Crypto News 07/02: Whales increase Bitcoin accumulation with news from ETH, MATIC, LRC, RNDR, SUSHI, AssangeDAO, ENS, LINK, DOT, SHIB, AXS, NFT, CBDC
From bitcoin whales accelerating accumulation as the price surged above $40,000 to Ethereum whales mass-buying MATIC, LRC. Here are some highlights from the crypto market.
In a Blockware Intelligence newsletter, Will Clemente said that bitcoin whales (companies holding more than 1,000 BTC) are forming a new trend as wealthy investors start accumulating after months of distribution.
“After several months of downtrend, we continue to see increasing whale populations. Watch the next week or two to see if this trend continues. Looks promising so far. This is one of the few on-chain indicators that gives us insight into what’s going on on the demand side of the equation.”
The source: Blockware Intelligence
Looking at the supply side of the equation, Clemente said that short-term holders (companies that hold BTC for less than 155 days) made up the majority of sell orders over the past few months. He stressed that Bitcoin needs to regain a key price level in order to generate bullish momentum in the High Time Frame (HTF).
“BTC broke a 3-month downtrend that started in November. However, horizontal levels are much more important than diagonals. Key horizontal resistance remains at $40,700. Start closing above it and we can see the confluence of yearly open and short-term holders Watch around $47K Breaking $47K will regain momentum in the HTF I think.”
Bitcoin Lightning reaches an all-time high capacity
The Bitcoin community just celebrated that the Lightning Network Layer 2 payment system totaled more than 3,400 BTC locked. That’s about $141 million.
With the introduction of BTC payments with almost no fees, Lightning adoption has increased dramatically over the last year. At the same time, Bitcoin has been used more as a network and capital asset by investors and large corporations, while the price has been rising.
However, growth has slowed since the crash in November. Additionally, Lightning’s total capacity is still tiny compared to Bitcoin’s $812 billion market cap.
Lightning network capacity | The source: Check out Bitcoin
In fact, users hold more BTC on the Ethereum blockchain than wrapped tokens, with Wrapped BTC’s market cap at $10 billion.
News ETH, MATIC, LRC, RNDR, SUSHI
New data from WhaleStats shows MATIC has replaced LINK as the most traded token by deep-pocketed Ethereum holders over the past 24 hours as it enjoyed healthy rallies.
“MATIC has overtaken LINK to become the most traded token of the 1000 largest Ethereum wallets.”
On Friday, Ethereum whales were spotted regularly buying MATIC in multi-million dollar transactions. A fourth largest Ethereum whale bought 2,838,000 MATIC for about $4.73 million. In another transaction, the whale bought $2 million in MATIC. The third whale bought MATIC for over $1.5 million in a separate transaction.
???? An ETH whale just bought 2,838,000 VND $matic ($4,739,460).
4th place in WhaleStats: https://t.co/EIH4SaZXdR
— WhaleStats – the Top 1000 Ethereum Richlist (@WhaleStats) February 4, 2022
Ethereum whales are also chasing LRC with an average buyout of $7,865. Render Token (RNDR) ranks 8th with an average buyout of $7,197. The 9th place is taken by SUSHI, the native asset of the decentralized exchange SushiSwap. On average, whales bought $6,735 worth of SUSHI online in the last 7 days. Other coins on the list are ETH and several stablecoins.
Top 10 tokens bought by Ethereum whales | The source: WhaleStats
A Decentralized Autonomous Organization (DAO) formed to support the release of WikiLeaks founder Julian Assange has raised 12,569 ETH, or about $38.8 million at current prices.
Assange is currently protesting the decision to extradite him to the United States after a December court ruling overturned a British extradition ban. He has been locked up in a London prison since 2019.
According to JuiceBox, the crowdfunding platform responsible for organizing the campaign, donations started on February 4th. Funds rose rapidly over the weekend, doubling to current levels in the past 24 hours.
Follow AssangeDAOthat was the largest ETH fundraiser in JuiceBox history, surpassing ConstitutionDAO’s November fundraiser to buy an original copy of the US Constitution.
Brantly Millegan was elected to step down from the role of community manager for the government organization Ethereum Name Service (ENS).
The vote to remove Millegan from the DAO ENS took place on Sunday afternoon after a row tweets from 2016 appeared over the weekend – and immediately sparked controversy. In the tweet, Millegan branded homosexuals evil, denied the existence of transgenderism and called birth control corrupt.
ENS is a popular domain (domain name) provider connected to Ethereum and takes the form of NFT and can be used as a username in the cryptocurrency ecosystem.
In one post On the blog, ENS stated that the majority of its community managers voted to remove Millegan from his current position (75%).
Many observers, including Uniswap Labs CEO Hayden Adams, claim that Millegan’s views run counter to the core motto of DeFi and web3. ENS also reflected these sentiments in its blog post.
In one post Elsewhere, the ENS says Millegan could face further disciplinary action.
News chain link
According to a recent tweet from Santiment, Chainlink has surpassed the second largest cryptocurrency platform Ethereum in terms of development activity. This is evidenced by the significant number of recent Github updates per day.
???? #chain link is currently just under $18 after the mild #altcoins weekend revival. We saw that in particular $LINK‘s developmental activity, measured by significant daily #github Updates, is now outpacing $ETH‘s daily activity. https://t.co/ZIk3qCUKPZ pic.twitter.com/AEbAUuaQQ
— Santiment (@santimentfeed) February 7, 2022
According to the table, LINK developers submitted 304 important updates per day. The chart also shows that developer activity is not only higher than Ethereum, but also higher than Bitcoin.
Polkadot recently notification commits more than $21 million in DOT to support the development of the platform’s Web3 ecosystem, which is expected to become a booming blockchain in 2022.
Join in tackling some of the toughest challenges facing Polkadot and Web3 and win a prize pool of 993,286.08 DOT. The first two challenges will be announced later this year, including the Zero-Knowledge Infrastructure Improvement & Research category.
In this historic premiere, the prize will be fully decentralized funded by Polkadot’s on-chain treasury. The Pioneers Prize aims to model how communities can achieve greater representation by driving on-chain treasury funds in new and innovative ways.”
News Shiba Inu
In one post On the recent Medium blog, the Unification Foundation, a provider of enterprise blockchain solutions, announced that it would be releasing Shibarium’s public testnet, a Layer 2 scaling solution, for SHIB “very soon.”
The second version of the private Shibarium testnet has been launched.
In December, developer Eric M tweeted that Shibarium couldn’t be “quietly stopped,” adding that there was still work to be done. He previously assured the community that the long-awaited scaling solution would be rolled out soon.
The developers of Shiba Inu did not make any concrete progress on the project because they “do not guarantee success”. This inevitably leads to some concerns that the Shibarium launch will be postponed “indefinitely”.
Since Shiba Inu is an ERC-20 token operating on the Ethereum blockchain, there are high gas fees that many new traders cannot afford. It is precisely for this reason that many expect Shibarium to be a game changer for one of the top coins, as transactions are likely to become much faster and cheaper. Therefore, SHIB is optimized for gaming.
News Axie Infinity
As reported by Bitcoin Magazine, Axie Infinity recently announced a change in reward structure for player-to-player (P2P) rounds. AXS token price surged 50% following the announcement.
At the time of writing, AXS continues to perform well with a 12.5% gain over the past 24 hours and is currently trading at $70.31.
Furthermore, if the curve is validated on the 4-hour chart, AXS price could rise by 37% to $98.
On the other hand, AXS might face resistance at the 38.2% Fib retracement level at $71, coinciding with the clipping of a key technical pattern, and then at the 50% retracement at $79.
AXS/USDT 4 hour chart | Source: TradingView
However, if selling pressure builds, AXS may next drop to the 200 4-hour simple moving average (SMA) at $63.
The world’s largest entertainment and multimedia group, Walt Disney, is the next traditional giant to make the necessary preparations to enter the NFT sector.
In particular, Disney is looking for a Business Development Director to oversee the market, set strategy and manage key partners. Candidates must have at least 5 years of professional experience and strong knowledge and passion for NFT.
However, if Disney tries to increase sales through digital assets, the company could face backlash from its audience.
Digital Indian Rupees work on government-backed e-wallets
According to a senior government official, the Reserve Bank of India (RBI) digital rupee will be working on a government-authorized e-wallet that will allow the central bank to act as an intermediary between merchants and customers.
The government official said the country’s central bank digital currency (CBDC) is likely to be launched as early as next year.
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