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719 million Shiba Inu tokens destroyed, burn rate explodes overnight

246296   July 31, 2022 21:56   FXStreet   Market News  

• 719 million Shiba Inu tokens were burnt in the past 24 hours, removing them from circulation permanently.
• Shiba Inu burn rate climbed 136% overnight, after massive burn of the meme coin’s tokens. 
• Analysts identified how to profitably trade Shiba Inu despite the decline in SHIB. 

Shiba Inu burn reduced the circulating supply of the meme coin, pulling 719 million out permanently. A spike in burn rate fuels a bullish sentiment among investors. Analysts have a bearish outlook on Shiba Inu price and identified ways to trade SHIB profitably despite decline. 

Also read: Ethereum whales double down on Shiba Inu holdings in bear market

Shib Army crusade continues with massive SHIB burn

Shiba Inu continued massive burns of SHIB tokens over the weekend. The supply of Shiba Inu in circulation has reduced consistently with the rise in the number of tokens sent to dead wallets. A massive portion of the 719 million burn took place over the weekend. The burn rate climbed 136% with the spike in burn of Dogecoin-killer tokens. 

Based on data from Shibburn, a total of 410.35 trillion tokens have been destroyed since the beginning of burn implementation in the Dogecoin-killer token. With several community initiatives Shiba Inu tokens are being burnt consistently, with a total destruction of 225.2 million overnight and 719 million tokens in the past 48 hours.  

Whales hold 646 million in Shiba Inu 

Based on data from WhaleStats, Ethereum whale addresses contain $646 million worth of Shiba Inu tokens. The second-largest memecoin in the crypto ecosystem is included in whales portfolio alongside top-rated cryptocurrencies MATIC, MANA and LINK. Shiba Inu is the largest holding by USD value in the whales’ portfolio. 

The announcement of the new SHIB Burn Visa card on July 25, 2022, fueled a bullish sentiment among holders. A massive burn followed, the slogan “Make Payments, Burn SHIB,” on crypto Twitter. 

Shiba Inu holder count on the rise

Shiba Inu continues to set record-breaking milestones in the total number of addresses in its network. SHIB has 1,215,00 holders and the rise in holder count signals long-term investor interest. Analysts consider this a positive sign for the Shiba Inu ecosystem and SHIB holders. 

Analysts predict 26% crash in Shiba Inu price

Analysts at FXStreet predicted a decline in Shiba Inu price and identified how to profitably trade the asset. For price levels and more information, check the video below:

Is Ethereum price at risk of decline with plummeting NFT volume?

246292   July 31, 2022 15:40   FXStreet   Market News  

• NFT trade volume on Ethereum declined 28.5% week-on-week, $22.34 million in digital assets were traded on the ETH network. 
• Analysts argue that the decline in NFT trade volume is an indicator of a drop in Ethereum prices. 
• Analysts predict a pullback to $1,500 is likely, but the Ethereum bullish wave has not ended yet. 

NFT trade volume rapidly declined on the Ethereum network, with digital art’s contribution to activity on ETH shrinking. Analysts believe NFTs are dominant gas consumers on Ethereum and a decline in volume could fuel bearish sentiment among ETH holders.

Also read: Three reasons why proof-of-work ETH1 will survive Ethereum Merge

Why NFT activity decline on Ethereum is significant

The STACKS Podcast recently explored the relationship between Ethereum and NFT floor price. Punk9059, leading influencer and authority on NFT Twitter joined the podcast to share his thoughts on the relationship between the second-largest cryptocurrency and NFT floor prices. 

When Ethereum climbs, it has historically been a positive for NFT prices, though most investors price their digital art and collectibles in ETH. Punk9059 believes Ethereum price and NFT floor prices have a direct correlation. 

Relationship between Ethereum and NFT floor prices

A decline in Ethereum price resulted in capital outflow from NFTs, as investors pulled cash out of volatile assets including jpegs. Therefore, higher Ethereum prices are the dream scenario for NFT holders as it drives floor prices higher. 

As of July 30, the monthly volume for NFT marketplaces is $626.11 million, a 41% decline from June 2022. An interesting insight is that July is the first month when there were more unique sellers than buyers. Unique buyer and seller wallets held up better than volumes. 

July 30, 2022 marked the first time when NFT volumes declined year-on-year. 

OpenSea USD Volumes: 2021 v. 2022

Ethereum’s dominant gas consumer, NFTs are suffering a decline in trade volume. Checkmatey, a leading analyst, considers this a sign of declining demand. Therefore, Ethereum price could drop, in line with reduced demand. 

Analysts predict Ethereum price pullback to $1,500s

Wolf, a pseudonymous crypto analyst looks at Ethereum’s recovery that started on July 22, 2022 as a V-shaped one. The first target of $1,685 was hit, and the analyst’s next two targets for ETH are $2,492 and the third is $3,373. The analyst argues Ethereum price pullback to $1,500 is warranted, given it completes the V-shaped recovery, predicted in his roadmap for the altcoin. 

ETH-USD price chart 

Analysts at FXStreet meanwhile explore the possibility of Ethereum price decline to $300 in their recent video. For more information, check the video below:

China official July Manufacturing PMI falls from June, and back into contraction. Again.

246291   July 31, 2022 12:26   Forexlive Latest News   Market News  

Official PMIs come from the China National Bureau of Statistics and the China Federation of Logistics and Purchasing.

For July:

Manufacturing 49.0, its lowest in 3 months and back into contraction

• expected 50.3 and prior 50.2
• China’s NBS attributes the result, according to statements reported in State media (Xinhua), to traditional production off-peak period, insufficient market demand, and the weakened performances of energy-intensive industries.

Non-manufacturing 53.8

• expected 53.9, prior 54.7

–

This is not the first time recently we’ve heard of “insufficient demand” as a reason for the poor performance of the country’s economic indicators. Ongoing outbreaks and associated restrictions have played, and continue to play, a role in this.

On a brighter note the non-manufacturing PMI indicator (this shows the performance of services and construction sectors), while down from June, recorded a solid expansion.

At the margin these numbers are a negative input to China-proxy trades such as AUD.

China’s zero COVID policy is making it difficult for the country to exit 2020! Low  inflation  rates in the country do allow fiscal and monetary authorities to pump in economic stimulus though.

China Non-Manufacturing PMI came in at 53.8, above expectations (52.3) in July

246290   July 31, 2022 10:05   FXStreet   Market News  

Feed news

China NBS Manufacturing PMI came in at 49, below expectations (50.4) in July

246289   July 31, 2022 10:05   FXStreet   Market News  

Feed news

Presiden Biden tests positive for covid again

246288   July 31, 2022 03:21   Forexlive Latest News   Market News  

Biden appeared to emerge from a mild case of covid last week after a round of Paxlovid treatment but the virus returned today.

There was a time when the President getting covid was market-moving news but those days are long gone.

These altcoins FIL, ICP, CHZ, DOT give lottery feels to traders

246286   July 31, 2022 01:21   FXStreet   Market News  

• Altcoins like FIL, ICP, GRT, CHZ and DOT have offered double-digit overnight gains to traders in recent price rally. 
• Ed NL, top analyst likened the altcoin rally to a lottery, observing that Filecoin FIL hit a key level overnight. 
• Analysts believe altcoins will flourish irrespective of Bitcoin price drop, in the current cycle.

Analysts are bullish on altcoins like Filecoin (FIL), InternetComputer (ICP), The Graph (GRT), Chiliz (CHZ) and Polkadot (DOT). These altcoins have posted double-digit gains overnight, hitting key price levels in the current cycle.

Also read: How to trade these three altcoins with massive upside potential: QTUM, KNC & TRB

FIL, ICP, CHZ, DOT, GRT give traders lottery feels 

Post the FOMC rate hike announcement mid week, altcoins have recovered from the slump and posted double-digit gains for holders. Amid the turbulence in the crypto market, CoinBureau’s Guy told his 2.09 million YouTube viewers that the purge in Q2 of 2022 laid the groundwork for a significant rally. 

Despite that, markets are aware of the macroeconomic outlook that triggered the recent crypto bloodbath and this could drive assets to potential new lows. 

In contrast to Guy’s views, Ed NL confessed to “loterry-like” feels when trading Filecoin (FIL), that offered 37% gains to holders, overnight. 

Other altcoins that offered massive gains to traders include ICP, GRT, CHZ and DOT. AVCrypto_, a pseudonymous crypto analyst, put forward the narrative that altcoins witness a surge in their price during Bitcoin price dips. While large pullbacks in Bitcoin offer traders an opportunity to accumulate, price rallies and smaller dips result in altcoin rallies. 

The analyst’s narrative fits the current situation where Bitcoin posted 3% gains and FIL, ICP, GRT, CHZ and DOT offered double-digit gains to holders. 

Altcoin Sherpa, leading technical analyst and trader told his 180,600 followers that a higher high is imminent in Bitcoin. High 20,000s are likely in the coming weeks and irrespective of BTC price movement, altcoins “should still flourish.”

Sherpa is convinced that the altcoin rally will remain unaffected by a massive recovery in Bitcoin. 

BTC-USD price chart 

Analysts identify three altcoins with bullish potential

Analysts at FXStreet have evaluated the altcoin rally and identified three altcoins with a massive potential for upside. QTUM, KNC and TRB could offer traders gains on specific conditions. For key price levels and more information, check the video below:

This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent

246285   July 31, 2022 00:51   FXStreet   Market News  

• Carl Runefult, top analyst predicted that Bitcoin price will hit $48,000 in the next two weeks. 
• The analyst identified a bullish chart pattern that implies a massive rally in Bitcoin. 
• FXStreet analysts argue new developments in Bitcoin price are bad for spot buyers, in contrast to Carl’s prediction. 

A top analyst has identified a bullish chart pattern in Bitcoin and predicted an unprecedented rally in the largest crypto asset. Analysts across crypto Twitter explained how a confluence of economic factors and policy decisions could push Bitcoin price higher, despite recession. 

Also read: Three reasons why Bitcoin price could witness a big short squeeze

Why $19,600 could have been the bottom traders waited for

Carl Runefult, better known as the Moon, dropped a new video on the Bitcoin price trend in which the analyst identified $19,600 as the bottom. The Moon argues that it is likely $19,600 was the bottom as this is the price level that was the top for the 2017-18 bull run. 

Runefelt said, 

What if this [19,600] was the bottom? What if this is the bounce and the big bullish reversal?

Runefelt explored the possibility of Bitcoin price hitting bottom at $19,600, before a bullish trend reversal, setting the stage for a massive rally to $48,000.

Interestingly, the Bitcoin Fear and Greed Index, considered an indicator of market sentiment towards the asset, turned from Fear to Neutral today. The indicator has a scale of 1-100 that indicates fear, greed and whether the market is neutral on Bitcoin in general. 

Analysts identify signs of reversal in Bitcoin price trend

Cici Lu, the CEO of Venn Link Partners is of the opinion that Bitcoin market may have found a bottom. Lu told Bloomberg,

liquidation of leveraged positions seems to be over.

Joe DiPasquale, CEO of BitBull Capital is interested in Bitcoin’s monthly close and observed that BTC retested support levels between $19,000 and $20,000. DiPasquale was quoted as saying,

Successful bounces from that range could give bulls a solid foundation for a continued rally.

Analysts at FXStreet reveal contrasting views on Bitcoin price 

FXStreet analysts have a contrasting view on Bitcoin and believe spot buyers could be in a bad position. Analysts have set a bearish target for Bitcoin price. For key price levels and more information, check the video below:

SEC v. Ripple: Payment giant makes strides to end legal battle

246284   July 31, 2022 00:12   FXStreet   Market News  

• Ripple Labs released its Q2 2022 report revealing an aggressive push in NFTs, tapping into Web3 opportunities. 
• The SEC lawsuit did not hold back Ripple from pursuing growth opportunities, the payment giant reiterated its commitment to the legal battle. 
• Analysts believe XRP price is ready to retrace to stable support level as bulls fail to push price higher. 

Ripple Labs highlighted performance in its Q2 2022 report. The payment giant made strides in Web3 and NFT space despite the long legal battle with the SEC. Analysts have a bearish outlook on XRP and predict a drop in the altcoin. 

Also read: SEC v. Ripple battle ensues, Counsel says regulator is bullying the crypto market

Ripple is tapping opportunities in the NFT market

Ripple Labs released its Q2 2022 report and highlighted development aspects through the second quarter. Market dynamics did not negatively impact Ripple’s performance. A key highlight of the report was Ripple’s commitment to NFTs and opportunities in Web3. 

In the SEC v. Ripple lawsuit, Ripple reiterated its commitment towards fast-tracking the legal battle. The lawsuit has dragged on since December 2020, slowing down XRP price growth in several instances. 

A lack of regulatory clarity was the key hurdle affecting Ripple and the entire crypto market. The lawsuit has not stopped the payment giant from pursuing new opportunities in the crypto ecosystem. Ripple recently unveiled partnerships with major brands Lotus Automotive, Balmain among others, rolling out their NFTs on XRP Ledger. 

Ripple widens scope, ready to compete in Web3

Interestingly, the Q2 2022 report revealed Ripple’s partnership with FLUF World to develop the Root network. This network will be integrated with XRPL and will use XRP for gas fees. The boost in utility of XRP token could fuel a bullish sentiment among holders. 

Ripple’s partner Peersyst Technology, a Barcelona-based software development firm put the first version of its National Land Registry on XRPL. The firm recorded the first adjudication resolution in Colombia on XRP Ledger. 

This marks XRP’s rising utility in applications like NFTs and land registry. 

Analysts predict decline in XRP price

Analysts at FXStreet believe XRP is ready to retrace to a stable support level. Bulls attempted to push XRP higher, and failed for the fourth time consecutively. Therefore, analysts are bearish on XRP. For price information and more details check the video below:

Three reasons why proof-of-work ETH1 will survive Ethereum Merge

246283   July 30, 2022 23:17   FXStreet   Market News  

• Crypto hedge fund Galois Capital believes Ethereum Merge could result in ETH1 and ETH2 and proof-of-work could survive the event. 
• Analysts are exploring the possibility of two Ethereum chains post the merge, one proof-of-work and one proof-of-stake. 
• Analysts believe there is a likelihood of Ethereum price drop to $300. 

As the Ethereum Merge draws closer, analysts are evaluating the possibility of proof-of-work’s survival as ETH1, while proof-of-stake is launched as ETH2. Galois Capital believes refuting the possibility of ETH1 post the Merge would imply there is a parallel with the Terra-LUNA collapse. 

Also read: Ethereum hits exchanges amidst rising negative sentiment ahead of the Merge

Analysts explore proof-of-work’s survival post Merge

Analysts at Galois Capital explored the outcome of Ethereum Merge. Merge is the transition of Ethereum from proof-of-work to proof-of-stake consensus mechanism, however analysts believe there is a possibility that both chains will co-exist. Meaning ETH1, proof-of-work will continue to exist in parallel to ETH2, proof-of-stake. 

This event can be considered a fork, if ETH1 and ETH2 exist. At the same time, analysts argue that the belief that ETH1 will cease to exist post the transition is like comparing Ethereum with Terra, where LUNA2.0 was launched, without UST (one of the two sister tokens). 

Galois Capital asked the crypto community on Twitter what they think about the outcome of the Merge. Whether miners will continue to mine ETH1, removing the difficulty bomb or they will switch to Ethereum Classic. The community was divided with 51.8% in favor of ETC and 48.2% in favor of ETH1 minus the difficulty bomb. 

66.2% poll respondents believe exchanges will follow ETH2 for perpetual contracts and futures, the rest believe they will either follow ETH1 or a basket. 

Analysts criticized Galois Capital’s approach to extrapolate from the LUNA situation to Ethereum. While Terra witnessed a massive collapse, analysts like Chainyoda.nyc believe the proof-of-stake fork would be a useful move and nothing can go very wrong. 

Analysts evaluated likelihood of Ethereum price drop to $300

Analysts at FXStreet evaluated the Ethereum price trend and explored the possibility of ETH visiting $300. With a bearish outlook on Ethereum, analysts set price targets for ETH. For more information, check the video below:

Dogecoin bulls push DOGE higher as on-chain activity explodes

246280   July 30, 2022 18:56   FXStreet   Market News  

• Dogecoin witnessed a spike in on-chain activity in the past few months despite the crypto bear market. 
• The number of daily active Dogecoin addresses has climbed 265% from 14,470 to 38,430 since May 2022. 
• Analysts have predicted a massive explosion in DOGE as it witnesses Dogecoin price compression. 

Dogecoin price prepares for a massive rally as on-chain activity increases. The number of daily active addresses on the meme coin witnessed a surge, 265% increase in May 2022. 

Also read: Dogecoin: A tool of speculation or starter drug for crypto

Dogecoin active addresses climb within two months

The number of active addresses on the Dogecoin network is considered indicative of interest in DOGE in the crypto community. It is a key metric to determine DOGE’s relevance in the crypto ecosystem. Based on data from IntoTheBlock, active addresses have climbed 265% since May 2022. 

Daily Active DOGE addresses 

In the past week, the number of active addresses climbed nearly 25%. Analysts evaluated the Dogecoin trend and noted that transaction history shows that DOGE has built an important support at $0.068. This is a key level for Dogecoin as nearly 78,250 addresses purchased 44 billion DOGE. 

Therefore $0.068 is a key psychological level for Dogecoin. Analysts argue that sustaining above this level ensures that DOGE rises to $0.080 soon. There is little to no resistance ahead for Dogecoin price on its path to $0.080. 

$0.068 is a key psychological level for DOGE

Analysts predict massive explosion in Dogecoin price

@dkcrypto13, a leading crypto analyst believes Dogecoin price is likely to decline, and there is a long way to go down. 

Analysts at FXStreet have a contrasting view. FXStreet analysts have evaluated the Dogecoin price and predicted that a compression could lead to a massive explosion. Indicators in the DOGE price chart signal a rally and the asset has revealed bullish potential. 

Analysts have identified key price levels and indicators that predict a DOGE rally. For more information, check the video below:

Sell the news after Cardano’s Vasil hard fork delay?

246279   July 30, 2022 17:17   FXStreet   Market News  

• The Cardano Vasil hard fork is delayed for a second team as developers target a smooth network upgrade. 
• Input Output Global (IOG) announced the delay and argued that all parties, including exchanges and API developers, need to be ready for the Vasil hard fork. 
• Analysts believe Cardano price lacks momentum, and traders should prepare for a pullback. 

The Cardano Vasil hard fork will likely get delayed again as the development team falls behind targets for a smooth network upgrade. The organization responsible for Cardano’s research and development released a new update announcing a delay in the hard fork. 

Also read: Cardano eyes $0.55 target after successful smoke test on Vasil testnet

Vasil hard fork is postponed second time 

Kevin Hammond, IOG technical manager, announced that the Vasil hard fork would be postponed for a second time so that all involved parties, including exchanges and API developers. 

Hammond said, 

Obviously, from where we are, there could be a few more weeks before we go to the actual Vasil hard fork […] This is incredibly important. All the users must be ready to progress through the hard fork to ensure a smooth process.

IOG is focused on resolving testnet issues before Cardano moves ahead with node version 1.35.2. The new node version fixes issues related to stake pool operators, dApp developers and internal testing. 

IOG intends to flush out final issues and fix testing authority without a rush. 

Why the Vasil hard fork is key to Cardano holders?

Vasil hard fork is the most significant upgrade to Cardano since the Alonzo hard fork, completed in September 2021. The upcoming hard fork is a game changer in the Ethereum-killer’s development path. It is expected to improve the Cardano network’s speed and scalability and make it preferable for developers compared to Ethereum and other competitors. 

Input Output released Vasil hard fork roadmap in May 2022, and the event was scheduled for June 29. The hard fork was eventually delayed until the last week of July over several issues and bugs.     

Vasil hard fork delay has pushed the event closer to Ethereum’s Merge, one of the most widely anticipated events in the crypto ecosystem. The second-largest blockchain by value, Ethereum’s Merge, is scheduled to occur in September 2022 after multiple delays. 

Analysts predict decline in Cardano price

Analysts at FXStreet have evaluated the Cardano price trend and predicted a decline in the altcoin. Cardano price lacks momentum; analysts believe traders should prepare for the possibility of a pullback.