XRP Network Suddenly Comes to Life As Variety Of Whale Deals Surges to Three-Month High: Analytics Firm

Blockchain analytics firm Santiment says XRP whales printed a three-month high in network activity as the token continues to weather low prices.

According to the firm, transactions exceeding $100,000 on the XRP ledger suddenly skyrocketed to levels not seen since May.

“XRP is seeing notable whale activity, as well as high optimism, in Friday’s closing trading hours. We’ve picked up a spike of $100,000+ XRP transactions that hasn’t been equaled since May 13th. Additionally, sentiment is at its highest since April.”

Source: Santiment/Twitter

Santiment also says that the term “rekt,” a satiric misspelling of “wrecked” often used to describe traders suffering big losses, exploded throughout social media on Friday as liquidations ran rampant through the crypto markets.

“The term rekt has been skyrocketing in crypto as long liquidations were plentiful to end the week. As many traders were riding the upward price trend since late June, Bitcoin’s drop to $20,800 and Ethereum’s drop to the low $1,600s caused chaos.”

Source: Santiment/Twitter

The analytics firm also has its eye on Dogecoin (DOGE) and its competitor Shiba Inu (SHIB). According to Santiment, DOGE and SHIB whales were largely able to sell the top of their respective rallies as big transactions exploded simultaneously.

“Dogecoin and Shibainu have both experienced major price corrections after their respective Tuesday and Sunday tops. As is often the case, the whales foreshadowed the ideal profit taking moments when their large transactions exploded on each network.”

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Over $600,000,000 in Crypto Liquidated As Bitcoin (BTC) Plunges by Nearly 10% in Matter of Hours

Hundreds of millions of dollars worth of crypto assets are being liquidated as the leading digital asset Bitcoin (BTC) sees a 10% plunge in its price.

New data from market intelligence firm CoinGlass reveals that crypto positions worth approximately $601.20 million have evaporated over the past 24 hours amid a sharp downturn in the crypto markets.

The positions affected most are related to BTC, followed by top altcoin Ethereum (ETH). Coinglass unveils that over the past 24 hours, Bitcoin positions worth $223.06 million have been wiped out, while the value of the liquidations in Ethereum positions is approximately $162.48 million.

Bitcoin is trading at $21,401 at the time of writing, down by 8.85% over the past 24 hours while Ethereum is currently changing hands for $1,699.

Other notable digital assets that saw sweeping sell-offs include Ethereum Classic (ETC), scalable smart contract blockchain Solana (SOL) and decentralized storage network Filecoin (FIL). The virtual assets saw $25.68 million, $14.86 million and $12.44 million in liquidations, respectively.

Positions in Dogecoin (DOGE), smart contract blockchains Cardano (ADA), Avalanche (AVAX), EOS, decentralized blockchain oracle Chainlink (LINK), Ethereum scaling solution Polygon (MATIC) and XRP have also recorded liquidations amounting to between four to ten million dollars over the past 24 hours.

Source: CoinGlass

According to CoinGlass, this is the highest level of liquidations since June 13 when crypto worth over $1.3 billion was decimated in 24 hours.

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Do Kwon Hires Law Office in South Korea Expecting Legal Battle: Report

The former CEO of Terraform Labs is reportedly hiring a lawyer in preparation for a possible legal battle over the high-profile multibillion-dollar collapse of the Terra ecosystem in May.

According to a new report by Korean media outlet WowTV, Do Kwon has recently submitted a letter of appointment to an attorney at the Seoul Southern District Prosecutor’s Office, the office that is investigating him.

Terra (LUNA) and its associated stablecoin UST collapsed to essentially zero in May when it lost it’s peg, causing tens of billions of dollars in losses.

Kwon has so far faced multiple investigations, and vocal criticism from several figures, including global hacktivist group Anonymous.

Last month, Anonymous said it planned on holding Kwon accountable for the Terra collapse, though didn’t specify on details.

“The past several months have been bad for crypto and the economy as a whole. We were likely going to experience some pain in the crypto industry because of the macro environment regardless of what was happening internally.

We were also due for another bear market this year. But the actions of Do Kwon, the founder of the Terra ecosystem, is single-handedly responsible for scamming billions of dollars away from retail investors.”

In June, a court ordered Do Kwon to comply with a U.S. Securities and Exchange Commission (SEC) subpoena regarding the Mirror Protocol, which offers the ability to trade synthetic versions of traditional stocks.

South Korean authorities have also launched a Ponzi scheme investigation into Terraform Labs, and several departments in the United States government have signaled a desire to pursue further enforcement against the crypto industry.

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California Financial Regulator Slaps Crypto Lender Celsius With 'Desist and Refrain' Order Amidst Personal bankruptcy

California’s financial services regulator is issuing a desist and refrain order to embattled crypto lender Celsius Network for violating state laws.

The Department of Financial Protection and Innovation of California (DFPI) is ordering Celsius and its CEO, Alexander Mashinsky, to stop selling and marketing securities in the Golden State over claims that the company violated the local Corporation Code.

“Under section 25532 of the Corporations Code, Celsius Network Inc., Celsius Network Limited, Celsius US Holding LLC, Celsius Network LLC, and any of their subsidiaries, and Alexander Mashinsky, are ordered to desist and refrain from the further offers and sale of securities in California, including but not limited to the Earn Rewards accounts, unless such sale has been qualified under Corporations Code section 25111, 25112, or 25113, or unless such security or transaction is exempted or not subject to qualification.”

The regulator alleges that the Earn Rewards accounts offered by Celsius are unauthorized securities. It also claims that the New Jersey-based corporation and its CEO, Alexander Mashinsky, made materially misleading statements on the risks of investing in these accounts.

A committee representing the unsecured creditors of Celsius is also investigating Mashinsky for alleged wrongdoing.

The desist and refrain order comes on the heels of Celsius filing for bankruptcy On July 13, 2022, the day after the company paused rewards and withdrawals for its users citing turmoil in the crypto market.

A spokesperson from blockchain-based payments company Ripple has hinted that the firm is looking at the feasibility of buying Celsius’s assets.

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Leading Crypto Strategist Issues Bitcoin Warning, States BTC at Risk of Significant Breakdown

A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend.

Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close watch on BTC’s relative strength indicator (RSI) on the one-day chart.

According to Svenson, the momentum-tracking metric is about to roll over, which could be a cue that Bitcoin’s bounce from its low of around $17,600 is coming to an end.

“ 50 level on daily RSI is a ‘must-hold’ level for the bulls. All other times that we broke below the RSI uptrend line resulted in a major breakdown. We are very close to this level… Watch the 50 level on the daily RSI very closely right now. That’s the pivot zone from bull to bear, bear to bull during trends. We have to hold it to remain bullish. Falling below it results in a flush down usually.“

Source: Kevin Svenson/Twitter

At time of writing, Bitcoin is changing hands for $23,308 while the daily RSI is hovering at 55.

The crypto analyst is also following the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proofs to ensure users’ privacy while transacting on public blockchains. According to Svenson, LRC can surge 2x from current prices due to its partnership with video game retailer GameStop.

“LRC can easily double in my opinion. GameStop NFT (non-fungible token) partnership is huge. Still undervalued. I’m long.”

In March, Loopring announced that it launched the beta version of GameStop’s NFT platform designed to provide fast, secure and cheap access to users.

At time of writing, LRC is trading at $0.48, up nearly 6% on the day.

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Crypto Exchange Binance Exposes Reserves Backing BUSD Stablecoin in Push for Transparency

The world’s largest cryptocurrency marketplace is sharing data about the money behind its own US dollar-pegged stablecoin.

In a new announcement, Binance says that it will regularly provide updates about the reserves behind the popular Binance USD (BUSD).

The move comes after several digital assets and their affiliated projects have collapsed this year while causing tens of billions of dollars in losses worldwide.

Binance says that, unlike other so-called stablecoins, BUSD is not only “100% backed by cash and cash equivalents” but also regulated and approved by the New York State Department of Financial Services (NYDFS).

BUSD was launched in 2019 by Binance and Paxos and is currently the 6th-largest crypto asset with a market cap exceeding $17.8 billion.

According to the announcement,

“If a stablecoin fails to maintain its value relative to the reference asset, the consequences might be devastating for users.

The primary risk of reserve-backed stablecoins is that some of them can be not fully backed by reserves.

This makes reserves transparency fundamental to determining how reliable a particular stablecoin is.”

Paxos provided the first detailed report documenting the breakdown of its BUSD reserves, with a market value of more than $17.6 billion at the end of Q2 2022.

Almost $10.6 billion is held in US treasury bills and nearly $6.3 billion is parked in US Treasury Reverse Repurchase Agreements, with the remaining $738 million allocated to various cash-related deposits.

All told, only 4.1% of BUSD is currently backed by cash.

Binance says Paxos will provide updated reserve totals on a monthly basis.

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Ethereum-Based Gaming Altcoin Rallies After Coinbase All Of A Sudden Includes It to Listing Roadmap

A massive multiplayer online (MMO) strategy game that harnesses the power of blockchain technology is surging after top US crypto exchange Coinbase put it on the path to joining the marketplace.

The Coinbase listing roadmap consists of crypto projects that are currently being considered for inclusion among the exchange’s roster of supported assets.

In an announcement, Coinbase says it has updated the roadmap with the addition of Medieval-themed metaverse battle game League of Kingdoms (LOKA).

Its native token LOKA can be used for in-game purchases, minting or upgrading non-fungible token (NFT) assets, as well as staking to earn rewards.

League of Kingdoms goes beyond the traditional strategic fighting game format by employing blockchain features such as NFTs, which serve as digital plots of land players own and use to can earn dividends.

According to the project’s whitepaper,

“Not only gamers own these Lands, but also gather resources on the Lands and mint them into NFTs to trade.

All these tokenized assets are transparently and trustlessly transacted and traded across the blockchain, without intermediaries.”

Assets added to the roadmap today: League of Kingdoms Arena (LOKA) https://t.co/zu1IBdrD7X

— Coinbase Assets (@CoinbaseAssets) July 28, 2022

Recently added to the game were Dragos, dragon-like NFT creatures that seek out gems that in turn can be used to create the utility token Dragon Soul Token (DST).

League of Kingdoms rallied a massive 53.2% from $0.62 to $0.95 as news of the Coinbase announcement spread. The altcoin has since corrected with LOKA currently trading for $0.80.

Coinbase’s listing roadmap was originally created to increase transparency by “providing as much information symmetry as possible” and to communicate with the market before deciding to list an asset.

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Mystical Crypto Whales Accumulating Polygon and $271,000,000 Worth of Ethereum-Based Exchange Altcoin

Several of Ethereum’s biggest whales are loading their bags in a major way as the markets try to stabilize after a rocky week of trading.

According to the transaction aggregator WhaleStats, a number of cryptocurrency wallets with the root name of “BlueWhale” have been splurging hundreds of millions of dollars on discounted altcoins.

The wallet with the handle BlueWhale0117 spent $4.2 million to acquire 5,192,453 tokens of the layer-2 scaling solution Polygon (MATIC).

BlueWhale0117 is currently ranked #79 among rich whales, with a wallet currently worth more than $160 million.

The data crunching site reports that BlueWhale0116 has also been gorging on FTX Token (FTT), native asset of the FTX cryptocurrency exchange.

The whale initially paid a staggering $213.2 million for 7,112,942 FTT several days ago, then on Tuesday went back for seconds and bought another 2,180,000 tokens with a price tag of $58 million.

BlueWhale0116, with a total account value of $34,237,463, currently ranks #381 on WhaleStats.

Another crypto wallet with the mysterious “BlueWhale” prefix is the 82nd wealthiest bag named BlueWhale0097, whose holdings are worth nearly $155 million at time of writing.

BlueWhale0097 also took a shine to FTX Token, yesterday dropping $11.7 million to secure 420,995 FTT.

The wallet was particularly interested in the Solana-based decentralized exchange (DEX) Serum and ended up making three big SRM purchases in less than 30 minutes on Monday.

BlueWhale0097 first acquired 12,299,999 SRM worth $11.5 million, then tucked away 9,999,999 SRM valued at $9.35 million, and finished by grabbing another 10,003,937 SRM also with a price tag of $9.35 million.

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Cardano (ADA) Showing 'Surge Signs' As Essential Metric Flashes Green: Analytics Firm Santiment

Crypto analytics firm Santiment says that the average funding rate of Cardano (ADA) is flashing a bullish signal.

According to Santiment, a high funding rate is associated with higher risks of correction, whereas ADA currently has the opposite.

“Cardano’s price is back over $0.50, and up +25% the past ten days. Exchange funding rates are a vital metric to keep an eye on, as the extreme spikes in #shorting or #longing of ADA is typically when traders get liquidated & big price shifts occur.”

Source: Santiment/Twitter

At time of writing, ADA is currently trading at $0.49.

Santiment also tells investors to keep a close eye on XRP as the seventh-largest crypto asset by market cap sees a spike in transaction volume.

“XRP is ahead of the #altcoin pack recently, and some major milestones have hit over the past week. In addition to several massive active address spikes firing off, there have been massive dormant tokens shifting addresses this week. Keep a close watch.”

Source: Santiment/Twitter

The firm also says that Cronos (CRO), the native token of Crypto.com, is drawing negative sentiment lately following the announcement that the exchange’s Visa card is cutting back on its benefits offerings.

“Cronos, formerly known as #CryptoComCoin, has gone viral following the announcement that its Visa #crypto-linked credit card is eliminating its #Netflix and #Spotify benefits. #Reddit has been pondering the best way to dispose of the card ever since .”

Source: Santiment/Twitter

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Previous Celsius Executive Alleges That the Company Was Controling CEL Token and Neglecting Compliance: Report

A former Celsius executive has alleged that the crypto lending firm may have been negligent in various ways leading up to its ultimate bankruptcy.

According to a new report by CNBC, Celsius’ former director of financial crimes compliance Timothy Cradle says that the embattled company was allegedly neglecting compliance laws and manipulating the price of its native asset CEL long before filing for insolvency.

Cradle says Celsius’ biggest issue was managing risk.

“The biggest issue was a failure of risk management. I think Celsius had a good idea, they were providing a service that people really needed, but they weren’t managing risk very well.”

According to internal documents seen by CNBC, Celsius was lending out customer deposits to hedge funds and others willing to pay higher yields, and then splitting profits earned with customers.

The strategy ultimately failed when the price of crypto assets heavily dipped, forcing the company to put a halt on customer trades and withdrawals.

Cradle says that Celsius did not have a large enough compliance team to apply international finance laws to its business model.

“The compliance team was too small. Compliance was a cost center – basically, we were sucking out money and not bringing any back in. They didn’t want to spend on compliance.”

The former employee goes on to note that he overheard company executives talking about manipulating the CEL token at a Christmas party in 2019.

As per the report, employees were overheard talking about “pumping up the cel token” and “actively trading and increasing the price of the token.”

“They weren’t shy about it. They were absolutely trading the token to manipulate the price. It came up in two completely different conversations for two completely different reasons.”

CEL is changing hands for $0.797 at time of writing, a 3% increase on the day.

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Robotic Known for Outperforming Markets Eyes Ethereum, Solana, Hedera and Another Altcoin Amid Crypto Rebound

A robot that’s garnered a reputation for outpacing the crypto markets is revealing its latest portfolio allocations as Bitcoin (BTC) and Ethereum (ETH) both start the week with positive momentum.

Each week the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus.

The bot’s newest data finds that traders’ risk appetite has increased slightly compared to last week, with most market participants voting to overweight their portfolios with 13 altcoins in addition to crypto stalwarts Bitcoin at 40% and Ethereum at 30%.

Tied for second with a 30% heavyweight allocation was Ethereum competitor Solana (SOL), decentralized application-creating protocol Hedera Hashgraph (HBAR), and layer-2 scaling solution Polygon (MATIC).

“Latest results of the Real Vision Exchange crypto survey. Participants are quite undecided about ranks #2 to #5.

1. Bitcoin 40%

2. Solana 30%

3. Hedera 30%

4. Polygon 30%

5. Ethereum 30%”

Source: Real Vision Bot/Twitter

Tied for sixth place with 20% boosted allocations were FTX cryptocurrency exchange’s FTX Token (FTT) and automated market maker SushiSwap (SUSHI).

Participants also voted eight other prominent digital assets as “overweight” by 10%, including interoperability ecosystem Cosmos (ATOM), enterprise-grade interoperability solution provider Quant Network (QNT), smart contract platform Algorand (ALGO), lending and borrowing protocol Aave (AAVE), decentralized exchange Uniswap (UNI), cross-chain interoperability protocol Polkadot (DOT), ETH challenger Cardano (ADA) and  Binance’s native token BNB.

The latest survey-based exchange portfolio allocation is led by Polygon at 29.5%, both Hedera Hashgraph and FTX Token at 16.8%, and Polkadot at 14.7%. Tied at 7.37% allocation were Bitcoin, Solana, and SushiSwap.

The bot itself also compiles a portfolio on its own, and Real Vision highlights Polygon’s popularity at a nearly 48% weighting.

“Yesterday’s rebalancing of the Real Vision Exchange crypto portfolio. The Exchange moves out of Ethereum and ramps up MATIC, FTT, HBAR, and Polkadot.

The Bot, known for being a maximalist, fell in love with the Polygon blockchain.”

Source: Real Vision Bot/Twitter

The Real Vision Bot was co-developed by quant analyst and hedge fund CEO Moritz Seibert and statistician Moritz Heiden.

Real Vision founder and macro expert Raoul Pal has called the bot’s historic performance “astonishing,” saying it outperforms an aggregated bucket of top 20 crypto assets on the market by more than 20%.

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Social Trends Sway in Favor of Bitcoin and Ethereum As Altcoins Reclaim Seat: Crypto Analytics Company Santiment

Crypto analytics firm Santiment says social media mentions of the two largest crypto assets by market cap have soared amid price volatility.

The analytics firm says Bitcoin (BTC) and Ethereum (ETH) are enjoying increased popularity as topics of discussion ahead of the release of the Consumer Price Index (CPI) data.

“Toward the end of the work week last week, things were looking up for crypto as recoveries happened across the sector. However, prices are volatile and retracing as the July 13th CPI approaches. BTC and ETH are both seeing surges in discussion rates.”

Source: SantimentFeed/Twitter

The CPI tracks the US inflation rate.

According to Santiment, Bitcoin’s dominance on social media platforms as a topic of discussion is at a 12-month high.

“The ratio of discussions related to Bitcoin versus all crypto topics has risen swiftly on social media. BTC’s social dominance is now at its highest point since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”

Source: SantimentFeed/Twitter

In the case of Bitcoin, the analytics firm says the flagship crypto asset is experiencing relatively high optimism levels on social media platforms this week.

“Bitcoin’s social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the Federal Reserve Bank’s next decision. An ideal setup would be the crowd remaining skeptical as prices climb with little resistance.”

Source: SantimentFeed/Twitter

On altcoins, Santiment says they have experienced a “serious drop” in interest as topics of discussion amid falling crypto prices.

“As crypto has remained stagnant and prices have begun to dip again since the weekend, we can see that participants and overall discussions related to the markets continue to decline. Altcoins, in particular, are showing a serious drop in crowd interest.”

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Cardano (ADA) vs. Algorand (ALGO)? Coin Bureau Weighs In on Possible Competition In Between Top Ethereum Challengers

A popular crypto analyst known for doing in-depth research is reacting to the news that a key developer has decided to jump ship to work for a competing project.

In a new YouTube update, the pseudonymous host of Coin Bureau known as Guy discusses the implications of top Cardano (ADA) architect John Woods leaving Input Output Global (IOG) and moving over to smart contract platform Algorand (ALGO).

“Last week IOG’s director of Cardano architecture John Woods announced that he would be leaving IOG to join the Algorand Foundation as chief technology officer. For context, Input Output Global, IOG, is one of the two companies that’s building Cardano.

John’s departure seems to have taken the Cardano community by surprise, though die-hard Cardanians will know that John had only joined IOG in October last year to fill in for Duncan Coutts, who’d been away on paternity leave and returned to his post earlier this month.”

The host notes that future cooperation between the two Ethereum (ETH) competitors remains a possibility.

“Cardano founder Charles Hoskinson took to Twitter to congratulate John on his new role, noting that it could open the door for collaboration and partnerships between projects in Cardano’s and Algorand’s expanding ecosystems.

John likewise thanked the Cardano community for their support, noting that he ‘had a wonderful time contributing to building Cardano.’ Some of you may know that John was a regular guest during Cardano’s mid-month development updates and end-of-month 360 ecosystem recaps.”

Guy calls attention to a tweet by Woods that suggests Algorand might see Cardano as competition as ALGO seeks to enter the top ranks of the crypto ecosystem.

“What’s interesting is that in a response to a tweet by the Algorand Foundation announcing John’s addition, he noted that he’s intent on making Algorand a top-10 cryptocurrency by market cap, which begs the question of whether we will see competition rather than cooperation between his new and former employers.

This seems to be more than speculation as well since Cardano and Algorand are both working on eerily similar scaling technologies, namely pipelining. Whatever knowledge John gained while working with Cardano is likely to be shared with Algorand, which could accelerate its scaling development.”

The Coin Bureau host also addresses the potential negative impacts of Woods leaving on the impending Vasil system upgrade which he discussed at length one week ago.

“Cardano could see a slowdown in development momentum due to the change in staff, but I don’t imagine this slowdown will be all that noticeable. After all, Cardano will soon be completing its latest hard fork combinator called Vasil, which should significantly improve its scalability.

Ardana founder Ryan Matovu recently mentioned in April’s Cardano 360 that Vasil will scale Cardano’s layer-1 blockchain to its limit. With Algorand expected to roll out its scalability upgrades in the coming months, expect to see lots of fireworks or both ADA and ALGO.”

At time of writing, Cardano is down 3% in the past 24 hours and trading for $0.44.

Algorand currently is down by 1.37% on the day and valued at $0.30.

I

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U.S.A. and Korea Join Forces To Examine Terra (LUNA) Collapse for Prospective Financial Criminal Activities: Report

The governments of the United States and South Korea have agreed to investigate the collapse of former top-10 crypto project Terra (LUNA) for potential financial misdoings.

According to a new report by local Korean media outlet Yonhap News, the country’s justice minister Han Dang-hoon met with US prosecutors in New York this week to discuss the investigation and other crypto-related enforcement actions.

Reportedly present at the meeting was Andrea M. Griswold, co-chief of the Securities and Commodities Task Force at the U.S. Attorney’s Office for the Southern District of New York, and Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office.

Terra’s algorithmic stablecoin UST, and LUNA, the crypto asset backing it, both crashed to essentially zero after flaws in its redemption system led to its demise in May.

The two countries’ authorities reportedly discussed the incident, plus ways to bolster cooperation and communication between each other to prevent securities fraud and financial crimes.

The report says that South Korean prosecutors are looking into fraud charges surrounding UST, while the U.S. Securities and Exchange Commission (SEC) is investigating Terraform Labs founder Do Kwon. Specifically, the SEC is looking into whether the marketing of UST before its collapse violated investor-protection regulations.

Just over a week after the collapse of the Terra ecosystem, Yonhap News reported that Korean authorities were looking into potential criminal charges against Do Kwon for allegedly operating a Ponzi scheme. Kwon and fellow Terraform Labs co-founder Daniel Shin were also reportedly being sued by five investors who claim to have lost $1.1 million due to alleged fraud committed by the crypto project.

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Is Bitcoin Set for a Multi-Year, Parabolic Run-Up? Leading Analyst Takes A Look At Long-Term State of BTC As Markets Stall

Despite weathering a relentless downtrend, a closely tracked crypto analyst says that Bitcoin may be on track for a long-term rally that takes BTC to exponentially higher prices.

The pseudonymous analyst known as TechDev tells his 397,000 Twitter followers that he sees Bitcoin’s historical price action as so far, four main impulses, which have taken gradually longer and longer to play out.

According to TechDev, while Bitcoin remains down big from its all-time high of $69,000, BTC could be retesting support on a multi-year run-up to the $400,000 range sometime in the next several years.

He also uses the Chaiken Money Flow indicator, which records a volume-weighted average of accumulation and distribution over a specific period, as part of his analysis.

“Bitcoin curves.”

Source: TechDev/Twitter

TechDev says that some traders may have been too short-sighted when it came to the possibility of a “supercycle.” He says that such a scenario, while still in play, may require more time than previously believed.

“Lots of ‘supercycle’ talk in 2020-21.

Much less now.

An arbitrary definition, and still far from validated… but what did folks expect a giant multi-year parabola of higher highs and higher lows to look like?”

Looking at the altcoin market, TechDev says that the current market structure is reminiscent of the 2016 and 2017 pre-bull run consolidation.

“Altcoin market structure observations.

Familiar but slower.

Various wave counts in contention. Foregone in this chart.

Invest responsibly according to your own time horizon and risk tolerance. There are no guarantees.”

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Analyst Who Properly Forecasted 2022 Bitcoin and Crypto Crash Informs Traders To 'Prepare,' Anticipates Huge Altcoin Hairstyle

The popular crypto analyst who accurately called the current market collapse says that the altcoin market still has much further to drop than traders realize.

The pseudonymous trader known as Capo tells his 417,000 followers that even though most altcoins are way below their all-time highs, a sizeable haircut is around the corner.

“Expecting 45-50% drop on altcoins from current prices.” 

Backing up his thesis, Capo looks to Bitcoin dominance, which compares the market cap of BTC to the rest of the crypto market.

Traditionally, a rising Bitcoin dominance suggests that traders are fleeing altcoins to a less risky allocation of BTC.

According to Capo, Bitcoin dominance is setting up for a surge that will see altcoins get slaughtered.

“BTC.D update

Same idea, expanding diagonal for wave C. Altcoins should drop more than BTC.”

Source: Capo/Twitter

Looking at Ethereum (ETH), the market’s biggest altcoin, Capo has a downward target in mind. According to the analyst, ETH is on its way down to levels not seen since late 2020.

“ETH

Decreasing volume into resistance, and looking like a corrective move.

Next support: $700-800″

Source: Capo/Twitter

As for Bitcoin, the analyst says that the buyers who should’ve brought support to Bitcoin are now nowhere to be seen.

“The bids that were holding the price have been pulled. Bulls are scared or they weren’t really there, just whales pushing the price up to sell higher. Get ready.”

Capo says BTC is on the edge of collapsing to new local lows one last time before reversing. The crypto analyst has a downside target somewhere near $16,000, based on his chart, or about a 20% drop in BTC.

“BTC

Break of the lower dark zone = bearish confirmation = new lows.”

Source: Capo/Twitter

At time of writing, Bitcoin is trading at $20,037, down 2% on the day.

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