or not until weeks later,” part of an X post explained.
“During strong trending environments, trading the CME price doesn’t have a very strong edge anymore. It’s amazing during sideways chop but not like this.”
Daan Crypto Trades agreed that the area around the Friday closing price had offered an opportunity to “trap” shorters.
“Due to me thinking it was pretty likely to see a big move occur during the weekend, I did not share the usual CME chart. So far the suspicion was correct and people trying to short this move would have been rekt,” he wrote.
Data from statistics resource CoinGlass showed around $30 million in BTC shorts liquidated on both Dec. 1 and Dec. 2.
With $40,000 in sight, meanwhile, market participants turned their attention to bullish signals on longer timeframes.
Related: Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered
For popular Twitter commentator Alan Tardigrade, BTC/USD was well out of a downward channel in place since its November 2021 all-time high of $69,000.
“Bitcoin has entered All-the-way-UP mode,” he commented on a chart showing how recent BTC price action had decisively exited the trend.
Fellow commentator BitQuant, known for his bullish takes on Bitcoin in the current environment, eyed a return to the highs before “some correction” could take hold.
Both perspectives channeled behavior from previous Bitcoin bull markets.
Yes, all the way up to the previous all-time highs and then some correction for the bears to feel some hope https://t.co/2ovCs4mvGi
— BitQuant (@BitQua) December 3, 2023
In September, BitQuant made the bold prediction of BTC/USD beating its record highs before the next block subsidy halving in April 2024 — just four months away.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin (BTC) bull market “FOMO” has yet to appear despite BTC price being up 120% this year.
Data from the statistics platform Look Into Bitcoin shows that on-chain transactions are only starting to involve “younger” Bitcoin.
Bitcoin remains near 18-month highs and well beyond its bear market trading range and several key resistance levels.
While the number of smaller wallets is increasing, there has not been a major return to the network from speculators — those holding BTC for short periods of time.
In an X (formerly Twitter) post on Nov. 16, Look Into Bitcoin creator Philip Swift flagged the realized cap HODL waves metric, also known as RHODL waves, as proof.
RHODL splits the existing HODL waves metric, which divides BTC by age group of the supply and compares it to the price at which it last moved on-chain.
The result is a spike in coins, which frequently move during bull market phases, and the opposite in bear markets, where investors are afraid to sell or are in the red on their holdings.
“Warmer colour low timeframe waves are only just starting to increase as coins are transferred on-chain,” Swift commented on the current state of RHODL.
“No FOMO yet. We’re still early.”
Continuing the examination of Bitcoin supply “age bands,” Onchained, a contributor to on-chain analytics platform CryptoQuant, stressed that those who increased BTC exposure in the run-up to the 2021 all-time highs remain underwater.
Related: Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze
He did so using the net unrealized profit/loss (NUPL) indicator, which offers profitability ratios for cohorts of stored coins.
Coming soon, however, is a key line in the sand for bull market hodlers.
“Considering NUPL across different age bands provides insights into profitability dynamics. Notably, the depicted graph reveals all UTXO age bands currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,” Onchained wrote in one of CryptoQuant’s Quicktake market updates on Nov. 16.
“This aligns with their entry during the Bitcoin price rally to $67,000. Their NUPL nearing the profitability benchmark of 0 suggests a potential break-even point if Bitcoin continues its rally beyond $39,000.”
CryptoQuant data shows that the overall proportion of unspent transaction outputs, or UTXOs, currently at a loss is just 11.6%.
As Cointelegraph reported, whale entities have been increasing BTC selling at current prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.