Crypto News February 23: Bitcoin will continue to decline in the near future with news from Ripple, Cardano…
From the perception that Bitcoin can continue to decline, to Binance’s partnership with SM Brand Marketing (SMBM) to build a global Play-to-Create (P2C) ecosystem. Here are some highlights from the crypto market.
The last few weeks have not been very good for the crypto industry and financial markets. Coupled with growing concerns about the conflict in Ukraine, civil unrest in Canada and the Fed’s decision to raise interest rates, most asset prices have fallen significantly. Bitcoin fell to the $36,000 region, its lowest price since February 3.
In light of these events, many envisioned the beginning of a bear market. In a recent report, blockchain data provider Glassnode pointed to several bearish signals that suggest Bitcoin could continue its downward momentum.
analytics company notice Bitcoin’s on-chain activity has not made any headway since last week, which is the first sign that interest and demand for the asset is waning.
This is reflected in the drop in BTC addresses with non-zero balances. Glassnode reports that about 220,000 wallets have been completely emptied in the last 30 days.
The percentage of investors’ returns is also declining, which is expected in part because the asset’s price remains well below its peak. Glassnode estimates that 10.9% of BTC investors are accumulating at prices between $33,500 and $44,600.
As most BTC investors entered the market over the past few weeks, Glassnode noted that if BTC’s price keeps falling, they could be the first to sell.
Investor’s Profit Percentage | Source: Glassnode
In a recent letter to Judge Analisa Torres, Ripple’s attorneys argued that the US Securities and Exchange Commission (SEC) should have no assistance in challenging fair notification from the company.
in the inquiry filed, the SEC pointed to a similar case involving blockchain firm LBRY Inc.
The defense argued that the blockchain project would be treated differently than similar companies in the industry.
However, the court ruled against the company’s selective enforcement defense, arguing that the SEC had previously pursued enforcement actions against similar blockchain projects.
On-chain analytics firm Santiment reports that the number of whale addresses with 10,000 to 100,000 ADA has amassed almost half of Cardano’s total stash of 34.12 billion ADA, up 6% over the past five weeks.
???? #Cardano Shark addresses with 10,000 to 100,000 $ADA did a pretty stellar job of calling tops. And over the last 5 weeks, these addresses added about 6% more overall $ADA deliver. Read our brief rundown of what asset #7 looks like! https://t.co/WUAuRUoZmr pic.twitter.com/uMSdsYa6TA
— Santiment (@santimentfeed) February 23, 2022
According to Santiment, this type of address has grown significantly due to the recent sharp drop in the market price. On the other hand, Santiment also found that large ADA addresses with 100,000 to 1,000,000 ADA reduced their holdings from 37.0% to 17.7% over the past three months. These two contradictory actions seem to balance each other out and create a neutral situation.
Overall, Cardano whale addresses have added 10% ADA to their holdings since the beginning of the year.
Ethereum Classic news
ETC has been making a series of lower highs since mid-February, marking a downtrend. In the last few days, the $26.95-$27.50 area (red box) saw increased demand, but after that the price dropped below this area. ETC retested this zone before dropping to a low of $24.42 where the price rebounded from there.
A series of Fibonacci retracement levels (yellow) are plotted against ETC’s decline from $33.67 to $24.42, and the $26.6 region is the 23.6% retracement level in this decline . In the last few hours, the price has surged above the $26.6 zone, which is considered a good signal.
ETC price chart | Source: TradingView
The $27.50 area and the $27.95 level are places where selling pressure is likely to emerge in the near term. A move above the $28 area and a retest could present a buying opportunity in the next few days.
A move above $28 could be a safe buying opportunity for the risk-averse market participants in the low time frame. This move will strengthen the bulls’ position and will be a strong signal that the market structure has indeed shifted in their favor.
On Feb. 22, Tether, the company behind stablecoin USDT, announced upload Latest Real Estate Confirmation Report.
This report was prepared by MHA Cayman, an accounting firm based in the Cayman Islands in the Caribbean, near Tether’s headquarters in the British Virgin Islands. Both are known as tax havens with lax financial laws.
In March 2021, after the Tether company accepted a settlement of a lawsuit with the New York government regarding the USDT escrow matter, it was forced to release quarterly attestation reports for the public and regulators. This is the third published report after the previous two in March 2021 and August 2021.
News Shiba Inu
Travis Johnson, the gaming company that runs regular SHIB token burns and is one of the largest SHIB burn companies, called They destroyed 370,744,259 Shiba Inu worth almost $9,400 this month and they plan to burn more SHIB.
So far, the company has destroyed a total of over 773 million tokens. The company not only wants to get SHIB owners to participate in explosive initiatives through games, but also to involve players outside of the community and burn SHIB together.
The company uses the advertising revenue to purchase tokens, which are then transferred to a dead wallet, reducing the circulating supply of SHIB.
News from the LABEL Foundation
LABEL Foundation (LBL) has debut its cross-chain bridge with Ethereum.
The cross-chain bridge, developed in collaboration with Curvegrid, now allows users to exchange between BEP-20 and ERC-20 versions of LBL tokens.
LABEL aims to be not just a BNB chain, but also a bridge with several other Layer 1 blockchains for better multi-chain interoperability and becoming a bridge with other networks in the future.
Legends of Mitra (MITA), a P2E blockchain strategy game based on Klaytn, Cronos, Algorand, WAX and BNB Chain debut Staking feature on the Klaytn Network.
Legends of Mitra has implemented staking of MITA tokens at up to 40% APR on its Mitaverse platform. The staking feature is also available on the Klaytn Network.
Users can transfer MITA from BSC to Klaytn using the built-in bridge. MITA was previously listed on PancakeSwap.
Sportswear company Puma added domain ENS on its growing collection of NFTs. Join Nike and Adidas in the Metaverse.
Puma is the latest brand to appear on the list of big brands buying decentralized URLs. Most recently, the brand registered its domain name with the Ethereum Name Service (ENS).
Other big companies with .ETH domains include Budweiser – a subsidiary of Anheuser-Busch InBev – which bought Beer.eth last year via ENS on OpenSea for 30 ETH. The White Castle fast food chain also registered the domain name whitecastleofficial.eth.
Binance and SM Brand Marketing (SMBM) will work together to build a global Play-to-Create (P2C) ecosystem. The two companies begin developing a joint ecosystem.
Accordingly notification On Twitter, Binance announced that it has signed a letter of intent to establish a comprehensive partnership with SM Brand Marketing (SMBM), a subsidiary of Korean entertainment company SM Entertainment (SM).
In this collaboration, Binance and SMBM will build a global Play-to-Create (P2C) ecosystem, cooperate in the field of NFT, and set up a joint ecological fund.
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