Peasantsrights

Lido’s TVL Drops: Is Trouble Brewing For LDO Gains?

admin, · Kategorien: Allgemein

• Lido Finance [LDO]’s Total Value Locked (TVL) dropped in the last week due to a decrease in the values of native coins within its operating networks.
• The buying pressure for LDO has declined significantly, leading to a potential price drawback.
• Lido’s dominance of the liquid staking market has decreased since Coinbase’s entry into the market in June 2022.

Lido TVL Drops Despite Launch of ETH/LDO Factory Pool

The Total Value Locked (TVL) on Lido Finance [LDO] fell by 3% in the past week, despite the launch of a new ETH/LDO factory pool which saw over $16 million deposited during that period. This was due to a decrease in native coin prices across its operating networks like Ethereum [ETH], Polygon [MATIC], Solana [SOL], Polkadot [DOT], and Kusama [KSM].

Decrease In Native Coin Prices Impacting LDO Price

CoinMarketCap data shows that ETH’s price dropped 4%, while SOL, DOT, and KSM all experienced drops ranging from 3-6% over seven days. As such, buying pressure for LDO has decreased significantly with a potential price drawback looming on the horizon.

Lido’s Market Share Declining Following Coinbase Entry

According to Delphi Digital, Lido’s market share – which stood at 85% at the start of 2022 – has since come down to 73%. Furthermore, Dune Analytics‘ data reveals that in terms of ETH staking alone, Lido currently only controls 29% – down from 32% on May 22nd this year.

Competition Growing In Liquid Staking Market

The emergence of Coinbase as a major player in the liquid staking space is one contributing factor to this decline. Activity within their platform has driven up competition for users and led them away from other protocols like Lido.

Price Predictions For 2023-24

It remains uncertain whether or not this downward trend will continue into next year; however if it does then investors should brace themselves for further drops in both TVL and price performance for 2023-24.

Cardano [ADA] Price Surges 44% as Crypto Market Booms in 2021

admin, · Kategorien: Allgemein

• Cardano [ADA]’s price has returned to its pre-FTX collapse level, rallying significantly in the last three weeks.
• According to data from CoinGecko, the global cryptocurrency market capitalization has gone up by 21% since the beginning of the year, and ADA’s value has also increased by 44%.
• Momentum indicators have been on an upward trend since the year began, with ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) both hovering at overbought highs.

The cryptocurrency market has seen a significant increase in activity since the start of the year, with the price of leading layer 1 coin Cardano [ADA] returning to its pre-FTX collapse level. According to data from CoinMarketCap, ADA traded at the $0.36 price level during the intraday trading session on 21 January, marking the first time the coin has reached this level since the fallout of FTX. ADA, like the rest of the general cryptocurrency market, suffered a significant decline in value following the unexpected collapse of the cryptocurrency exchange FTX in early November 2022. ADA closed the 2022 trading year at $0.24, having declined by 33% since FTX collapsed.

The general cryptocurrency market capitalization has seen an overall increase since the start of the year, with CoinGecko data showing a 21% rise. Similarly, ADA’s value has also seen an increase of 44%. Momentum indicators have been on an upward trend since the year began, with ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) both hovering at overbought highs. Furthermore, the asset’s On-balance volume (OBV) has also seen an increase of 5% since the year started, indicating increased buying pressure.

In the last three weeks, ADA has seen a significant rally in coin accumulation, as investors are optimistic about the potential of the coin. With the bullish sentiment currently surrounding the cryptocurrency market, it is likely that this rally will be sustained in the coming weeks. However, it is important for investors to remember that the cryptocurrency market is still in a volatile state and that prices can change rapidly. Therefore, investors should always practice caution when investing in cryptocurrencies.

Chiliz Bulls Ready to Take on $0.131 and $0.1485 Resistance Levels

admin, · Kategorien: Allgemein

• Chiliz has been on an uptrend since late December and has gradually climbed higher.
• Evidence from the charts suggests that further gains may follow, but $0.131 and $0.1485 remain key resistance levels to watch out for.
• The selling pressure since mid-November has been immense, and there is a long-term level of significance at $0.131 which can act as resistance.

Chiliz (CHZ) has been on an uptrend since late December, with evidence from the charts suggesting that further gains may be possible. The token faced rejection at the $0.1275 mark in December and continued its freefall to reach the local low of $0.097 in late December. Since then, Chiliz has gradually climbed higher, with strong recent gains on the lower timeframes being evidence of the fact that CHZ remains a popular token among whales.

The selling pressure since mid-November has been immense and, even though the token’s velocity has noted gains recently, the supply held by top exchanges has taken a dip. This could be an early sign that the local top is imminent, or it could mean that Chiliz bulls will break out past the $0.13 resistance.

On the daily timeframe, the market structure took a bullish hue after breaking above the $0.116 mark. However, it is hard to say that the longer timeframe bias has flipped bullish even though the bearish structure was broken. To the north, a fair value gap from mid-December has already seen a strong bearish reaction, and this imbalance has not been filled yet. There is also a long-term level of significance at $0.131 which can act as resistance.

Higher still lies a bearish order block on the daily timeframe which extends from $0.1325 to $0.1485. At the time of writing, the short-term bias was bullish, but with such a strong resistance level looming, there is a risk that the token will face rejection. If that happens, a further decline to the $0.097 mark could ensue.

Overall, Chiliz has bullish momentum on the lower timeframes but approaches another key resistance level on the daily timeframe. A northward breakout is possible, but $0.131 and $0.1485 remain key resistance levels to watch out for. If Chiliz bulls can break out past these levels, the token could make further gains. However, if the token faces rejection at these levels, a further decline could ensue.

Sanctions Fail to Stop Tornado Cash: Chainalysis Report

admin, · Kategorien: Allgemein

• In August 2022, the U.S. Treasury Department imposed sanctions on popular crypto mixer service Tornado Cash for its alleged role in facilitating money laundering.
• A recent report by Chainalysis shows that the sanctions led to a 68% decline in total inflows to the mixer service in the first month following the implementation.
• Despite the sanctions, the underlying smart contracts of the mixer service remain unaffected and can thus run indefinitely.

The Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury sent shockwaves throughout the crypto world when it announced sanctions against popular crypto mixer service Tornado Cash in August 2022. The sanctions were implemented due to the service’s alleged role in facilitating money laundering, particularly of proceeds of cybercrimes committed against victims in the United States.

In an effort to analyze the impact of the sanctions, blockchain analytics firm Chainalysis released a report on the 9th of January. The report revealed that the total inflows to the mixer service had declined by 68% in the first month following the implementation of the sanctions.

Given that the mixer is a decentralized service, it is impossible to completely „pull the plug“ on it as it is not subject to the same regulations or sanctions imposed on centralized protocols. Therefore, it is likely that the decline in activity was due to the legal consequences of the sanctions, rather than the sanctions themselves. In other words, they served more as a dis-incentivization to potential users rather than an effective way to disable Tornado Cash.

The report further highlighted that the sanctions led to the mixer’s front-end website being taken down, but had virtually no impact on the underlying smart contracts. These smart contracts can thus remain unaffected and run indefinitely, rendering the sanctions ineffective in the long run.

It is yet to be seen whether or not the sanctions will eventually be successful in curbing money laundering activities through the mixer service. What is certain, however, is that the sanctions have not been able to effectively „pull the plug“ on the underlying smart contracts due to their decentralized nature.

Bear Market to Stay: BTC Price Down 1.5% in Last 7 Days

admin, · Kategorien: Allgemein

• The Bitcoin (BTC) market is in a bearish phase with the price declining by more than 1.5% in the last seven days and the Taker Buy/Sell ratio not showing any clear direction.
• CryptoQuant’s data indicates that the BTC exchange reserve is increasing and the Glassnode’s data shows that the supply of BTC in profit is reaching a 1-month low.
• These metrics suggest that the bear market might sustain for a while and investors need to be patient before seeing a surge in the price.

The Bitcoin (BTC) market has been in a bearish phase in recent weeks, with the price declining by more than 1.5% in the last seven days according to CoinMarketCap. At the time of writing, the king coin was trading at $16,654.85 with a market capitalization of over $320 billion.

Analysis of the market reveals that the bear phase might sustain for a while. CryptoQuant’s data indicates that the BTC exchange reserve is increasing, which suggests higher selling pressure and could be an indication of a market bottom. Furthermore, Glassnode’s data shows that the supply of BTC in profit is reaching a 1-month low, which is a bearish signal.

The Taker Buy/Sell ratio, which is used to examine the prevailing sentiments on the derivatives market, is also not showing any clear direction. This is because it is bouncing around 1, and unlike previous patterns, there is no visible direction to these swings since August 2022. This reduces the chances of an unprecedented surge in the short term.

Therefore, investors need to be patient and wait for the market to stabilize before witnessing a price pump. Furthermore, they need to keep an eye out for any new developments and data that could influence the market. This could help them make informed decisions that could lead to profitable investments.

Is BTC Heading for Further Decline in 2023? CryptoQuant Analyst Warns

admin, · Kategorien: Allgemein

Bullet Points:
– BTC opened the new year trading at a two-year low.
– According to CryptoQuant analyst Wenry BTC holders should brace for a further decline in value in 2023.
– Wenry found that BTC closed 2022 with a Realized Price of $19,809.

Bitcoin (BTC) opened the new year trading at a two-year low of $16,547.08, according to data from CoinMarketCap. This marks a decline from the December 2020 price range, and is a cause for concern for investors. CryptoQuant analyst Wenry has warned that BTC holders should brace for a further decline in value in 2023.

To assess Bitcoin’s investment trends of 2022, Wenry looked at a few on-chain metrics, including BTC’s Realized Price, its MVRV Ratio, and a comparison of its spot trading volume vis-a-vis its derivative trading volume. The Realized Price is a metric that reflects the average price at which BTC has been acquired over a given period of time, and can provide insight into the overall market sentiment and demand for BTC. According to Wenry’s analysis, BTC closed 2022 with a Realized Price of $19,809, which is a far cry from the Realized Price of $21,107 in early November, right before FTX’s collapse. This is seen as „clear evidence that the bear market continued.“

Wenry also examined BTC’s MVRV ratio, which is a metric that compares the market capitalization of an asset to the total value of all the coins ever mined. This can provide a sense of where the market currently is relative to the market’s all-time high. Wenry found that since Terra-Luna collapsed, BTC has been trading below its MVRV ratio of 2.5, which is a sign that the market is still bearish.

Overall, Wenry’s analysis suggests that there may be further price downsides in 2023 for Bitcoin. Investors should therefore think carefully before going deeper into the BTC pool. While BTC may recover in the future, it is important to be aware of the risks associated with investing in cryptocurrencies. To get the most out of your investment, it is recommended that you use a Profit Calculator to evaluate the potential profitability of your BTC holdings and make informed investment decisions.

Ethereum Merge of 2022: A Major Milestone for the Crypto Industry

admin, · Kategorien: Allgemein

• The Ethereum Merge was successful, with follow-up upgrades set for 2023.
• Staking withdrawals are expected to begin in the first quarter after OFAC compliance improvement.
• The Merge marked the largest mechanism change in crypto history.

The year of 2022 brought about a major shift in the crypto industry thanks to the Ethereum Merge. This was the largest mechanism change in crypto history, and it marked a major milestone for the second biggest blockchain. In September of that year, the Ethereum team publicly announced that the Merge was successful. This was after multiple upgrades and testnets, such as the Ropsten, Rikenby, and Bellatrix upgrades.

The Merge was a major step forward for blockchain stability and security. It helped reduce the risk of exploits, scams, and other malicious activities, as well as ensuring that the network was compliant with current regulations. Of course, not all investors were convinced of its success. There was still a lot of uncertainty surrounding the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), and how it would affect the overall market capitalization.

To ensure the Merge was successful, the validators needed to adapt to OFAC compliance policies. This was a long process and there were a few hiccups along the way, but eventually the Merge was completed in time for the first quarter of 2023. With the Merge complete, staking withdrawals can now be made and investors can start to reap the rewards of their investments.

The Ethereum Merge of 2022 was a major milestone for the crypto industry. It has brought stability and security to the blockchain and set the stage for further upgrades. The success of the Merge has been a major driving force for the crypto market, and this is only expected to continue as we move into 2023. With staking withdrawals now available, investors can start to take advantage of their investments and enjoy the benefits of the Merge.

Liquid Japan Plans to Return Customer Assets in 2023

admin, · Kategorien: Allgemein

• Liquid Japan, a Japanese crypto exchange owned by FTX, has revealed its plans to return customer assets starting in mid-February of 2023.
• The process will begin with customers opening an account with Liquid, followed by them viewing their balance and transferring their assets from FTX Japan into Liquid Japan.
• Updates regarding the process will be available from January 2023.

Liquid Japan, a Japanese crypto exchange owned by FTX, has announced that it will begin processing refunds from 2023. This follows the exchange’s decision to halt withdrawals in November 2022 due to FTX’s collapse. The Japanese subsidiary of the bankrupt exchange has released a statement that outlines the timeline and roadmap for the proposed returns.

According to the statement, customers will first have to open an account with Liquid in order to view their balance and transfer their assets from FTX Japan into Liquid Japan. This process is expected to begin in mid-February of 2023. Updates regarding the returns process will be available from January of the same year.

The decision to return customer assets is a unique event, as thousands of people have been left stranded this crypto winter following FTX’s collapse. Liquid Japan’s statement is a sign of hope that many of these customers will be able to reclaim their assets.

To ensure a smooth and secure process, Liquid Japan is currently undergoing a system development. The firm has not specified the exact date when the returns process will be completed, but it is expected that all withdrawals will be processed through the Japanese subsidiary’s website.

The statement from Liquid Japan is a positive sign for those affected by FTX’s collapse. It is a welcomed relief for customers who have been waiting for the return of their assets for months. With the timeline and roadmap for the proposed returns now in place, customers will soon be able to reclaim their assets and move forward.

Turkey to Launch Digital Lira in 2023: CBRT Paves Way for More Secure Payments

admin, · Kategorien: Allgemein

• The Central Bank of the Republic of Turkey (CBRT) has indicated that its digital lira will be released by 2023.
• The CBRT has successfully completed its first experimental phase of the digital Turkish lira.
• The CBRT will continue to conduct small-scale, closed-loop application pilot tests in the first quarter of 2023 with technological stakeholders, and will broaden its trials to include banks and financial technology firms in the second half of the year.

The Central Bank of the Republic of Turkey (CBRT) has announced that it will launch its digital lira by 2023, marking a significant milestone in the adoption of Central Bank Digital Currencies (CBDCs). The CBRT recently completed its first experimental phase of the Digital Turkish Lira and is set to conduct small-scale, closed-loop application pilot tests with technology partners in the first quarter of 2023. The trials will then be broadened to include a few banks and financial technology firms in the second half of the year.

The CBRT’s decision to launch the digital lira comes as part of the country’s larger efforts to modernize its banking infrastructure. The Turkish Presidential Strategy and Budget Directorate discussed a CBDC that would be connected with digital identification and FAST, the country’s central bank-operated payment system. This would allow users to make payments more securely and quickly, while also providing greater control over their data.

The CBRT has stated that it will prioritize studies on the Digital Turkish Lira’s technology requirements, as well as its economic and regulatory framework, in 2023. The bank has also committed to making the test results public in a comprehensive evaluation report.

The launch of the digital lira is expected to make a significant impact on the Turkish economy. It could potentially reduce transaction costs, simplify the payment process, and make it easier for the unbanked population to access financial services. It could also open up new opportunities for businesses, such as the ability to easily accept digital payments and access new customer markets.

The CBRT’s decision to launch the digital lira is a clear sign of the country’s commitment to modernizing its banking system and creating a more efficient and secure payment infrastructure. By leveraging the latest technologies available, the CBRT is paving the way for a more dynamic and connected economy.