Day: January 12, 2022

Largest Ethereum Whales Now Hold Over $80,000,000,000 Worth of ETH As Weak Hands Capitulate: Analytics Firm Santiment

by Dailyhodl

Crypto analytics firm Santiment says a diverging pattern indicates whales are accumulating massive amounts of Ethereum (ETH) while exchanges see their supply of the leading smart contract platform shrink.

The market insights agency tells its 122,600 Twitter followers that the ratio of Ethereum held by whales off of crypto exchanges compared to on exchanges is rising to all-time-high levels.

“The amount of Ethereum held by the top 10 NON-EXCHANGE whale addresses has now ballooned to 25.7 [million] ETH held.

Meanwhile, the top 10 EXCHANGE whale addresses continue falling, with only 3.57 [million] ETH. This ratio is the highest since the asset’s inception.”

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Source: Santiment/Twitter

Ethereum is currently priced at $3,245, meaning that the non-exchange whales hold more than $83.39 billion worth of ETH.

With $11.58 billion of ETH in their own bags, the exchanges hold less than 14% compared to the non-exchange whales.

Santiment next looks at the Bitcoin (BTC) chart and the prevalence of “bull market” versus “bear market” mentions across social media in order to gauge the overall crypto market pulse.

“Our social trends data confirms that the trading crowd feels very much as though crypto is in an official bear market.

Mid-May was the last time bearish sentiment was this prevalent, which is a very promising sign that weak hands are capitulating.”

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Source: Santiment/Twitter

Bitcoin last touched the $50,000 level back on December 27th, and even briefly dipped below $40,000 this past Sunday.

BTC is currently up 3.33% on the day and trading for $42,840.

The crypto insights firm says that whale transactions worth more than $100,000 have declined significantly for both BTC and ETH.

“Major whale transactions aren’t quite coming at the frequency they were in October or November.

Our metrics indicate that the BTC network is getting around 13k transactions per day that exceed $100k in value.

ETH’s network is seeing about 9k per day.”

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Source: Santiment/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Here’s a Pair of Altcoins That Rallied Over 100% in Less Than Two Days While BTC and ETH Traded Sideways

by Dailyhodl

Two altcoins have quietly pulled off massive rallies, doubling in price while Bitcoin and the broader crypto markets traded sideways over the last week.

Ion is the utility token for Osmosis, a cross-chain automated market maker (AMM) that allows developers to build and deploy their own customized AMMs.

Osmosis is built on top of the Cosmos (ATOM) network, which has seen its own hot streak, up 55% in the last two weeks.

ION has entered the new year with a bang, quickly jumping in price on January 4th from under $7,000 to over $10,000. After correcting, ION rallied from $7,378 all the way to $14,806 in less than two days. ION has continued its rally and topped out at $18,441 earlier today. It remains up 99.7% over the last seven days and a huge 260% over the last 30 days.

Joining the under-the-radar rallies with some timely gains was chrono.tech (TIME).

Chrono.tech aims to provide blockchain-based solutions for recruitment, HR and payment processes. It also aims to reduce barriers in accessing work and transferring funds securely in the global labor marketplace.

Chrono.tech’s ecosystem includes LaborX, a decentralized freelance work portal that allows workers and customers to organize work via smart contract-powered agreements. All payments are escrowed and made in crypto. After a job is done, payments are released automatically.

TIME, the project’s native token rallied from $229 to an all-time high of $569 in less than two days, covering 148% worth of gains.

During the same time period, Bitcoin and Ethereum mostly traded sideways, and are currently up 3.4% and 5.1% on the day respectively.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Brazilian Crypto Giant 2TM Acquires Portuguese Exchange (Report)

by CryptoPotato

2TM Group, the parent company of Brazil’s largest cryptocurrency exchange Mercado Bitcoin, reportedly acquired a controlling stake in Portuguese-based digital asset trading venue CriptoLoja. Last year, the latter became the first platform in Portugal with an official license as a “virtual asset service provider.”

Pushing into Europe

According to a January 12 report by Reuters, the Brazilian organization, valued at approximately $2.2 billion, declined to disclose the terms of the deal. It added that the transaction will become official once Banco de Portugal (the country’s central bank) greenlights it. Roberto Dagnoni – Chief Executive Officer at 2TM – commented:

“Portugal is a strategic market for us because it requires a specific license. It is becoming an important hub for crypto in Europe and opens a gateway into the larger European market.”

Initially, 2TM will start its European expansion with an over-the-counter (OTC) operation, while it plans to introduce the Mercado Bitcoin platform to European retail and institutional investors later on.

It is worth noting that the aforementioned venue is the largest in Brazil by market valuation. Last year, it reached more than 3 million customers and traded over $6 billion.

Despite the transition, Luís Gomes and Pedro Borges – CriptoLoja’s Founders – will remain Co-Heads of the business. They will also lead 2TM’s future initiatives on the Old Continent.

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Apart from Europe, the Brazilian company is looking to reach other areas around the globe, 2TM’s Executive Director Daniel Carneiro da Cunha revealed:

“We will be looking at other jurisdictions as well to set up proprietary operations and through that be able to gain exposure to regulatory and existing licenses.”

2TM’s Previous Efforts

At the end of last year, the holding company of the exchange raised $50 million from investors. It vowed to use the proceeds to increase its product offering and expand its services to other Latin American markets, including Chile, Argentina, Mexico, and Colombia.

The funding round received support from notable investors such as US private equity firm 10T Holdings, San Francisco-based venture capital fund Tribe Capital, Endeavor Brazil, and more.

Prior to this, in July 2021, 2TM’s Mercado Bitcoin received a $200 million investment from the Japanese multinational conglomerate holding company – SoftBank Group. Brazil’s leading digital asset exchange revealed it will utilize the funds into expanding its offerings around the globe, scale its operations, and invest in necessary infrastructure to meet the rising demand for crypto services.

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Cash App Set To Bring Bitcoin Lightning Network To Its 36 Million Users

by NEWSBTC

The Lightning Network has been integrated into Cash App, a peer-to-peer payment service operated by Block, previously Square Inc.

The feature allows transactions between parties that aren’t connected to the blockchain network. It was created to address the scalability issues with the flagship cryptocurrency.

Bitcoin Lightning Important For Speedy Transactions

Block (previously Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey, owns Cash App. The news of the BTC L2 integration was announced as a notification on the official Cash App app, which Crypto Twitter picked up:

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With a throughput of five transactions per second (TPS) and an average transaction price of $1.79, Bitcoin falls far short of the mark in terms of payments.

$1.79 is a bargain compared to the highs of April 2021, when transactions cost an average of $62.78. Nonetheless, any transaction costing more than a few cents is impracticable as a widely accepted payment method.

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With its layer-2 solution, the Lightning Network provides tremendous scalability and cheap transaction costs.

It operates by diverting transactions from the main chain and placing them into peer-to-peer “payment channels” between two parties, such as a buyer and a coffee shop. Once the channel is created, it can handle an endless number of transactions in real-time.

The payer must first lock Bitcoin into the network to open a payment channel. After the recipient has been locked, they can invoice amounts based on the cost of the items and services sold.

Fees are a mix of routing fees for sending payment information between Lightning Nodes and Bitcoin transaction fees for opening and closing channels. These, however, are still far less than direct main chain transactions.

In November 2021, the Lightning Network’s total USD value locked (TVL) peaked at $216 million. Since that time, the TVL has reduced.

TVL locked in the lightning network. Source: DeFiPulse

Block CEO Jack Dorsey, who was previously the CEO of Twitter, has long advocated for the tool’s inclusion. “It’s not a ‘if,’ it’s more of a ‘when,’” he told podcaster Stephan Livera in 2019 that they would combine the scaling technology with payments provider Block’s mobile app.

“We don’t think it stops at [bitcoin] buying and selling,” he remarked.

Steve Moser, editor-in-chief of TheTapeDrive and a contributor to MacRumors, tweeted in November that Cash App “is working on Lightning network integration.” Moser said he discovered proof that Cash App was preparing to implement the additional features in December.

According to the most recent data from Business of Apps, Cash App had over 36 million users in the United States and the United Kingdom.

BTC/USD trades below $%k. Source: TradingView

Related article | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months

Cash App Is Not The Only One Adding The Feature

Belo App, based in Argentina, said on Monday that it has partnered with infrastructure provider OpenNode to enable Lightning Network access to its users.

Julie Landrum, OpenNode’s Head of Growth, stated that the deal allows millions of people in Latin America to conduct quick Bitcoin transactions.

Last month, ConsenSys, the Ethereum blockchain software startup, announced a solution that makes blockchain technology scalable on the Ethereum Mainnet or for private use, in conjunction with Mastercard.

Related article | Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven

Featured image from The Block, chart from TradingView.com, and DeFiPulse

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Fidelity exec says Bitcoin is ‘technically oversold,’ making $40K a ‘pivotal support’

by Cointelegraph

A painful retracement in the Bitcoin (BTC) market earlier this week sent the price below $40,000 for the first time since September 2021.

Many analysts predicted the decline to continue toward the $30,000 to $35,000 range, but the price reclaimed $40,000 as support again and on Wednesday BTC made an abrupt move above $44,000. This rekindled hopes that the $40,000 level is perhaps where Bitcoin may bottom out before continuing its move higher in 2022.

Jurrien Timmer, the director of global macro at Fidelity Investments, called $40,000 a “pivotal support,” noting that Bitcoin has become “technically oversold” near the level, which may amount to a rebound in the short-term.

BTC/USD daily price chart. Source: TradingView

At the core of Timmer’s bullish outlook were three catalysts: a Stochastic RSI, the so-called S-curve model and a ratio metric of Bitcoin to gold.

A clear bounce in Bitcoin’s Stochastic RSI

In detail, the Stochastic RSI is a momentum indicator that compares an asset’s closing price with its high-low range over a specific period. The indicator oscillates between 0 and 100, with the area above 80 signaling “overbought” and the area below 20 alerting on “oversold” conditions. 

The indicator assists traders in spotting trend reversals by tracking the relationship between its high-low range (%K) and the moving average of the same high-low range (%D). So, the market returns a buy signal if the %K wave crosses the %D wave from below in the oversold territory.

Similarly, it returns a sell signal if the %K line crosses %D line from above in the overbought territory.

As Timmer notes, Bitcoin’s %K wave has been rising above the %D wave, signaling a buy trend just as the price maintained support above $40,000.

BTC/USD price chart featuring its recent pivot at support and Stochastic RSI readings. Source: Fidelity

“Bitcoin has reached a line in the sand at $40,000 and is now technically oversold,” tweeted Timmer early Wednesday, adding that “like $30,000 the $40,000 level seems to be a pivotal support area.”

Price follows the S-curve model

Timmer further identified a so-called demand curve — as shown via the pin wave in the graph below — that has been instrumental in predicting the end of Bitcoin’s bearish cycles since 2012.

Bitcoin supply and demand models. Source: Fidelity

Between April and June 2021, the curve followed BTC price action in bouncing back from $30,000, and now, it has been acting as the same support near $40,000 which raising the possibility that the next BTC rebound could reach levels near $100,000.

Related: Wall Street still not convinced on Bitcoin $100K this year: JPMorgan survey

“The $30,000 level in 2021 provided support based on my demand model (S-curve model),” wrote Timmer, adding:

“That same level looks to have moved up to $40,000, providing fundamental support once again. It’s a moving target that generally provides a fundamental anchor for price.”

BTC/Gold ratio suggests Bitcoin is oversold

Bitcoin also appears oversold, albeit “moderately,” regarding its price-performance against gold. As Timmer noted, the so-called BTC/Gold ratio has slipped to support at 22 after topping out twice at 37.4 in 2021.

Bitcoin vs. Gold. Source: FMRCo, Bloomberg, Fidelity

Meanwhile, the plunge pushed the ratio’s Bollinger Bands into oversold territory, a classic buy signal that indicates that capital could start moving from gold to Bitcoin markets.

The prediction came in line with Bloomberg Intelligence’s recent crypto outlook. Penned by their senior commodity strategist, Mike McGlone, the report identified the capital rotation out of gold and into the Bitcoin market. McGlone also noted that the trend would continue especially against a near four-decade high in inflation which is the result of the U.S. Federal Reserve’s loose monetary policies.

“We see gold more likely to advance towards $2,000 an ounce by 2022, but Bitcoin to increase at a greater velocity,” McGlone wrote. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.