Bitcoin Wallets at All-Time High, But Metrics Show Weakness

Overview

• The number of Bitcoin wallets holding a non-zero BTC balance continues to surge, hitting 45.388 million on Sunday.
• The rise in wallet addresses implies increased demand for Bitcoin.
• However, on-chain metrics such as active addresses and the number of transactions have weakened recently.

Number of Non-Zero Bitcoin Wallets at All-Time High

The number of Bitcoin wallets with a non-zero BTC balance has reached a new all-time high of 45.388 million, according to data from crypto analytics firm Glassnode. This is an increase of over 2 million since the start of 2022 and is the fastest growth rate ever seen on the Bitcoin network. This indicates strong demand for Bitcoin, which bodes well for its price.

On-Chain Metrics Show Weakness

Despite the growing demand for Bitcoin, on-chain metrics pertaining to activity have weakened in recent days. The seven-day moving average of the number of active addresses interacting with the Bitcoin network has dropped to its lowest level since late January 2021, indicating a decrease in trading volumes and weaker demand overall. Similarly, both new addresses interacting with the network and transactions taking place have also fallen over recent weeks.

Bulls Shouldn’t Panic

Bitcoin bulls shouldn’t panic just yet – despite some weakness in these metrics they remain in an uptrend for the year and should stay elevated compared to their levels earlier this year if Bitcoin can hold steady above $25,000. Furthermore, many analysts believe that long term fundamentals will continue to be tailwinds for the cryptocurrency’s price going forward.

Conclusion

Overall, while some key on-chain metrics are showing signs of weakening demand for Bitcoin at present, it’s important not to panic – most indicators suggest that there is still plenty of optimism around its price outlook going forward as more investors enter into the market leading it higher over time

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Bitcoin’s Correlation to US Stocks Hits 20-Month Low – Bullish for BTC

• Bitcoin’s correlation to US equity markets recently dropped to its lowest level in more than a year and a half.
• This divergence is likely to continue as investors begin to view Bitcoin as a safe-haven alternative to fiat-based central banking systems.
• Bitcoin has seen a significant surge in price lately, as investors look for „harder“ currencies or mediums of exchange amid the recent financial crisis.

Bitcoin’s Correlation with US Stocks Hits 20-Month Low

Bitcoin’s 30-day pearson correlation between BTC and the S&P 500 just fell under 0.20, its lowest level since September 2021. This is indicative of a reversal from mid-2022 when both assets were largely moving in lockstep and their correlation briefly surpassed 0.7.

Why is the Correlation Breaking Down?

In 2021 and 2022, Bitcoin was primarily seen as a speculative asset which traded according to liquidity conditions, like tech stocks do. This explains why it experienced such a large pump during 2020/21 when the global economy was loaded with fiscal and monetary stimulus, before subsequently pulling back aggressively in 2022 due to this stimulus being pulled back on (mainly through interest rate hikes from major central banks).

The Financial Crisis & Safe Haven Status

The current financial crisis has caused investors to view Bitcoin differently than they did previously – now they’re viewing it how its creators intended them too; as an alternative ‘safe haven’ asset which can protect against inflation of fiat currencies (like USD, EUR & GBP). The cryptocurrency has rallied 40% from earlier monthly lows under $20k as people seek out ‘harder’ currencies/exchange mediums, often trading alongside gold prices.

What Does It Mean For BTC?

This shift in attitude towards Bitcoin could be good news for BTC holders who may benefit from further increases in value should the trend continue away from speculation towards safe haven status for the digital asset. Further drops of 30-day correlations under 0.08 would hit 3-year lows – indicating that what we are seeing now really could be quite significant long term change for Bitcoin’s stability and usage within mainstream finance going forward .

Conclusion

The breakdown of bitcoin’s correlation with US stocks indicates that investors are beginning to view it more like an alternative safe haven asset rather than simply another tech stock that moves according to liquidity conditions – potentially leading to increased value over time if this trend continues.

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SHIB Rallies 4% – Is a New Crypto Rally Starting?

• Shiba Inu (SHIB) has seen its price rise by 4% in the past 24 hours as the crypto market recovers from a weekend selloff.
• SHIB is down 1.5% in a week, but up 35% since the beginning of the year and is one of the most traded ERC-20 tokens.
• The ongoing banking crisis could push investors to turn to crypto, with SHIB potentially reaching $0.00001250 before month’s end if it can break through $0.000015 resistance level.

Shiba Inu Price Rises 4%, Rally Could Last

Shiba Inu (SHIB) has seen its price rise by 4% in the past 24 hours as the cryptocurrency market recovers from a weekend’s selloff and benefits from fears over the banking system. At $0.00001099, SHIB remains down by 1.5% in a week and by 15% in the last 30 days, although it has risen by 35% since the beginning of 2021.

Ongoing Banking Crisis Boosts Crypto

The ongoing banking crisis could push investors to turn to crypto, with SHIB potentially reaching $0.00001250 before month’s end if it can break through $0.000015 resistance level. Its relative strength index (purple) has jumped from 30 to just over 40, suggesting that today’s rally may continue throughout this week.

Biggest Holdings Among Large Investors

SHIB continues to be one of the most traded ERC-20 tokens in the market, according to data from WhaleStats, while also accounting for some of the biggest holdings (in dollar terms) among large investors at present time. Furthermore, Shiba Inu is still awaiting launch of Shibarium layer two network which could influence further rallies on its own right as well as support other cryptocurrencies due to increased liquidity within crypto markets when layer two networks go live such as Matic Network or Polygon Network for Ethereum blockchain ecosystem specifically.

Investor Sentiment Supports Bullish Momentum

Investor sentiment remains positive towards cryptocurrency investments at this time with many people looking for alternative investments than traditional banks especially during times like these where there are fears over banking systems failing and even major banks seeing massive stock price declines such as Credit Suisse recently or Silvergate Bank already failing outright earlier this year in January 2021 already which serves only proof how fragile traditional banking system truly is and how much appeal digital assets hold compared to them in longer term perspective no matter short term hiccups along way due to occasional crashes or corrections within crypto markets overall too due to profit taking opportunities etc..

Conclusion

To conclude we can stay cautiously optimistic about Shiba Inu’s price movements going forward with potential further rallies incoming not only based on current banking situation but also upcoming launch of Shibarium layer two network providing additional buying pressure within digital asset markets overall too supporting prices across board including Shiba Inu ultimately leading us into new all time highs once again soon enough soon enough too!

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Explore Crypto: FGHT, MANA, CCHG, GMX, TARO, and RIA

• The cryptocurrency market is reacting to Jerome Powell’s comments and US regulatory targeting of crypto companies.
• Market analysts predict a bearish trend in the near future, with a potential rebound leading to a significant correction.
• Investors are urged to consider both fundamental and technical analyses when selecting investment options.

Effects of Jerome Powell’s Comments

The cryptocurrency market has experienced minimal activity and lackluster performance in recent days as US regulators continue to target crypto companies and fiat onramps and offramps into crypto are disrupted. Meanwhile, the crypto and other risk asset markets are responding to Jerome Powell’s less than bullish comments to Congress about the economy and interest rate policy.

Predictions for Market Performance

Bitcoin and Ethereum have seen a decline of 1.02% and 1.05%, respectively, today, bringing their prices to $22,338 and $1,561.As the market responds to ongoing economic revelations, investors and traders are keenly anticipating upcoming economic data and Fed policy updates. CryptoQuant analysts have released data suggesting that the current funding rates of digital assets are indicative of a bearish market, indicating that further declines could be imminent. Several analysts have warned that negative headlines have dented market optimism and that the worst may not yet be over, with any rebound potentially leading to a significant correction.

Impact of Employment Report

Powell is scheduled to speak before the House Financial Services Committee on Wednesday which may fuel further market action but investors will also be closely watching Friday’s employment report for its impact on markets worldwide. According to CME’s FedWatch tool, the chances of a 50-basis point rise on March 22nd are estimated to be approximately 29%. Nevertheless, the impending employment report on Friday could drastically alter this picture and render prior forecasts irrelevant.

Importance of Analyzing Investment Options

Investors in the cryptocurrency market are currently in a state of uncertainty, with the Federal Reserve’s future monetary decisions and economic indicators likely to have a significant impact on the market’s direction. As a result, it is now more critical than ever for investors to carefully consider both fundamental and technical analyses when choosing investment options .

Best Cryptos To Buy Today

Accordingly these analyses suggest several cryptocurrencies such as FGHT, MANA , CCHG , GMX , TARO , RIA may be good investments today given their current performance relative ot Bitcoin & Ethereum .

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Cathie Wood Sticks with Crypto, Praises Bitcoin and Ethereum

• Cathie Wood, CEO of asset management firm Ark Invest, declared her ongoing confidence in the crypto space.
• She praised Bitcoin for being the most decentralized and transparent blockchain and compared it to other blockchains like FTX.
• Wood believes that there are three revolutions being fuelled by the rise of crypto: money revolution, financial services revolution, and digital property rights.

Cathie Wood Sticks with Crypto

Popular tech-focused fund manager Cathie Wood has declared that she will stick with her crypto investments while praising Bitcoin (BTC) and Ethereum (ETH). In an interview with CNBC on Monday this week, Wood spoke highly of Bitcoin’s decentralization and transparency as a blockchain. She also made comparisons between FTX founder Sam Bankman-Fried’s preference for other blockchains over Bitcoin due to its lack of control.

Wood’s Confidence in Cryptocurrency

Wood also discussed how cryptocurrency is disrupting traditional finance and making an impact on broader society by fueling „three revolutions:“ money revolution (mainly Bitcoin or Bitcoin/Ether), financial services revolution (Ethereum), and digital property rights („Web3“). Her comments gave viewers confidence that decentralized blockchains have staying power since they did not stop during the market downturn last year.

Comparison of Blockchains

Wood made a comparison between various blockchains during her interview – FTX was described as „completely opaque and centralized“ whereas both Bitcoin and Ethereum were praised for their decentralization and transparency which kept them functioning during market dips. This showed viewers that these two popular cryptocurrencies may have staying power due to their strong fundamentals.

„Three Revolutions“

Wood believes that the rise of crypto is fuelling three distinct revolutions: money revolution (Bitcoin or Ether), financial services revolution (Ethereum) ,and digital property rights („Web3“). These different revolutions could make a profound impact on society if they remain resilient despite market volatility.

Conclusion

Overall, Cathie Wood expressed her ongoing confidence in cryptocurrency during her CNBC interview on Monday this week by praising both Bitcoin and Ethereum for their decentralization, transparency, and resilience during market downturns. She also believes that the rise of crypto is fuelling three distinct revolutions: money revolution, financial services revolution ,and digital property rights – all of which could have a profound effect on society if they remain resilient despite market volatility.

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VeChain Price Explodes: 3 Altcoins Ready to 10x in 2023

VeChain Price Explodes

• VeChain (VET) has been surging in 2023, with its gains nearing 100% since the turn of the year.
• The bull run was triggered by a break above its Q4 2022 highs, and VET/USD is now eyeing a move to resistance around $0.39.
• Investing in the token presale of promising crypto projects is one of the best ways to generate returns in crypto.

Fight Out: Move-to-Earn Crypto Platform

Fight Out is a web3 fitness application and gym chain that rewards users for working out, completing challenges, and competing within a first-of-its-kind fitness metaverse. Unlike existing M2E applications like STEPN that require expensive non-fungible token (NFT) buy-ins, Fight Out does not require any such buy-ins and takes a more holistic approach to tracking and rewarding users for their exercise and activity.

FGHT Token Presale Details

Fight Out is currently holding an FGHT token presale that has already raised nearly $4.5 million. The token will list on centralized exchanges in April at $0.033 per token, representing potential paper gains of up to 50%. Investors should act quickly if they want to secure tokens at this price point before it increases further.

Other Promising Altcoins To Watch In 2023

Aside from VeChain, there are other promising altcoins that could 10x in 2023 as well. These include:
• DIVI – A blockchain protocol designed to make cryptocurrency easier for everyday users;
• NXM – An enterprise security solution powered by blockchain technology; • AVAX – A platform for secure asset exchange backed by distributed ledger technology; • STMX – A global currency network developed on Ethereum’s EVM virtual machine; • BAND – A decentralized oracle service provider for smart contracts; • FTM – An open source blockchain protocol focused on scalability and interoperability; • CELR–A Layer 2 scaling solution built atop the Cosmos SDK platform;

Conclusion

The surge in interest around VeChain indicates just how quickly these new altcoins can rise in value over time if they are properly funded and developed correctly. Investors should research tokens thoroughly before investing their money into them as not all tokens will succeed longterm but those that do can provide investors with huge returns due to their high volatility and low liquidity levels when compared with traditional assets like stocks or bonds. With the right strategy, investors can really maximize their profits from these investments!

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FTX Subpoenas Issued to Crypto Insiders: Who’s Next?

• FTX is now bankrupt and insiders have been issued subpoenas to produce documents within the next day.
• The requested documents include information about Binance’s takeover offer, logs of internal communications and evidence to back up certain tweets.
• Among those receiving subpoenas were Sam Bankman-Fried, Caroline Ellison, Gary Wang and Nishad Singh.

FTX Cracks Down on Company Insiders

FTX has issued subpoenas to company insiders for specific documents related to the now-bankrupt crypto exchange. Documents requested included information about Binance’s takeover offer for FTX, as well as emails from professional and personal accounts of executives.

Subpoenas Issued to Sam Bankman-Fried, Caroline Ellison and Others

The people who have received subpoenas include former FTX CEO Sam Bankman-Fried, his father Joseph Bankman, former Alameda Research CEO Caroline Ellison, and top FTX executives Gary Wang and Nishad Singh. All of them were asked to produce the requested documents by February 16th except for Bankman-Fried who was given an extra day due to the large number of documents he was asked for.

What Documents are Being Requested?

Bankman-Fried is being asked for information on companies such as FTX, Alameda Research and Emergent Fidelity Technologies. He also needs to provide copies of emails from both his professional and personal accounts, details on real estate holdings, and supporting documents for claims made in an interview with Vox in November last year. Additionally, Nishad Singh was asked to provide technical details on several aspects of the business such as the automated liquidation system.

$250m Bail

Bankman-Fried is currently out on a $250 million bail staying at his parent’s home which is located near Stanford University’s campus in Palo Alto California where both of his parents are distinguished law professors at Stanford University. In January he blamed Binance CEO Changpeng Zhao for running a “extremely effective months-long PR campaign against FTX” which supposedly led to its downfall.

Conclusion

All the people involved in FTX have been told to present specific documents relating to their involvement with the company or its takeover offer by February 16th or 17th depending on their circumstances. These requests come after Bankman-Fried has accused Binance CEO Changpeng Zhao publicly blaming him for causing FTX’s downfall due to a “months long PR campaign against it”

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Discover the Best Crypto to Buy Today: MEMAG, GRT, FGHT, AGIX, CCHG

• The crypto market is currently in a state of relative stability, characterized by small price changes and a slowing of the recent crypto rally.
• Federal Reserve Chair Jerome Powell’s recent statement about the ongoing process of reducing inflation has further fueled the optimism surrounding risk assets like Bitcoin.
• Some of the best cryptos to buy today include MEMAG, GRT, FGHT, AGIX, and CCHG.

Crypto Market Relative Stability

The crypto market is currently in a state of relative stability, characterized by small price changes and a slowing of the recent crypto rally. It’s uncertain which direction the market will move next, but those looking to invest during this period of consolidation may benefit from considering tokens with a favorable fundamental and/or technical outlook.

Inflation Reduction Process

Federal Reserve Chair Jerome Powell’s recent statement about the ongoing process of reducing inflation has further fueled the optimism surrounding risk assets like Bitcoin. In a question and answer session at the Economic Club of Washington, D.C., Powell stated that although the process has started, we still have a long way to go, and inflation may not reach the target 2% until 2024. This has led many to believe that 2023 could mark the start of a potential shift in the cryptocurrency market’s bearish trend.

Best Cryptos to Buy Today

Some of the best cryptos to buy today include MEMAG, GRT, FGHT, AGIX, and CCHG. Meta Masters Guild Launching Game Changing Web3 Game NetworkMeta Masters Guild (MMG) seeks to bring together gamers from diverse platforms and genres. The innovative platform blends blockchain and Web3 technology for community-led events such as tournaments, leaderboard challenges, and reward systems. Gamers can earn Gems rewards through which can then be exchanged for NFTs (Non-Fungible Tokens) representing in-game items or MEMAG crypto.

The Graph (GRT)

The Graph (GRT) has recently seen an increase in its token price after a successful token unlock and transfer. This surge in value can be attributed to its strong fundamental performance combined with significant growth over past few months. The Graph is a Web3 protocol designed to make it easier for developers to build decentralized applications (dApps). It allows dApps developers access reliable data without having to rely on centralized servers or third parties who are often unreliable sources when it comes data accuracy or reliability on their own networks or servers they control themselves.

Conclusion

Bitcoin’s recent uptrend has sparked discussions among investors and traders about its future performance as well as other cryptocurrencies worth investing in amidst this investment climate today . Although there is uncertainty as far as which direction crypto markets will take next , these five tokens hold promise due their promising fundamentals or technical outlooks .

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: Hacker Steals $120 Million in BonqDAO Exploit, AllianceBlock Halts Trading

• BonqDAO, a self-sovereign financial services provider, suffered a $120 million loss when a hacker exploited its oracle to manipulate the price of AllianceBlock tokens.
• The hacker managed to change the updatePrice function of the oracle in one of BonqDAO’s smart contracts and withdraw the illicit gains.
• Following the hack, the team behind AllianceBlock paused all exchange trading and are working on a solution to allow users to withdraw all remaining collateral without repaying BEUR in the troves.

Self-sovereign financial services provider BonqDAO suffered a devastating loss of $120 million when a hacker exploited its oracle to manipulate the price of AllianceBlock tokens. The incident was revealed by blockchain security firm PeckShield in a tweet on Thursday.

According to the PeckShield analysis, the hacker managed to change the updatePrice function of the oracle in one of BonqDAO’s smart contracts. This allowed them to increase the price of AllianceBlock tokens, after which the hacker withdrew the illicit gains with 113.8 million WALBT and 98 million BEUR tokens, worth a combined $10 million. The hacker then dumped these tokens, resulting in a major drop in their prices, with WALBT dropping by more than 50% and BEUR dropping by 34%.

The official Twitter account of BonqDAO confirmed the hack in a tweet, saying that the exploiter had “increased the ALBT price and minted large amounts of BEUR. The BEUR was then swapped for other tokens on Uniswap. Then, the price was decreased to almost zero, which triggered the liquidation of ALBT troves.”

In response to the incident, the team behind AllianceBlock released an announcement in which they stated that they were in the process of removing the liquidity and halting all exchange trading. They also added that they were working on a solution to allow users to withdraw all remaining collateral without repaying BEUR in the troves, which was expected to be released the following morning.

The incident serves as a reminder of the importance of security in the blockchain space, as it is too easy for malicious actors to take advantage of vulnerabilities and exploit them for their own gain. It is therefore essential for developers to remain vigilant and to ensure that their systems are secure to prevent similar incidents from occurring in the future.

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Russian Finance Ministry Attempts to Tax Crypto Mining

– The Russian Finance Ministry has been attempting to regulate the crypto mining sector for almost a year.
– The ministry has been thwarted by the Central Bank and law enforcement agencies, who are concerned about money laundering.
– The finance ministry is now attempting to levy a tax on profits from crypto mining, using existing provisions in the nation’s tax code.

The Russian Finance Ministry has been attempting to regulate the crypto mining sector for almost a year, in a bid to give industrial players the green light to use surplus energy and associated gas to mine tokens. However, their efforts have been thwarted by the Central Bank and law enforcement agencies, who have raised concerns about money laundering and the potential for crypto to „enter“ the Russian economy.

In order to surmount this impasse, the finance ministry has now launched a fresh attempt to tax crypto miners. This move is being proposed under existing provisions in the nation’s tax code, and the ministry has stated that it „considers it fair to levy a tax on profits received from the mining of cryptoassets“. The exact form of taxation is yet to be determined, and will be contained within the framework of a long-awaited draft law on crypto mining.

The draft law is currently being discussed, and would require Central Bank and parliamentary approval in order to pass. In the meantime, mining remains neither legal nor illegal in Russia; however, as it is not classified as an entrepreneurial activity, it cannot currently be taxed.

Should the finance ministry be successful in their attempt to tax crypto miners, it could provide a much-needed boost to the sector. However, there is still much uncertainty surrounding the legal status of crypto mining, and many questions remain unanswered. It is likely that the ministry will continue to face challenges from the Central Bank and law enforcement agencies, and it remains to be seen whether their latest attempt will be successful.

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