Month: August 2023

Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming?

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On-chain data shows the Bitcoin Network Value To Transactions (NVT) ratio has formed a bearish crossover, a sign that a decline may be imminent. Bitcoin NVT Ratio Has Formed A Historical Bearish Crossover The “NVT ratio” is an indicator that measures the ratio between the Bitcoin market cap and transaction volume. In simple terms, what this metric tells us is whether the asset’s price (the market cap) is fairly valued compared to the network’s ability to transact coins (the transaction volume). When the ratio has a value above 1, it…

Crypto asset investment in Latvia declines by 50% over past year, per central bank

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The number of people buying crypto assets in Latvia is declining, Latvijas Banka said in its 2023 “Financial Stability Report.” The central bank attributed the falling interest in crypto to negative sentiment linked to fraud and insolvency among major market participants, “unwise” investments that have already been made, crypto’s links to money laundering and “the increasing link of crypto-asset companies to the supervised financial sector participants.” Basing its findings on payment card usage, the bank said 4% of the population had bought crypto assets in February 2023, compared with 8%…

Tracing the impact of SEC chairmen

From its early days, the crypto sector has grappled with regulation. We analyzed how the U.S. Securities and Exchange Commission (SEC) and its successive chairs have shaped crypto’s regulatory landscape over the years. The U.S. Securities and Exchange CommissionSEC has had a less than friendly relationship with crypto, with its current chair Gary Gensler seen as the poster child for this perceived animosity.  But how did Gensler’s predecessors relate to the crypto industry? How did policies enacted under their tenures eventually shape the current regulatory environment? By delving into these…

Price analysis 8/4: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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Bitcoin continues to range trade, and altcoin traders are starting to view BTC’s price consolidation as a positive sign for the rest of the crypto market. Bitcoin continues to frustrate traders who have been predicting a breakout on either side, but investors should keep a close watch because the longer the time spent inside the range, the stronger the eventual breakout from it. The July jobs report released on Aug. 4 was a mixed bag. Hence, it could not shake Bitcoin (BTC) from its range. The report showed the addition of 187,000…

Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years

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A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation. Bitcoin’s Decline Most Notable According to the Bitcoin Omnibus Survey, Bitcoin’s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin’s price crashed…

US lawmakers urge White House to address North Korea’s use of digital assets: Report

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Three members of the United States Senate have reportedly sent a letter to the White House and Treasury Department in an effort to crack down on North Korea using cryptocurrency to fund its nuclear program and evade sanctions. According to an Aug. 4 report in The Wall Street Journal, Sens. Elizabeth Warren, Tim Kaine and Chris Van Hollen requested the Biden administration provide information on how the U.S. government was working to address the illicit use of digital assets by the Democratic People’s Republic of Korea. The letter cited reports…

Pepe coin, Floki Inu, and Pomerdoge may rally in next bull run

In Q1 2023, the crypto market recovered, with many digital assets gaining at least 50%.  Some coins, like Pepe coin (PEPE) and Floki Inu (FLOKI), performed well before the market downturn. However, analysts remain bullish. Meanwhile, investors have taken notice of Pomerdoge (POMD) and predict gains in future sessions. Holding PEPE can yield returns. Pepe coin is up 1% in the past hour.  According to data from CoinMarketCap, PEPE is trading at $0.00000123, down 71% from its all-time high of $0.00000425. Despite the dip in price, more investors maintain a…

How Might Its Price Respond to Current Realities?

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XRP experienced a surge after Ripple Labs’ recent legal win against the US Securities and Exchange Commission, marking a partial victory. Nonetheless, the pace of this upswing has moderated in recent weeks, encountering notable resistance and initiating a downward trajectory. With the latest data from CoinGecko, the XRP value registers at $0.658512. This shows a 1.1% contraction over the preceding 24 hours and a notable seven-day decline of 7.4%. During the height of its price surge after Ripple Labs’ legal breakthrough, its coin encountered a rejection near the $0.95 threshold. This…