Bias is trending towards ever lower levels for Bitcoin after BTC price performance fails to preserve $20,000 at the August close.
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Bitcoin price dips 14% in August as trader warns of ‘macro drop down’
Bitcoin (BTC) has sealed its worst August performance since 2015 after the monthly candle closed down 13.9%.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWeekly candle "doesn't look good"
Data from Cointelegraph Markets Pro and TradingView confirms that BTC/USD finished the month at $19,990.
A knock to bulls’ efforts to stabilize spot price, the August close was only the second monthly candle finish below the $20,000 mark (depending on the exchange used) since late 2020.
BTC/USD 1-month candle chart (Bitstamp). Source: TradingViewWhile preserving June’s close as the macro low on the monthly chart, the performance led traders into firmly bearish territory. Among them was Crypto Tony, who warned that the stage was set for deeper losses going forward.
His outlook, he told Twitter followers on the day, saw him “leaning towards a macro drop down.”
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OpenSea says marketplace won't support forked NFTs post Merge
The NFT marketplace said that while they do not speculate on forks, the team will only support NFTs on the proof-of-stake chain.
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The NFT marketplace said that while they do not speculate on forks, the team will only support NFTs on the proof-of-stake chain.
Ethereum Merge and the hefty tax bill you could be in for
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Ethereum Merge and the hefty tax bill you could be in for
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Hackers try to sell NFT of Belarusian leader's supposed stolen passport
Belarusian hackers claim to have gained access to the passport info of every Belarusian citizen, including president Alexander Lukashenko, allowing them to mint an NFT with his passport details.
CoinGecko reveals the US state most interested in Bitcoin and Ethereum
Behind this western U.S. state, Illinois and New York were the next states most interested in the two major cryptocurrencies.
CoinGecko reveals the US state most interested in Bitcoin and Ethereum
Behind this western U.S. state, Illinois and New York were the next states most interested in the two major cryptocurrencies.
Helium devs propose ditching its own blockchain for Solana
Internet of Things (IoT) blockchain network Helium could transition to the Solana blockchain following a new HIP 70 governance proposal launched on Aug. 30.
The Helium core developers said the need to “improve operational efficiency and scalability” was required in order to bring “significant economies of scale” to the network.
The Helium network operates by users installing a Helium Hotspot to provide decentralized wireless 5G network coverage for internet users in their area. Helium uses a unique consensus mechanism — proof-of-coverage to verify network connectivity and distribute HNT tokens to Helium Hotspot providers when coverage is verified.
The proposal comes as Helium developers have emphasized the need to fix a number of technical issues in order to improve the network’s capabilities:
In the last several months of the network, both have been challenging for network participants with much reduced Proof-of-Coverage activity due to network size and blockchain/validator load, and packet delivery issues.
Helium devs propose ditching its own blockchain for Solana
The transition to Solana would improve network scalability, which in turn would bring “significant economies of scale” to the network, according to Helium core devs.
Ripple's plan to tokenize Colombian land stalls amid new administration
A joint effort to permanently store and authenticate Colombian property titles on the XRP Ledger looks set to stall as the new government focuses on other priorities.
Crypto winter? DeFi, Metaverse, and NFT job market still hot — Recruiters
The number one attribute to succeed in the crypto industry is a “start-up mentality” and the ability to “roll with the punches," a crypto recruiter tells Cointelegraph.
Sneaky fake Google Translate app installs crypto miner on 112,000 PCs
Dressed up as legitimate desktop software, this sneaky malware has infected thousands of machines across 11 countries, forcing them to unknowingly mine Monero (XMR).
Solved! Mystery owner of the huge Axie Infinity SLP wallet is revealed
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Analyst says 40% of users in most Web3 games are bots — Here’s how to avoid being fooled
The decentralized application industry pushed above $40 billion in smart contract deposits in February 2021, and currently the figure stands at $59 billion. To date, “real money” continues to flow into the sector, and on Aug. 29, gaming startup Limit Break raised $200 million. The project gained popularity after the successful launch of its DigiDaigaku free-mint NFT collection.
According to a report by Dove Metrics and Messari, the crypto industry saw $30.3 billion in funds raised in H1 2022. This amount surpassed the $30.2 billion seen in 2021. Excluding the $10.2 billion in funding raised for the centralized finance sector leaves a whopping $20 billion that was invested in DApps, nonfungible tokens (NFTs) and Web 3 infrastructure.
One might question how much of that money has effectively been deployed or reinvested in ventures owned by the same investment groups. Of course, there are a handful of clever ways to overextend those announcement numbers without breaking any regulation, but there's undoubtedly a great deal of money flowing toward decentralized applications.
There’s always been a healthy amount of distrust in the actual number of active users on DApps, but so far, no hard evidence of cheating has been presented. So what tools can retail users employ to detect inflated activity? Well, it turns out there are at least three: active users, community engagement and liquidity.
Comparing registered users to active users
Most proof of stake (PoS) networks charge minimal registration fees and many are free to use. This leads to troves of “fake” active addresses that interact with the DApp and it creates incentives for developers and investors to boost their numbers.
Analyst says 40% of users in most Web3 games are bots — Here’s how to avoid being fooled
The decentralized application industry pushed above $40 billion in smart contract deposits in February 2021, and currently the figure stands at $59 billion. To date, “real money” continues to flow into the sector, and on Aug. 29, gaming startup Limit Break raised $200 million. The project gained popularity after the successful launch of its DigiDaigaku free-mint NFT collection.
According to a report by Dove Metrics and Messari, the crypto industry saw $30.3 billion in funds raised in H1 2022. This amount surpassed the $30.2 billion seen in 2021. Excluding the $10.2 billion in funding raised for the centralized finance sector leaves a whopping $20 billion that was invested in DApps, nonfungible tokens (NFTs) and Web 3 infrastructure.
One might question how much of that money has effectively been deployed or reinvested in ventures owned by the same investment groups. Of course, there are a handful of clever ways to overextend those announcement numbers without breaking any regulation, but there's undoubtedly a great deal of money flowing toward decentralized applications.
There’s always been a healthy amount of distrust in the actual number of active users on DApps, but so far, no hard evidence of cheating has been presented. So what tools can retail users employ to detect inflated activity? Well, it turns out there are at least three: active users, community engagement and liquidity.
Comparing registered users to active users
Most proof of stake (PoS) networks charge minimal registration fees and many are free to use. This leads to troves of “fake” active addresses that interact with the DApp and it creates incentives for developers and investors to boost their numbers.
Bitcoin holds $20K, but analysts say BTC open interest leaves room for ‘more deleveraging’
BTC trades in the lower-end of its 76-day range, but analysts say future Fed actions and record-high open interest increase the possibility of future “deleveraging events.”