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Report: Bitcoin’s Capitulation See largest BTC Transfer Volume In Loss Since 2011

Mark Brennan
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Report: Bitcoin’s Capitulation See largest BTC Transfer Volume In Loss Since 2011

 

According to Glassnode, the total transfer volume for Bitcoin is in the loss.



According to the findings of Glassnode, a company specializing in blockchain analytics, the Bitcoin markets have been through two massive capitulation events in 2022. Both of these events accounted for the highest loss in BTC transfer volume since 2011.

When LUNA failed, the total transfer volume in the loss was 538 thousand Bitcoin and before this, 480 thousand Bitcoins were exchanged in loss as the market fell below the All time high (ATH) of 2017.

According to Glassnode: “2022 has seen Bitcoin market two enormous capitulation events, with the largest $BTC transfer volume in a loss since 2011. When LUNA collapsed, the total transfer volume in the loss was 538k $BTC. This was followed by 480k $BTC as the market traded below the 2017 ATH.”

btc transfer volume in loss

Image source: Glassnode

In related news, On-chain data suggests that bitcoin miners might be near to their surrender after dumping the most major piece of BTC holdings over the previous few months. This comes following a string of negative occurrences in the bitcoin market. As a consequence, the asset’s value may be about to see another short-term decline to a level far below $20,000. This was the warning issued by CryptoQuant.

How Bitcoin Price is Doing Today

In an indication that the recent volatility and upheaval in the cryptocurrency market may be coming to an end, Bitcoin surged over $22,000 on Monday, reaching its highest level in more than a month.

Market rallies in Europe and Asia bolstered a sense of optimism. Stock futures in the United States also rose. The price of bitcoin and other cryptocurrencies has a long history of being linked to the stock market. The cryptocurrency market’s mood is often boosted by an increase in stock prices.

Investors are also keeping an eye on whether the recent devastation, which has seen bitcoin fall over 70% from its all-time high and wipe billions of dollars off the market, is finally coming to an end.

Precisely because of the price drop, numerous well-known enterprises in the crypto field have gone bankrupt, most notably hedge fund Three Arrows Capital and cryptocurrency lender Celsius. BTC is worth $22,152 at the time of writing, up 0.38% in the past 24 hours and 4.60% in the past seven days.

New Forecast From 53 Experts Shows Cardano (ADA) Price To Hit $3 in 2025

Lele Jima
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New Forecast From 53 Experts Shows Cardano (ADA) Price To Hit $3 in 2025

 

Following a massive recovery in crypto prices this week, a group of experts has made favorable predictions for Cardano (ADA). 



According to predictions made by a panel of 53 cryptocurrency experts, the value of ADA will be worth $0.63 by the end of the year and $3 by 2025.  The experts’ prediction is part of a quarterly survey conducted by Finder, where a panel of 53 experts is asked to predict the value of different crypto assets between now and a few years.

ADA to Hit $2.95 and $6.54 in 2025 and 2030, Respectively

While the price is nothing compared to what ADA began the year at $1.31, cryptocurrency analysts believe the value of ADA will surge tremendously beyond $0.63 from 2023 to 2030. 

The Finder’s report further suggests that by the end of 2025, ADA will rally to $2.93. Furthermore, the experts predict that investors would see ADA change hands by around $6.54 by the end of 2030.

One of the experts who also gave a prediction for ADA, Dr. Iwa Salami, the co-director of the Center of Fintech at the University of East London, said he expects the coin to close the year at around $0.60. 

Individual Experts’ Predictions

For Salami, the constant development of ADA and the relevance of the blockchain toward providing financial inclusion in developing nations would have positive effects on the coin’s price. 

“I think the relevance of the Cardano blockchain, particularly as it seeks to foster financial inclusion in developing economies, is very significant and is likely to expand its long-term use, and therefore have a positive impact on the price of ADA,” Salami said. 

Interestingly, some of the experts who gave their predictions for ADA believe the cryptocurrency would surge to $1 and beyond by year-end. 

For instance, Matt Lobel, founder of PLAYN, sees ADA at $1.5 by year-end, while Martin Froehler, the CEO of Morpher, believes ADA will rally to $1 by the end of the year. 

Vasil Upgrade Will Have Positive and Negative Impact on ADA

Interestingly, the experts also gave their opinions on the effects of the upcoming Vasil hard fork on the price of ADA. In the recently-concluded survey, one in five experts, representing 20% of the panelists, believe the Vasil upgrade would have a long-term impact on the price of ADA. 

Similarly, 17% of the respondents noted that the upgrade would have a short-term effect on Cardano’s price.  

Meanwhile, 18% of the panelists do not think the upcoming Vasil upgrade would positively affect ADA. Instead, they believe ADA’s value will plummet once the hard fork launches later this month. 

Panelists Are Fairly Bearish About ADA 

In general, the panelists were slightly bearish on ADA, as 48% of the respondents think now is the time to sell the coin, while only 26% called on investors to buy more of the asset class. 

Meanwhile, Cardano has recorded favorable prices in the last 24 hours. The coin is up nearly 10% in the past day, as it currently trades at $0.49. 

Dogecoin Is Now Among The 10 Most Bought Coins By The 100 Biggest Whales On Binance Chain

Albert Brown
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Dogecoin Is Now Among The 10 Most Bought Coins By The 100 Biggest Whales On Binance Chain

 

DOGE is attracting the attention of the biggest whales on Binance Smart Chain, and its creator is excited.



Dogecoin appears to be doing well of late. While the current market conditions are extended to most other cryptos, DOGE’s case seems to be a bit different in that it has regained its foothold as one of the most favored coins by crypto whales.

Apparently, these Binance Smart Chain (BSC) whales have taken a keen interest in buying DOGE. Over the last 24 hours, Dogecoin has joined the list of the ten most purchased coins by the 100 largest whales on the chain, according to whale stats.

 

Transaction Volume Increased

As reported by The Crypto Basic, The increased attention towards Dogecoin by the said whales may have contributed to the spike in transaction volumes. This increase seems to have caught the eye of the coin’s co-creator, Billy Markus. He made a point of sharing this revelation with his fans in a Twitter post.

He shared a chart that showed the figure of 72,764 in DOGE’s transaction volume as of July 17. That said, the development of the last 24 hours may have pushed the figure even higher.

It is noteworthy that this is the highest volume of daily transactions seen for the world’s largest meme cryptocurrency in the last 14 months.

Dogecoin Is Hiring

The increased interest in the father of all meme coins can be a result of the recent hiring by the Doge team to make something new and a better product for the world’s good.

Price Action

However, the whales’ spree on BSC hasn’t significantly impacted DOGE’s price. Still, the coin has recovered a 24-hour price increase of around 5% – which is significant considering that the crypto market has been under heavy pressure from bears since the start of the year.

Time will tell if this upward trend will continue and how much the whale activity will impact the coin’s price. Currently, DOGE is trading at around $0.066 and sits at position 10 in the charts.

Bitcoin Trading With Dirhams Coming To UAE

Mark Brennan
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Bitcoin Trading With Dirhams Coming To UAE

 

It Will Be Possible to Trade Bitcoin and Cryptocurrency in Dirhams Very Soon in the United Arab Emirates (UAE).



Kraken, one of the world’s largest cryptocurrency exchanges, has formed a partnership with the National Bank of Ras Al Khaimah (RAKBANK) to provide investors in the United Arab Emirates with the opportunity to trade virtual assets for dirhams using their existing bank accounts.

This will make it possible for UAE-based customers of Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to fill their cryptocurrency accounts using local money transfers from any bank in the UAE. This is because RAKBANK is governed by the Central Bank of the United Arab Emirates.

At the moment, residents of the UAE who trade virtual assets are required to get funding for their transactions from financial institutions or foreign correspondents located outside of the UAE. 

managing director for Kraken Mena said:

“Investors in the UAE will soon be able to directly participate and invest in the crypto market,”

Consequently, they are subject to asset governance governed by a foreign jurisdiction, have extended lead times (24 hours), and face significant expenses and fees associated with the conversion of foreign currency.

By using this approach, citizens of the UAE will be able to fill their accounts more quickly and at lower rates, all while staying within the UAE’s legal authority.

In April, Kraken was granted a regulatory license to operate in Abu Dhabi, while the world’s largest cryptocurrency exchange, Binance, acquired an in-principle clearance to become a broker-dealer.

An advanced legislative framework for protecting investors and setting worldwide standards for virtual asset sector governance was enacted by the Emirate of Dubai in March. It aims to encourage responsible corporate development in the emirate.

Due to cryptocurrency’s extreme volatility, risky nature, and potential for illegal activity, central banks throughout the globe have been hesitant to embrace it.

According to a survey, 21 percent of UAE respondents, including 20,000 people in 18 countries, have intentions to trade crypto in 6 to 12 months. This is the third highest rate after India and Indonesia.

Polygon (Matic) Jumps 60% In Seven Days, 16% In 24 Hours, But Why?

Mark Brennan
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Polygon (Matic) Jumps 60% In Seven Days, 16% In 24 Hours, But Why?

 

Why Polygon’s Matic Has Been On A Price Hike?



The crypto market has had a rough time since the start of the year. The last few weeks have been the worst for the market. However, things seem to be getting better for coins like MATIC. The crypto has gained over 60% over the last seven days, with a 16.6% over the last 24 hours. Matic is currently trading at around $0.89.

 

There are a few reasons why MATIC is currently rising in price:

Increased Optimism By Analysts

Of late, crypto analysts have been expressing a lot of optimistic forecasts for Matic. As is always the case, such positive expressions increase investor confidence and lead to increased demand. Increased demand triggers a corresponding price increase.

Market Is Recovering

As mentioned above, the crypto market has been hit hard over the last few months. The collapse of the Terra Luna and UST made things worse. However, things seem to be looking up. With this, Matic is affected positively.

DeFi Is Expanding On Polygon

The number of DeFi protocols on Polygon has been increasing. Since Matic is the native crypto on the blockchain network, its demand is bound to rise along with its price. The total value locked on Polygon stands around $1.76B.

Collaborations

Polygon has collaborated with various entities in the blockchain and crypto industry. The network teamed up with the likes of Disney on July 15th and scored a selection in Disney Accelerator Program for the year 2022. It has also partnered with Flipkart Firedrops in the NFT field.

The other thing the team is saying is that they are going to reveal the most important thing of 2022. Such surprises always positively affect the coin price as investors buy the coin hoping for some major announcements.

 

Increased Matic Staking On Various Platforms

Several crypto-related platforms are offering staking options for Matic, which in turn increases the coin’s popularity and adoption. With staking, users who commit their Matic coins earn rewards in terms of the crypto.

Matic has gained both in price and popularity for these reasons. It’s unclear whether this upwards trend will continue and how far the coin is set to go before the bull run cools down.

1.21 Billion Shiba Inu Burnt In A Week, 76 Million in 24 Hours

Zabi
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1.21 Billion Shiba Inu Burnt In A Week, 76 Million in 24 Hours

 

Over a billion weekly coin burn continues for Shiba Inu. 



Over 76.27 Million Shiba Inu (SHIB) burnt within the Past 24 Hours and 1.21 Billion in the Past 7 Days. 300 Bone ShibaSwap (BONE) has also been incinerated by one of the Community-led Burning Projects.

Data from the tracking platform Shibburn shows that past week over 1.21 Billion tokens of the canine-themed cryptocurrency Shiba Inu (SHIB) has been burned with 104 separate transactions. 1Cent Token and Travis Johnson’s SHIB Super Store make it to the list of the prominent SHIB Burn contributors of the Week.

1CENT also incinerated 300 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem.

As per a recent tweet from Shibaburn.com, the Shiba Inu Community has sent a whopping total of 1,217,385,404 (1.21B) SHIB tokens to “inferno” addresses in the last seven days through 104 separate transactions.

Among prominent SHIB Burners, Travis Johnson’s SHIB Super Store burns the most Shiba Inu tokens in a week, whereas the 1CENT token was the second big Shiba Inu burner.

Travis Johnson’s SHIB Super Store removed a total of 48,205,328 (48.20M) SHIB from circulation forever in one significant transaction using SHIB Burn Portal.

1Cent, the only token dedicated to burning the other two of the tokens of the Shiba Inu ecosystem, i.e., SHIB and BONE, organized its Weekly Burn Event on July 12th (Tuesday). The team burnt a total of 40,007,315 (40.00M) SHIB in one significant transaction. At the same time, the project carried out another transaction and incinerated a total of 300 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem.

Past 24-Hour Burn:

Besides weekly burns, a total number of 76,275,825 (76.27M) SHIB tokens have been sent to the dead wallets by Shiba Inu Community through 16 separate transactions in the last 24 hours, with the help of the SHIB Burn Portal, Shibburn.com reports

Bear Market Not Over Yet, Crypto Investor Lark Davis Joins Peter Brandt To Call For Caution As Cryptocurrencies Rally

Mark Brennan
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Bear Market Not Over Yet, Crypto Investor Lark Davis Joins Peter Brandt To Call For Caution As Cryptocurrencies Rally

 

Lark Davis says we are still in a bear market.



In a tweet on Monday, popular crypto investor Lark Davis warns that we are still in a bear market despite the latest crypto rally.

“Just remember, macro conditions have not changed dramatically. This is still a bear market until proven otherwise, Be Careful…” Davis tweeted as he admonished crypto investors to exercise caution.

 

It is worth noting that Davis is not the only market analyst calling for caution in the markets. For example, in a tweet on Sunday, seasoned market analyst Peter Brandt warned that the latest Ethereum price pump lacked the necessary volume to sustain it, even as a user commented that it is merely a short squeeze.

“The (ETH) upturn came on extremely light volume. I.E. the thrust was not based on aggressive buying from strong hands and is, therefore, questionable.”

The crypto markets have endured a difficult eight months since November 2021. Notably, it has faced pressure from rising inflation concerns, and the internal structure collapses from the likes of the Terra ecosystem. Consequently, several cryptocurrencies have dropped almost 90% from their highs.

As previously reported by The Crypto Basic, price action trader Justin Bennett noted last Tuesday that this bear market differs from previous crypto bear cycles. According to Bennett, it is the first time Bitcoin is facing such macroeconomic conditions. As a result, Bennett believes the leading crypto asset could still plummet to $8,500.

Meanwhile, CryptoQuant, in a blog post on Sunday, reveals that miners have started to capitulate. CryptoQuant analyst Edris wrote that miners in the last few weeks had distributed more Bitcoin than ever since January 2021, warning that prices could drop further. 

At the time of writing, Bitcoin has again pushed past the $22k price point. It is up 3.57% in the last 24 hours and 8.81% in the last seven days. Meanwhile, Ethereum remains above the $1400 price point, up 7.40% in the last 24 hours and 27.98% in the last seven days.

Congress Should Seriously Consider Magistrate Sarah Netburn’s Criticism on SEC’s Behavior in Ripple Lawsuit 

Mark Brennan
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Congress Should Seriously Consider Magistrate Sarah Netburn’s Criticism on SEC’s Behavior in Ripple Lawsuit 

The recent slapdown of the SEC by Judge Netburn calls for Congress to investigate the agency’s allegiance.


The Securities and Exchange Commission (SEC) has recently adopted measures to clamp cryptocurrency activities down.

The agency’s approach of using the enforcement by regulation tactic to regulate the crypto space has been widely condemned by cryptocurrency enthusiasts.

Judge Netburn Slams SEC’s Behavior

In an interesting development this past week, as reported by TheCryptoBasic, District Judge Sarah Netburn slammed the SEC’s behavior in its lawsuit against blockchain company Ripple.

The SEC has launched several efforts to ensure Ripple does not lay hands on Bill Hinman’s document, which resulted in the formulation of the 2018 controversial Ethereum (ETH) free pass speech.

The Securities and Exchange Commission saw its recent claim of attorney-client privilege over Hinman’s document denied by Judge Netburn.

Magistrate Netburn criticized the SEC’s moves to withhold an essential document that could potentially aid Defendant’s Fair Notice Defense. The judge slammed the SEC’s behavior in the Ripple lawsuit, which impugns the agency’s allegiance to the law.

“The hypocrisy in arguing to the court, on the one hand, that the speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency and, on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his speech, suggests that the SEC is adopting its litigation positions to further its desired goal and not out of a faithful allegiance to the law,” an excerpt of the court’s ruling reads.

SEC Ignoring Calls to Provide Clear Regulations for Cryptos

Prior to Judge Netburn’s comment, the SEC had been criticized by various cryptocurrency experts for its tactics toward regulating the nascent industry.

Industry players have called on the SEC to provide clearer regulations for crypto to avoid breaching United States securities laws. The agency has ignored these calls, saying its regulations are clear enough for crypto projects to adhere to.

However, when companies launch products based on their understanding of the law, the agency is always quick to file charges against the firms and their offerings.

The Ripple lawsuit perfectly illustrates the unclear regulations for the cryptocurrency space.

Congress Should Question SEC’s Allegiance

While crypto players have seen their criticism of the SEC ignored, it is expected that policymakers should take Magistrate Netburn’s recent slapdown of the agency’s regulatory approach seriously.

With Judge Netburn questioning the SEC’s allegiance to the law, chairwoman Maxine Waters of the House Financial Services Committee should focus on this comment in the SEC’s Enforcement Division oversight hearing.

The SEC needs to publicly declare where its allegiance lies – the public and the law, or its common interest – in a hearing scheduled to be held tomorrow.

The Monaco-Based Luxury Yacht Company Now Accepts Shiba Inu (SHIB) As Payment

Zabi
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The Monaco-Based Luxury Yacht Company Now Accepts Shiba Inu (SHIB) As Payment

 

The Monaco-Based Luxury Yacht Brokerage Company, Yachtzoo, Now Accepts Shiba Inu (SHIB) As Payment Through BitPay.



The luxury Yacht Brokerage Company, Yachtzoo, is now accepting Shiba Inu (SHIB) along with 12 other major cryptocurrencies as payment in partnership with BitPay.

Shiba Inu enthusiasts can now buy or charter a luxury yacht with Shiba Inu (SHIB) as the leading Monaco-based Yacht Company; Yachtzoo announced a partnership with the world’s largest bitcoin and cryptocurrency payment services provider, BitPay, to accept cryptocurrencies as payment.

Yachtzoo has not only added support for Shiba Inu (SHIB), but clients would also be able to use 12 other major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), etc., to pay in exchange for their services.

While explaining the benefits of using crypto to buy and charter a yacht with crypto, the company noted that international clients would enjoy lower fees compared to credit card payments with increased payment transparency, efficiency, and speed. BitPay only charges 1% of fees, whereas credit card payments would cost 3% in transaction fees.

Moreover, the clients of Yachtzoo would also enjoy fast and secure payments using BitPay. In addition, BitPay also ensures flexible payment options at any given time as it is supported worldwide and can be easily accessed through mobile phones or desktops.

Founded in 2017, Yachtzoo is a leading Monaco-based Yacht Brokerage Company. The company continues to expand and has developed yachting hubs worldwide with offices in Monte Carlo, Fort Lauderdale, London, Yokohama, and Buenos Aires in Argentina.

Cardano’s Charles Hoskinson Believes Michael Saylor Is Too Tied Up With Bitcoin Considering Every Other Asset A Security

Albert Brown
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Cardano’s Charles Hoskinson Believes Michael Saylor Is Too Tied Up With Bitcoin Considering Every Other Asset A Security

 

Hoskinson bashes Saylor for claims that ADA is security.



Cardano founder Charles Hoskinson on Saturday, in an, ask me anything session, refuted claims from MicroStrategy’s Michael Saylor that ADA is security. According to Hoskinson, Bitcoin maximalists like Saylor were intellectually dishonest, and Saylor is too tied up with Bitcoin to see clearly.

“I can’t build decentralized compute; I have no identity solution. It’s not programmable, so I don’t have daps and defy. I can’t even issue an asset. So I have no NF T’s, right? It’s all outside of that,” Hoskinson said, highlighting the inadequacies of the Bitcoin network. “But don’t worry, layer two protocols that are highly centralized will somehow solve all of this. Great. So that’s great.” He also said that Bitcoin maximalists are “the most difficult, toxic and useless people to engage with.”

However, speaking on ADA, Hoskinson said, “Nobody controls it. It’s completely decentralized far more than Bitcoin has more use and utility people buy the token not to speculate, which is the only thing they can do with Bitcoin.” 

According to Hoskinson, it is inconsistent to flag other assets as security and Bitcoin as a commodity when most Bitcoin holders buy it hoping the price will go up.

It is worth noting that Michael Saylor has been vocal about his support for Bitcoin and contempt for altcoins. The MicroStrategy chief has often asserted that altcoins are securities, most recently in an interview with Altcoin Daily.

Notably, Saylor’s firm MicroStrategy remains the largest corporate holder of Bitcoin. The firm added 480 BTC to its holding at the end of June, bringing its total holdings to a whopping 129,699 BTC. While it has cost the company about $3.98 billion to acquire, it is currently worth $2.83 billion at today’s prices.

The debate on which digital assets constitute a security or a commodity has raged on as lawmakers and regulators work to bring regulatory clarity to the space.

It is worth noting that US SEC chair Gary Gensler believes that most cryptocurrencies are securities. Notably, this is a claim that the regulatory body hopes to prove in its legal battle with Ripple. However, as reported by The Crypto Basic, things don’t appear to be going the SEC’s way.

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