The Ethereum network has faced withdrawals from its smart contract applications, putting the recent ETH price rally in check.

Bitcoin's price (CoinDesk/Highcharts.com)

Binance is fleeing the Netherlands (Patrick Rasenberg/Flickr)

Many traders and technicians closely follow the well-known Golden Cross moving average crossover in key liquid markets such as Bitcoin, Gold, and the Nasdaq 100 Index among others. Today, however, well examine an under-the-radar Bitcoin moving average crossover which looks imminent. Using Bitcoins reliable data from 2011 through today, lets find out if this lesser known moving average crossover looks bullish or bearish going forward.

This Lesser Known Moving Average Crossover May Soon Hit

While the Golden Cross occurs when the 50-day simple moving average crosses above the 200-day simple moving average, Bitcoins 50-day simple moving average (50MA) currently looks poised to cross above its 100-day simple moving average (100MA) within days. Earlier this year, Bitcoins 50MA crossed above its 100MA as the number one crypto by market cap surged in January off of its post-FTX collapse low. Further Bitcoin gains followed from this most recent crossover.

Bitcoin Daily Chart  | BTCUSD on TradingView.com

Now that Bitcoin has extended its year-to-date gains in recent sessions, its 50MA looks poised to cross back above its 100MA once again. Beyond the signal earlier this year, whats happened in the past when Bitcoins 50MA has crossed above its 100MA?

Sixty Days And Beyond Looks Bullish

To find out, well look at all signals since 2011, adding an extra condition which better describes current market conditions with respect to Bitcoin. Our extra condition requires that Bitcoins 100MA must be rising, meaning that the average closed at a value greater than the day before when the 50MA crossed above the 100MA. This additional requirement filters out 50MA > 100MA crossovers during periods of downward price momentum and better describes Bitcoins current technical state.

While the holding time graphic below illustrate...

Laser light (WikiImages/Pixabay)

The latest price moves in bitcoin (BTC) and crypto markets in context for July 6, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.

On-chain data shows that the Bitcoin exchange supply has only continued to decline despite the recent rally that the asset has observed.

Bitcoin Exchange Supply Continues To Register Net Decline

According to data from the on-chain analytics firm Glassnode, exchanges have continued to see withdrawals recently. The indicator of interest here is the exchange balance, which measures the total amount of Bitcoin thats currently sitting in the wallets of all centralized exchanges.

When the value of this metric goes up, it means that the investors are depositing a net number of coins to these platforms currently. As one of the main reasons why holders may transfer their BTC to exchanges is for selling-related purposes, this kind of trend can have short-term bearish consequences for the price.

On the other hand, decreasing values of the indicator imply a net amount of the supply is leaving from the exchanges. Such a trend, when prolonged, can be a sign that the investors are accumulating at the moment. Naturally, this could be constructive for the cryptocurrencys price.

Now, here is a chart that shows the trend in the Bitcoin exchange balance over the last few years:

As displayed in the above graph, the Bitcoin exchange balance had been in an overall uptrend during 2018 and 2019, but with the COVID crash in March 2020, a shift happened in the market and the indicator started moving in a downward trajectory.

There was a break in this trend during the 2021 bull run, as the metric mostly moved sideways, with some increases coming near the top of the rallies. This deviation in the trend was possibly a result of investors depositing to take advantage of the profit-taking opportunity.

With the end of the bull market and the transition toward a bearish period, though, the indicator resumed its decline. Events like the 3AC Collapse and the FTX Crash saw the exchange balance dropping especially hard, as these platforms going down made investors more wary of keeping their coins in centralized custody.

With the start of the Bitcoin rally this year, however, the metric once again started moving sideways as demand for selling returned. In the leadup to the local top in April, exchanges were receiving net deposits as their supply outright registered an increase.

Interes...

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This is an opinion editorial by Leon Wankum, a HODLer who is active in real estate and venture capital with a masters degree in financial economics.

On August 15, 1971, U.S. President Richard Nixon announced that the United States would end the convertibility of the U.S. dollar into gold. Since then, central banks around the world have started operating a fiat-based monetary system with floating exchange rates and no currency standards at all. The money supply has been rising steadily ever since. This forced market participants to look for ways to invest their money to protect against this inflation and one of the most popular investment assets has been real estate.

In the past, people owned real estate for its utility value, which is characterized by the fact that you can live on it or use it for production. Nowadays, however, it serves the world as the primary asset to store value. Around 67% of global wealth ($ 330T) is stored in real estate. This has pushed up real estate prices enormously and, with that, the cost of housing and the cost of living.

Home Value Change Vs. Income Change

The chart below shows the increase in wages in the U.S. from 1965 to 2021 compared to the increase in housing prices. It shows that real estate prices have risen excessively.

As a result, it is no longer possible for most people to afford their own home. In addition, regulation and inflation have made construction significantly more expensive, for example, due to the increased building requirements because of so-called ESG guidelines and the increase in raw material prices. Property owners pass this price increase onto tenants in the form of increased rents.

From Utility To Speculation

Real estate has become a speculative investment object because it is used as a store of value,...

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Solana has observed an increase of more than 20% in the past week. Heres what on-chain data says regarding whether this is sustainable or not.

Solana Trading Volume Has Remained Low Despite Price Rise

In its latest insight post, the on-chain analytics firm Santiment has looked at the underlying metrics of Solana to see what has been driving the latest increase in the price.

The firm has looked at the social volume of the cryptocurrency for various social media platforms and has found that the asset has seen elevated interest on Reddit recently.

Here, the social volume refers to a metric that measures the total number of unique posts or threads on a given social media platform that is making at least one mention of SOL. This metric can tell us about the degree of discussion that the coin is currently receiving on the website in question.

Now, below is a chart that shows the trend in the Solana social volume on four major social media platforms: Telegram, Reddit, Twitter, and 4chan.

As displayed in the above graph, the Solana social volume on Reddit has seen some spikes as the cryptocurrency has risen during the past week or so. The other platforms, however, havent observed that much discussion related to the asset.

A notable spike in the social volume on Reddit also occurred before the coins 5% surge during the past 24 hours. This may imply that interest from users on the platform could partly be helping fuel the rise.

In terms of the actual trading volume, though, SOL has continued to observe muted activity, despite the growth.

Here is a chart that displays the trend in this indicator:

Interestingly, the initial, strong rise that Solana enjoyed was accompanied by elevated volumes, but at the start of this month, the indicators value noted some decline. Since this drop in volume, SOL has mostly move...

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Breaking Shiba Inu news: The highly anticipated layer-2 solution Shibarium, along with other groundbreaking developments, is set to be unveiled at the upcoming Blockchain Futurist Conference and ETHToronto. Shiba Inus lead developer, Shytoshi Kusama, revealed in a new blog post today that these events will serve as platforms for showcasing Shibarium along with the finalized Worldpaper, introducing SHIB-branded projects, and shedding light on Treat.

Sweet August For Shiba Inu Army

Scheduled for August 15-16, 2023, ETHToronto and the Blockchain Futurist Conference will provide the perfect backdrop for Shiba Inus grand unveiling. ETHToronto is the official hackathon of the Blockchain Futurist Conference and a huge event for the entire Ethereum ecosystem.

As the title sponsor, Shiba Inu solidifies its position as a major player in the crypto space, as emphasized by Kusama in the blog post. Remarkably, the release date aligns with SHIBs approximate 3-year anniversary and being the birthplace of Eth.

The SHIB community can expect an immersive experience, featuring presentations, demonstrations, and discussions that will reshape the future of Shiba Inus decentralized finance and governance. The highlight of these events will undoubtedly be the introduction of Shibarium, the highly anticipated cornerstone of Shiba Inus ecosystem.

Shibarium aims to push the boundaries of scaling Ethereum, providing innovative solutions for the Shiba Inu community. The long-awaited L2 holds immense potential for revolutionizing the Shiba Inu ecosystem.

Remarkably, the event is not only about Shibarium. As part of the events, all SHIB-branded projects will be unveiled, showcasing the projects commitment to building a diverse and vibrant ecosystem. These projects, including Shib the Metaverse, Shibacals, Shiba Eternity, and Shiboshis, represent the multifaceted nature of Shiba Inus vision.

As Kusama writes, there will also be new partnerships announced with Unification and Bad Idea.Ai. Furthermore, all projects that expressed interest in building with Shibarium Tech will be showcased at the conferences.

Shiba Inus lead developer also emphasized the significance of Treat, a pivotal component of the projects governance framework. At the Blockchain Futurist Conference, Treat will be publicly detailed for the first time. The SHIB army can expect comprehensive insights into Treats functionality and its role in empowering the decentralized...

Cryptocurrency exchange Binance continues upgrading its wallet infrastructure, which requires affected users to get new wallet addresses.

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The United Arab Emirates combined Bitcoin mining capacity is estimated to be around 400 megawatts or 4% of Bitcons global hash rate.

Bittrex filed for bankruptcy in the U.S. (Marco Verch/Flickr)

Bitcoin Cash (BCH) is captivating the attention of the crypto community with its ongoing price surge. The recent inclusion of BCH on EDX, a Citadel Securities-backed crypto exchange, has sparked fresh interest in this digital asset. 

As investors eagerly monitor its progress, the price of BCH on CoinGecko stands at $291.80, showcasing a 24-hour rally of nearly 7% and an impressive seven-day surge of 27.5%.

The overall bullish sentiment in the crypto market has contributed to the positive trajectory of BCH. As cryptocurrencies gain mainstream acceptance and adoption, investors are seeking alternatives beyond the traditional giants like Bitcoin and Ethereum, and BCH has emerged as a viable contender.

However, the question on everyones mind is whether Bitcoin Cash can sustain its current bullish streak.

BCH Whales Pause Buying Spree Amidst Price Surge

While the recent listing on EDX has undoubtedly played a part in this rally, on-chain data reveals an intriguing aspect of the price surge. A cluster of Bitcoin Cash whales holding significant amounts of 1 million to 10 million coins has emerged as a pivotal player in driving last months rally.

...

BlockFi's bankruptcy plans are facing multiple objections (Ivan Radic/Flickr)

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The bill would also level up crypto bonuses with employee stock options by reducing the current 50% tax to 25%.

(Hans Eiskonen/Unsplash)

The EU's metaverse strategy is due soon (Pixabay)

Brett Harrison (Shutterstock/CoinDesk)

Shiba Inu (SHIB) recently faced a major token dump of epic proportions, with a whopping 800 billion SHIB tokens being thrown into the market. But what caused this massive sell-off and what does it mean for the future of Shiba Inu?

This major token offloading extravaganza went down on Binance alone, with traders ditching their SHIB for USDT. The Buying Selling View indicator revealed that this frenzy took place from 8:00 a.m. to 12:00 p.m. UTC.

To understand the degree of the situation, lets delve into the factors behind this recent market movement and explore the potential consequences for both short-term traders and long-term SHIB investors.

What SHIB Offloading Means For Short-Term Traders

When a massive token offloading event like the recent SHIB dump occurs, it creates a ripple effect that can have significant implications, especially for short-term sellers aiming for quick gains. 

Token dumps often result in increased market volatility, causing sudden price drops and erratic fluctuations. For short-term traders, this can be both a bane and boon. On one hand, volatility presents opportunities for quick profits if they time their trades well. On the other hand, it also raises the risk of unexpected losses if the market turns against their positions.

Massive offloading events tend to put downward pressure on the tokens price. The increased supply flooding the market can lead to price depreciation, which may discourage short-term traders from entering or maintaining their positions. This, in turn, can impact the overall trading sentiment and make it harder for traders to secure favorable gains.

...

Bankrupt crypto lender Celsius Network has begun the process of swapping altcoins for Bitcoin (BTC) and Ethereum (ETH). The recent court approval (June 30) granted the company permission to convert its altcoin holdings into the two leading digital assets, raising concerns about a potential sell-off of popular altcoins.

Celsius Network, known for its altcoin lending services, has been undergoing bankruptcy proceedings since July 2022 when it filed for Chapter 11 protection, revealing liabilities of up to $10 billion. The recent court ruling allows Celsius to convert its altcoins into BTC and ETH starting from July 1.

LINK, AAVE And SNX Sell-Off Due To Celsius Coming?

According to on-chain analysis provider Lookonchain, Celsius has been actively transferring altcoins to different wallets. Most of the altcoins have been moved to wallet address 0x4131. Remarkably, Celsius made its first swap today. Lookonchain tweeted:

Note that Celsius seems to be starting to swap altcoins for BTC and ETH. Currently: Most of the altcoins have been transferred to wallet0x4131. Transferred 1,393 StaFi( $rETH) to Wintermute Trading and received 1,393 $ETH. 

The altcoins held by Celsius Network amount to approximately $164.5 million on the EVM chain, including:

• 3.16 million LINK ($19.9 million)
• 98,268 AAVE ($7.36 million)
• 2.9 million SNX ($6.2 million)
• 7.95 million TGBP ($5.49 million)
• 1,812 PAXG ($3.45 million)
• 12.650 BNB ($3.02 million)
• 3.841 million MATIC ($2.65 million)
• 419,899 UNI ($2.27 million)
• 9.25 million ZRX (2.00 million)

In addition to the above, Celsius Networks wallets also contain around $296 million worth of Bitcoin, $120 million worth of Ethereum, and approximately $100 million (in paper value) of its native token CEL.

Yesterday, data from Arkham Intelligence revealed that Celsius moved around $70 million worth of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, crypto custodian Fireblocks, and stablecoin issuer Paxos.

Todays first swap of altcoins to Ethereum by Celsius Network raises concerns that the movements to new addresses was just the preparation for a potential sell-off for the aforementioned altcoins. LINK, AAVE and SNX could face a dump if Celsius sells these altcoins in one go, but the prices of MATIC, UNI, ZRX and BNB could also see a negative impact.

Its worth noting that while the court approval allows Celsius to convert altcoins into BTC and ETH, the exact details and timeline of the conver...

Alex Mashinsky (CoinDesk)

Circle CEO Jeremy Allaire (Keisuke Tada)

Binance CEO Changpeng Zhao delivered his forecast for the next Bitcoin bull run during a Twitter Space on July 5.

South Korea flag (Daniel Bernard/ Unsplash)

Cardanos price is declining from the $0.30 zone. ADA could continue to move down if it breaks the $0.280 support zone in the near term.

• ADA price is moving lower from the $0.302 zone against the US dollar.
• The price is trading below $0.290 and the 100 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.2960 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
• The pair could slide further toward the $0.264 support zone.

Cardanos ADA Price Corrects Gains

This past week, Cardanos price started a decent recovery wave from the $0.264 support zone. The bulls managed to push the price above the $0.280 and $0.295 resistance levels.

It even spiked above the $0.300 resistance. A high is formed near $0.3013 and the price is now correcting gains, similar to Bitcoin and Ethereum. There was a move below the 50% Fib retracement level of the upward move from the $0.2675 swing low to the $0.3013 high.

Besides, there was a break below a key bullish trend line with support near $0.2960 on the 4-hour chart of the ADA/USD pair. The price is now trading below $0.290 and the 100 simple moving average (4 hours).

The price is now holding the $0.280 support. It is close to the 61.8% Fib retracement level of the upward move from the $0.2675 swing low to the $0.3013 high. On the upside, immediate resistance is near the $0.285 zone and the 100 simple moving average (4 hours).

Source: ADAUSD on TradingView.com

The first major resistance is forming near the $0.292 zone. The next key resistance might be $0.30. If there is an upside break above the $0.300 and $0.305 resistance levels, the price could start a decent increase. In the stated case, the price could...

Crypto exchange Binance said its hardcore work culture could explain some of the results, while recruiters warn the data should be taken with a grain of salt.

Ethereum price started a downside correction below $1,950 against the US Dollar. ETH is testing the $1,900 support and is showing a few bearish signs.

• Ethereum is correcting gains below the $1,950 zone.
• The price is trading below $1,940 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase unless there is a close below $1,900 in the near term.

Ethereum Price Corrects Gains

Ethereums price failed to clear the $1,975 resistance and started a downside correction. ETH traded below the $1,950 level and extended its decline, similar to Bitcoin.

There was a move below the $1,920 support. Finally, the price spiked below $1,900. A low is formed near $1,894 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

Ether is trading below $1,940 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,925 level the 100-hourly Simple Moving Average. The next major resistance is near the $1,945 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,945 resistance could push the price toward $1,975. The main resistance is still near the $2,000 level, above which the price could start a decent increase. The next major resistance is near the $2,120 level. Any more gains could send Ether toward the $2,200 resi...

Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.

• Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
• The price is trading below $30,800 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend its decline and test the $30,000 support zone.

Bitcoin Price Corrects Lower

Bitcoin price failed to settle above the $31,000 resistance zone. BTC started a downside correction below the $31,000 and $30,850 levels.

Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses.

It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low. Bitcoin is trading below $30,800 and the 100 hourly Simple moving average.

Immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low, above which the price might retest $31,000.

Source: BTCUSD on TradingView.com

A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.

More Losses in BTC?

If Bitcoins price fails to clear the $31,750 res...

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Bitcoin weekly chart. (CoinDesk Indices)

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The crypto exchange launched a testnet featuring an on-chain order book and matching engine, doing away with the centralized components found on the mainnet version.

The U.S. market share of Binance.US has reportedly dropped amid a Securities and Exchange Commission lawsuit, while Coinbases rose roughly 7% in June.

Michigan, Missouri and New Hampshire have granted money transmitter licenses to Twitter Payments LLC, leaving 47 U.S. states yet to weigh in.

The CEO of the worlds largest asset management firm, Larry Fink, spoke on BlackRock's spot Bitcoin ETF filing and the potential benefits of crypto.

(Silver Screen Collection/Getty Images)

BlackRock CEO Larry Fink (Getty images)

BlackRock, the world's largest asset manager with nearly $9 trillion in assets under management, has made significant strides toward embracing bitcoin, as indicated by its recent filing for a spot bitcoin exchange-traded fund. The companys decision to take steps to offer its clients exposure to the digital asset are likely to bring a surge of institutional adoption to the space.

The company also recently resubmitted their filing after the SEC responded that the initial filings required more information in regards to the exchanges involved, subsequently adding Coinbase to the filing, as other firms refiling did.

And now, BlackRocks CEO, Larry Fink, has made an appearance on Fox Business where he stated that the role of bitcoin and crypto is digitizing gold. 

Instead of investing in gold as a hedge against inflation or the devaluation of your currency [bitcoin] can represent an asset that people can play as an alternative, Fink stated. The description reinforces the perception of bitcoin as a store of value, akin to the role gold has traditionally played in investment portfolios. By likening bitcoin to gold, Fink acknowledges the international nature of the digital asset, highlighting its potential as a global store of wealth and indeed, during his news appearance, Fink further emphasized that, "Bitcoin is an international asset." 

The televised statement underscores the conviction Fink, and likely BlackRock, have in bitcoin and its potential role in the future. Fink's recognition of bitcoin's international appeal further bolsters the case for increased institutional interest and investment.

BlackRock's pursuit of a Bitcoin ETF and Fink's endorsement of bitcoin as digitized gold reflect a notable shift in the attitude of major financial institutions toward bitcoin. These developments suggest that BlackRock, along with other industry giants, recognizes the potential of bitcoin to reshape the financial landscape. 

Chainlink Founder Sergey Nazarov. (Chainlink Labs)

Immunefi founder and CEO Mitchell Amador (Viva Technology)

Income tax, property tax, VAT, corrective taxation there is a tax goldmine out there for governments, but they will have to think hard about accessing it.

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Israel's parliament. (Rafael Nir/Unsplash)

(CCData)

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(Pixabay)

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(Paul Fiedler/Unsplash)

(Hitesh Choudhary/Unsplash)

(Nebula Forest/Unsplash)

Binance Logo on Smartphone Mobile (Unsplash)

The Bank of England (Camomile Shumba / CoinDesk)

Bitcoin daily chart. (CoinDesk Indices)

XRP, one of the prominent cryptocurrencies in the market, has witnessed a remarkable surge in its daily burn rate, sparking speculation about its potential to go on a bull rally.

Crypto analyst and influencer 24HRSCRYPTO is one of those who have put forward an extremely optimistic outlook for the XRP cryptocurrency. The analyst says that the altcoin, which is currently trading below $1, will reach as high as $100, and has provided reasons.

XRPs Daily Burn Rate Surges, Fueling Speculation of $100 Token Value

24HRSCRYPTO unveiled an astonishing increase in XRPs burn rate through a series of tweets that captivated the attention of the XRP community.

Related Reading: Bitcoin Humpback Wallets Reach ATH, Is BlackRock Behind The Surge?

The surge in XRPs daily burn rate has been a topic of great interest within the crypto community. Just a month ago, the total supply of XRP stood at 99,988,863,851. However, it has now dropped to 99,988,616,835, indicating a reduction of 247,016 XRP. 

THIS IS HUGE! MASSIVE SPIKE IN DAILY BURN RATE 30 days ago, #XRPs total supply was 99,988,863,851 today the total supply is 99,988,616,835 (247,016 XRP burned and gone forever in 30days) about 8,233 a day which goes perfectly with the below 24HR burn rate. That number https://t.co/OipXjajMnx

(@24hrscrypto1) July 4, 2023

With the total supply of XRP decreasing by 247,016 over the course of just 30 days, equivalent to an average of approximately 8,233 XRP burned per day, the stage is set for a potential upward trend that could lead to a significant appreciation in XRPs value.

In comparison to the figures observed in previous months, the recent 247,016 burned XRP represents a significant increase. This development has prompted crypto enthusiasts to question the potential for further growth and whether it could drive XRPs value to unprecedented heights.

The increased burn rate and the subsequent reduction in XRPs su...

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The latest price moves in bitcoin (BTC) and crypto markets in context for July 5, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.

The Dollar Index disconnect from Bitcoin does not necessarily mean that BTC price is about to experience a big rally, historic data suggests.