Crypto Market Highlights June 23, 2022
Crypto Market Highlights: General News
- Bitcoin Miners Sold All BTC Earned In May. According to a report from blockchain analytics firm Arcane Research, in the first four months of 2022, miners sold off 30% of their Bitcoin production. The sharp drop in mining profits forced these companies to increase their selling rate to more than 100% in May – a time when Bitcoin mining revenue recorded its worst decline in 2022. Even so, market conditions have now worsened in June, meaning they are likely to sell more in the future.
- Most Bitcoin Indicators Indicate That The Bottom Is In. According to the CEO of CryptoQuant, an on-chain and market hub, the majority of cyclic indications for Bitcoin point to a reverse rally as the commodity has finally bottomed out. By examining on-chain data such as realized loss and profit, the MVRV ratio, and BTC miners’ holdings, the analyst has demonstrated six indications that are utilized by traders and investors to assess the current status of the market and its likelihood of rebounding.
- dYdX Builds Its Own Blockchain On Cosmos. dYdX, the popular decentralized exchange on Ethereum, has announced plans to build a private blockchain on the Cosmos platform and launch it soon in the coming months. According to a new development strategy called dYdX V4, the exchange wishes to create its own blockchain through the Cosmos SDK, a programming toolkit for projects in the Cosmos ecosystem.
- Polygon Prices Have Soared By 60% In 4 Days Due To A ‘Pretty Big’ MATIC Accumulation. Notably, the price of MATIC has rebounded to $0.50 on June 23, just four days after it fell to $0.317, its lowest level since April 2021. This equates to an approximately 60% increase, outperforming both Bitcoin (BTC) and Ether (ETH) in the same span. Meanwhile, despite the broad slump, some of its wealthiest investors have been amassing MATIC tokens, according to on-chain data.
- Pharrell Williams becomes Brand Director of NFT Doodles. The Doodles project officially invited Pharrell Williams, the international music scene, to become its Brand Director. In addition, the project also reveals the launch of Doodle 2.0, a new collection with many exciting features, but it will not be released on Ethereum.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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