Day: December 16, 2022

Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?

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On-chain data shows the number of stablecoin transactions going into spot exchanges have risen recently, something that could help fuel a Christmas Bitcoin rally. Stablecoin Deposits To Spot Exchanges Have Shown Increasing Demand Recently As pointed out by an analyst in a CryptoQuant post, there has been an increasing demand on spot exchanges recently. The relevant indicator here is the “stablecoin exchange depositing transactions,” which measures the total number of transfers involving these fiat-tied tokens that are heading towards exchanges. Investors usually use stablecoins whenever they want to escape the…

Total crypto market cap takes another hit, but traders remain neutral

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The total cryptocurrency market capitalization dropped 8.1% in the past two days after failing to break the $880 billion resistance on Dec. 14.  The rejection did not invalidate the 4-week-long ascending channel, but a weekly close below $825 billion will confirm a shift to the lower band and reduce the support level to $790 billion. Total crypto market cap in USD, 12-hour. Source: TradingView The overall investor sentiment toward the market remains bearish, and year-to-date losses amount to 66%. Despite this, Bitcoin (BTC) price dropped a mere 2% on the…

Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project – Market Updates Bitcoin News

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Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX’s fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date, it’s down 94.9% since the all-time high solana reached on Nov. 6, 2021. Solana’s Prior Relationship With FTX, Alameda Continues to Hurt the Project, Solana-Based Exchange Raydium Exploited for $2 Million Since the collapse of FTX, the crypto asset solana (SOL)…

Why is Ethereum (ETH) price down today?

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Ether (ETH) price is down on Dec. 16 and the pre-FOMC rally to $1,350 was obliterated after Federal Reserve chair Jerome Powell issued hawkish statements following a 0.50% hike in interest rates. The Ether sell-off follows a market-wide decline that has sent Ethereum network fees plummeting by 39.90% in the past 30-days. Daily Ethereum network fees and daily active users. Source: TokenTerminal The total value locked in Ethereum-based smart contracts also decreased by decentralized finance by 4.49% in 24-hours. Following the FTX exchange scandal, regulators are attempting to fast-track new…

2023 Will Be the Year of Dapps – Here’s What to Expect

While 2022 saw some of the most unprecedented unravelings in crypto history, the fact of the matter is Web3 technology still has the opportunity to fundamentally change consumer behavior. Due to an emphasis on infrastructure throughout 2022, crypto is now at the phase where it is not lacking for infrastructure options. As we look ahead to 2023, what crypto needs is applications that will encourage user adoption and pave the way for Web2’s transition to Web3. Source