Analysis Daily News TheBitTimes.com

Long-term holder spending is "seeking equilibrium," Glassnode suggests — but nothing will be quiet for long. Bitcoin (BTC) is in a “transition," which should pave the way to the next bull market top, new research has concluded. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode unveiled its latest tool for tracking Bitcoin’s resurgence. Bitcoin hodlers in "transition" After the 2022 bear market and signs of recovery in Q1 this year, on-chain metrics have undergone a broad transformation, many suggesting that a long-term BTC price bottom is already in. With price action stagnating since mid-March, however, doubts have returned — along with downside targets which stretch toward $20,000. For Glassnode analysts, however, Bitcoin’s long-term investor base is already preparing for better times ahead. Using existing on-chain tools, analysts unveiled a new way of tracking sentiment among these long-term holders (LTHs) — those...

Bitcoin (BTC) is currently witnessing the emergence of new market participants despite the consolidation, as evidenced in the Realized HODL Ratio. Bitcoin (BTC) continues to experience modest declines, fluctuating between the $26,000 and $30,000 territories. However, recent data from the Bitcoin Realized HODL Ratio suggests that new investors are entering the market. According to insights from market Analysis provider Glassnode, wealth is shifting towards young coins as newer market participants embrace the strategy of hodling Bitcoin . The #Bitcoin RHODL Ratio continues to climb, as the transfer of wealth from experienced investors to newer market participants perpetuates, a mechanic typical of cycle transition points. pic.twitter.com/y5CF3Ji8L0 — glassnode (@glassnode) May 30, 2023 According to Glassnode, this transfer of tokens from experienced market participants to newer investors is seen during the onset of a transition in the market cycle. This could indic...

After a fruitful spring season, the XDC Network (XinFin) expands its presence in the Japanese market via SBI VC Trade. Formerly known as XinFin, the enterprise hybrid blockchain solution XDC Network broadens its presence on the Japanese market by striking a partnership with SBI VC Trade Co. Ltd, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.  On May 31, the XDC Network announced that it would be added to SBI's crypto exchange subsidiary . The crypto exchange’s CEO, Fumiki Ozaki, confirmed the news: “We are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers' trading experience.” In March 2023, XDC became one of the top 5 altcoin gainers, rising 54% in thirty days. The network supports EVM-compatible smart contracts, protocols and atomic cross-chain token transfers. It also complies w...

The BRICS alliance is looking to launch a new currency to settle international trade by sidelining the U.S. dollar. The next summit in South Africa will see the creation of a new tender that could challenge the U.S. dollar. The hegemony of the USD faces an existential crisis as developing countries advance to uproot it from the global reserve status. The new BRICS global currency could gain strength as newer nations accept it to settle cross-border transactions. Also Read: What Happens if Saudi Arabia Accepts BRICS Currency? BRICS is an acronym for Brazil, Russia, India, China, and South Africa. So will the U.S. dollar fade into the wilderness if the BRICS currency gains prominence? Well, the answer is not so fast. BRICS: The Alternative Global Currency Source: VCG / ChinaDaily.com.cn While the U.S. dollar is the de facto and supreme currency, the new BRICS tender might be an alternative payment method. For BRICS currency to survive, it needs to compete with other e...

Join Our Telegram channel to stay up to date on breaking news coverage Huobi HK, the Hong Kong branch of the international trading platform, has taken a significant step forward by launching spot trading and virtual asset custodian services in Hong Kong.  The expansion allows users to engage in spot trading activities and securely store their virtual assets under Huobi’s custodianship. A move that showcases Huobi’s commitment to meeting the growing demand for crypto services in the Hong Kong market. Huobi HK Gets License for Virtual Asset Exchange License in Hong Kong On May 29, Huobi HK officially received the license to be a virtual asset exchange from the Hong Kong Securities Regulatory Commission, pending the submission of an earlier application. The exchange plans to collaborate with independent auditors and enhance its security procedures within six months. Improvements will be made to anti-money laundering measures and compliance practices to ensure co...

Former BitMEX CEO Arthur Hayes believes it will cause significant volatility in Bitcoin as well, suggesting it won't likely reach a new all-time high this year. Former Bitmex CEO Arthur Hayes is expecting to see significant Bitcoin volatility in the latter half of the year, caused by a “ powder keg” explosion from the United States banking crisis and soaring national debt.  Hayes, who currently runs a crypto-focused investment fund Maelstrom, spoke on the What Bitcoin Did podcast on May 26, making a number of predictions about the current economic outlook and the price of Bitcoin. Notably, Hayes said that he expected Bitcoin (BTC) not to reach the $70,000 mark until 2024.  “I don’t think we get up to $70,000 this year, I think next year is when we cross that barrier, then we get the blow off top [2025], [2026] and then it’s Armageddon.” He pointed to the practice of quantitative easing — increasing money supply — and broader social disquiet as the two primary drivers of such a...

Solana (SOL) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price stood at $19.51 after it increased 1.49% over the past day. This positive price movement was unable to flip SOL’s weekly performance into the red, however, which remained in the red at -3.26%. In addition to strengthening against the dollar, SOL was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, the crypto was up 0.14% against BTC and 0.09% against ETH. Furthermore, SOL was trading closer to its 24-hour high of $19.54. 4-hour chart for SOL/USD (Source: TradingView) SOL’s price had broken above the $19.49 resistance level and had also broken above the 9 EMA and 20 EMA lines on the 4-hour chart. Should the altcoin’s price close today’s trading session above the $19.49 mark, it will have a clear path to rise to the next key resistance at $19.933. Technical indicators on the 4-hour chart were flagging bullish...

In the past 24 hours, Fantom (FTM) has seen a retracement, with bears dominating the market and lowering prices from a high of $0.3533 to a 30-day low of $0.321. This solid negative trend has persisted as of press time, resulting in a 5.68% drop to $0.3293. The FTM’s market capitalization declined by 5.60% during the bear rally to $918,619,233, while the 24-hour trading volume increased by 280.76% to $252,655,464. This rise implies a vast increase in trading activity, most likely driven by investors taking advantage of cheaper pricing to enter the market. However, whether this volume rise will last or is merely a fad remains to be seen. FTM/USD 24-hour price chart (source: CoinMarketCap) The Aroon down on the FTM/USD 4-hour price chart has moved above the Aroon up, with the former at 85.71% and the latter at 7.14%. This movement indicates that bears in the FTM market are gaining traction and may continue to drive prices down in the near term. However, the s...

Join Our Telegram channel to stay up to date on breaking news coverage Individuals attempting to reverse the decision to penalize Ethereum mixing provider Tornado Cash detailed the case’s main points in a new court filing in favor of the continuing legal action against the U.S. Department of Treasury. They were supported by Coinbase’s chief legal officer Paul Grewal, who tweeted in a thread about it. The plaintiffs make 4 points here, but they all come down to the same problem. The Govt. is trying to ban the use of an open-source software using a property sanctions statute. Because this isn’t what the law was meant to do, they can’t make the law fit this case. 2/7 About Tornado Cash Tornado Cash is a privacy-focused service that enables anyone to conduct transactions on the Ethereum blockchain anonymously by blending users’ transactions to make it challenging to pinpoint specific senders or recipients. In August 2022, the Office of Foreign Assets...

In a recent series of tweets, Coinbase’s Chief Legal Officer Paul Grewal spoke about the legal challenge to sanctions imposed by the US Treasury against Tornado Cash. According to him, the reply brief which is seeking to lift these designations, filed by the plaintiffs is “worth a read.” In their legal challenge to sanctions imposed by the US Treasury against Tornado Cash, the plaintiffs have filed their reply brief seeking to lift these designations. It’s worth a read. 1/7 https://t.co/T07QCzQ9Ru — paulgrewal.eth (@iampaulgrewal) May 24, 2023 Grewal reports that the plaintiffs have made four points which all address the government’s attempt to ban the use of open-source software using a property sanctions statute. Additionally, he reviews the four points in rest of this thread. The first argument states that sanctions imposed by the US Treasury against Tornado Cash depend on assuming that anyone who happens to hold the digital token TORN is a m...

Several users have noted an unusual delay in the arrival of Multichain’s (previously known as Anyswap) current cross-chain funds. In response to this concern, the official Multichain representative stated on Discord that the upgrade of the backend nodes took more time than initially anticipated. Multichain announced on May 23 that the upgrade of the backend node is taking longer than expected. They mentioned that most routes are operating as usual, but temporary suspensions are in effect for specific routes, including Kava, zkSync, and Polygon zkEVM. Multichain assured users that once the upgrade is complete, all affected transactions will be processed and delivered accordingly. Multichain’s telegram admin shared: Only one router is left in the upgrade progress. The other 6 routers work fine now. Moreover, they reassured users that efforts are being made to complete the upgrade on the remaining router, and once that is done, everything will return to normal. The ad...

The US Securities and Exchange Commission is on a roll to label crypto tokens as securities as it continues to engage in a historic legal battle with Ripple and XRP. Earlier, the SEC sent a letter to Grayscale claiming Filecoin is a security. The American billionaire tweeted that SEC approach to label Filecoin token as security won’t work. Not just Filecoin but any chain that releases its token can not be targeted like this. Mark Cuban predicts what may come next for these tokens The billionaire investor believes that what may come next for tokens is to release them all, leaving no treasury. “Take the receipts and use them to provide liquidity using defi to train the token , and then dissolve the original entity that releases the token,” he added. Mark Cuban thinks regulators can not do anything about the token issuers or the token once they are in circulation and their issuers close down the entity. Twitter user @RSSH273 argued that dissolving the legal entity could make it marg...

As the debt ceiling negotiations are ongoing, US House Speaker Kevin McCarthy has adamantly stated he won’t raise taxes. Moreover, McCarthy noted that the main problem to address is the spending taking place in Washington. Both McCarthy and President Joe Biden ended a meeting on Monday without a new agreement in place. Additionally, there are just 10 days before a potential US debt default could have catastrophic implications for the country’s economy.  JUST IN: House Speaker McCarthy says "we're not raising taxes. The problem is Washington spends too much." pic.twitter.com/cuB3azkvIY — Watcher.Guru (@WatcherGuru) May 23, 2023 McCarthy Refuses Tax Increase for Debt Agreement The United States government is currently in the midst of ongoing negotiations to address the debt ceiling. Specifically, the $31.4 trillion ceiling has left the nation in a compromised state, with a potential default closing in fast. Subsequently, US House Speaker Kevin McC...

With its halving event 80 days away, Litecoin (LTC) has recently seen a notable increase in network activity as investors and traders attempt to position themselves for the potential rally that will follow the event. In a tweet earlier today, the crypto trader and analyst Ali shared that the LTC network saw its largest spike in active addresses over the past few days. In the post, he highlighted that more than 832,000 LTC addresses were interacting on the network as either sender or receivers. The trader’s tweet was shortly followed by a tweet published by Santiment, a blockchain intelligence firm, which discussed additional on-chain metrics for LTC which have experienced a positive shift recently. #Litecoin recently saw the largest spike in active addresses, where more than 832,000 $LTC addresses were interacting in the network as senders or receivers. pic.twitter.com/jPJ8ilTBsz — Ali (@ali_charts) May 23, 2023 In its latest insights report, Santiment mentioned ...

Hopes mount for a breakout from the narrow BTC price trading range; what are the odds it will happen? Bitcoin (BTC) starts a new week in a price range that frustrates traders and leaves little to the imagination — what next? After precious little activity over the weekend, the largest cryptocurrency lacks direction, and even macroeconomic triggers have failed to shift the status quo. At around 10% below the $30,000 mark, BTC/USD is treading water, and despite calls for a further correction, market participants are dealing with a tiny active trading range. Liquidity is there to be taken above and below, but so far, only a tease of a liquidity sweep has materialized. The coming days have some potential macro surprises in store, but analysts agree it will take a significant shift in the data to crack a stubborn Bitcoin. Elsewhere, on-chain signals are also characteristic of a consolidation period following the rapid gains seen in Q1. Cointelegraph looks at the landscape regarding BTC pr...