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A Breakout May Happen in the Bitcoin Market Soon, says Market Analyst

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Bitcoin has been trying to breach the psychological price of $40k after the top cryptocurrency nosedived to lows of $30k on May 19 from an all-time high of $64.8k recorded in mid-April.

Market analyst Michael van de Poppe believes that a breakout might happen in the week because the volume is draining down. He explained:

“Bitcoin is ready for the climax. Lower highs, higher lows, volume draining down. All levels are tested, even $34,800 is now tested. The breakout of this construction should be happening in the next 7 days or so.”

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BTC suffered a sharp correction on May 19 as the price fell to around $30,000, resulting in the biggest single-day drop of price, up to 30%. Furthermore, this price drop became the first time BTC had dropped below the 200-day moving average (MA). 

The 200-day MA is a key technical indicator used to determine the general market trend. It is a line that shows the average closing price for the last 200 days or roughly 40 weeks of trading.

Bitcoin miners sold more than 5,000 BTC in the past week

According to on-chain analyst William Clemente III, Bitcoin miners liquidated their holdings by selling more than 5,000 BTC last week. 

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On the other hand, the number of active Bitcoin addresses hit a 7-month low of 49,648.964, as acknowledged by on-chain metrics provider Glassnode. 

Notable BTC adoption, however, was experienced in Southeast Asia, according to Joseph Young. The crypto analyst explained:

“There is massive Bitcoin and overall crypto adoption happening in Southeast Asia. Particularly, the Philippines, Thailand, and Vietnam are showing a rapid increase in user activity. Price talk aside, this fundamental growth is very inspiring and optimistic.”

Meanwhile, El Salvador seeks to be the first nation to legalise Bitcoin as legal tender. If this materialises, BTC is expected to boost the nation’s economy by offering financial inclusion and generating jobs.  

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/a-breakout-may-happen-in-the-bitcoin-market-soonsays-market-analyst

Blockchain News

The Number of Ethereum Deposits on Crypto Exchanges Hit a 5-Month Low-What This Mean

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Ethereum (ETH) has been consolidating ever since the second-largest cryptocurrency plummeted to lows of $2,000 before returning to $2,410 from an all-time high (ATH) of $4,350. 

Nevertheless, the number of ETH deposits on crypto exchanges continues to diminish, as disclosed by Glassnode. The on-chain metrics provider explained:

“The number of Ethereum exchange deposits (7d MA) just reached a 5-month low of 548.940.”

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It could, therefore, suggest that Ethereum stored in cold storage or wallets is not being moved for holding purposes, which is a bullish signal.

These statistics correlate with insights recently provided by Glassnode that Ethereum exchange inflow volume reached a monthly low of $34.27 million. 

Ethereum worth $63 billion is locked in smart contracts

According to EthHub founder Anthony Sassano:

“The amount of ETH in smart contracts is now at a similar level to what it was during The DAO event (around 23% of all ETH). In June of 2016, that was ~$230 million worth of ETH. Today, it is ~$63 billion worth of ETH.”

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The Ethereum network is one of the sought-after crypto spaces because its smart contracts are widely applied in the decentralised finance (DeFi) and non-fungible token (NFT) sectors. 

These areas have been pivotal in aiding Ethereum’s recent bull run, which saw its market capitalisation surge past the $500 billion marks. As a result, the second-biggest crypto was more valuable than financial giants like Visa and PayPal. 

Ethereum will, however, need to get away from the fear range for an upward momentum to be triggered, as noted by Bloqport. The crypto analytic firm stated:

“Market sentiment is beginning to recover but is still in the ‘fear’ range according to the Crypto Fear & Greed Index.”

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Meanwhile, Ethereum whales are on a record-breaking trend of accumulating more coins. It, therefore, shows that they are bullish about ETH in the long term. 

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/the-number-of-ethereum-deposits-on-crypto-exchanges-hit-a-5-month-low-what-this-mean

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Bitcoin Miners’ Outflow Volume Hit a Monthly Low

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Bitcoin miners outflow volume reached a monthly low of 47.163 BTC, indicate that the pessimistic sentiment is still ongoing.

The top cryptocurrency was hovering around $40,030 during intraday trading, according to CoinMarketCap. BTC suffered a sharp correction from an all-time high (ATH) of $64.8k recorded in mid-April, instigated by a market crash.  

Despite Bitcoin (BTC) regained momentum and surged past the $40k psychological level earlier this week after hitting lows of $30k on May 19

The monthly lowest outflow volume indicates that Bitcoin miners are not yet out of the woodsacknowledged by on-chain metric provider Glassnode. 

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Crypto analytic firm Dilution-proof had previously stated that BTC miners’ wallet net flows were increasingly turning negative, cutting into their profit margins. Furthermore, the hashrate had dropped.

The hashrate is used to measure the processing power of the BTC network. It allows computers to process and solve problems that would enable transactions to be approved and confirmed across the network.

When more miners join the Bitcoin network, more computational guesses per second are needed to find the solution. As a result, the hash power will increase, and Bitcoin’s network difficulty will go up.

American investors were the biggest group of Bitcoin holders in 2020

According to crypto data provider Documenting Bitcoin:

“Americans earned over $4 billion from hodling Bitcoin in 2020 — more than 3x as much as investors in any other country.”

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These investment decisions made by these American Bitcoin holders paid off as they generated more than $4 billion in return.

The holding culture on the Bitcoin network keeps growing, as revealed by Glassnode. The crypto insight provider stated:

“The amount of hodled or lost Bitcoin coins just reached a 1-month high of 7,085,633.214 BTC.”

Glassnode also stipulated that large volumes of Bitcoin accumulated in the early bull run remained tightly held, even as price traded back around their cost basis.

It, however, remains to be observed how BTC plays out in the short term.  

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/bitcoin-miners-outflow-volume-hit-monthly-low

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Orion Pool Will Make Its Debut on June 22

Orion Pool will go live on the Orion Terminal on June 22, next week. This will lead to the creation of a single user interface that will prove extremely helpful for the swapping and trading services and voting-related to staking and governance rights. With this particular launch, the Orion Terminal will establish itself as the …

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Orion Pool will go live on the Orion Terminal on June 22, next week. This will lead to the creation of a single user interface that will prove extremely helpful for the swapping and trading services and voting-related to staking and governance rights. With this particular launch, the Orion Terminal will establish itself as the only trading platform to provide decentralized access to swap pools and centralized exchanges.

In the interest of the investors and traders, arbitrage SDK has been built by Orion. The special ability will allow the traders to easily configure and make changes to their bots used for the Orion Pool. From the next month onwards, Orion Pool will be open to all projects. The company is already witnessing the enthusiastic response from the third parties already lined up for listing on the Orion AMM Pool. It is also important to notice that leading names in the swap pool category, such as PancakeSwap, Uniswap, and SushiSwap, will also be integrated with Orion very soon in the future. This will significantly enhance the liquidity capability of the terminal.

Orion Pool Will Make Its Debut on June 22

At the start, pre-staking and Orion will be available on Binance Smart Chain and Ethereum Networks. The organization plans to further integrate with other important networks such as Polkadot, Avalanche, Cardano, Elrond, Fantom, etc. This will help expand the platform’s capability among a wider base of users in the long run.

One of the distinctive capabilities of the Orion Protocol is its ability to provide access to the liquidity of centralized exchanges in a decentralized manner. Now the platform is also aiming for an ambitious target of aggregation of digital asset market on a single platform that can be used by various stakeholders. The launch of the upcoming Orion Pool is a step in that direction. The project symbolizes the aspirations of the crypto sphere, where capabilities of both centralized and decentralized platforms can be used in an optimum manner.

Orion Pool Will Make Its Debut on June 22

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/orion-pool-will-make-its-debut-on-june-22/

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Fox Corp Puts $100M Creative Fund for NFT Project

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U.S. media giant Fox Corp announced Tuesday it is launching a campaign, raising a total of $100M creative fund for its NFT company Blockchain Creative Labs, aimed at inspiring content creators.

Blockchain Creative Labs was launched by Rupert Murdoch’s mass media company Fox Corp and animation studio Bento Box Entertainment. Bento CEO Scott Greenberg will be in charge of this new department to oversee and manage the new fund.

Fox revealed that:

“The funds will be used to finance the creative community, as well as existing brand and IP owners, to accelerate the adoption of blockchain technology within their content and brand ecosystems, and accelerate benefits to the mainstream audience.”

The company will disclose more details of the project. The funds will be used to make “the first-ever animation series fully curated on the blockchain” in reality. Fox’s original plan was made public in the company’s “early” presentation to advertisers last month.

The studio’s NFT series will initially be driven by a show called “Krapopolis” by “Rick and Morty” creator Dan Harmon (Dan Harmon). One hundred million USD back the project in funding, and it is currently one of the more ambitious mainstream attempts for mainstream brands to enter the NFT experiment.

Blockchain Creative Labs earlier collaborated with Dan Harmon, the creator of “Rick and Morty”, to develop an animation series called “Krapopolis” wholly curated on the blockchain. 

This is a satirical comedy with the theme of ancient Greek life. It will premiere in 2022. In addition, the company said that it would make more announcements related to the future of Fox’s NFT business unit in the coming weeks.

What is a non-fungible token?

A non-fungible token (NFT) is a particular type of encrypted token that represents unique collectibles. An NFT is used in specific applications that require individual digital items, such as encrypted art, digital collectibles, or online games.

Recently, The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.”Also, the French football federation explored player NFT cards in partnership with the blockchain-based fantasy soccer game Sorare.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/fox-corp-puts-100m-creative-fund-for-nft-project

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