• Bitcoin (BTC) is continuing a similar trend to 2019, where it progressed to highs but eventually reverted to a yearly bottom.
• There have been attempts to break the $30,000 barrier of yield to correction, but the trend has been met with instant rejection.
• Several other metrics centered around Bitcoin have been reaching All-Time Highs (ATHs), with the recent one being a hike in percentage supply of last five years to 28.486%.
Bitcoin’s Current Trend
Bitcoin’s current trend is similar to what was seen in 2019 where its price reached highs before reverting back to a yearly bottom. Despite attempts at breaking through $30,000 resistance levels, market sentiment has been met with almost instant rejection.
Old Days Echoes
On-chain analytic platform Santiment pointed out that this pattern resembles similar events from 2019, when Market Value to Realised Value (MVRV) Long/Short difference crossed 0%, indicating an end for bear cycles and growth for BTC. However, this was not always followed by highs as experienced in 2019 when BTC eventually returned back to its yearly low as MVRV L/S dropped into the negative region.
Social Metrics Soar
The search and discussion around BTC continues increase which can be seen from social metrics such as Social Dominance and Social Volume both reaching long-period highs at 32.99% and 33,600 respectively.
All Time Highs Reached
Glassnode data showed that other metrics related to Bitcoin have also been reaching ATHs such as the percentage supply of last five years consistently hitting 28.486%.
Overall there is growing excitement within the crypto market regarding potential gains for Bitcoin investors despite concerns about potential corrections in prices due its high volatility nature.
Summary of the ShibaLauncher Article:
- ShibaLauncher has announced its groundbreaking technology to revolutionize early stage token sale participation on Shibarium Network.
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ShibaLauncher Technology Revolutionizes Early Stage Token Sales
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• Interest in Liquid staking derivatives has declined
• Lido protocol’s TVL managed to grow from 8.069 billion to 10.09 billion
• Price of the LDO token has risen by 18.55%
Decline In Interest In Liquid Staking Derivatives
The overall amount of ETH staked through liquid staking derivatives has recently declined from 304,684 to 65,664 according to Dune Analytics‘ data. This decline in activity could be seen as an opportunity for bears to bet against LDO and take short positions against the token.
Lido Protocol’s TVL Growth
Despite the declining interest in Liquid staking, Lido’s TVL managed to grow from 8.069 billion to 10.09 billion on the charts due to the appreciating price of ETH also had a role to play in the TVL’s spike. However, Lido’s dominance in the liquid staking derivates sector fell as other competitors such as Coinbase and Kraken enjoyed a high share too and captured 17.7% and 7% of the market respectively.
Fall In Network Growth & Velocity
Due to volatility caused by USDC saga, overall reserves of the Lido protocol also fell including both ETH and stETH while daily active users on network depreciated by 10% over past week causing total earnings of protocol dropped by 11%. This suggests that despite low activity & lack of interest from new users, price of LDO hiked significantly rising 18.55%.
LDO Market Cap In BTC Terms
Realistic or not, here’s is what market cap for LDO looked like written in terms of BTC according Santiment data which shows a promising picture for future performance if investors are able hold onto tokens through volatility & ride out bearish trend .
Pessimistic Outlook Despite Spike In Prices
Metrics projected a pessimistic outlook for larger staked ETH market reflecting regulatory concerns which may impact positive performance seen over past week by Lido despite rise in its TVL & prices suggesting that although there have been positive developments surrounding project but uncertainty still looms large within sector .
• Bitcoin traders remain unperturbed by the drop in BTC’s price below $22,000.
• CryptoQuant’s Bull/Bear Market Cycle Indicator is currently in the bullish domain, and traders are keen on opening long positions despite bearish exposure.
• Whale spending has been low compared to previous cycles and the funding rate indicates that long-positioned traders are dominant in the derivatives market.
Bitcoin Traders Unfazed by Price Drop
Despite Bitcoin’s (BTC) decline below $22,000, crypto traders have remained unfazed as they continue to take a long position with optimism for a bull trend triggered by whales‘ action. According to community-driven analytics platform CryptoQuant, their bullish sentiment could be attributed to their Bull/Bear Market Cycle Indicator which is now in the bullish domain.
Funding Rates Point Towards Long Positions
The evidence of this positive outlook is found in the funding rates which indicate that long-positioned traders are dominant in the derivatives market. At press time, the Bitcoin funding rate was 0.0018 – a positive metric implying that longs had been willing to pay shorts for their positions. Additionally, whale spending has been low compared to previous cycles which could help resist further downside pressure.
Miners and Short Term Holders Pose Selling Pressure
Although optimistic sentiment prevails among traders, CryptoQuant warns against knee-jerk reactions due to excessive selling pressure from miners and Short Term Holders (STH). Earlier this month miners transferred huge amounts of BTC onto exchanges which caused an additional wave of selling pressure apart from what was already present due to bearish trends.
Taking Profits Could Be More Profitable than Holding On
Due to these factors, CryptoQuant advises caution when making decisions regarding entering or exiting trades as taking profits could be more profitable than holding onto them for too long. This can be beneficial for both short term holders looking for quick gains as well as longer term investors who want to make wise investments over time.
Overall, Bitcoin [BTC] traders seem unperturbed about the king coin’s drop below $22,000 despite bearish exposure remaining high in the market and sell pressure coming from miners and short term holders alike . However, it would still be wise for investors to exercise restraint when making any decisions related to trading so that they can take advantage of any potential opportunities presented by fluctuations in price while avoiding any potential losses at the same time.
Decentraland’s Metaverse Fashion Week 2.0
- Decentraland is hosting the Metaverse Fashion Week which is a global event and is one of the few events this year exploring synergy opportunities from the metaverse and traditional industries.
- The network has Adidas, one of the largest global brands involved in the partnership through Forbes.
- MANA peaked at $0.84 on 2 February which marked its 2023 peak so far, representing a 22% drop to its $0.64 press time price.
Decentraland just concluded an interesting first two months of the year which was characterized by some recovery. Demand for metaverse projects bounced back slightly, but can it sustain the same trajectory in March? Decentraland is hosting the Metaverse Fashion Week which will be a global event as well as exploring synergy opportunities from the metaverse and traditional industries. The network has Adidas, one of the largest global brands involved in the partnership through Forbes. MANA peaked at $0.84 on 2 February which marked its 2023 peak so far, representing a 22% drop to its $0.64 press time price. On-chain data reveals that whales have been accumulating MANA despite its decline in market cap value in BTC terms.
Metaverse Fashion Week
Metaverse Fashion Week 2.0 will feature exclusive 3D twin pieces to wear in-world for #MVFW23 that are made possible via Linked Wearables technology and Virtual Gear NFT holders will receive them as exclusive rewards for their participation in this event hosted by Decentraland’s network . This means that Decentraland is off to a strong start this month with robust participation expected from industry players such as Adidas due to this collaboration between Decentraland and mainstream companies such as Forbes.
Despite strong whale accumulation during February’s second half, MANA experienced some decline compared to other crypto assets on WEB3 segment list where it ranks second after The Sandbox with a $1.21 billion market cap . The latest RSI values show bears dominating prices while Golden Cross towards last week might bring some support before any bullish trend may take place again while demand remains uncertain in March’s trajectory yet to be seen if sustained or not with upcoming events like fashion week 2.0 being key factors for further development regarding prices around Decentraland’s platform and token itself..
Whale activity has been observed following MANA prices recently indicated by ON-chain analysis according Messari Screener platform allowing users to explore more details about current asset performance along with real insights regarding how it may evolve over time whilst identifying key indicators related to further developments about specific crypto/token performance either positively or negatively depending on certain factors including news reports , technical analysis , fundamentals , sentiment & more .
Conclusion h2 >
Overall , although there hasn’t been much bullish action lately within crypto markets especially when considering smaller market caps like Decentalands own asset namely MANA token ; still there appears potential upside possibilities & developments awaiting ahead when taking into account recent collaborations involving big industry players such as @adidas along with upcoming events like MVFW23 potentially bringing stronger attention towards decentralized projects powered by blockchain technologies .
• Iceland is the world’s largest hash rate producer per capita.
• Environmental concerns have led to the Icelandic government turning away BTC miners.
• Mining in Iceland consumes around 120 megawatts of electricity, equating to a global hash rate of 1.3%.
Overview of Bitcoin Mining in Iceland
Iceland has become the world’s largest hash rate producer per capita due to its vast amounts of stranded hydro and geothermal energy. However, environmental concerns are making Iceland’s government turn BTC miners away. On 21 February, Bitcoin [BTC] mining researcher Jaran Mellerud published a report on the state of Bitcoin mining in Iceland.
According to Hashrate Index, Iceland has become one of Europe’s last Bitcoin mining havens. The island nation is most electricity-rich country in the world thanks to its volcanoes and waterfalls and it generates nearly twice as much as Norway, Europe’s largest Bitcoin mining hub.
In December 2021, National Iceland electrical company Landsvirkjun reduced the amount of power it will provide to certain industries including Bitcoin mining due to a series of issues such as a problem at a power station, low hydro-reservoir levels and accessing energy from an external supplier. This implies that potential for growth will most likely remain at current levels in foreseeable future.
Cloud Hashing Relocation
United Kingdom-based mining group Cloud Hashing relocated 100 miners to Iceland in 2013 and HydroMiner GmbH, an Austrian company raised approximately $2.8 million in its initial coin offering in November 2017 to install mining rigs directly at Icelandic power plants..
Network Hash Rate
The network hash rate reached an all-time high of 318 exahashes per second (EH/s) this week which had risen by 25% since beginning of year but now hovering just below those levels .
• The Financial Conduct Authority (FCA) of the United Kingdom is cracking down on unregistered cryptocurrency ATMs.
• Potential connections between these ATMs and organized crime have been highlighted all over the world.
• Crypto businesses operating in the UK must register with the FCA for anti-money laundering purposes.
FCA Cracking Down On Unregistered Cryptocurrency ATMs
The Financial Conduct Authority (FCA) of the United Kingdom is taking action against unregistered cryptocurrency ATMs, due to potential connections between these machines and organized crime. As part of this effort, they entered and inspected several sites near Leeds, in the North of England, which were suspected of hosting illegally operated crypto ATMs. This joint investigation was conducted with local police forces, including the West Yorkshire Police’s Digital Intelligence and Investigation Unit.
Crypto Regulation In The UK
In March 2022, the FCA wrote to all crypto operators and hosts warning them about legal ramifications of operating crypto ATMs without their authorization. There is currently no specific law prohibiting crypto ATMs in the UK; however none have received FCA approval as of yet. Companies that do not follow mandated routes may face criminal penalties of up to two years in prison.
Money Laundering Regulations
Mark Steward, executive director of enforcement and market oversight at FCA said that crypto businesses operating in the UK must register with FCA for anti-money laundering purposes; as crypto products are currently unregulated and high risk. Detective Sergent Lindsay Brants from West Yorkshire police’s Force Cyber Team also issued cease and desist letters to operators who breach any regulations under money-laundering regulations.
The FCA will review evidence gathered during visits to sites suspected of hosting illegally operated crypto ATMs, then consider further enforcement actions based on what they find out during their inspection processs.. Any breach of regulations would lead to an investigation under money-laundering regulations.
It appears that harsher regulations may be implemented across board when it comes to cryptocurrencies in general in UK as well as stricter monitoring on unregistered cryptocurrency ATMS due to its connection with money laundering activities worldwide.. Operators are advised to use only registered companies or face possible imprisonment if found guilty by law enforcement authorities
• Polkadot’s weekly roundup included notable developments in its ecosystem, such as cross-chain interoperability and NFT creation.
• Santiment’s chart revealed that DOT’s NFT ecosystem witnessed growth after the announcement, with increased total NFT trade counts and trade volume in USD.
• Other updates include Subsocial using Crust Network to manage content storage and Bitgreen launching sustainability projects in Africa and Peru.
Polkadot Posts Weekly Roundup
Polkadot [DOT] posted its weekly roundup on 6 February, which mentioned all the notable developments that happened in its ecosystem during the last seven days. The developments were not only confined to Polkadot but also included updates for its parachains and other networks.
Lively Week of Developments
Stella Swap, Squid, and Axelar network joined forces to bring cross-chain interoperability to the Moonbeam ecosystem. This gave dApps built on Moonbeam access to new cross-chain functionality and improved user experience. Efinity also made an announcement that added value to Polkadot’s NFT ecosystem by allowing users to create their own NFT collections on Efinity using Polkadot. Subsocial, which is a web3 social protocol moving to Polkadot, revealed that developers building applications on Subsocial can use the Crust Network to manage content storage, ensuring users‘ content is secure and censorship-resistant. Moreover, Bitgreen, a sustainability L1 on Polkadot, launched a hydro project in Africa and a conservation project in Peru.
Metrics Support DOT
Santiment’s chart followed the trajectory of Polkadot’s announcements as it revealed growth in DOT’s NFT ecosystem with increased total NFT trade counts and trade volume in USD post the aforementioned announcement. This helped increase DOT’s value as investors took notice of these metrics supporting it.
NFT Space Witnesses Growth
PolkaDot’s NFT space witnessed growth following these developments along with increasing values of DOT due to supportive metrics associated with them. This marks positive progress for PolkaDots growing network of resources as more platforms join hands with it for better interoperability between chains leading to improved user experience within ecosystems like Subsocial or through services like Stella Swap offering swap options across various chains with just one click .
To conclude ,Polkdot had another busy week filled with progress across multiple projects leveraging its network resulting in further improvement of user experience ,while simultaneously helping increase value associated with DOT due to supportive metrics backing up development advances .
• In its assessment of NEAR Protocol’s [NEAR] performance in Q4 2022, cryptocurrency research firm Messari found that the network experienced a surge in user activity in the last three months of the tumultuous trading year.
• Between October and December 2022, daily active accounts on NEAR clinched an all-time high and daily transactions count on the network grew by 50% on a YoY basis.
• NEAR network recorded a spike in transactions despite having low transaction fees in Q4 2022, averaging at less than one cent.
Cryptocurrency research firm Messari recently released a report titled “State of NEAR Q4 2022” which detailed the performance of the NEAR Protocol in the fourth quarter of 2022. Despite the market decline in 2022, the report found that NEAR saw an uptick in user activity. This increase in user activity led to an all-time high in daily active accounts and a 50% increase in daily transactions when compared to the same period the year prior.
The report attributed the surge in user activity to the launch of Sweatcoin [SWEAT] as Sweat Economy in July. Within the 90-day period under consideration, transactions processed on NEAR totaled 41.71 million, a 2.4% growth from the 40.73 million transactions processed on the network in Q3. Notably, NEAR had low transaction fees in Q4 2022, averaging at less than one cent.
In addition, the total value locked (TVL) on the network experienced a 10% decrease quarter-over-quarter. However, Messari noted that this decrease was likely due to the overall bear market in the crypto market during the quarter.
Overall, the report found that despite the turbulent market conditions in Q4 2022, NEAR Protocol experienced a surge in user activity and an increase in transactions. This could indicate that the NEAR token might be due for a price reversal as the network continues to experience growth in user activity.
• BlockFi, a bankrupt crypto-lending firm, is selling $160 million in loans backed by 68,000 Bitcoin mining equipment.
• The process of selling off the loans began last year and the deadline for those bidding to submit loan offers is 24 January.
• The sale of the debt is all that the current BlockFi administrators can salvage for these assets, after exhausting all other possibilities.
BlockFi, a crypto-lending firm, is attempting to liquidate $160 million worth of loans backed by 68,000 Bitcoin mining equipment. The effort to sell off the loans is most likely a result of its attempts to pay off its creditors after declaring Chapter 11 bankruptcy in November last year.
The process of selling off the loans began last year and those bidding to purchase them have until 24 January to submit loan offers. If the mining equipment used as collateral is worth less than the loan value, then the loans are no longer worth their paper value; in this case, those bidding on the debts are most likely debt collection agencies looking to buy pennies on the dollar.
At the time of its bankruptcy, BlockFi sold $239 million of its own cryptocurrency assets to cover bankruptcy expenses and warned that approximately 70% of its employees would be laid off. The sale of the debt is all that the current BlockFi administrators can salvage for these assets, after exhausting all other possibilities.
The bankruptcy of BlockFi has been blamed on its significant exposure to the now-defunct crypto exchange FTX. The company had over 100,000 creditors per its bankruptcy filing in November 2022. The liquidation of BlockFi’s loans is an attempt to pay off those creditors and stabilize the company’s financial situation.
The bankrupt crypto lending firm is hoping to get the highest possible return for its loans. Those interested in purchasing BlockFi’s loans have until 24 January to submit loan offers. The sale of the debt is all that the current BlockFi administrators can salvage for these assets, after exhausting all other possibilities.