Binance CEO Changpeng Zhao says he’s planning to set up a $1 billion fund to rescue distressed crypto assets. In a new interview with Bloomberg TV, the billionaire says the fund is intended to help those in the crypto space weather the impacts of the FTX collapse and the crypto winter over the next six […]
The post Billionaire Changpeng Zhao Exploring $1,000,000,000 Fund To Purchase Distressed Crypto Assets appeared first on The Daily Hodl.
Since bitcoin started falling from its all-time high last year, the economist and gold bug, Peter Schiff, made sure everyone knows that he wholeheartedly believes the leading crypto asset will fall to zero. Now that FTX has collapsed, Schiff has doubled down on his belief and he’s wasted no opportunities to dunk on bitcoin throughout […]
US-based crypto exchange Coinbase is reportedly laying off another batch of employees as the crypto winter continues to affect the company’s revenue. According to a new report from Reuters, Coinbase removed over 60 jobs in its recruiting and institutional onboarding teams, marking the second time that the company has cut jobs this year. In June, […]
The post Digital Asset Giant Coinbase Reveals New Round of Job Cuts As Crypto Bear Market Intensifies: Report appeared first on The Daily Hodl.
On Nov. 1, 2022, the bitcoin miner Cleanspark revealed it acquired 3,853 Bitmain-brand Antminer S19J Pro mining rigs for $5.9 million. According to Cleanspark, the company has purchased 26,500 bitcoin mining machines since the crypto winter started in June. Cleanspark Purchases 3,853 Antminer S19J Pro Units at $15.50 per Terahash After the bitcoin (BTC) mining […]
The digital asset market downturn that started the current crypto winter is negatively affecting search spending, Google has acknowledged. Ad growth in the third quarter fell to a low seen only once in almost a decade, the tech company revealed this week. With Fewer Crypto Ads, Google Registers 6% Ad Revenue Growth in Last Quarter […]
On October 25, the bitcoin mining operation Cleanspark announced that the firm’s hashrate now exceeds 5 exahash per second (EH/s), a milestone achieved more than two months ahead of the company’s original year-end goals. Cleanspark says it now aims to surpass 5.5 EH/s by the year’s end by increasing the miner’s hashrate goal by 10%. […]
Key Bitcoin indicators tracking its market versus fair value, as well as long-term holders' confidence, hint at a market bottom formation.
Bitcoin (BTC) and other riskier assets slipped on Oct. 21 as traders scrutinized macro indicators that suggest the Federal Reserve would continue to hike rates. Nonetheless, the BTC/USD pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market.
Notably, BTC's price has been unable to dive deeper below $18,000 since it first tested the support level in June 2022. As a result, some analysts believe that the cryptocurrency is bottoming out, given it has already corrected by over 70% from its record high of $69,000, established almost a year ago.
"During the 2018 bear market, BTC saw a max drawdown from peak to trough of 84%, lasting 364 days, while the 2014 cycle lasted longer, bottoming after 407 days," noted Arcane Research in its weekly crypto market report, adding:
"Both bottoms were followed by unusually low volatility."
In addition, a flurry of widely-watched on-chain Bitcoin indicators also hints at a potential bullish reversal ahead. Let's look at some of the most historically significant metrics.
The MVRV-Z Score assesses Bitcoin's overbought and oversold statuses based on its market and fair value.
Historically, when Bitcoin's market value crosses the fair value, it indicates a market top (the red zone). Conversely, it indicates a market bottom (the green zone) when the market value crosses below the fair value.
The MVRV-Z Score has been in the green zone since late June, suggesting Bitcoin is bottoming out.
Bitcoin's Reserve Risk assesses the confidence of the token's long-term holders relative to its price at the point in time. Historically, a higher Reserve Risk (the red zone) has coincided with market tops, reflecting lower investment confidence at record-high Bitcoin prices.
Conversely, higher confidence and a lower Bitcoin price mean a lower Reserve Risk (the green zone), or better risk/reward for investing.
Bitcoin's Reserve Risk plunged into the green zone in late June, suggesting that BTC may undergo a strong bullish reversal sooner or later.
The Puell Multiple reflects the ratio of the daily Bitcoin issuance (in U.S. dollars) and the 365-day moving average of daily issuance value.
Related: Bitcoin bear market will last '2-3 months max' — Interview with BTC analyst Philip Swift
Historical data shows the Bitcoin market bottoming out when the Puell Multiple drops into the green zone defined by the 0.3–0.5 range. Conversely, the market peaks out when the ratio crosses into the 4–8 red zone.
As of October, Bitcoin's Puell Multiple is inside the green zone, suggesting a potential price reversal ahead to the upside.
As Cointelegraph reported, the BTC balance on cryptocurrency exchanges has also fallen to multi-year lows at the fastest pace since June, suggesting that current price levels are becoming an important area of accumulation.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Nuri will maintain crypto trading services until the end of November, and has encouraged users to withdraw their assets before the mid-December deadline.
German crypto bank Nuri has told its 500,000 users to withdraw funds from their accounts as the firm prepares to shut down and liquidate the business, marking it as another victim of the 2022 bear market.
Nuri first reported liquidity issues in August, after announcing that it had filed for insolvency amid the economic strains of Crypto Winter. It said at the time that business would continue as usual, as it worked on a restructuring plan and securing a buyout, however an acquisition has failed to materialize.
In an Oct. 18 blog post, Nuri CEO Kristina Mayer noted that despite the company’s best efforts, it is unable to maintain its operations moving forward.
Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community!
— Nuri (@NuriBanking) October 18, 2022
Here is a letter of our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs
Unlike bankrupt crypto lender Celsius which locked user withdrawals before everything went south, Nuri is encouraging users to withdraw all of their assets before the Dec. 18 deadline.
“Customers have access and will be able to withdraw all funds until the aforementioned date. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency. Trading will be possible until 30/11/2022,” the post reads.
Mayer explained that “this year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer,” and added:
“On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge. As a result, Nuri had to file for temporary insolvency in August this year.”
While Mayer didn’t specifically name its insolvent business partner, Celsius appears to be the prime candidate as it had partnered with Nuri to offer Bitcoin (BTC) interest accounts to its customers. These accounts were halted when Celsius went towards bankruptcy.
Mayer also noted that the company is still bullish on the potential of blockchain-based financial services.
Related: Texas authorities object to Voyager’s disclosure statement in its current form
“We still believe in innovative financial technology and are convinced that blockchain, cryptocurrency and decentralized finance will offer opportunities that add true value to the lives of people. Still, financial innovation should be safe, understandable and easy to use for as many people as possible,” Mayer wrote.
Galaxy Digital CEO Mike Novogratz is updating his outlook on the future of the current bear market and the crypto markets as a whole. Novogratz says in a Yahoo Finance interview that Bitcoin (BTC) and other crypto assets are likely to rally once the Federal Reserve pauses its monetary tightening measures. According to the Galaxy […]
The post Billionaire Mike Novogratz Forecasts How Long the Bitcoin and Crypto Bear Market Will Last appeared first on The Daily Hodl.
