YFI Plunge Might be Over After Record Number of Addresses Unload All their Tokens

In the past three days, the DeFi darling YFI has lost more than 36% of its value, going from $34,400 to $21,950 today.

At the time of writing, the 28th largest cryptocurrency with a market cap of $719 million, has been trading over $23,900, slightly in the red.

The governance token of Yearn.Finance has been plunging recently, which in part, is because of over 55% uptrend it experienced before that. Just this month, the token also hit a new all-time high of $43,678, and after such a peak, a correction is to be expected.

Moreover, the DeFi ecosystem at large hasn’t recovered from the losses yet, following the rally it has been recording from the past few months.

So, YFI is not alone in these losses; as a matter of fact, many like bzrx, SWRV, CRV, UMA, and MLN are down 60% to 85% in the past 30 days.

However, for YFI, there is an additional driver behind the downtrend.

As we reported, Eminence.finance was launched and exploited to drain $15 million, all within a few hours of the project getting in the limelight.

The unannounced and unaudited project was Yearn.Finance founder Andre Cronje’s creation.

Trader and economist Alex Kruger, who has been a YFI bull, revealed that he no longer holds any YFI as he took the profit. “My assessment made on the fly indicated YFI could crash. When shit hits the fan, it usually pays to react fast and hit it,” he said.

He further said trust in founder matters and “Cronje simply made the YFI trade more difficult.”

Kruger wasn’t alone in that given that on Sept. 29, with a 16% drop in price, the number of addresses that transferred out all their tokens and have zero balance reached its highest number ever at 1.72k addresses, as per IntoTheBlock.

In the EMN debacle, not only YFI’s communications lead was involved in promoting the project, but Cronje himself also retweeted Eminence.Finance’s ambiguous tweets.

“EMN is a Yearn product, contract deployed by Yearn #2 Blue muppet, a Yearn team member, shills EMN #3 Cronje talks surprise launches #4 Cronje promotes eminencefi while people buying EMN #5 EMN exploited, everyone gets rug pulled.”

To Cronje’s credit, the crypto community voted to be surprised by the project launch!

In the end, Degen investors might have learned a few things here, especially not to go all rushing-in in barely researched or audited projects.

Read Original/a>
Author: AnTy

UNI Shorts Get REKT As it Goes Into Price Discovery While Uniswap TVL Hits a Record $2B

It has been only three days since Uniswap launched its governance token UNI.

The free $1,200 crypto stimulus saw 32k accounts selling their 400 UNI instantly, under $5.

This much activity resulted in ETH gas fees skyrocketing to $11.60, yet again and seeing a level of congestion; the Ethereum network has “never” faced before. The good thing is ETH price also spiked to $392 amidst the ETH balance on exchanges reaching the lowest levels so far this year.

But what these sellers didn’t anticipate was the price discovery the token would go on. Yesterday, UNI hit an all-time high above $8.37, and currently, it is trading at $7.13.

“UNI shorts getting rekt. I’m pretty sure there’s a lot of farmers that leverage hedge yields because I do that often, but Jesus this chart looks like someone got rekt, futures were 35% below index and it teleported to the index in a few ticks,” noted trader CL.

These sellers also didn’t take notice of the fact that the decentralized exchange (DEX) handles the same level of volume as the top centralized exchanges such as Coinbase.

“There are VERY few productive assets in crypto space,” said Dovey Wan of Primitive Crypto. “Uniswap Protocol operational efficiency is an order of magnitude higher than Binance and Coinbase.”

Uniswap is currently the dominant force (19.4%) in the DeFi space with a record of $2 billion in TVL, as per DeBank.

This week, the volume on the platform is also gradually growing to over $600 million, which is much more than the likes of Coinbase, Gemini, Poloniex, and Bitfinex.

The token has already been listed on the top cryptocurrency exchanges with futures contracts, providing the opportunity to short or long the crypto asset. DeFi options protocol Opyn also launched the UNI put options.

“DeFi will devour CeFi, piece by piece. It will be very difficult for proprietary, closed platforms to compete with neutral, open infrastructure,” said Jake Chervinksy, a legal counsel at Compound Finance, about the ongoing development in the DeFi space.

Read Original/a>
Author: AnTy

Bitcoin Must Outperform Altcoins To Kick Off A Long-Term Bull Market

For the past four days now, bitcoin has been hovering around $11,000. Trading in the green, the digital asset today went as high as $11,185 but with the ‘real’ volume only about a billion dollars.

Much like the spot trading volume, futures had a lackluster performance as well. From $28 billion on Sept. 3rd, it has come down to just $7.2 billion. On CME, the volume kept between $262 million and $445 million since the mid of last week.

Open interest also followed the same path, going down from $5.1 billion to $3.7 billion in the first few days of September. But unlike futures volume, OI has been slowly trending upwards, making it to $4 billion. On CME as well, OI jumped back to $500 million.

However, during this whole ordeal, Bakkt came out the winner, making new records. On Monday this week, the total volume (physically-settled + cash-settled) was $183 million. Then on Wednesday, this record was broken with $191 million. But the OI on Bakkt had no such fun as it remains near $10 million.

What’s Looking Good?

While bitcoin looked good this week, with the price around $11,000, analyst DonAlt is all about the $10,600 area, which according to him, “is still one of the most important areas on the chart.”

“This week closes below it? I’ll assume the top is in, and we’ll trade towards $8k. We close above it? I’ll close shorts and see what happens next,” he said.

Amidst this, European Central Bank will disburse its latest rounds of loans with interest as low as -1% that has led the funding costs to fall. ECB’s liquidity injections may raise excess cash in the euro area above 3 trillion euros ($3.6 trillion) for the first time.

Today, while BTC is looking green, altcoins are not having that great of a time which includes SAFE (-25%), BAL (-16%), KNC (-10%), CRV (-9%), Tezos (-8%), YFI (-7%), and LINK (-4%), with the top ones down between 1% to 3%.

Still, the likes of CREAM (43%), SASHIMI (42%), UNI (40%), YAMV2 (16%), BASED (8%), and Aave (5%) are making gains.

Signs of New Money Moving into Crypto

The leading cryptocurrency is taking its sweet time moving upwards. Up 50.5% YTD, in Q3 bitcoin, has made gains of only 20%, about half of Q2’s 42% returns. But it is still better than gold’s 10.15%, SPX 7%, dollar’s -3.69%, and WTI’s -6.5%.

Quarter third, however, hasn’t really been good for the cryptocurrency, except for in 2017, or stocks for that matter. The next quarter, on the other hand, historically has been dominated by greens — 82.8% in 2015, 62.60% in 2016, and 210% in 2017. In 2014, 2018, and 2019, however, Bitcoin recorded losses of 18%, 42.5%, and 13.60% respectively.

Also, as Juan Villaverde of Weiss Crypto Ratings notes, underneath the surface, we are seeing “crypto-assets establishing a solid base for a potentially explosive rally as we head into the final quarter of 2020.”

His takeaway from the current market action, where bitcoin is moving higher while altcoins are struggling in sharp contrast to the past couple of months,

“Bitcoin remains the benchmark for outside investor interest in the asset class.”

“I’ve often noted on these reports how no crypto bull market is sustainable without Bitcoin leading the way, at least in the early stages,” said Villaverde adding:

“it’s only when we see Bitcoin outperform the rest of the markets to the upside that we can say that new money is moving into the crypto space — a necessary prerequisite for a long-term bull market.”

But it also remains to be seen if bitcoin will continue to outperform over the next few weeks.

Read Original/a>
Author: AnTy

Dave Portnoy’s Crypto Stint Already Over with Buying at the Top & Selling at the Bottom

About ten days back, Barstool Sports president Dave Portnoy who became a day trader during the coronavirus pandemic, jumped in bitcoin — million dollars deep in it.

Earlier this week, in his BlockFi sponsored session, he called himself the “Baron of bitcoin,” stating that he is up to $100,000 in his investment only to declare yesterday that he currently has zero bitcoins.

“I currently own zero bitcoins. I will wait and watch,” tweeted Portnoy to his 1.7 million followers. “I may or may not be done.”

“Just like with the stock market, it took my brain time to figure it out,” he said.

Thanks to his venture into shitcoins, he reportedly lost $25k. Blaming the crypto market, which he said doesn’t keep on going up like the stock market, he added, “The Link Marines are weak, and the orchid flowers do die in the crypto world.”

But according to trader and economist Alex Kruger, “Link Marines are not weak. Link marines dumped on Portnoy.”

The day Portnoy talked about pumping LINK to the moon, a week back, the digital asset made a new all-time high to $20. However, before that, LINK had already become the fifth largest cryptocurrency with its explosive gains and repeated new highs.

Since that day, LINK has corrected nearly 20% and is currently trading at $15.52.

As for the Orchid (OKT), the day Portnoy shilled the altcoin, one of the handful cryptos available on Gemini — the Winklevoss twins’ founded cryptocurrency exchange that has been sponsoring Portnoy’s crypto stint, the token dumped, having already rallied over 200% in the weeks before that.

Portnoy, who was heralded as the one bringing a mass of new investors into the market, was torn into by the crypto community for being a bad cryptocurrency trader.

Many weren’t happy with Tyler and Cameron shilling him “shitcoins” and that he should have just stuck to bitcoin because “they are designed to separate people from their BTC (or their money generally),” said Adam Back, co-founder of Blockstream who further advised HODling BTC or went with leveraged perpetual futures if one wants to day trade BTC.

bitcoin 101

Others meanwhile pointed out how, “No suits to beat here, Dave. It’s a pure street fight,” and “saying a prayer for his next pump and dump attempt.”

portnoy bought the top

And as one crypto trader said, “This is what we qualify as a noob trader.”

hype make oney lose it all

According to Dan Tapiero, co-Founder of 10T Holdings, the Winklevoss twins “did him the disservice of not explaining bitcoin; instead of focusing on the absurdity of gold asteroid mining and chainlink, which itself is complex.” Portnoy cried for some mentorship on BTC, but “no one answered his call,” he added.

As we reported, Portnoy first got into Bitcoin during the bull rally of 2017 when he said he doesn’t understand it but can’t get enough of it either, calling it “Mario Brothers.”

It’s to be seen if Portnoy will re-enter the market once bitcoin starts flying again or if it’s finally over for the so-called “King of Bitcoin.”

Read Original/a>
Author: AnTy

Whale Alert Analysis Reveals Satoshi Stacked $10.9B Worth of Bitcoin (1.125M BTC)

Satoshi Nakamoto mined around 1,125,150 Bitcoin in the early days, according to a new on-chain analysis released by the Whale Alert. Based on the current market prices, the value of this BTC stash is an estimated $10.9 billion.

Whale Alert detailed, in a Medium post, how a miner dubbed ‘Patoshi,’ who is believed to be Satoshi, acquired this number of Bitcoins within a year given the mining activity could only be tracked up to May 2010.

According to Whale Alert, the anonymous Bitcoin network creator mined such a significant number of coins to prevent a 51% attack, which at the time was likely. The analytics firm further pegs its findings on research by Sergio Demian Lerner back in 2013, which was the first to coin the term ‘Patoshi’.

Lerner’s findings revealed that Satoshi had mined close to 1 million BTC, relying on a technique dubbed ”extra nonce’. Notably, this technique is visible in the early pattern of BTC mining and shows the first transaction link which saw Hal Finney receive the first coins in this network.

The ‘Patoshi Pattern’

Lerner went on to define the probable Satoshi mining as the ‘Patoshi Pattern.’ Whale Alert researchers have since been able to isolate most of the nonce patterns attributed to the Patoshi set, hence the latest Satoshi BTC stack update.

Based on the analysis, most of the early BTC mining was done by one individual whose mining software was more advanced than the industry standard back then. The chart below gives an impression of this situation as the straight lines represent normal mining while the ‘saw-like’ lines paint a picture of the Patoshi pattern:

Source; Whale Alert

Whale Alert also learned from this pattern that Patoshi made adjustments on the block time to maintain an average of 0.6 blocks in every 10 minutes. He also kept a steady hashrate by controlling 60% of the processing power in efforts to prevent a 51% attack.

This was, however, reduced to 1 block in 10 minutes as more miners joined the BTC network in order to give them an opportunity to mine as well. As per Whale Alert’s findings, 48 computers supported this operation with one of these designed to coordinate the entire process.

Will Satoshi Liquidate the position?

Most analysts have said that Satoshi stopped mining at block 54,316, with 22,503 being mined by the Bitcoin creator. While this may not be the true position, there seems to be a consensus on the fact that Satoshi indeed holds a significant number of Bitcoins.

That said, the possibility of liquidation cannot be ruled out given these coins were not burned and have been in recent projects borrowing from Bitcoin’s decentralized architecture. Whale Alert now suggests that it unlikely that Satoshi will sell his Bitcoins since the initial accumulation was solely for network fundamentals and not financial gain:

“The timing of the shutdown, the mining behavior, the systematic decrease in mining speed, and the lack of spending strongly suggest that Satoshi was only interested in growing and protecting the young network. The bitcoin mined by Patoshi was possibly a mere byproduct of these efforts, and it is unlikely that the remainder will ever be spent, although the question remains why Satoshi didn’t simply burn them in this case.”

Read Original/a>
Author: Edwin Munyui

Raging Protests Across America Historically Bodes Well for Stocks; What About Bitcoin?

Coronavirus cases in the US are slowing down, rising by the slowest pace of 1.1% in five days after over 1.8 million reported cases and more than 106,208 deaths so far.

“Market upside ultimately depends on the path of the virus and the success of reopening,” wrote Credit Suisse Chief U.S. Equity Strategist Jonathan Golub on Monday.

The stock market opened higher only for Dow Jones to then drop by 0.38% along with the S&P 500 (currently above 3,000) and Nasdaq by 0.38% and 0.29% respectively.

When it comes to reopening the opening, Chicago which is hit hard by violent protests over a police custody death may delay its reopening.

Grappling with protests and cold war with China

The death of an African American at the hands of the police in the United States has set off mass protests against police brutality.

A chorus of criticism has erupted in many parts of the world alongside the unrest in the US over the death of 46-year old George Floyd last week.

Chinese officials and state media seized this news to compare these protests to the pro-democracy movement in Hong Kong, accusing Washington of hypocrisy.

Beijing repeatedly blamed “foreign forces” for inciting and diving Hong Kong protests.

The US administration has been vocal in support of Hong Kong’s pro-democracy movement. In response, Lijian Zhao the foreign ministry spokesman on Monday urged the US to protect the lawful rights of the minority and eliminate racial discrimination.

“US House Speaker Nancy Pelosi once called the violent protests in Hong Kong ‘a beautiful sight to behold.’… US politicians now can enjoy this sight from their own windows,” wrote Hu Xijin, editor-in-chief of nationalist tabloid Global Times.

Zhao also threatened with “counter-attacks” on the US for reversing Hong Kong’s special custom status.

This house of cards will come toppling down very soon

The stock market enters June on a higher trend despite multiple challenges ahead. S&P 500 rallied over 36% off its March 23 low despite a global pandemic, political and civil unrest, and economic and earnings downturn. Art Hogan of National Securities noted,

“At the levels we’re at, I wouldn’t be surprised to see the market take a pause and pull back.”

“We can say we’re slowly reopening and there’s going to be economic activity but it’s hard to defend valuations with so much unrest that we’re seeing going on in this country this weekend.”

But others believe protest won’t materially impact markets which is historically correct. As a matter of fact, stocks have risen while riots flared up. For the riots to have a major impact, there needs to be an expectation of long-lasting riots “otherwise they are noise as far as asset prices go.” Analyst Mati Greenspan said,

“Already hearing analysts with bated breath getting excited about buying stocks now because the #GeorgeFloyd protests will unleash additional monetary stimulus from the FederalReserve.”

“This house of cards will come toppling down very soon.”

According to Goldman Sachs analysts as well, the “remarkable journey” of US stocks is likely to stop, with its year-end target at 3,000, because of “numerous medical, economic and political risks dot the investment landscape.”

What about Bitcoin?

The world’s leading digital currency is trading around $9,550, up 0.80%. May marked the “highest monthly close on BTC in over 7 months.” So far, in 2020 BTC/USD is up 30.58% and nearly 50% in Q2 of 2020.

However, the June 1 candle has opened into resistance and it needs to “confirm itself above this structure” otherwise be ready for rejection and risk distribution.

If the stock market takes a hard hit, bitcoin could also be in danger of some extent of sell-off.

Historically, however, April, May, and June have been good months for bitcoin price performance which combined with investors preferring to hold their coins, institutional investors flocking to the digital currency and Federal Reserve’s balance sheet surpassing $7.09 trillion for the week ending in May 20 works in favor of bitcoin.

In the current global backdrop of social unrest, bitcoin — a decentralized, deflationary asset that is censorship-resistant and unseizable offers a great alternative.

Read Original/a>
Author: AnTy

Lending and Interest Income Could Be the Path to Boost Crypto Adoption

Bitcoin and cryptocurrencies, in general, have come a long way from the early days when they were regarded as an internet bubble waiting to burst.

However, even after a decade, one constant criticism is that digital assets haven’t found a niche, and cannot be spent as easily as it has been advertised for long.

The one feather that these digital assets can borrow from the traditional financial world is lending and borrowing, which is the backbone of the majority of the financial ecosystem and banks. This interest-based income, lending and borrowing have already gripped the digital asset world which is evident from a report from Credmark.

The Credmark report suggests that the crypto lending market has already peaked $8 billion in loan amount by the end of the fourth quarter of 2020.

At present, the market size has grown to $10 billion and expected to grow exponentially as the popularity rises overtime. Not only that the global peer-to-peer lending marketplace has also registered annual transaction volumes in upwards of $85 billion.

Lending and Credit Gaining Popularity in Crypto Verse

Genesis Capital, one of the leaders in the crypto credit market, registered its best quarterly performance in the first quarter of 2020, registering $2 billion in the new loan organizations. The firm doubled on its previous quarterly performance and also registered a 20% spike in active loans from the previous quarter.

Celsius Network, the retail-focused crypto lending platform, registered similar growth and currently boasts of 100,000 retail clients and 260 institutional clients spread across 160 countries. The firm has registered $8.2 billion in coin loans to institutional clients since its inception in 2018.

Crypto lending is mostly based on the underlying assets, which makes an easier process as debt is collateralized with the crypto asset. Apart from these asset-backed crypto lending, another form of a lending ecosystem has risen in popularity over the last year in the crypto space i.e decentralized finance (defi).

Defi is an Ethereum based ecosystem which offers decentralized credit system to users based on the collateralized asset.

Users can lock their Ether, Wrapped Bitcoin and other ERC-20 based tokens in smart contracts and withdraw a loan in non-asset backed stablecoin like Dai and USDC. The defi ecosystem has gained massive popularity in the past year, and the value of assets locked as collateral has already crossed the $1 billion mark.

Thus, looking at the popularity, demand and success of lending and borrowing ecosystems in the decentralized space, it could pave the path for mass adoption of crypto in the long-term.

Read Original/a>
Author: James W

Bitcoin Price Drops Over 10% to $8,700 BTC/USD Just 50 Hours Before Halving

Just Days Before Bitcoin Halving, What’s Happening To The Market?

The estimated time for the bitcoin block half reward halving is near 2 days from right now.

Bitcoin will turn 4,141 days old when it is set to take place on May 12, 2020. Since Satoshi released the network’s code into the wild on January 9, 2009, to the second halving on July 9, 2016 (1,403 days ago), Bitcoin is coming up on its third of 33 more halving splits set to unfold over the course of its mining rewards system.

bitcoin-block-half-halving-mining

Bitcoin is set to halve on May 12 (late Monday night May 11th in US), and there are several events going on in the market. Top of them is that the majority of the traders are expecting the value of the king coin to decrease. But, as bitcoin usually holds true to, fireworks ensue after the leading cryptoasset coin rallied over 130% in the past month by reaching just over $10,000 on May 7th only to drop 11% and counting down to $8,700 range today.

The crypto market managed to fall from $260 billion range down to as well as $238 billion, a $22 billion market cap value wiped in mere minutes.

As the third of thirty three more halvings of the bitcoin blockchain reward system for the miners who contribute computing hash-power to securing the network in exchange for freshly minted coins being issued every ten minutes begins to unfold, as expected, volatility for the price of bitcoin has begun to start with fireworks.

Crypto Exchanges Becomes The Main Bitcoin Sellers

As per a top on-chain analyst, crypto exchanges may be piling pressure to sell as the dump has begun on May 9th, just under 50 hours left before the BTC halving event.

Hypersheet co-founder, Willy Woo, explains that most of the crypto exchanges are likely to start disposing of their crypto storage earned from trading fees. Notably, crypto exchanges earn crypto as trading fees which they later sell in order to cater for their operational costs.

Given that the exchanges earn about 1,200 Bitcoins every day as trading fees that is currently equal to $11.6 million, this may lead to a slow down to a Bitcoin surge.

In addition, miners’ revenue is set to decrease from 1,800 to 900 BTC every day after the halving, Woo states.

In this regard, after the halving, the risk of a main sell-off will come from exchanges as opposed to miners. He explained:

“Post this 2020 halvening miners will cease to be the biggest sellers of Bitcoin. It’ll be the dawn of the crypto exchange as the leading seller.”

Perpetual Funding On An Upward Trend

During the Black Thursday period the perpetual rate funding has been on the negative side but after the mid-march market crash, the perpetual funding rate has slowly gone back to positive. The perpetual funding rate has crept towards the positive side in the first week of May majorly due to the oncoming Bitcoin halving.

According to a hedge fund manager working with Blockchain Opportunity Fund explains that the current put-call ratio is increasing from mid-March and is approaching a three-month high. The analyst argues that the surging put-call ratio is a sign that Bitcoin is on a bullish trend due to the impending Bitcoin halving.

In the meantime, the majority of crypto worshippers are selling their altcoins to buy Bitcoin due to fear of missing out (FOMO) as the halving is imminent.

While the bitcoin price has dropped over $1,000 in value with the BTC/USD exchange rate since cracking $10,000 benchmark for the first time since mid-February, many wonder what is next for the crypto market?

Or is it just business as usual?

As always, one trader, investor, or avid follower should always do one thing when watching the price of bitcoin – buckle up the seat belts:

Latest Bitcoin Price News and Crypto Market Updates

Read Original/a>
Author: Andrew Tuts

New Research: Bitcoin is the Best Performing Asset Class in 2020

With few days to go before Bitcoin halving, a new research conducted by Fundstrat indicates that Bitcoin currently the best performing asset class so far this year.

Thomas Lee from Fundstrat posted on Twitter the results of the research which shows that Bitcoin has so far this year outperformed all other asset classes by about 19% and Bitcoin has so far gained about 39% in value from the start of this year.

According to the research the 20-year US treasures come in second place having gained by 21.1% this year, gold was ranked third at 12.5%, while US treasuries come in at fourth 8.9% gain this year.

The research also revealed that world government bonds as well as Nasdaq surged by 1.8% as well as 1.7% respectively. The research also revealed that high-grade US credit as well as cash funds increased at 0.5%. However, the research also indicated that the rest of the asset classes are at the moment in the red.

The research also analyzed the performance of the best performing 13 asset classes in last year, where Bitcoin was also ranked the first with a gain of 92.2% over the last 12-month. Nasdaq came in second with a gain of 35.2%, S&P 500 came third with 28.9% while MSCI World Index was ranked fourth with a gain of 25.2%.

According to the research, Bitcoin was also the top performer among assets in 2017 gaining more than 1,550%.

Bitcoin has gained more than 30 percent since January making the king coin the fifth-strongest cryptocurrency among the top ten cryptos as per market capitalization.

However, Bitcoin SV (BSV) is the biggest gainer in 2020 among cryptocurrencies as it has increased by 115% as it has raised from $98 to $210.5. Tezos (XTZ) has also performed exemplary and is ranked second having gained by 107.5% rising from $1.35 to $2.80. Ether (ETH) and Stellar (XLM) are also ranked high as biggest gainers 61%.

Read Original/a>
Author: Joseph Kibe

Bitcoin Halving Hype Could Give Way to Consolidation or Retracement, But what about Altcoins?

Just four days away from halving, we have some interesting next few weeks ahead of us.

The world’s leading digital asset is already enjoying an uptrend, currently trading above $9,800, breaking off its relation with equities after the correlation between them reached a peak during the past couple of months. This short pump is rolling off the news of $38.4 Billion hedge fund manager Paul Tudor Jones saying that he will invest a single percent into Bitcoin.

Trader Cantering Clark is expecting S&P 500 to “suffer a bit of altitude sickness up here from a demand standpoint,” as the thing starts going back to normal and approaches “Sell in May and go away” that means “most observed growth in equities occurring between November – April.”

Bitcoin halving on social media

In these last few days leading up to halving, bitcoin-related sentiments that were “sky-high” on most social media channels in the last week’s run-up to $9,000, the mood has cooled down, reports Santiment.

The trend is most visible on Telegram, which recorded a 3-month high only to decline dramatically since BTC’s move above $9k.

Other social channels are reflecting the same pattern. Major crypto subreddits that have been growing “increasingly confident” in Bitcoin since Black Thursday have made a complete 180 and now are firmly in the “ambivalent territory.”

Over the last month, Bitcoin-related sentiment recorded the largest spike on Twitter which is also seeing a steady decline in the bullish overtones since the $9,000 pump.

“The crowd appears deeply divided on the impact of the halvening, its size and direction,” reported Santiment. “At this point, I’d say the bears are just inching out the bulls. But the momentum definitely feels on the side of the bears.”

Now, the facts

The market is eagerly waiting for this third reward halving which the last two times led to bull rallies. As such, everyone is focused on this event that will cut down miners’ revenue into half while the bitcoin network remains strong as ever with all-time high hash rate and difficulty which is near its peak.

But that is to be expected as the analyst with pseudonym Rekt Capital points out, “Investors buy the hype weeks before every Halving.”

Further pointing out the bitcoin halving facts based on previous halvings, he noted that bitcoin retraced on the week of the last two halvings.

After the first halving in 2012, bitcoin consolidated for over a month before rallying, and following 2016 halving, bitcoin retraced and took weeks to recover before it rallied again.

What about altcoins?

Ahead of halving, Bitcoin’s market cap dominance continues to rise, climbing to 75.98%, as per Messari. This jump in BTC’s dominance means altcoins will “feel a lot of pain across the board.”

Already while bitcoin is enjoying a rally, having spiked to $9,800, altcoins are suffering.

Coin360-5-7

“BTC is rallying strongly with only a few days left until the Bitcoin Halving. Unsurprisingly, most of the attention is on BTC which is why capital is flowing away from Altcoins,” said the analyst Rekt Capital.

What this means is that “altcoins will have retraced to attractive prices ahead of their Q2 Hype Cycle.”

Read Original/a>
Author: AnTy